페이지 이미지
PDF
ePub

(m) 208 to refuse to insure, reinsure, or finance any investment subject to performance requirements which would reduce substantially the positive trade benefits likely to accrue to the United States from the investment; and

(n) 209 to refuse to insure, reinsure, guarantee, or finance any investment in connection with a project which the Corporation determines will pose an unreasonable or major environmental, health, or safety hazard, or will result in the significant deg

radation of national parks or similar protected areas. Sec. 231A.210 Additional Requirements.—a) WORKER RIGHTS.

(1) LIMITATION ON OPIC ACTIVITIES.—The Corporation may insure, reinsure, guarantee, or finance a project only if the country in which the project is to be undertaken is taking steps to adopt and implement laws that extend internationally recognized worker rights, as defined in section 507(4) of the Trade Act of 1974,211 to workers in that country (including any designated zone in that country). The Corporation shall also include the following language, in substantially the following form, in all contracts which the Corporation enters into with eligible investors to provide financial support under this title: 212

“The investor agrees not to take actions to prevent employees of the foreign enterprise from lawfully exercising their right of association and their right to organize and bargain collectively. The investor further agrees to observe applicable laws relating to a minimum age for employment of children, acceptable conditions of work with respect to minimum wages, hours of work, and occupational health and safety, and not to use forced labor. The investor is not responsible under this paragraph for the actions of a foreign government."

(2) USE OF ANNUAL REPORTS ON WORKERS RIGHTS.—The Corporation shall, in making its determinations under paragraph (1), use the reports submitted to the Congress pursuant to section 504 of the Trade Act of 1974.213 The restriction set forth in paragraph (1) shall not apply until the first such report is submitted to the Congress.

(3) WAIVER.—Paragraph (1) shall not prohibit the Corporation from providing any insurance, reinsurance, guaranty, or financing with respect to a country if the President determines that such activities by the Corporation would be in the national economic interests of the United States. Any such deter

208 Subsec. (m) was added by sec. 2(3(C) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1021).

209 Sec. 4(a)(4) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1669) added subsec. (n).

210 22 U.S.C. 2191a. Sec. 231A was added by sec. 5(a) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1670). Sec. 5(b) of the Act provides that sec. 231A(a) “shall not apply to projects insured, reinsured, guaranteed, or financed before the date of the enactment of this Act.".

211 Sec. 1954(bX3XA) of Public Law 104-188 (110 Stat. 1928) struck out “502(aX4) of the Trade Act of 1974 (19 U.S.C. 2462(aX4))" and inserted in lieu thereof “507(4) of the Trade Act of 1974".

212 Sec. 102(a) of the Jobs Through Exports Act of 1992 (Public Law 102-549; 106 Stat. 3651) added the last sentence, including the language required in contracts, to sec. 231A(a)(1).

213 Sec. 1954(bX3XB) of Public Law 104-188 (110 Stat. 1928) struck out “505(c) of the Trade Act of 1974 (19 U.S.C. 2465(c))" and inserted in lieu thereof “504 of the Trade Act of 1974". 214 The President determined “that the waiver of section 231A(aX1) with respect to Nicaragua, permitting the Overseas Private Investment Corporation to insure, reinsure, guaranty, and finance projects in Nicaragua, is in the national economic interests of the United States.” (Presidential Determination 90–24 of June 21, 1990; 55 F.R. 27631).

mination shall be reported in writing to the Congress, together with the reasons for the determination. 214

(4) 215 In making a determination under this section for the People's Republic of China, the Corporation shall discuss fully and completely the justification for making such determination with respect to each item set forth in subparagraphs (A)

through (E) of section 507(4) 216 of the Trade Act of 1974. (b) 217 ENVIRONMENTAL IMPACT.-The Board of Directors of the Corporation shall not vote in favor of any action proposed to be taken by the Corporation that is likely to have significant adverse environmental impacts that are sensitive, diverse, or unprecedented, unless for at least 60 days before the date of the vote

(1) an environmental impact assessment or initial environmental audit, analyzing the environmental impacts of the proposed action and of alternatives to the proposed action has been completed by the project applicant and made available to the Board of Directors, and

(2) such assessment or audit has been made available tot he public of the United States, locally affected groups in the host

country, and host country nongovernmental organizations. (c) 217 PUBLIC HEARINGS.-(1) 218 The Board shall hold at least one public hearing each year in order to afford an opportunity for any person to present views as to whether the Corporation is carrying out its activities in accordance with section 231 and this section or whether any investment in a particular country should have been or should be extended insurance, reinsurance, guarantees, or financing under this title.

(2) 218 In conjunction with each meeting of its Board of Directors, the Corporation shall hold a public hearing in order to afford an opportunity for any person to present views regarding the activities of the Corporation. Such views shall be made part of the record.

Sec. 232.219 Capital of the Corporation.—The President is authorized to pay in as capital of the Corporation, out of dollar receipts made available through the appropriation process from loans made pursuant to this part and from loans made under the Mutual Security Act of 1954, as amended, for the fiscal year 1970 not to exceed $20,000,000 and for the fiscal year 1971 not to exceed $20,000,000. Upon the payment of such capital by the President, the Corporation shall issue an equivalent amount of capital stock to the Secretary of the Treasury.

215 Sec. 231A(aX4) was added by sec. 2203(c) of Public Law 100_418 (102 Stat. 1328).

Sec. 902(a)(1) of the Foreign Relations Authorization Act, Fiscal Years 1990 and 1991 (Public Law 101-246; 104 Stat. 83) continued a suspension of OPIC's issuing new insurance, reinsurance, guarantees, financing, or other financial support to the People's Republic of China until the President reported to the Congress under subsec. (b) of that sec. that China had made certain political reforms, or that such assistance was in the national interest of the United States. For text of sec. 902, see Legislation on Foreign Relations Through 2000, vol. II, sec. D.

216 Sec. 1954(bX3XC) of Public Law 104-188 (110 Stat. 1928) struck out “502(a)(4)” and inserted in lieu thereof “507(4)”.

217 Sec. 3(a) of the Export Enhancement Act of 1999 (Public Law 106–158; 113 Stat. 1745) redesignated subsec. (b) as subsec. (c), and added a new subsec. (b).

218 Sec. 3(a)(3) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1745) inserted "(1)" before “The Board” and added a new para. (2).

219 22 U.S.C. 2192. Sec. 232 was added by sec. 105 of the FA Act of 1969.

Sec. 233.220 Organization and Management.—a) STRUCTURE OF THE CORPORATION.—The Corporation shall have a Board of Directors, a President, an Executive Vice President, and such other officers and staff as the Board of Directors may determine.

(b) BOARD OF DIRECTORS.—All powers of the Corporation shall vest in and be exercised by or under the authority of its Board of Directors (“the Board”) which shall consist of fifteen Directors, 221 including the Chairman, with eight Directors 222 constituting a quorum for the transaction of business.223 Eight Directors 223, 224 shall be appointed by the President of the United States, by and with the advice and consent of the Senate, and shall not be officials or employees of the Government of the United States. At least two of the eight Directors 225 appointed under the preceding sentence shall be experienced in small business, one in organized labor, and one in cooperatives. Each such Director shall be appointed for a term of no more than three years. The terms of no more than three such Directors 226 shall expire in any one year. Such Directors shall serve until their successors are appointed and qualified and may be reappointed.

The other Directors shall be officials of the Government of the United States, including the President of the Corporation, the Administrator of the Agency for International Development, the United States Trade Representative, and 227 an official of the Department of Labor, 228 designated by and serving at the pleasure of the President of the United States. The United States Trade Representative may designate a Deputy United States Trade Representative to serve on the Board in place of the United States Trade Representative.229

There shall be a Chairman and a Vice Chairman of the Board, both of whom shall be designated by the President of the United States from among the Directors of the Board other than those appointed under the second sentence of the first paragraph of this subsection. 230

220 22 U.S.C. 2193. Sec. 233 was added by sec. 105 of the FA Act of 1969.

221 The number of Directors was increased from 11 to 15 by sec. 3(a)(1) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1021), effective Oct. 1, 1981.

222 The number of Directors was increased from six to eight by sec. 3(a) of the OPIC Amendments Act of 1981 (Public Law 97–65; 95 Stat. 1021), effective Oct. 1, 1981.

223 Sec. 4(1) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) struck out two sentences at this point that designated the Administrator of AID as Chairman of the Board, ex officio, and the U.S. Trade Representative or Deputy U.S. Trade Representative as Vice Chairman of the Board, ex officio. The second sentence, establishing the USTR role, had been added by sec. 31a/2) of the OPIC Amendments Act of 1981 (Public Law 97–65; 95 Stat. 1021), effective Oct. 1, 1981.

224 Sec. 4(2) of the Export Enhancement Act of 1999 (Public Law 106–158; 113 Stat. 1746) struck out “(other than the President of the Corporation, appointed pursuant to subsection (c) who shall serve as a Director ex officio)" at this point.

225 The number of Directors was increased from one of the six to two of the eight by sec. 3(a) of the OPIC Amendments Act of 1981 (Public Law 97-65: 95 Stat. 1022). effective Oct. 1. 1981.

226 The number of Directors was increased from two to three by sec. 3(a)(3) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022), effective Oct. 1, 1981.

227 Sec. 4(3)A) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) inserted "the President of the Corporation, the Administrator of the Agency for International Development, the United States Trade Representative, and" after “including”.

224 The reference to an official of the Department of Labor was added by sec. 3(b) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022), effective October 1, 1981.

229 Sec. 4(3)(B) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) inserted "The United States Trade Representative may designate a Deputy United States Trade Representative to serve on the Board in place of the United States Trade Representative.”.

230 Sec. 4(4) of the Export Enhancement Act of 1999 (Public Law 106-158; 113 Stat. 1746) added this para.

All Directors who are not officers of the Corporation or officials of the Government of the United States shall be compensated at a rate equivalent to that of level IV of the Executive Schedule (5 U.S.C. 5315) 231 when actually engaged in the business of the Corporation and may be paid per diem in lieu of subsistence at the applicable rate prescribed in the standardized Government travel regulations, as amended, from time to time, while away from their homes or usual places of business.

(c) PRESIDENT OF THE CORPORATION.—The President of the Corporation shall be appointed by the President of the United States, by and with the advice and consent of the Senate, and shall serve at the pleasure of the President. In making such appointment, the President shall take into account private business experience of the appointee. The President of the Corporation shall be its Chief Executive Officer and responsible for the operations and management of the Corporation, subject to bylaws and policies established by the Board.

(d) OFFICERS AND STAFF.—The Executive Vice President of the Corporation shall be appointed by the President of the United States, by and with the advice and consent of the Senate, and shall serve at the pleasure of the President. Other officers, attorneys, employees, and agents shall be selected and appointed by the Corporation, and shall be vested with such powers and duties as the Corporation may determine. Of such persons employed by the Corporation, not to exceed twenty may be appointed, compensated, or removed without regard to the civil service laws and regulations: Provided, That under such regulations as the President of the United States may prescribe, officers and employees of the United States Government who are appointed to any of the above positions may be entitled, upon removal from such position, except for cause, to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary. Such positions shall be in addition to those otherwise authorized by law, including those authorized by section 5108 of title 5 of the United States Code.

(e) 232 INVESTMENT ADVISORY COUNCIL.—The Board shall take prompt measures to increase the loan, guarantee, and insurance programs, and financial commitments, of the Corporation in subSaharan Africa, including through the use of an investment advisory council to assist the Board in developing and implementing policies, programs, and financial instruments with respect to subSaharan Africa. In addition, the investment advisory council shall make recommendations to the Board on how the Corporation can facilitate greater support by the United States for trade and investment with and in sub-Saharan Africa. The investment advisory council shall terminate 4 years after the date of the enactment of this subsection.

231 The current rate of compensation at level IV of the Executive Schedule is $130,000 per annum (Executive Order 13249; 67 F.R. 639; December 28, 2001).

232 Sec. 123(cX1) of the Trade and Development Act of 2000 (Public Law 106–200; 114 Stat. 269) added subsec. (e). Sec. 123 of that Act, furthermore, provided the following: "SEC. 123. OVERSEAS PRIVATE INVESTMENT CORPORATION INITIATIVES.

"а) INITIATION OF FUNDS.-It is the sense of the Congress that the Overseas Private Investment Corporation should exercise the authorities it has to initiate an equity fund or equity funds in support of projects in the countries in sub-Saharan Africa, in addition to the existing equity fund for sub-Saharan Africa created by the Corporation. "(b) STRUCTURE AND TYPES OF FUNDS.

"(1) STRUCTURE.-Each fund initiated under subsection (a) should be structured as a partnership managed by professional private sector fund managers and monitored on a continuing basis by the Corporation.

"(2) CAPITALIZATION.-Each fund should be capitalized with a combination of private equity capital, which is not guaranteed by the Corporation, and debt for which the Corporation provides guaranties.

"(3) INFRASTRUCTURE FUND.-One or more of the funds, with combined assets of up to $500,000,000, should be used in support of infrastructure projects in countries of subSaharan Africa.

Continued 237 Sec. 6(a)(1)(D) of the OPIC Amendments Act of 1985 (Public Law 99-204; 99 Stat. 1671) added subpar. (D)

Sec. 234.233 Investment Insurance and Other Programs.234_The Corporation is hereby authorized to do the following:

(a) 235 INVESTMENT INSURANCE.(1) To issue insurance, upon such terms and conditions as the Corporation may determine, 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

(A) inability to convert into United States dollars other currencies, or credits in such currencies, received as earnings or profits from the approved project, as repayment or return of the investment therein, in whole or in part, or as compensation for the sale or disposition of all or any part thereof;

(B) loss of investment, in whole or in part, in the approved project due to expropriation or confiscation by action of a foreign government;

(C) loss due to war, revolution, insurrection or civil strife;

and 236

(D) 237 loss due to business interruption caused by any of the risks set forth in subparagraphs (A), (B), and (C). (2) 238 Recognizing that major private investments in less developed friendly countries or areas are often made by enterprises in

"(4) EMPHASIS.—The Corporation shall ensure that the funds are used to provide support in particular to women entrepreneurs and to innovative investments that expand opportuni

ties for women and maximize employment opportunities for poor individuals. (c) OVERSEAS PRIVATE INVESTMENT CORPORATION.

“(1) INVESTMENT ADVISORY COUNCIL.-Section 233 of the Foreign Assistance Act of 1961 is amended * * *

“(2) REPORTS TO CONGRESS.-Within 6 months after the date of the enactment of this Act, and annually for each of the 4 years thereafter, the Board of Directors of the Overseas Private Investment Corporation shall submit to Congress a report on the steps that the Board has taken to implement section 233(e) of the Forei

of the Foreign Assistance Act of 1961 (as added by paragraph (1)) and any recommendations of the investment advisory council established

pursuant to such section.". 233 22 U.S.C. 2194. Sec. 234 was added by sec. 105 of the FA Act of 1969.

234 Sec. 2(2XA) of the OPIC Amendments Act of 1974 (Public Law 93-390) inserted section title “Investment Insurance and Other Programs” in lieu of “Investment Incentive Programs".

235 Sec. 5(b)(2) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1023) provided:

"(2) The authority of the Overseas Private Investment Corporation to enter into contracts under section 234(a) of the Foreign Assistance Act of 1961 shall be effective for any fiscal year beginning after September 30, 1981, only to such extent or in such amounts as are provided in appropriation Acts.".

236 The reference to civil strife was added by sec. 4(a)(1) of the OPIC Amendments Act of 1981 (Public Law 97-65; 95 Stat. 1022).

238 Subsec. (aX2) was amended by sec. 2(2)(B) of the OPIC Amendments Act of 1974 (Public Law 93-390). It formerly read as follows: "(2) Recognizing that major private investments in less developed friendly countries in areas are often made by enterprises in which there is multinational participation, including significant United States private participation, the Corporation may make such arrangements with foreign governments (including agencies, instrumentalities,

« 이전계속 »