Overseas Private Investment Corporation Amendments Act of 1985

Summary

Overseas Private Investment Corporation Amendments Act of 1985 - Amends the Foreign Assistance Act of 1961 to increase the per capita income minimums that qualify less developed countries for preferential consideration for Overseas Private Investment Corporation (OPIC) projects. Increases the number of OPIC employees whose appointments that are not subject to civil service laws and regulations. Authorizes OPIC to insure against loss due to business interruption. (Current law authorizes insurance against civil strife.) Requires OPIC to report to the Congress, before issuing such insurance, an explanation of the underwriting basis upon which the business interruption insurance is to be offered. Increases from ten to 25 percent of contingent liability of investment guarantees which OPIC is authorized to issue to a single investor. Extends OPIC's authority to issue investment insurance through September 30, 1989. Authorizes OPIC to determine the basis for computing loss due to business interruption. Authorizes OPIC to hire an accounting firm to audit its accounts. Authorizes the General Accounting Office to conduct such audits at least every three years and report such audit to the Congress. Exempts OPIC from taxation. Deletes the provision requiring OPIC to return appropriated funds to the Treasury before January 1, 1975. Increases the number of development assistance personnel whose appointments are exempted from civil service laws. Amends the Federal criminal code to prohibit the use of the words "Overseas Private Investment," "Overseas Private Investment Corporation," or "OPIC" as part of a private business.

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1 official file

• Introduced in House

  summary · EN · 4 April 1985

  Open at official source

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