Overseas Private Investment Corporation Amendments Act

Summary

Overseas Private Investment Corporation Amendments Act - Amends the Foreign Assistance Act of 1961 to repeal (1) the time limitations on participation in investment insurance by the Overseas Private Investment Corporation, and (2) the requirement that a specified percentage of such insurance be carried by private insurance companies. Permits the Corporation to make arrangements with private insurance companies and multilateral organizations for participation in investment insurance. Prohibits more than ten percent of the maximum contingent liability (rather than total face amount) of the investment insurance which the Corporation may issue from being issued to a single investor. Repeals the prohibitions against direct investment loans or financing of feasibility surveys by the Corporation for extraction of ore and minerals, other than oil and gas. Extends the authority of the Corporation to issue investment insurance and guarantees to September 30, 1981. Permits the Corporation to adjust the dollar value of an investment, for insurance purposes, to reflect the replacement cost of project assets. Exempts direct insurance or reinsurance of loans by financial institutions to unrelated parties from the requirement that at least ten percent of the risk of loss of the total investment is borne by the insured. Repeals the termination date for investment, guarantees, and loan authority of the Corporation. Permits the Corporation to issue participation certificates in evidence of Corporation indebtedness with respect to insurance claims.

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Timeline

1. 28 June 1977

   Introduced

   Referred to Senate Committee on Foreign Relations.

   Source: IntroReferral

2. 28 June 1977

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 19 October 1977

   Reported

   Reported to Senate from the Committee on Foreign Relations with amendment, S. Rept. 95-505.

   Source: Committee

4. 19 October 1977

   Reported

   Reported to Senate from the Committee on Foreign Relations with amendment, S. Rept. 95-505.

   Source: Committee

5. 25 October 1977

   Floor

   Call of calendar in Senate.

   Source: Floor

6. 25 October 1977

   Vote

   Passed/agreed to in Senate: Measure passed Senate, amended, roll call #577 (69-12).

   Source: Floor

7. 23 February 1978

   Passed

   Similar provisions included in H. R. 9179 as passed House.

   Source: Committee

8. 6 March 1978

   Passed

   Measure indefinitely postponed in Senate (Text inserted in H. R. 9179 as passed Senate).

   Source: Floor

Votes

Versions

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

Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 19 October 1977

  Open at official source

• Introduced in Senate

  summary · EN · 28 June 1977

  Open at official source

Sponsors

• Sen. Sparkman, John J. [D-AL] · D · Sponsor
• · ssfr00 · Standing

Related records

• related to → Overseas Private Investment Corporation Amendments Act of 1978
• related to → Overseas Private Investment Corporation Amendments Act