PlainBillCongress, translated.Legislation. Context. Public interest.Placed on Senate Legislative Calendar under General Orders. Calendar No. 593.
Congressional Research Service
Version 01 · Reported to Senate with amendment(s) · Mar 4, 2008
Overseas Private Investment Corporation Reauthorization Act of 2008 - (Sec. 2) Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.
(Sec. 3) States that OPIC may insure, reinsure, guaranty, or finance a project only if the country in which the project is to be undertaken: (1) is eligible for designation as a beneficiary developing country under the Generalized System of Preferences (GSP) and has not been determined to be ineligible for such designation based upon its record on worker rights or child labor; or (2) if not eligible for such GSP designation, the government has taken or is taking steps to afford workers internationally recognized worker rights.
Gives preference to projects in countries that have adopted and enforce laws that provide international worker rights.
Showing the opening paragraphs of the official summary.
(Sec. 4) Requires that OPIC give preferential consideration to investment projects in less developed countries whose governments are receptive to private enterprise.
(Sec. 5) Requires that OPIC institute a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reports to the appropriate congressional committees.
Directs OPIC to provide notice of consideration of approval of a project to provide financing of $10 million or more which significantly involves an extractive industry (as defined by this Act) to the appropriate congressional committees not later than 60 days before approval.
Gives preference to projects where the investor and the host country have agreed to implement Extractive Industries Transparency Initiative principles.
(Sec. 6) Provides for increased project transparency.
Directs OPIC to maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.
(Sec. 7) Sets forth provisions respecting transparency and accountability of OPIC investment funds.
(Sec. 8) Prohibits OPIC assistance for any railway connection that connects Azerbaijan and Turkey without traversing or connecting with Armenia.
(Sec. 9) Prohibits OPIC assistance to an applicant who is involved in a "discouraged transaction" with state sponsors of terrorism.
Defines "discouraged transaction" as: (1) an investment commitment of $20 million or more by the investor in the energy sector of a state sponsor of terrorism; (2) a loan or credit extension of more than $5 million to the government of a state sponsor of terrorism that is outstanding on the date OPIC enters into a contract with the investor and for which payment is not required within 45 days; and (3) the transfer by the investor of goods that are included on the U.S. Munitions List to a state sponsor of terrorism within the three-year period preceding the date OPIC enters into a contract with the investor.
Exempts from such prohibition investments, business, or projects in certain areas of Sudan (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.
(Sec. 10) Directs OPIC to notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.
(Sec. 11) Authorizes OPIC programs in Iraq.
(Sec. 12) Directs OPIC to: (1) report to House Committee on Foreign Affairs and the Senate Committee on Foreign Relations on the feasibility of broadening OPIC assistance to projects that provide support to low-income home buyers; and (2) provide such assistance if feasible.
(Sec. 13) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.
(Sec. 14) Makes technical corrections.
People & committees
Rep. Sherman, Brad [D-CA-27] · D–CA
Legislative record
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Placed on Senate Legislative Calendar under General Orders. Calendar No. 593.
Committee on Foreign Relations. Reported by Senator Biden with an amendment in the nature of a substitute. With written report No. 110-273.
Committee on Foreign Relations. Reported by Senator Biden with an amendment in the nature of a substitute. With written report No. 110-273.
Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text as passed in House: CR H8204-8208)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text as passed in House: CR H8204-8208)
DEBATE - The House proceeded with forty minutes of debate on H.R. 2798.
Considered under suspension of the rules. (consideration: CR H8204-8210)
Mr. Sherman moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 151.
Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-241.
Reported (Amended) by the Committee on Foreign Affairs. H. Rept. 110-241.
Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 5.
Committee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 6 - 2 .
Subcommittee Consideration and Mark-up Session Held.
Referred to the House Committee on Foreign Affairs.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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