Overseas Private Investment Corporation Amendments Act of 1974

Summary

Overseas Private Investment Corporation Amendments Act - Authorizes the Overseas Private Investment Corporation to issue insurance to eligible investors assuring protection in whole or in part against any or all of the following risks with respect to projects which the Corporation has approved: (1) inability to convert into United States dollars other currencies, or credits in such currencies, received from the approved project; (2) loss of investment due to expropriation or confiscation by action of a foreign government; and (3) loss due to war, revolution, or insurrection. Provides that the Corporation may make arrangements with foreign governments or multilateral organizations for sharing liabilities assumed under investment insurance and may issue insurance to investors not otherwise eligible. Declares that it is the intention of Congress that the aggregate participation of the Corporation as insurer with respect to risks shall not exceed specified percentages, in any one country, of the value of all insurance to eligible investors. Authorizes to be appropriated to the Corporation such amounts as may be necessary from time to time to: (1) replenish or increase the insurance and guaranty fund; (2) discharge the liabilities under insurance, reinsurance, and guaranties issued by the Corporation or issued under predeccessor guaranty authority; or (3) discharge obligations of the Corporation purchased by the Secretary of the Treasury. Provides that specified guaranties, including all guaranties issued pursuant to prior guaranty authorities repealed by the Foreign Assistance Act of 1969, and all insurance, reinsurance, and guaranties issued pursuant to this Act, shall constitute obligations of the United States of America and the full faith and credit of the United States of America is hereby pledged for the full payment and performance of such obligations. States that in making a determination to issue insurance, guaranties, or reinsurance under this Act, the Corporation shall consider the possible adverse effect of the dollar investment under such insurance, guaranty, or reinsurance upon the balance of payments of the United States. Directs the Corporation, not later than January 1, 1976, to submit to the Congress an analysis of the possibilities of transferring all of its activities to private insurance companies, multilateral organizations and institutions, or other entities.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 28 August 1974

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• Public Law

  summary · EN · 27 August 1974

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• Introduced in Senate

  summary · EN · 5 February 1974

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