OPIC Abolition and Domestic Employment Opportunity Act

Summary

OPIC Abolition and Domestic Employment Opportunity Act - Title I: Termination of Overseas Private Investment Corporation - Prohibits the Overseas Private Investment Corporation (OPIC) from: (1) issuing any insurance, guaranties, or reinsurance; (2) making any loans; (3) acquiring any securities; or (4) entering into any agreements or risk sharing arrangements authorized by the Foreign Assistance Act of 1961. Abolishes OPIC 180 days after this Act's effective date. Provides for the transfer of OPIC's functions to the Office of Management and Budget (OMB). Requires OMB to carry out existing contracts and agreements for OPIC, but prohibits their renewal. Repeals provisions of the Foreign Assistance Act of 1961 and of other specified Acts concerning OPIC. Sets forth provisions concerning pending proceedings and provides for the continuation of any legal proceedings concerning OPIC that were commenced before the termination of OPIC's authorities. Title II: Domestic Private Investment Corporation - Directs the Secretary of Labor to: (1) study methods by which investment that will result in job creation and training could be stimulated through a Federal corporate instrumentality to provide financial services to American companies expanding their domestic operations; and (2) submit a plan to the Congress for the establishment and operation of such corporation.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 4 March 1992

  Open at official source

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