Overseas Private Investment Corporation Amendments Act of 2003

Summary

Overseas Private Investment Corporation Amendments Act of 2003 - Amends the Foreign Assistance Act of 1961 to continue through FY 2007 the authority of the Overseas Private Investment Corporation (OPIC) to issue investment insurance and guaranties. Authorizes OPIC to make transfers from its noncredit activities to pay for administrative costs of its investment guaranties and direct loan programs as well as (under current law) to pay for their subsidy costs. Changes to a noncredit account revolving fund the current insurance and guaranty fund in the Treasury, with its separate Insurance Reserve and Guaranty Reserve accounts, hereby abolished. Revises requirements for the OPIC Board of Directors to require the seven U.S. Government directors to be principal officers (currently, officials) whose duties relate to OPIC programs. Extends OPIC investment insurance coverage to loss of investment in an approved project due to expropriation or confiscation by any political subdivision of, or a corporation owned or controlled by, a foreign government (currently, expropriation or confiscation only by the foreign government itself). Authorizes OPIC to issue loan guaranties: (1) denominated in currencies other than U.S. dollars (local currencies); and (2) to local financial institutions, that is, any bank or financial institution organized under the laws of any country or area in which the OPIC operates, but excluding a branch, however organized, of a bank or other financial institution organized under the laws of a country in which OPIC does not operate.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 4 November 2003

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 4 November 2003

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 4 November 2003

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 23 September 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 23 September 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 23 September 2003

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.