H.R. 2798 would reauthorize the programs of the Overseas Private Investment Corporation.

== Detailed Summary ==

<summary>
<b>(This measure has not been amended since it was reported toOverseas Private Investment Corporation Reauthorization Act of 2008 - (Sec. 2) Amends the House on July 19, 2007. The summaryForeign Assistance Act of that version is repeated here.)</b> 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees through September 30, 2011.

Overseas Private Investment Corporation Reauthorization Act of 2007 - (Sec.(Sec. 3) AmendsStates that OPIC may insure, reinsure, guaranty, or finance a project only if the Foreign Assistance Actcountry in which the project is to be undertaken: (1) is eligible for designation as a beneficiary developing country under the Generalized System of 1961Preferences (GSP) and has not been determined to extend Overseas Private Investment Corporation (OPIC) authoritybe ineligible for such designation based upon its record on worker rights or child labor; or (2) if not eligible for such GSP designation, the government has taken or is taking steps to make loans and issue investment insurance and investment guarantees through September 30, 2011. afford workers internationally recognized worker rights.

(Sec. 4) Requires that OPIC give preferential considerationGives preference to investment projects in less developed countries whose governments are receptive to private enterprise. that have adopted and enforce laws that provide international worker rights.

(Sec. 5)4) Requires that OPIC: (1) supportOPIC give preferential consideration to investment projects only in less developed countries which have made orwhose governments are making significant progress towards implementation of laws that substantially provide international worker rights (such prohibition shall not applyreceptive to humanitarian assistance); and (2) give preference to projects in countries that have adopted and enforce laws that provide international worker rights. private enterprise.

(Sec. 6)5) Requires that OPIC project applicants:institute a climate change mitigation action plan that includes the following: (1) conductclean and make publicly available anefficient energy technology; (2) environmental impact assessment for any project that is likely to have significant adverse environmental impacts;assessments; and (2) obtain broad community support for projects that are likely(3) reports to have significant adverse environmental impacts. the appropriate congressional committees.

(Sec. 8) Requires thatDirects OPIC instituteto provide notice of consideration of approval of a climate change mitigation action plan that includes the following: (1) clean and efficient energy technology; (2) environmental impact assessments; and (3) reportsproject to provide financing of $10 million or more which significantly involves an extractive industry (as defined by this Act) to the appropriate congressional committees. committees not later than 60 days before approval.

Prohibits OPIC from approving any contract of insurance or reinsurance or any guaranty, or enter into any agreementGives preference to provide financing of $10 million or more for any project which significantly involves an extractive industry (as defined by this Act) without: (1) prior congressional notification; and (2)projects where the investor and the host country agreementhave agreed to implement Extractive Industries Transparency Initiative principles.

(Sec. 9) Prohibits OPIC assistance6) Provides for any railway connection that does not traverse or connect with Armenia and does connect Azerbaijan and Turkey. increased project transparency.

(Sec. 10) ProhibitsDirects OPIC assistance to maintain an applicant: (1) that has an investment commitment valued at $20 million or more in the energy sectorOffice of a country that is a state sponsor of terrorism; or (2) that has an outstanding loan or extension of credit (the sale of goods, other than food or medicine, on any terms other than a cash basis)Accountability to the government of a state sponsor of terrorism. provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies.

Exempts from such prohibition investments, business, or projects in certain areas of Sudan, (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State,(Sec. 7) Sets forth provisions respecting transparency and Abyei, Darfur) ifaccountability of OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.investment funds.

Terminates such prohibition if the President certifies to the appropriate congressional committees(Sec. 8) Prohibits OPIC assistance for any railway connection that a country: (1) is no longer a state sponsor of terrorism; (2) does not possess nuclear weapons or a significant nuclear weapons program;connects Azerbaijan and (3) is not committing genocideTurkey without traversing or ethnic cleansing. connecting with Armenia.

(Sec. 11) Provides for increased project transparency. 9) Prohibits OPIC assistance to an applicant who is involved in a &quot;discouraged transaction&quot; with state sponsors of terrorism.

Directs OPIC to maintainDefines &quot;discouraged transaction&quot; as: (1) an Officeinvestment commitment of Accountability$20 million or more by the investor in the energy sector of a state sponsor of terrorism; (2) a loan or credit extension of more than $5 million to provide project problem-solving servicesthe government of a state sponsor of terrorism that is outstanding on the date OPIC enters into a contract with the investor and for which payment is not required within 45 days; and (3) the transfer by the investor of goods that are included on the U.S. Munitions List to reviewa state sponsor of terrorism within the three-year period preceding the date OPIC complianceenters into a contract with environmental, social, worker rights, human rights, and transparency policies. the investor.

(Sec. 12) Requires that OPIC refer to the Department of Justice information concerning specified fraudExempts from such prohibition investments, business, or breachprojects in certain areas of contract activities. Sudan (Southern Sudan, Southern Kordofan/Nuba Mountains State, Blue Nile State, and Abyei, Darfur) if OPIC determines that such activities will provide humanitarian relief, promote self-sufficiency, or support peace agreements.

(Sec. 13) Sets forth provisions respecting transparency and accountability of10) Directs OPIC investment funds. to notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.

(Sec. 14)11) Authorizes OPIC programs in Iraq.

(Sec. 15) Provides that12) Directs OPIC project support in the West Bankto: (1) report to House Committee on Foreign Affairs and Gaza must be in compliance with other statutory provisions respecting U.S.the Senate Committee on Foreign Relations on the feasibility of broadening OPIC assistance to these areas. projects that provide support to low-income home buyers; and (2) provide such assistance if feasible.

Prohibits(Sec. 13) Requires that OPIC project supportcommit adequate staff and resources to assist small businesses and investors in Gaza or the West Bank unless the SecretaryUnited States obtain insurance, reinsurance, financing, and other types of State determines that the project location is not under the effective control of Hamas or other foreign terrorist organization. OPIC support.

(Sec. 16) Requires that OPIC notify the House Committee on Foreign Affairs and the Senate Committee on Foreign Relations within 15 days after OPIC's maximum contingent liability outstanding at any one time exceeds the previous fiscal year's maximum contingent liability by 25%.

(Sec. 17) Requires that OPIC commit adequate staff and resources to assist small businesses and investors in the United States obtain insurance, reinsurance, financing, and other types of OPIC support.

(Sec. 18)14) Makes technical corrections.

(Sec. 19) Sets forth effective date provisions.
</summary>

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== Status of the Legislation ==

<status>
Latest Major Action: 7/24/2007: Referred to3/4/2008: Placed on Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.Legislative Calendar under General Orders. Calendar No. 593.
</status>

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== Points in Favor ==

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== Points Against ==

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