,,ii ,calendar ,no4 #dic #aaeth ,,congress #b;d ,session ,s4 #bdfc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bg1 #bjah,mr4 ,corker 7for himself1 ,mr4 ,coons1 ,mr4 ,isakson1 ,mr4 ,murphy1 ,mr4 ,young1 ,mrs4 ,shaheen1 ,mr4 ,portman1 ,mr4 ,kaine1 ,mr4 ,perdue1 ,mr4 ,rubio1 ,mr4 ,gardner1 and ,mr4 ,cardin7 introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,june #bg1 #bjah,reported by ,mr4 ,corker1 with an amendment,strike out all after the enacting clause and insert the part printed in italic ,a ,,bill ,to establish the ,united ,states ,international ,development ,finance ,corporation1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah or the ,,build ,act of #bjah4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,,title ,i--,establishment,sec4 #aja4 ,statement of policy4,sec4 #ajb4 ,united ,states ,international ,development ,finance ,corporation4,sec4 #ajc4 ,management of ,corporation4,sec4 #ajd4 ,inspector ,general of the ,corporation4,,title ,,ii--,authorities,sec4 #bja4 ,authorities relating to provision of support4,sec4 #bjb4 ,terms and conditions4,sec4 #bjc4 ,payment of losses4,sec4 #bjd4 ,termination4,,title ,,iii--,administrative and general provisions ,sec4 #cja4 ,operations4,sec4 #cjb4 ,corporate powers4,sec4 #cjc4 ,maximum contingent liability4,sec4 #cjd4 ,corporate funds4,sec4 #cje4 ,coordination with ,millennium ,challenge ,corporation on constraints analysis4,,title ,,iv--,monitoring1 evaluation1 and reporting,sec4 #dja4 ,establishment of risk and audit committees4,sec4 #djb4 ,performance measures4,sec4 #djc4 ,annual report4,sec4 #djd4 ,publicly available project information4,sec4 #dje4 ,audits and financial statements of the ,corporation4,sec4 #djf4 ,engagement with investors4,,title ,v--,conditions1 restrictions1 and prohibitions,sec4 #eja4 ,limitations and preferences4,sec4 #ejb4 ,additionality and avoidance of market distortion4,sec4 #ejc4 ,prohibition on support in sanctioned countries and with sanctioned persons4,sec4 #ejd4 ,penalties for misrepresentation1 fraud1 and bribery4,sec4 #eje4 ,market displacement by state-owned enterprises and monopolies4,,title ,,vi--,transitional provisions,sec4 #fja4 ,definitions4,sec4 #fjb4 ,reorganization plan4,sec4 #fjc4 ,transfer of functions4,sec4 #fjd4 ,termination of ,overseas ,private ,investment ,corporation and other superceded authorities4,sec4 #fje4 ,transitional authorities4,sec4 #fjf4 ,savings provisions4,sec4 #fjg4 ,other terminations4,sec4 #fjh4 ,incidental transfers4,sec4 #fji4 ,reference4,sec4 #faj4 ,conforming amendments4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,foreign ,relations and the ,committee on ,appropriations of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs and the ,committee on ,appropriations of the ,house of ,representatives4 7#b7 ,less developed country ,the term less developed country means a country with a low-income economy1 lower-middle-income economy1 or upper-middle-income economy1 as defined by the ,international ,bank for ,reconstruction and ,development and the ,international ,development ,association 7collectively referred to as the ,world ,bank74 7#c7 ,predecessor authority ,the term predecessor authority means authorities repealed by title ,,vi4 7#d7 ,qualifying sovereign entity ,the term qualifying sovereign entity means-- 7,a7 any agency or instrumentality of a foreign state 7as defined in section #afjc of title #bh1 ,united ,states ,code72 and 7,b7 any international financial institution 7as defined in section #agja7;c7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c7774 ,i ,establishment #aja4 ,statement of policy ,it is the policy of the ,united ,states to facilitate market-based private sector development and economic growth in less developed countries through the provision of credit1 capital1 and other financial support-- 7#a7 to mobilize private capital in support of sustainable1 broad-based economic growth1 poverty reduction1 and development through demand-driven partnerships with the private sector that further the foreign policy interests of the ,united ,states2 7#b7 to finance development in a way that builds and strengthens civic institutions1 promotes competition1 provides for public accountability and transparency2 7#c7 to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets2 7#d7 to achieve clearly defined economic and social development outcomes2 7#e7 to coordinate with institutions with purposes similar to the purposes of the ,corporation to leverage resources of those institutions to produce the greatest impact2 7#f7 to help countries currently receiving ,united ,states assistance to graduate from their status as recipients of assistance2 7#g7 to leverage the private sector and innovative development tools as a means to lessen the reliance of the ,united ,states on traditional forms of foreign assistance over time2 and 7#h7 to complement and be guided by overall ,united ,states foreign policy and development objectives1 taking into account the policies of countries receiving support4 #ajb4 ,united ,states ,international ,development ,finance ,corporation 7a7 ,establishment ,there is established in the ,executive branch the ,united ,states ,international ,development ,finance ,corporation 7in this ,act referred to as the ,corporation71 which shall be a wholly owned ,government corporation 7as defined in section #iaja of title #ca1 ,united ,states ,code74 7b7 ,purpose ,the purpose of the ,corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries1 as described in subsection 7c71 and countries in transition from nonmarket to market economies1 in order to complement the development assistance objectives1 and advance the foreign policy interests1 of the ,united ,states4 ,in carrying out its purpose1 the ,corporation1 utilizing broad criteria1 shall take into account in its financing operations the economic and financial soundness of projects for which it provides support under title ,,ii4 7c7 ,less developed economy focus 7#a7 ,in general ,the ,corporation shall prioritize the provision of support under title ,,ii in countries with low-income economies or lower-middle-income economies1 as defined by the ,world ,bank4 7#b7 ,support in countries with upper-middle-income economies ,the ,corporation shall restrict the provision of support under title ,,ii in a country with an upper-middle-income economy1 as defined by the ,world ,bank1 unless-- 7,a7 the ,president determines such support furthers the national economic or foreign policy interests of the ,united ,states2 and 7,b7 such support is likely to be highly developmental or provide developmental benefits to the poorest population of that country4 7d7 ,authorization ,to make expenditures and commitments ,the ,corporation may make1 without regard to fiscal year limitation1 such expenditures and commitments as may be necessary using amounts appropriated to the ,corporation pursuant to section #iajd of title #ca1 ,united ,states ,code1 and otherwise in accordance with law4 7e7 ,project-,specific transaction costs not administrative expenses ,project-specific transaction costs1 including direct and indirect costs incurred in claims settlements1 and other direct costs associated with the provision of support to private sector entities and qualifying sovereign entities under title ,,ii1 shall not be considered administrative expenses for the purposes of this section4 #ajc4 ,management of ,corporation 7a7 ,structure of corporation ,there shall be in the ,corporation a ,board of ,directors 7in this ,act referred to as the ,board71 a ,chief ,executive ,officer1 a ,deputy ,chief ,executive ,officer1 a ,chief ,risk ,officer1 and such other officers as the ,board may determine4 7b7 ,board of ,directors 7#a7 ,duties ,all powers of the ,corporation shall vest in and be exercised by or under the authority of the ,board4 ,the ,board-- 7,a7 shall perform the functions specified to be carried out by the ,board in this ,act2 and 7,b7 may prescribe1 amend1 and repeal bylaws1 rules1 regulations1 and procedures governing the manner in which the business of the ,corporation may be conducted and in which the powers granted to the ,corporation by law may be exercised4 7#b7 ,membership of ,board 7,a7 ,in general ,the ,board shall consist of-- 7i7 the ,chief ,executive ,officer of the ,corporation2 7ii7 the officers specified in subparagraph 7,b72 and 7iii7 four other individuals who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 of which-- 7,i7 one individual should be appointed from among a list of individuals submitted by the majority leader of the ,senate after consultation with the chairman of the ,committee on ,foreign ,relations of the ,senate2 7,,ii7 one individual should be appointed from among a list of individuals submitted by the minority leader of the ,senate after consultation with the ranking member of the ,committee on ,foreign ,relations of the ,senate2 7,,iii7 one individual should be appointed from among a list of individuals submitted by the ,speaker of the ,house of ,representatives after consultation with the chairman of the ,committee on ,foreign ,affairs of the ,house of ,representatives2 and 7,,iv7 one individual should be appointed from among a list of individuals submitted by the minority leader of the ,house of ,representatives after consultation with the ranking member of the ,committee on ,foreign ,affairs of the ,house of ,representatives4 7,b7 ,officers specified 7i7 ,in general ,the officers specified in this subparagraph are the following3 7,i7 ,the ,secretary of ,state or a designee of the ,secretary4 7,,ii7 ,the ,administrator of the ,united ,states ,agency for ,international ,development or a designee of the ,administrator4 7,,iii7 ,the ,secretary of the ,treasury or a designee of the ,secretary4 7,,iv7 ,the ,secretary of ,commerce or a designee of the ,secretary4 7ii7 ,requirements for designees ,a designee under clause 7i7 shall be selected from among officers-- 7,i7 appointed by the ,president1 by and with the advice and consent of the ,senate2 7,,ii7 whose duties relate to the programs of the ,corporation2 and 7,,iii7 who is designated by and serving at the pleasure of the ,president4 7,c7 ,requirements for private sector members ,a member of the ,board described in subparagraph 7,a77iii7-- 7i7 may not be an officer or employee of the ,united ,states ,government2 7ii7 shall have relevant private sector experience to carry out the purposes of the ,corporation2 7iii7 shall be appointed for a term of #c years and may be reappointed for one additional term2 7iv7 shall serve until the member's successor is appointed and confirmed2 7v7 shall be compensated at a rate equivalent to that of level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code1 when engaged in the business of the ,corporation2 and 7vi7 may be paid per diem in lieu of subsistence at the applicable rate under the ,federal ,travel ,regulation under subtitle ,f of title #da1 ,code of ,federal ,regulations1 from time to time1 while away from the home or usual place of business of the member4 7#c7 ,chairperson ,there shall be a ,chairperson of the ,board designated by the ,president from among the individuals described in paragraph 7#b77;,a74 7#d7 ,vice chairperson ,the ,administrator of the ,united ,states ,agency for ,international ,development1 or the designee of the ,administrator under paragraph 7#b77;,b77i77,,ii71 shall serve as the ,vice ,chairperson of the ,board4 7#e7 ,quorum ,six members of the ,board shall constitute a quorum for the transaction of business by the ,board4 7c7 ,public hearings 7#a7 ,public hearings by the board ,the ,board shall hold at least one public hearing each year in order to afford an opportunity for any person to present views with respect to whether-- 7,a7 the ,corporation is carrying out its activities in accordance with this ,act2 and 7,b7 any support provided by the ,corporation under title ,,ii in any country should have been or should be extended4 7#b7 ,additional public hearings ,in conjunction with each meeting of the ,board1 the ,corporation shall hold a public hearing in order to afford an opportunity for any person to present views regarding the activities of the ,corporation4 ,such views shall be made part of the record4 7d7 ,chief ,executive ,officer 7#a7 ,appointment ,there shall be in the ,corporation a ,chief ,executive ,officer1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 and who shall serve at the pleasure of the ,president4 7#b7 ,authorities and duties ,the ,chief ,executive ,officer shall be responsible for the management of the ,corporation and shall exercise the powers and discharge the duties of the ,corporation subject to the bylaws1 rules1 regulations1 and procedures established by the ,board4 7#c7 ,relationship to board ,the ,chief ,executive ,officer shall report to and be under the direct authority of the ,board4 7#d7 ,compensation ,section #ecac of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,chief ,executive ,officer1 ,united ,states ,international ,development ,finance ,corporation4 4 7e7 ,deputy ,chief ,executive ,officer ,there shall be in the ,corporation a ,deputy ,chief ,executive ,officer1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 and who shall serve at the pleasure of the ,president4 7f7 ,chief ,risk ,officer 7#a7 ,appointment ,subject to the approval of the ,board1 the ,chief ,executive ,officer of the ,corporation shall appoint a ,chief ,risk ,officer1 from among individuals with experience at a senior level in financial risk management1 who-- 7,a7 shall have as the officer's sole function to serve as ,chief ,risk ,officer of the ,corporation2 7,b7 shall report directly to the ,board2 and 7,c7 shall be removable only by a majority vote of the ,board4 7#b7 ,duties ,the ,chief ,risk ,officer shall1 in coordination with the audit committee of the ,board established under #dja1 develop1 implement1 and manage a comprehensive process for identifying1 assessing1 monitoring1 and limiting risks to the ,corporation1 including the overall portfolio of the ,corporation4 7g7 ,coordination ,the ,chief ,executive ,officer shall consult with the ,administrator of the ,united ,states ,agency for ,international ,development and ,chief ,executive ,officer of the ,millennium ,challenge ,corporation to coordinate the activities of the ,corporation with the activities of the ,united ,states ,agency for ,international ,development and the ,millennium ,challenge ,corporation1 such as by establishing in the ,corporation a ,chief ,development ,officer who shall have responsibility for coordinating development finance policy and implementation efforts of the ,corporation with the ,united ,states ,agency for ,international ,development and the ,millennium ,challenge ,corporation and their respective development missions4 7h7 ,officers and employees 7#a7 ,in general ,except as otherwise provided in this section1 officers1 employees1 and agents shall be selected and appointed by the ,corporation1 and shall be vested with such powers and duties as the ,corporation may determine4 7#b7 ,administratively determined employees 7,a7 ,appointment2 compensation2 removal ,of officers and employees employed by the ,corporation under paragraph 7#a71 not to exceed #ej may be appointed1 compensated1 or removed without regard to title #e1 ,united ,states ,code4 7,b7 ,reinstatement ,under such regulations as the ,president may prescribe1 officers and employees appointed to a position under subparagraph 7,a7 may be entitled1 upon removal from such position 7unless the removal was for cause71 to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary4 7,c7 ,additional positions ,positions authorized by subparagraph 7,a7 shall be in addition to those otherwise authorized by law1 including positions authorized under section #eajh of title #e1 ,united ,states ,code4 7,d7 ,rates of pay for officers and employees ,the ,corporation may set and adjust rates of basic pay for officers and employees appointed under subparagraph 7,a7 without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 relating to classification of positions and ,general ,schedule pay rates1 respectively4 7#c7 ,liability of employees 7,a7 ,in general ,an individual who is a member of the ,board or an officer or employee of the ,corporation has no liability under this ,act with respect to any claim arising out of or resulting from any act or omission by the individual within the scope of the employment of the individual in connection with any transaction by the ,corporation4 7,b7 ,rule of construction ,subparagraph 7,a7 shall not be construed to limit personal liability of an individual for criminal acts or omissions1 willful or malicious misconduct1 acts or omissions for private gain1 or any other acts or omissions outside the scope of the individual's employment4 7,c7 ,savings provision ,this paragraph shall not be construed-- 7i7 to affect-- 7,i7 any other immunities and protections that may be available to an individual described in subparagraph 7,a7 under applicable law with respect to a transaction described in that subparagraph2 or 7,,ii7 any other right or remedy against the ,corporation1 against the ,united ,states under applicable law1 or against any person other than an individual described in subparagraph 7,a7 participating in such a transaction2 or 7ii7 to limit or alter in any way the immunities that are available under applicable law for ,federal officers and employees not described in this paragraph4 #ajd4 ,inspector ,general of the ,corporation 7a7 ,in general ,section #h;,g7a77#b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended by inserting the ,united ,states ,international ,development ,finance ,corporation1 after the ,smithsonian ,institution14 7b7 ,oversight independence ,section #h;,g7a77#d7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended-- 7#a7 in subparagraph 7,g71 by striking 2 and and inserting a semicolon2 7#b7 in subparagraph 7,i71 by striking the semicolon and inserting 2 and2 and 7#c7 by adding at the end the following3 7,j7 with respect to the ,united ,states ,international ,development ,finance ,corporation1 such term means the ,board of ,directors of the ,united ,states ,international ,development ,finance ,corporation2 4 ,,ii ,authorities #bja4 ,authorities relating to provision of support 7a7 ,lending and guaranties 7#a7 ,in general ,the ,corporation may make loans or guarantee loans upon such terms and conditions as the ,corporation may determine4 7#b7 ,denomination ,loans and guaranties issued under paragraph 7#a7 may be denominated and repayable in ,united ,states dollars or foreign currencies4 7#c7 ,applicability of ,federal ,credit ,reform ,act of #aiij ,loans and guaranties issued under paragraph 7#a7 shall be subject to the requirements of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 7b7 ,equity investments 7#a7 ,in general ,the ,corporation may1 as a minority investor1 support projects with funds or use other mechanisms for the purpose of purchasing1 and may make and fund commitments to purchase1 invest in1 make pledges in respect of1 or otherwise acquire1 equity or quasi-equity securities or shares or financial interests of any entity1 including as a limited partner or other investor in investment funds1 upon such terms and conditions as the ,corporation may determine4 7#b7 ,denomination ,support provided under paragraph 7#a7 may be denominated and repayable in ,united ,states dollars or foreign currency4 7#c7 ,guidelines and criteria ,the ,corporation shall develop guidelines and criteria to require that the use of the authority provided by paragraph 7#a7 with respect to a project has a clearly defined development rationale1 taking into account the following factors3 7,a7 ,the support for the project would be more likely than not to substantially reduce or overcome the effect of an identified market failure in the country in which the project is carried out4 7,b7 ,the project would not have proceeded or would have been substantially delayed without the support4 7,c7 ,the support will meaningfully contribute to transforming local conditions to promote the development of markets4 7,d7 ,the support can be shown to be aligned with commercial partner incentives4 7,e7 ,the support can be shown to have significant developmental impact and will contribute to long-term commercial sustainability4 7#d7 ,limitations on equity investments 7,a7 ,per project limit ,the aggregate amount of support provided under this subsection with respect to any project shall not exceed #bj percent of the aggregate amount of all equity investment made from any source to the project at the time that the ,corporation approves support of the project4 7,b7 ,total limit ,support provided pursuant to this subsection shall be limited to not more than #ce percent of the ,corporation's aggregate exposure on the date that such support is provided4 7#e7 ,sales and liquidation of position ,the ,corporation shall seek to sell and liquidate any support for a project provided under this subsection as soon as commercially feasible1 commensurate with other similar investors in the project4 7c7 ,insurance and reinsurance ,the ,corporation may issue insurance or reinsurance1 upon such terms and conditions as the ,corporation may determine1 to private sector entities and qualifying sovereign entities assuring protection of their investments in whole or in part against any or all political risks such as currency inconvertibility and transfer restrictions1 expropriation1 war1 terrorism1 and civil disturbance1 breach of contract1 or non-honoring of financial obligations4 7d7 ,promotion of and support for private investment opportunities 7#a7 ,in general ,the ,corporation may initiate and support1 through financial participation1 incentive grant1 or otherwise1 and on such terms and conditions as the ,corporation may determine1 feasibility studies for the planning1 development1 and management of1 and procurement for1 bilateral and multilateral development projects1 including training activities undertaken in connection with such projects1 for the purpose of promoting investment in such projects and the identification1 assessment1 surveying1 and promotion of private investment opportunities1 utilizing wherever feasible and effective1 the facilities of private investors4 7#b7 ,contributions to costs ,the ,corporation shall1 to the maximum extent practicable1 require any person receiving funds under the authorities of this subsection to-- 7,a7 share the costs of feasibility studies and other project planning services funded under this subsection2 and 7,b7 reimburse the ,corporation those funds provided under this section1 if the person succeeds in project implementation4 7e7 ,special projects and programs ,the ,corporation may administer and manage special projects and programs1 including programs of financial and advisory support that provide private technical1 professional1 or managerial assistance in the development of human resources1 skills1 technology1 capital savings1 and intermediate financial and investment institutions and cooperatives and including the initiation of incentives1 grants1 and studies for renewable energy1 microenterprise households1 and other small business activities4 7f7 ,enterprise funds 7#a7 ,in general ,the ,corporation may establish and operate enterprise funds in accordance with this subsection4 7#b7 ,procedures and requirements ,the provisions of section #bja of the ,support for ,east ,european ,democracy 7,,seed7 ,act of #aihi 7#bb ,u4,s4,c4 #edba7 7other than the provisions of subsections 7a71 7b71 7c71 7d77#a71 7d77#c71 7e71 7f71 and 7j7 of that section71 shall be deemed to apply with respect to any enterprise fund established by the ,corporation under this subsection and to funds made available to any such enterprise fund in the same manner and to the same extent as such provisions apply with respect to enterprise funds established pursuant to such section #bja or to funds made available to enterprise funds established under that section4 7#c7 ,purposes for which support may be provided ,the ,corporation1 subject to the approval of the ,board1 may designate private1 nonprofit organizations as eligible to receive support under this subsection for the following purposes3 7,a7 ,to promote development of economic freedom and private sectors1 including small- and medium-sized businesses and joint ventures with the ,united ,states and host country participants4 7,b7 ,to facilitate access to the credit to small- and medium-sized businesses with sound business plans in countries where there is limited means of accessing credit on market terms4 7,c7 ,to promote policies and practices conducive to economic freedom and private sector development4 7,d7 ,to attract foreign direct investment capital to further promote private sector development and economic freedom4 7,e7 ,to complement the work of the ,united ,states ,agency for ,international ,development and other donors to improve the overall business-enabling environment1 financing the creation and expansion of the private business sector4 7,f7 ,to make financially sustainable investments designed to generate measurable social benefits and build technical capacity in addition to financial returns4 7#d7 ,operation of funds 7,a7 ,expenditures ,funds made available to an enterprise fund shall be expended at the minimum rate necessary to make timely payments for projects and activities carried out under this subsection4 7,b7 ,administrative expenses ,not more than #c percent of the funds made available to an enterprise fund may be obligated or expended for the administrative expenses of the enterprise fund4 7#e7 ,board of directors ,each enterprise fund established under this subsection shall be governed by a ,board of ,directors comprised of private citizens of the ,united ,states or the host country1 who-- 7,a7 shall be appointed by the ,president after consultation with the chairmen and ranking members of the appropriate congressional committees2 and 7,b7 have pursued careers in international business and have demonstrated expertise in international and emerging market investment activities4 7#f7 ,majority member requirement ,the majority of the members of the ,board of ,directors shall be ,united ,states citizens4 7#g7 ,reports ,not later than one year after the date of the establishment of an enterprise fund under this subsection1 and annually thereafter until the enterprise fund terminates in accordance with paragraph 7#aj71 the ,board of ,directors of the enterprise fund shall-- 7,a7 submit to the appropriate congressional committees a report-- 7i7 detailing the administrative expenses of the enterprise fund during the year preceding the submission of the report2 7ii7 describing the operations1 activities1 financial condition1 and accomplishments of the enterprise fund during that year2 and 7iii7 describing the results of the audit conducted under paragraph 7#h7 during that year2 and 7,b7 publish1 on a publicly available internet website of the enterprise fund1 each report required by subparagraph 7,a74 7#h7 ,oversight 7,a7 ,inspector general performance audits 7i7 ,in general ,the ,inspector ,general of the ,corporation shall conduct periodic audits of the activities of each enterprise fund established under this subsection4 7ii7 ,consideration ,in conducting an audit under clause 7i71 the ,inspector ,general shall assess whether the activities of the enterprise fund-- 7,i7 support the purposes described in paragraph 7#c72 7,,ii7 result in profitable private sector investing2 and 7,,iii7 generate measurable social benefits4 7,b7 ,recordkeeping requirements ,the ,corporation shall ensure that each enterprise fund receiving support under this subsection-- 7i7 keeps separate accounts with respect to such support2 and 7ii7 maintains such records as may be reasonably necessary to facilitate effective audits under this paragraph4 7#i7 ,return of funds to ,treasury ,any funds resulting from any liquidation1 dissolution1 or winding up of an enterprise fund1 in whole or in part1 shall be returned to the ,treasury of the ,united ,states4 7#aj7 ,termination ,the authority of an enterprise fund to provide support under this subsection shall terminate on the earlier of-- 7,a7 the date that is #g years after the date of the first expenditure of amounts from the enterprise fund2 or 7,b7 the date on which the enterprise fund is liquidated4 7g7 ,sense of ,congress ,the ,corporation should consider ways to provide technical and other support to facilitate the development of diaspora bonds and other financing mechanisms that consolidate and leverage remittances for development outcomes4 7h7 ,other authorities ,the ,corporation shall have1 in addition to other authorities provided under this section1 such authorities as are provided for under the ,state ,department ,basic ,authorities ,act of #aief 7#bb ,u4,s4,c4 #bfea;a et seq47 and the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 and delegated by the ,president to the ,overseas ,private ,investment ,corporation or an element of the ,united ,states ,agency for ,international ,development specified in section #fjc7;a77#b7 as of the day before the date of the enactment of this ,act4 #bjb4 ,terms and conditions 7a7 ,in general ,except as provided in subsection 7b71 support provided by the ,corporation under this title shall be on such terms and conditions as the ,corporation may prescribe4 7b7 ,requirements ,the following requirements apply to support provided by the ,corporation under this title3 7#a7 ,the ,corporation shall make a loan or guaranty only if it is necessary-- 7,a7 to alleviate a credit market imperfection2 or 7,b7 to achieve specified objectives of the ,united ,states ,government by providing support in the most efficient way to meet those objectives on a borrower-by-borrower basis4 7#b7 ,the final maturity of a loan made or guaranteed by the ,corporation shall not exceed the lesser of-- 7,a7 #be years2 or 7,b7 the useful life of any physical asset to be financed by the loan 7as determined by the ,corporation74 7#c7 ,the ,corporation shall1 with respect to providing any loan guaranty to a project1 require that the parties to the loan guaranteed by the ,corporation bear the risk of loss for at least #bj percent of the guaranteed support by the ,corporation in the project4 7#d7 ,the ,corporation may not guarantee a loan unless the ,corporation determines that the lender is responsible and that adequate provision is made for servicing the loan on reasonable terms and protecting the financial interest of the ,united ,states4 7#e7 ,the interest rate for direct loans and interest supplements on guaranteed loans shall be set by reference to a benchmark interest rate 7yield7 on marketable ,treasury securities or other widely recognized benchmarks with a similar maturity to the loans being made or guaranteed4 ,the ,corporation shall establish appropriate minimum interest rates for loans1 guarantees1 insurance1 and other instruments as necessary4 7#f7 ,the minimum interest rate for new loans as established by the ,corporation shall be adjusted periodically to take account of changes in the interest rate of the benchmark financial instrument4 7#g7 7,a7 ,the ,corporation shall set fees or premiums for loan guarantee or insurance coverage at levels that minimize the cost to the ,government 7as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 of such coverage1 while supporting achievement of the objectives of the loan4 7,b7 ,the ,corporation shall set the minimum guarantee fee or insurance premium at a level sufficient to cover the ,corporation's costs for paying all of the estimated costs to the ,government of the expected default claims and other obligations4 7,c7 ,the ,corporation shall review fees for loan guaranties periodically to ensure that the fees assessed on new loan guarantees are at a level sufficient to cover the ,corporation's most recent estimates of its costs4 7#h7 ,any loan guaranty provided by the ,corporation shall be conclusive evidence that-- 7,a7 the guaranty has been properly obtained2 7,b7 the loan qualified for the guaranty2 and 7,c7 but for fraud or material misrepresentation by the holder of the guaranty1 the guaranty is presumed to be valid1 legal1 and enforceable4 7#i7 ,the ,corporation may not make a loan or loan guaranty unless the ,corporation determines that there is a reasonable assurance of repayment on the loan4 7#aj7 ,the ,corporation shall prescribe explicit standards for use in periodically assessing the credit risk of new and existing direct loans or guaranteed loans4 7#aa7 ,the ,corporation may not make loans or loan guaranties except to the extent that budget authority to cover the costs of the loans or guaranties is provided in advance in an appropriations ,act1 as required by section #ejd of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c74 #bjc4 ,payment of losses 7a7 ,payments for defaults on guaranteed loans 7#a7 ,in general ,if the ,corporation determines that the holder of a loan guaranteed by the ,corporation suffers a loss as a result of a default by a borrower on the loan1 the ,corporation shall pay to the holder the percent of the loss1 as specified in the guaranty contract after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the ,corporation may require4 7#b7 ,subrogation ,upon making a payment described in paragraph 7#a71 the ,corporation shall ensure the ,corporation will be subrogated to all the rights of the recipient of the payment4 7#c7 ,recovery efforts ,the ,corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph 7#a7 with respect to the loan4 7b7 ,limitation on payments 7#a7 ,in general ,except as provided by paragraph 7#b71 compensation for insurance1 reinsurance1 or a guaranty issued under this title shall not exceed the dollar value of the insurance1 reinsurance1 or guaranty1 as of the date of its issuance1 made in the project with the approval of the ,corporation1 plus interest1 earnings1 or profits actually accrued on the insurance1 reinsurance1 or guaranty1 to the extent provided by such insurance1 reinsurance1 or guaranty4 7#b7 ,exception 7,a7 ,in general ,the ,corporation may provide that-- 7i7 appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets2 and 7ii7 compensation for a claim of loss under insurance of an equity investment under section #bja7;b7 may be computed on the basis of the net book value attributable to the equity investment on the date of loss4 7#c7 ,additional limitation 7,a7 ,in general ,notwithstanding paragraph 7#b77;,a77ii7 and except as provided in subparagraph 7,b71 the ,corporation shall limit the amount of direct insurance and reinsurance issued under section #bja with respect to a project so as to require that the insured and its affiliates bear the risk of loss for at least #aj percent of the amount of the ,corporation's exposure to that insured and its affiliates in the project4 7,b7 ,exception ,the limitation under subparagraph 7,a7 shall not apply to direct insurance or reinsurance of loans provided by banks or other financial institutions to unrelated parties4 7c7 ,actions by ,attorney ,general ,the ,attorney ,general shall take such action as may be appropriate to enforce any right accruing to the ,united ,states as a result of the issuance of any loan or guarantee under this title4 7d7 ,rule of construction ,nothing in this section shall be construed to preclude any forbearance for the benefit of a borrower that may be agreed upon by the parties to a loan guaranteed by the ,corporation if budget authority for any resulting costs to the ,united ,states ,government 7as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 is available4 #bjd4 ,termination ,the authorities provided under this title terminate on ,september #cj1 #bjch4 ,,iii ,administrative and general provisions #cja4 ,operations 7a7 ,bilateral agreements ,the ,corporation may provide support under title ,,ii in connection with projects in any country the government of which has entered into an agreement with the ,united ,states authorizing the ,corporation to provide such support in that country4 7b7 ,claims settlement 7#a7 ,in general ,claims arising as a result of support provided under title ,,ii or under predecessor authority may be settled1 and disputes arising as a result thereof may be arbitrated with the consent of the parties1 on such terms and conditions as the ,corporation may determine4 7#b7 ,settlements conclusive ,payment made pursuant to any settlement pursuant to paragraph 7#a71 or as a result of an arbitration award1 shall be final and conclusive notwithstanding any other provision of law4 7c7 ,presumption of compliance ,each contract executed by such officer or officers as may be designated by the ,board shall be conclusively presumed to be issued in compliance with the requirements of this ,act4 7d7 ,electronic ,payments and ,documents ,the ,corporation shall implement policies to accept electronic documents and electronic payments in all of its programs4 #cjb4 ,corporate powers 7a7 ,in general ,the ,corporation-- 7#a7 may adopt1 alter1 and use a seal1 to include an identifiable symbol of the ,united ,states2 7#b7 may make and perform such contracts1 including no-cost contracts 7as defined by the ,corporation71 grants1 and other agreements notwithstanding division ,c of subtitle ,i of title #da1 ,united ,states ,code1 with any person or government however designated and wherever situated1 as may be necessary for carrying out the functions of the ,corporation2 7#c7 may determine and prescribe the manner in which its obligations shall be incurred and its expenses allowed and paid1 including expenses for representation2 7#d7 may lease1 purchase1 or otherwise acquire1 improve1 and use such real property wherever situated1 as may be necessary for carrying out the functions of the ,corporation2 7#e7 may accept cash gifts or donations of services or of property 7real1 personal1 or mixed71 tangible or intangible1 for the purpose of carrying out the functions of the ,corporation2 7#f7 may use the ,united ,states mails in the same manner and on the same conditions as the ,executive departments 7as defined in section #aja of title #e1 ,united ,states ,code72 7#g7 may contract with individuals for personal services1 who shall not be considered ,federal employees for any provision of law administered by the ,director of the ,office of ,personnel ,management2 7#h7 may hire or obtain passenger motor vehicles2 7#i7 may sue and be sued in its corporate name2 7#aj7 may acquire1 hold1 or dispose of1 upon such terms and conditions as the ,corporation may determine1 any property1 real1 personal1 or mixed1 tangible or intangible1 or any interest in such property1 and with respect to lease of office space for the ,corporation's own use1 the obligation of amounts for such lease is limited to the current fiscal year for which payments are due without regard to section #acda7;a77#a77;,b7 of title #ca1 ,united ,states ,code2 7#aa7 may indemnify directors1 officers1 employees1 and agents of the ,corporation for liabilities and expenses incurred in connection with their activities on behalf of the ,corporation2 7#ab7 notwithstanding any other provision of law1 may represent itself or contract for representation in all legal and arbitral proceedings2 7#ac7 may purchase1 discount1 rediscount1 sell1 and negotiate1 with or without its endorsement or guaranty1 and guarantee notes1 participation certificates1 and other evidence of indebtedness2 7#ad7 may exercise any priority of the ,government of the ,united ,states in collecting debts from bankrupt1 insolvent1 or decedents' estates2 7#ae7 may collect1 notwithstanding section #cgaa7;g77#a7 of title #ca1 ,united ,states ,code1 or compromise any obligations assigned to or held by the ,corporation1 including any legal or equitable rights accruing to the ,corporation2 7#af7 may manage assets described in section #c7i7 of ,public ,law #aaj-cdc 7#ab ,u4,s4,c4 #ebjb7i77 in a manner designed to minimize cost to the ,corporation1 including establishing vehicles that are authorized to purchase1 hold1 and sell assets and issue obligations2 7#ag7 may make arrangements with foreign governments 7including agencies1 instrumentalities1 or political subdivisions of such governments7 or with multilateral organizations or institutions for sharing liabilities2 7#ah7 may revolve funds of the ,corporation through selling direct investments of the ,corporation to private investors upon such terms and conditions as the ,corporation may determine2 and 7#ai7 shall have such other powers as may be necessary and incident to carrying out the functions of the ,corporation4 7b7 ,treatment of property ,notwithstanding any other provision of law relating to the acquisition1 handling1 or disposal of property by the ,united ,states1 the ,corporation shall have the right in its discretion to complete1 recondition1 reconstruct1 renovate1 repair1 maintain1 operate1 or sell any property acquired by the ,corporation pursuant to the provisions of this ,act4 #cjc4 ,maximum contingent liability 7a7 ,in general ,the maximum contingent liability of the ,corporation outstanding at any one time shall not exceed in the aggregate the amount specified in subsection 7b74 7b7 ,amount specified 7#a7 ,initial #e-year period ,the amount specified in this subsection for the #e-year period beginning on the date of the enactment of this ,act1 is #fj1jjj1jjj1jjj4 7#b7 ,subsequent #e-year periods ,not later than #e years after the date of the enactment of this ,act1 and every #e years thereafter1 the amount specified in paragraph 7#a7 shall be adjusted to reflect the percentage of the increase 7if any7 in the average of the ,consumer ,price ,index during the preceding #e-year period4 7#c7 ,consumer price index defined ,in this subsection1 the term ,consumer ,price ,index means the most recent ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor4 #cjd4 ,corporate funds 7a7 ,corporate capital account 7#a7 ,establishment ,there is established in the ,treasury of the ,united ,states a revolving fund to be known as the ,corporate ,capital ,account1 consisting of such funds as-- 7,a7 are available to discharge liabilities under predecessor authorities2 and 7,b7 are made available to the ,corporation pursuant to subsections 7d71 7e71 and 7f71 or otherwise available pursuant to this section4 7#b7 ,use of funds ,amounts in the ,corporate ,capital ,account shall be available for discharge of liabilities of the ,corporation1 until such time as all such liabilities have been discharged or have expired or until all of the amounts in the ,account have been expended in accordance with the provisions of this section4 7b7 ,transfer of previous fees and revenue ,there is hereby authorized to be transferred to the ,corporation at its call1 for the purposes specified in subsection 7g71 all fees and other revenues collected by the ,overseas ,private ,investment ,corporation pursuant to the reorganization plan submitted by the ,president under section #fjb4 7c7 ,full faith and credit ,all support provided pursuant to predecessor authorities or title ,,ii shall continue to constitute obligations of the ,united ,states1 and the full faith and credit of the ,united ,states is hereby pledged for the full payment and performance of such obligations4 7d7 ,authorization of appropriations ,there are authorized to be appropriated to the ,corporation1 to remain available until expended1 such amounts as may be necessary from time to time to replenish or increase the ,corporate ,capital ,account4 7e7 ,issuance of obligations 7#a7 ,in general ,in order to discharge liabilities of the ,corporation1 the ,corporation may issue from time to time for purchase by the ,secretary of the ,treasury notes1 debentures1 bonds1 or other obligations of the ,corporation4 7#b7 ,limitation ,the aggregate amount of obligations outstanding under paragraph 7#a7 at any one time shall not exceed #a1jjj1jjj1jjj4 7#c7 ,repayment ,any obligation issued under paragraph 7#a7 shall be repaid to the ,treasury of the ,united ,states within one year after the date of issue of the obligation4 7#d7 ,interest rate ,any obligation issued under paragraph 7#a7 shall bear interest at a rate determined by the ,secretary1 taking into consideration the current average market yield on outstanding marketable obligations of the ,united ,states of comparable maturities during the month preceding the issuance of any obligation authorized by this subsection4 7#e7 ,purchase ,the ,secretary shall purchase any obligation of the ,corporation issued under paragraph 7#a71 and for such purchase the ,secretary may use as a public debt transaction the proceeds of the sale of any securities issued under chapter #ca of title #ca1 ,united ,states ,code4 ,the purpose for which securities may be issued under such chapter shall include any such purchase4 7#f7 ,funding ,there are hereby authorized to be appropriated to the ,secretary for fiscal year #bjah and each fiscal year thereafter such sums as may be necessary to carry out this subsection4 7f7 ,fees 7#a7 ,in general ,fees may be charged for providing services and for transaction costs incurred by the ,corporation in amounts to be determined by the ,corporation4 7#b7 ,use of fees ,all fees under paragraph 7#a7 paid for transaction costs and other costs associated with services provided shall be available for obligation for the purposes for which such fees were collected4 7g7 ,income and revenue in general ,in order to carry out the purposes of the ,corporation1 all funds1 fees1 revenues1 and income transferred to or earned by the ,corporation1 from whatever source derived1 shall be held by the ,corporation and shall be available to carry out the purposes of the ,corporation1 including-- 7#a7 payment of all expenses of the ,corporation2 7#b7 transfers and additions to the ,corporate ,capital ,account and such other funds or reserves as the ,corporation may establish1 at such time and in such amounts as the ,board may determine2 7#c7 payment of dividends on capital stock1 which shall consist of and be paid from net earnings of the ,corporation after payments1 transfers1 and additions under paragraphs 7#a7 and 7#b72 and 7#d7 transfer of such sums as may be necessary from the ,corporate ,capital ,account for costs 7as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 of providing support under title ,,ii1 including the costs of modifying such support4 7h7 ,transaction costs ,transaction costs incurred by the ,corporation1 including such costs relating to loan obligations or loan guarantee commitments covered by the provisions of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq471 shall be held in and paid out of the ,corporate ,capital ,account4 #cje4 ,coordination with ,millennium ,challenge ,corporation on constraints analysis ,it is the sense of ,congress that the ,corporation should use the constraints analysis and other relevant data of the ,millennium ,challenge ,corporation to be better inform the decisions of the ,corporation with respect to providing support under title ,,ii4 ,,iv ,monitoring1 evaluation1 and reporting #dja4 ,establishment of risk and audit committees 7a7 ,in general ,to manage risks such as key strategic1 reputational1 regulatory1 operational1 and financial risks the ,corporation shall establish a risk committee and an audit committee4 7b7 ,duties and responsibilities ,subject to the direction of the ,board1 the risk committee established under subsection 7a7 shall have the responsibility of-- 7#a7 carrying out independent oversight of the ,corporation2 7#b7 reviewing and providing guidance on the risk governance structure of the ,corporation2 and 7#c7 developing policies for enterprise risk management1 monitoring1 and management of strategic1 reputational1 regulatory1 operational1 and financial risks4 #djb4 ,performance measures 7a7 ,in general ,the ,corporation shall develop a performance measurement system to evaluate and monitor projects supported by the ,corporation under title ,,ii and to guide future projects of the ,corporation4 7b7 ,considerations ,in developing the performance measurement system required by subsection 7a71 the ,corporation shall-- 7#a7 develop a successor for the development impact measurement system used by the ,overseas ,private ,investment ,corporation before the date of the enactment of this ,act2 7#b7 develop a mechanism for ensuring that support provided by the ,corporation under title ,,ii is in addition to private investment2 and 7#c7 develop standards for1 and a method for ensuring1 appropriate financial performance of the ,corporation's portfolio4 7c7 ,public availability of certain information ,the ,corporation shall regularly make available to the public information about support provided by the ,corporation under title ,,ii and performance metrics about such support on a country-by-country basis4 7d7 ,consultations ,in developing the performance measurement system required by subsection 7a71 the ,corporation shall consult with stakeholders engaged in sustainable economic growth and development outside the ,united ,states1 including private sector entities and nongovernmental and civil society organizations4 #djc4 ,annual report 7a7 ,in general ,after the end of each fiscal year1 the ,corporation shall submit to the appropriate congressional committees a complete and detailed report of its operations during that fiscal year1 including an assessment of-- 7#a7 the economic and social development impact and benefits of projects supported by the ,corporation under title ,,ii2 and 7#b7 the extent to which the operations of the ,corporation complement or are compatible with the development assistance programs of the ,united ,states and qualifying sovereign entities4 7b7 ,elements ,each annual report required by subsection 7a7 shall include projections of the effects of each project supported by the ,corporation under title ,,ii1 including-- 7#a7 reviews and analysis of-- 7,a7 the desired development outcomes for each project and whether or not the project is meeting the associated metrics1 goals1 and development objectives in the years following the conclusion of the project2 and 7,b7 the effect of the ,corporation's support for the project on access to capital1 specifically whether the project is addressing identifiable market gaps or inefficiencies and what impact1 if any1 such support will have on access to credit for private sector entities in the country in which the project is carried out2 7#b7 an explanation of any partnership arrangement or cooperation with a qualifying sovereign entity in support of each project2 7#c7 projections of-- 7,a7 each project's development outcome1 and whether or not support for the project is meeting the associated performance measures1 both during the start-up phase and over the duration of the project2 and 7,b7 the amount of private sector assets brought to bear relative to the amount of support provided by the ,corporation and any other public sector support associated with the project2 and 7#d7 an assessment of the extent to which lessons learned from the monitoring and evaluation activities of the ,corporation1 and from annual reports from previous years compiled by the ,corporation1 have been applied to projects4 #djd4 ,publicly available project information ,the ,corporation shall-- 7#a7 maintain a user-friendly1 publicly available1 machine-readable database with detailed country-level information1 including a description of the support provided by the ,corporation under title ,,ii2 and 7#b7 include a clear link to information about each project supported by the ,corporation under title ,,ii on the internet website of the ,department of ,state1 ,foreign,assistance4gov1 or a successor website or other online publication4 #dje4 ,audits and financial statements of the ,corporation 7a7 ,audits ,subject to subsection 7f71 an independent certified public accountant shall perform a financial and compliance audit of the financial statements of the ,corporation annually1 in accordance with generally accepted government auditing standards for a financial and compliance audit1 as issued by the ,comptroller ,general of the ,united ,states4 7b7 ,reports on audits ,the independent certified public accountant who conducts an audit under subsection 7a7 shall report the results of the audit to the ,executive ,director of the ,corporation and the appropriate congressional committees4 7c7 ,presentation ,the financial statements of the ,corporation and the report required by subsection 7b7 shall be presented in accordance with generally accepted accounting principles4 7d7 ,reports to ,congress ,not later than #aie days after the end of the last fiscal year covered by an audit conducted under subsection 7a71 the ,corporation shall submit to the appropriate congressional committees a report that includes-- 7#a7 the report required by subsection 7b7 with respect to the audit2 and 7#b7 the financial statements of the ,corporation4 7e7 ,review and report by the ,government ,accountability ,office ,the ,comptroller ,general may review an audit conducted under subsection 7a7 and the report to the appropriate congressional committees required by subsection 7d7 in the manner and at such times as the ,comptroller ,general considers necessary4 7f7 ,alternative audits by ,government ,accountability ,office ,instead of an audit conducted under subsection 7a7 by a certified public accountant1 the ,comptroller ,general shall1 if the ,comptroller ,general considers it necessary or upon the request of ,congress1 audit the financial statements of the ,corporation in the manner provided under subsection 7a74 7g7 ,availability of information ,all books1 accounts1 financial records1 reports1 files1 workpapers1 and property belonging to or in use by the ,corporation or the accountant who conducts an audit under subsection 7a7 that are necessary for purposes of conducing the audit1 shall be made available to the ,comptroller ,general and such employees as the ,comptroller ,general considers appropriate4 #djf4 ,engagement with investors 7a7 ,in general ,the ,corporation shall1 in cooperation with the ,administrator of the ,united ,states ,agency for ,international ,development-- 7#a7 develop a strategic relationship with private sector entities focused at the nexus of business opportunities and development priorities2 7#b7 engage such entities and reduce business risks primarily through direct transaction support and facilitating investment partnerships2 7#c7 develop and support tools1 approaches1 and intermediaries that can mobilize private finance at scale in the developing world2 7#d7 pursue projects of all sizes1 especially those that are small but designed for work in the most underdeveloped areas1 including countries with chronic suffering as a result of extreme poverty1 fragile institutions1 or a history of violence2 and 7#e7 pursue projects consistent with the stated goals of the ,department of ,state and the ,strategic ,plan and the ,mission ,country ,development ,cooperation ,strategies of the ,united ,states ,agency for ,international ,development4 7b7 ,assistance ,to achieve the goals described in subsection 7a71 the ,corporation shall-- 7#a7 develop risk mitigation tools2 7#b7 provide transaction structuring support for blended finance models2 7#c7 support intermediaries linking capital supply and demand2 7#d7 coordinate with other ,federal agencies to support or accelerate transactions2 7#e7 convene financial1 donor1 and public sector partners around opportunities for private finance within development priorities2 7#f7 offer strategic planning and programming assistance to catalyze investment into priority sectors2 7#g7 provide transaction structuring support2 7#h7 deliver training and knowledge management tools for engaging private investors2 7#i7 partner with private sector entities that provide access to capital and expertise2 and 7#aj7 identify and screen new investment partners4 ,v ,conditions1 restrictions1 and prohibitions #eja4 ,limitations and preferences 7a7 ,limitation on support for single entity ,no entity receiving support from the ,corporation under title ,,ii may receive more than an amount equal to #e percent of the ,corporation's maximum contingent liability authorized under section #cjc4 7b7 ,preference for support of investment by ,united ,states investors 7#a7 ,in general ,the ,corporation shall give preferential consideration to projects sponsored by or involving private sector entities that are ,united ,states persons4 7#b7 ,united ,states person defined ,in this subsection1 the term ,united ,states person means-- 7,a7 a ,united ,states citizen2 or 7,b7 an entity significantly beneficially owned by individuals described in subparagraph 7,a74 7c7 ,preference for provision of support in countries in compliance with international trade obligations 7#a7 ,consultations with ,united ,states ,trade ,representative ,not less frequently than annually1 the ,corporation shall consult with the ,united ,states ,trade ,representative with respect to the status of countries eligible to receive support from the ,corporation under title ,,ii and the compliance of those countries with their international trade obligations4 7#b7 ,preferential consideration ,the ,corporation shall give preferential consideration to providing support under title ,,ii for projects in countries in compliance with or making substantial progress coming into compliance with their international trade obligations4 7d7 ,worker rights ,the ,corporation should support projects under title ,,ii in countries that are taking steps to adopt and implement laws that extend internationally recognized worker rights 7as defined in section #ejg of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfg77 to workers in that country4 7e7 ,environmental impact ,the ,board shall not vote in favor of any project proposed to be supported by the ,corporation under title ,,ii that is likely to have significant adverse environmental impacts that are sensitive1 diverse1 or unprecedented1 unless-- 7#a7 before the date of the vote1 an environmental impact assessment or initial environmental audit1 analyzing the environmental impacts of the proposed project and of alternatives to the proposed project1 is completed2 and 7#b7 such assessment or audit has been made available to the public of the ,united ,states1 locally affected groups in the country in which the project will be carried out1 and nongovernmental organizations in that country4 #ejb4 ,additionality and avoidance of market distortion 7a7 ,in general ,before the ,corporation provides support for a project under title ,,ii1 the ,corporation shall ensure that private sector entities are afforded an opportunity to support the project instead of the project receiving support from the ,corporation4 7b7 ,safeguards1 policies1 and guidelines ,the ,corporation shall develop appropriate safeguards1 policies1 and guidelines to ensure that support provided by the ,corporation under title ,,ii-- 7#a7 supplements and encourages1 but does not compete with1 private sector support2 and 7#b7 operates according to internationally recognized best practices and standards with respect to ensuring the avoidance of market distorting government subsidies and the crowding out of private sector lending4 #ejc4 ,prohibition on support in sanctioned countries and with sanctioned persons 7a7 ,in general ,the ,corporation is prohibited from providing support under title ,,ii in a country the government of which the ,secretary of ,state has determined has repeatedly provided support for acts of international terrorism for purposes of-- 7#a7 section #f7;j77#a77;,a7 of the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfje7;j77#a77;,a77 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq4772 7#b7 section #fbj;,a7a7 of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bcga7;a772 7#c7 section #dj7;d7 of the ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bghj7;d772 or 7#d7 any other provision of law4 7b7 ,prohibition on support of sanctioned persons ,the ,corporation is prohibited from supporting a project under title ,,ii that benefits any entity subject to sanctions imposed by the ,united ,states4 #ejd4 ,penalties for misrepresentation1 fraud1 and bribery ,subsections 7g71 7l71 and 7n7 of section #bcg of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baig7 shall apply with respect to the ,corporation to the same extent and in the same manner as such subsections applied with respect to the ,overseas ,private ,investment ,corporation on the day before the date of the enactment of this ,act4 #eje4 ,market displacement by state-owned enterprises and monopolies 7a7 ,policies with respect to state-,owned enterprises ,the ,corporation shall develop appropriate policies and guidelines to ensure that support provided under title ,,ii to a state-owned enterprise1 sovereign wealth fund1 or a parastatal entity engaged in commercial activities or to a project in which such an entity or fund is participating is provided under appropriate principles of competitive neutrality4 7b7 ,prohibition on support to monopolies ,the ,corporation may not provide support under title ,,ii to private sector entities engaged in monopolistic practices4 7c7 ,state-,owned enterprise defined 7#a7 ,in general ,in this section1 the term state-owned enterprise means any enterprise established for a commercial or business purpose that is directly owned or controlled by one or more governments1 including any agency1 instrumentality1 subdivision1 or other unit of government at any level of jurisdiction4 7#b7 ,control2 owned ,for purposes of paragraph 7#a73 7,a7 ,control ,the term control1 with respect to an enterprise1 means the power by any means to control the enterprise regardless of-- 7i7 the level of ownership2 and 7ii7 whether or not the power is exercised4 7,b7 ,owned ,the term owned1 with respect to an enterprise1 means a majority or controlling interest1 whether by value or voting interest1 of the shares of that enterprise1 including through fiduciaries1 agents1 or other means4 ,,vi ,transitional provisions #fja4 ,definitions ,in this title3 7#a7 ,agency ,the term agency includes any entity1 organizational unit1 program1 or function4 7#b7 ,transition period ,the term transition period means the period-- 7,a7 beginning on the date of the enactment of this ,act2 and 7,b7 ending on the effective date of the reorganization plan required by section #fjb7;d74 #fjb4 ,reorganization plan 7a7 ,submission of plan ,not later than #fj days after the date of the enactment of this ,act1 the ,president shall transmit to the appropriate congressional committees a reorganization plan regarding the following3 7#a7 ,the transfer of agencies1 personnel1 assets1 and obligations to the ,corporation pursuant to this title4 7#b7 ,any consolidation1 reorganization1 or streamlining of agencies transferred to the ,corporation pursuant to this title4 7b7 ,plan elements ,the plan transmitted under subsection 7a7 shall contain1 consistent with this ,act1 such elements as the ,president deems appropriate1 including the following3 7#a7 ,identification of any functions of agencies transferred to the ,corporation pursuant to this title that will not be transferred to the ,corporation under the plan4 7#b7 ,specification of the steps to be taken to organize the ,corporation1 including the delegation or assignment of functions transferred to the ,corporation among officers of the ,corporation in order to permit the ,corporation to carry out the functions transferred under the plan4 7#c7 ,specification of the funds available to each agency that will be transferred to the ,corporation as a result of transfers under the plan4 7#d7 ,specification of the proposed allocations within the ,corporation of unexpended funds transferred in connection with transfers under the plan4 7#e7 ,specification of any proposed disposition of property1 facilities1 contracts1 records1 and other assets and obligations of agencies transferred under the plan4 7c7 ,modification of plan ,the ,president may1 on the basis of consultations with the appropriate congressional committees1 modify or revise any part of the plan until that part of the plan becomes effective in accordance with subsection 7d74 7d7 ,effective date 7#a7 ,in general ,the reorganization plan described in this section1 including any modifications or revisions of the plan under subsection 7c71 shall become effective for an agency on the date specified in the plan 7or the plan as modified pursuant to subsection 7c771 except that such date may not be earlier than #ij days after the date the ,president has transmitted the reorganization plan to the appropriate congressional committees pursuant to subsection 7a74 7#b7 ,statutory construction ,nothing in this subsection may be construed to require the transfer of functions1 personnel1 records1 balances of appropriations1 or other assets of an agency on a single date4 #fjc4 ,transfer of functions 7a7 ,in general ,effective at the end of the transition period1 there shall be transferred to the ,corporation the functions1 personnel1 assets1 and liabilities of-- 7#a7 the ,overseas ,private ,investment ,corporation1 as in existence on the day before the date of the enactment of this ,act2 and 7#b7 the following elements of the ,united ,states ,agency for ,international ,development3 7,a7 ,the ,development ,credit ,authority4 7,b7 ,the enterprise funds4 7,c7 ,the ,office of ,private ,capital and ,microenterprise4 7b7 ,bilateral agreements ,any bilateral agreement of the ,united ,states in effect on the date of the enactment of this ,act that serves as the basis for programs of the ,overseas ,private ,investment ,corporation shall be considered as satisfying the requirements of section #cja7;a74 7c7 ,transition ,during the transition period1 the agencies specified in subsection 7a7 shall-- 7#a7 continue to administer the assets and obligations of those agencies2 and 7#b7 carry out such programs and activities authorized under this ,act as may be determined by the ,president4 #fjd4 ,termination of ,overseas ,private ,investment ,corporation and other superceded authorities ,effective at the end of the transition period-- 7#a7 the ,overseas ,private ,investment ,corporation is terminated2 and 7#b7 the following provisions are repealed3 7,a7 ,title ,,iv of chapter #b of part ,i of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baia et seq47 7other than subsections 7g71 7l71 and 7n7 of section #bcg of that ,act74 7,b7 ,subtitle ,b of title ,,vi of that chapter 7#bb ,u4,s4,c4 #bbab74 #fje4 ,transitional authorities 7a7 ,provision of assistance by officials ,until the transfer of an agency to the ,corporation under section #fjc1 any official having authority over or functions relating to the agency immediately before the date of the enactment of this ,act shall provide to the ,corporation such assistance1 including the use of personnel and assets1 as the ,corporation may request in preparing for the transfer and integration of the agency into the ,corporation4 7b7 ,services and personnel ,during the transition period1 upon the request of the ,corporation1 the head of any executive agency may1 on a reimbursable basis1 provide services or detail personnel to assist with the transition4 7c7 ,acting officials 7#a7 ,in general ,during the transition period1 pending the advice and consent of the ,senate to the appointment of an officer required by this ,act to be appointed by and with such advice and consent1 the ,president may designate any officer whose appointment was required to be made by and with such advice and consent and who was such an officer immediately before the date of the enactment of this ,act 7and who continues in office7 or immediately before such designation1 to act in such office until the same is filled as provided in this ,act4 ,while so acting1 such officers shall receive compensation at the higher of-- 7,a7 the rates provided by this ,act for the respective offices in which they act2 or 7,b7 the rates provided for the offices held at the time of designation4 7#b7 ,rule of construction ,nothing in this ,act shall be construed to require the advice and consent of the ,senate to the appointment by the ,president to a position in the ,corporation of any officer whose agency is transferred to the ,corporation pursuant to this title and whose duties following such transfer are germane to those performed before such transfer4 7d7 ,transfer of personnel1 assets1 obligations1 and functions ,upon the transfer of an agency to the ,corporation under section #fjc-- 7#a7 the personnel1 assets1 and obligations held by or available in connection with the agency shall be transferred to the ,corporation for appropriate allocation1 subject to the approval of the ,director of the ,office of ,management and ,budget and in accordance with section #aeca7;a77#b7 of title #ca1 ,united ,states ,code2 and 7#b7 the ,corporation shall have all functions-- 7,a7 relating to the agency that any other official could by law exercise in relation to the agency immediately before such transfer2 and 7,b7 vested in the ,corporation by this ,act or other law4 #fjf4 ,savings provisions 7a7 ,completed administrative actions 7#a7 ,in general ,completed administrative actions of an agency shall not be affected by the enactment of this ,act or the transfer of such agency to the ,corporation under section #fjc1 but shall continue in effect according to their terms until amended1 modified1 superseded1 terminated1 set aside1 or revoked in accordance with law by an officer of the ,united ,states or a court of competent jurisdiction1 or by operation of law4 7#b7 ,completed administrative action defined ,in this subsection1 the term completed administrative action includes orders1 determinations1 rules1 regulations1 personnel actions1 permits1 agreements1 grants1 contracts1 certificates1 licenses1 registrations1 and privileges4 7b7 ,pending proceedings 7#a7 ,in general ,pending proceedings in an agency1 including notices of proposed rulemaking1 and applications for licenses1 permits1 certificates1 grants1 and financial assistance1 shall continue notwithstanding the enactment of this ,act or the transfer of the agency to the ,corporation1 unless discontinued or modified under the same terms and conditions and to the same extent that such discontinuance could have occurred if such enactment or transfer had not occurred4 7#b7 ,orders ,orders issued in proceedings described in paragraph 7#a71 and appeals therefrom1 and payments made pursuant to such orders1 shall issue in the same manner and on the same terms as if this ,act had not been enacted or the agency had not been transferred1 and any such orders shall continue in effect until amended1 modified1 superseded1 terminated1 set aside1 or revoked by an officer of the ,united ,states or a court of competent jurisdiction1 or by operation of law4 7c7 ,pending civil actions ,pending civil actions shall continue notwithstanding the enactment of this ,act or the transfer of an agency to the ,corporation1 and in such civil actions1 proceedings shall be had1 appeals taken1 and judgments rendered and enforced in the same manner and with the same effect as if such enactment or transfer had not occurred4 7d7 ,references ,references relating to an agency that is transferred to the ,corporation under section #fjc in statutes1 ,executive orders1 rules1 regulations1 directives1 or delegations of authority that precede such transfer or the date of the enactment of this ,act shall be deemed to refer1 as appropriate1 to the ,corporation1 to its officers1 employees1 or agents1 or to its corresponding organizational units or functions4 ,statutory reporting requirements that applied in relation to such an agency immediately before the effective date of this ,act shall continue to apply following such transfer if they refer to the agency by name4 7e7 ,employment provisions 7#a7 ,regulations ,the ,corporation may1 in regulations prescribed jointly with the ,director of the ,office of ,personnel ,management1 adopt the rules1 procedures1 terms1 and conditions1 established by statute1 rule1 or regulation before the date of the enactment of this ,act1 relating to employment in any agency transferred to the ,corporation under section #fjc4 7#b7 ,effect of transfer on conditions of employment ,except as otherwise provided in this ,act1 or under authority granted by this ,act1 the transfer pursuant to this title of personnel shall not alter the terms and conditions of employment1 including compensation1 of any employee so transferred4 7f7 ,statutory reporting requirements ,any statutory reporting requirement that applied to an agency transferred to the ,corporation under this title immediately before the date of the enactment of this ,act shall continue to apply following that transfer if the statutory requirement refers to the agency by name4 #fjg4 ,other terminations ,except as otherwise provided in this ,act1 whenever all the functions vested by law in any agency have been transferred pursuant to this title1 each position and office the incumbent of which was authorized to receive compensation at the rates prescribed for an office or position at level ,,ii1 ,,iii1 ,,iv1 or ,v of the ,executive ,schedule under subchapter ,,ii of chapter #ec of title #e1 ,united ,states ,code1 shall terminate4 #fjh4 ,incidental transfers ,the ,director of the ,office of ,management and ,budget1 in consultation with the ,corporation1 is authorized and directed to make such additional incidental dispositions of personnel1 assets1 and liabilities held1 used1 arising from1 available1 or to be made available1 in connection with the functions transferred by this title1 as the ,director may determine necessary to accomplish the purposes of this ,act4 #fji4 ,reference ,with respect to any function transferred under this title 7including under a reorganization plan under section #fjb7 and exercised on or after the date of the enactment of this ,act1 reference in any other ,federal law to any department1 commission1 or agency or any officer or office the functions of which are so transferred shall be deemed to refer to the ,corporation or official or component of the ,corporation to which that function is so transferred4 #faj4 ,conforming amendments 7a7 ,exempt programs ,section #bee7;g7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ije7;g77 is amended by striking ,overseas ,private ,investment ,corporation1 ,noncredit ,account 7#ga-dahd-j-c-aea74 and inserting ,united ,states ,international ,development ,finance ,corporation44 7b7 ,executive ,schedule ,title #e1 ,united ,states ,code1 is amended-- 7#a7 in section #ecad1 by striking ,president1 ,overseas ,private ,investment ,corporation42 7#b7 in section #ecae1 by striking ,executive ,vice ,president1 ,overseas ,private ,investment ,corporation42 and 7#c7 in section #ecaf1 by striking ,vice ,presidents1 ,overseas ,private ,investment ,corporation 7#c744 7c7 ,office of ,international ,trade of the ,small ,business ,administration ,section #bb of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdi7 is amended-- 7#a7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking the ,president of the ,overseas ,private ,investment ,corporation1 ,director and inserting the ,board of ,directors of the ,united ,states ,international ,development ,finance ,corporation1 the ,director2 and 7#b7 by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7d7 ,united ,states and ,foreign ,commercial ,service ,section #bcja of the ,export ,enhancement ,act of #aihh 7#ae ,u4,s4,c4 #dgba7 is amended by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7e7 ,trade ,promotion ,coordinating ,committee ,section #bcab7;d77#a77,k7 of the ,export ,enhancement ,act of #aihh 7#ae ,u4,s4,c4 #dgbg7;d77#a77,k77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7f7 ,interagency ,trade ,data ,advisory ,committee ,section #edjb7;b7 of the ,omnibus ,trade and ,competitiveness ,act of #aihh 7#ae ,u4,s4,c4 #dijb7;b77 is amended by striking the ,president of the ,overseas ,private ,investment ,corporation and inserting the ,chief ,executive ,officer of the ,united ,states ,international ,development ,finance ,corporation4 7g7 ,misuse of names of ,federal agencies ,section #gji of title #ah1 ,united ,states ,code1 is amended by striking ,overseas ,private ,investment1 ,overseas ,private ,investment ,corporation1 or ,,opic1 and inserting ,united ,states ,international ,development ,finance ,corporation or ,,dfc4 7h7 ,engagement on currency exchange rate and economic policies ,section #gja7;c77#a77;,a7 of the ,trade ,facilitation and ,trade ,enforcement ,act of #bjae 7#ai ,u4,s4,c4 #ddba7;c77#a77;,a77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7i7 ,internships with ,institute for ,international ,public ,policy ,section #fbe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #aaca;c7a77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7j7 ,foreign ,assistance ,act of #aifa ,the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 is amended-- 7#a7 in section #ddi;,b7b77#b7 7#bb ,u4,s4,c4 #bbif;b7b77#b771 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7#b7 in section #dha7;e77#d77;,a7 7#bb ,u4,s4,c4 #bbia7;e77#d77;,a771 in the matter preceding clause 7i71 by striking 7including programs under title ,,iv of chapter #b1 relating to the ,overseas ,private ,investment ,corporation7 and inserting 7and any support under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah1 relating to the ,united ,states ,international ,development ,finance ,corporation74 7k7 ,electrify ,africa ,act of #bjae ,sections #e and #g of the ,electrify ,africa ,act of #bjae 7,public ,law #aad-aba2 #bb ,u4,s4,c4 #bbic note7 are amended by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7l7 ,foreign ,aid ,transparency and ,accountability ,act of #bjaf ,section #b7c7 of the ,foreign ,aid ,transparency and ,accountability ,act of #bjaf 7,public ,law #aad-aia2 #bb ,u4,s4,c4 #bcid;c note7 is amended by striking subparagraph 7,a7 and inserting the following3 7,a7 title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah2 4 7m7 ,support for ,east ,european ,democracy 7,,seed7 ,program ,section #b7;c7 of the ,support for ,east ,european ,democracy 7,,seed7 ,act of #aihi 7#bb ,u4,s4,c4 #edja7;c77 is amended by striking paragraph 7#ab7 and inserting the following3 7#ab7 ,united ,states ,international ,development ,finance ,corporation ,programs of the ,united ,states ,international ,development ,finance ,corporation4 4 7n7 ,cuban ,liberty and ,democratic ,solidarity 7,,libertad7 ,act of #aiif ,section #bjb7;b77#b77;,b77iv7 of the ,cuban ,liberty and ,democratic ,solidarity 7,,libertad7 ,act of #aiif 7#bb ,u4,s4,c4 #fjfb7;b77#b77;,b77iv77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7o7 ,international ,religious ,freedom ,act of #aiih ,section #dje7;a77#aj7 of the ,international ,religious ,freedom ,act of #aiih 7#bb ,u4,s4,c4 #fdde7;a77#aj77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7p7 ,trafficking ,victims ,protection ,act of #bjjj ,section #ajc7h7 of the ,trafficking ,victims ,protection ,act of #bjjj 7#bb ,u4,s4,c4 #gajb7h77 is amended-- 7#a7 in clause 7vii71 by striking the semicolon and inserting 2 and2 and 7#b7 by striking clause 7viii74 7q7 ,technology deployment in developing countries ,section #gcb7;b7 of the ,global ,environmental ,protection ,assistance ,act of #aihi 7#bb ,u4,s4,c4 #gijb7;b77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7r7 ,expanded nonmilitary assistance for ,ukraine ,section #g7;c77#c7 of the ,ukraine ,freedom ,support ,act of #bjad 7#bb ,u4,s4,c4 #hibf7;c77#c77 is amended-- 7#a7 in the matter preceding subparagraph 7,a71 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7#b7 in subparagraph 7,b71 by striking by eligible investors 7as defined in section #bch of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baih774 7s7 ,global ,food ,security ,act of #bjaf ,section #d7g7 of the ,global ,food ,security ,act of #bjaf 7#bb ,u4,s4,c4 #icjc7g77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7t7 ,sense of ,congress on ,european and ,eurasian energy security ,section #beg7;c77#b77;,b7 of the ,countering ,russian ,influence in ,europe and ,eurasia ,act of #bjag 7#bb ,u4,s4,c4 #iedf7;c77#b77;,b77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7u7 ,wholly owned ,government corporation ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7v7 ,energy ,independence and ,security ,act of #bjjg ,title ,,ix of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agcba et seq47 is amended-- 7#a7 in section #iad 7#db ,u4,s4,c4 #agccd7-- 7,a7 in the section heading1 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 7,b7 in subsection 7a71 in the matter preceding paragraph 7#a71 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7,c7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking ,overseas ,private ,investment ,corporation shall include in its annual report required under section #bdj;,a of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bbjj;a7 and inserting ,united ,states ,international ,development ,finance ,corporation shall include in its annual report required under section #djc of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah2 and 7#b7 in section #iaf7;a77#b77;,i7 7#db ,u4,s4,c4 #agccf7;a77#b77;,i771 by striking ,overseas ,private ,investment ,corporation3 and inserting ,united ,states ,international ,development ,finance ,corporation24 7w7 ,effective date ,the amendments made by this section shall take effect at the end of the transition period4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah or the ,,build ,act of #bjah4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,definitions4,,title ,i--,establishment,sec4 #aja4 ,statement of policy4,sec4 #ajb4 ,united ,states ,international ,development ,finance ,corporation4,sec4 #ajc4 ,management of ,corporation4,sec4 #ajd4 ,inspector ,general of the ,corporation4,sec4 #aje4 ,independent accountability mechanism4,,title ,,ii--,authorities,sec4 #bja4 ,authorities relating to provision of support4,sec4 #bjb4 ,terms and conditions4,sec4 #bjc4 ,payment of losses4,sec4 #bjd4 ,termination4,,title ,,iii--,administrative and general provisions,sec4 #cja4 ,operations4,sec4 #cjb4 ,corporate powers4,sec4 #cjc4 ,maximum contingent liability4,sec4 #cjd4 ,corporate funds4,sec4 #cje4 ,coordination with other development agencies4,,title ,,iv--,monitoring1 evaluation1 and reporting,sec4 #dja4 ,establishment of risk and audit committees4,sec4 #djb4 ,performance measures1 evaluation1 and learning4,sec4 #djc4 ,annual report4,sec4 #djd4 ,publicly available project information4,sec4 #dje4 ,engagement with investors4,sec4 #djf4 ,notifications to be provided by the ,corporation4,,title ,v--,conditions1 restrictions1 and prohibitions,sec4 #eja4 ,limitations and preferences4,sec4 #ejb4 ,additionality and avoidance of market distortion4,sec4 #ejc4 ,prohibition on support in sanctioned countries and with sanctioned persons4,sec4 #ejd4 ,applicability of certain provisions of law4,,title ,,vi--,transitional provisions,sec4 #fja4 ,definitions4,sec4 #fjb4 ,reorganization plan4,sec4 #fjc4 ,transfer of functions4,sec4 #fjd4 ,termination of ,overseas ,private ,investment ,corporation and other superceded authorities4,sec4 #fje4 ,transitional authorities4,sec4 #fjf4 ,savings provisions4,sec4 #fjg4 ,other terminations4,sec4 #fjh4 ,incidental transfers4,sec4 #fji4 ,reference4,sec4 #faj4 ,conforming amendments4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,foreign ,relations and the ,committee on ,appropriations of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs and the ,committee on ,appropriations of the ,house of ,representatives4 7#b7 ,less developed country ,the term less developed country means a country with a low-income economy1 lower-middle-income economy1 or upper-middle-income economy1 as defined by the ,international ,bank for ,reconstruction and ,development and the ,international ,development ,association 7collectively referred to as the ,world ,bank74 7#c7 ,predecessor authority ,the term predecessor authority means authorities repealed by title ,,vi4 7#d7 ,qualifying sovereign entity ,the term qualifying sovereign entity means-- 7,a7 any agency or instrumentality of a foreign state 7as defined in section #afjc of title #bh1 ,united ,states ,code7 that has a purpose that is similar to the purpose of the ,corporation as described in section #ajb7;b72 or 7,b7 any international financial institution 7as defined in section #agja7;c7 of the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfbr7c7774 ,i ,establishment #aja4 ,statement of policy ,it is the policy of the ,united ,states to facilitate market-based private sector development and economic growth in less developed countries through the provision of credit1 capital1 and other financial support-- 7#a7 to mobilize private capital in support of sustainable1 broad-based economic growth1 poverty reduction1 and development through demand-driven partnerships with the private sector that further the foreign policy interests of the ,united ,states2 7#b7 to finance development that builds and strengthens civic institutions1 promotes competition1 and provides for public accountability and transparency2 7#c7 to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets2 7#d7 to achieve clearly defined economic and social development outcomes2 7#e7 to coordinate with institutions with purposes similar to the purposes of the ,corporation to leverage resources of those institutions to produce the greatest impact2 7#f7 to provide countries a robust alternative to state-directed investments by authoritarian governments and ,united ,states strategic competitors using high standards of transparency and environmental and social safeguards1 and which take into account the debt sustainability of partner countries2 7#g7 to leverage private sector capabilities and innovative development tools to help countries transition from recipients of bilateral development assistance toward increased self-reliance2 and 7#h7 to complement and be guided by overall ,united ,states foreign policy1 development1 and national security objectives1 taking into account the priorities and needs of countries receiving support4 #ajb4 ,united ,states ,international ,development ,finance ,corporation 7a7 ,establishment ,there is established in the executive branch the ,united ,states ,international ,development ,finance ,corporation 7in this ,act referred to as the ,corporation71 which shall be a wholly owned ,government corporation for purposes of chapter #ia of title #ca1 ,united ,states ,code1 under the foreign policy guidance of the ,secretary of ,state4 7b7 ,purpose ,the purpose of the ,corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries1 as described in subsection 7c71 and countries in transition from nonmarket to market economies1 in order to complement the development assistance objectives1 and advance the foreign policy interests1 of the ,united ,states4 ,in carrying out its purpose1 the ,corporation1 utilizing broad criteria1 shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under title ,,ii4 7c7 ,less developed country focus 7#a7 ,in general ,the ,corporation shall prioritize the provision of support under title ,,ii in less developed countries with a low-income economy or a lower-middle-income economy4 7#b7 ,support in upper-middle-income countries ,the ,corporation shall restrict the provision of support under title ,,ii in a less developed country with an upper-middle-income economy unless-- 7,a7 the ,president certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the ,united ,states2 and 7,b7 such support is likely to be highly developmental or provide developmental benefits to the poorest population of that country4 #ajc4 ,management of ,corporation 7a7 ,structure of ,corporation ,there shall be in the ,corporation a ,board of ,directors 7in this ,act referred to as the ,board71 a ,chief ,executive ,officer1 a ,deputy ,chief ,executive ,officer1 a ,chief ,risk ,officer1 a ,chief ,development ,officer1 and such other officers as the ,board may determine4 7b7 ,board of ,directors 7#a7 ,duties ,all powers of the ,corporation shall vest in and be exercised by or under the authority of the ,board4 ,the ,board-- 7,a7 shall perform the functions specified to be carried out by the ,board in this ,act2 7,b7 may prescribe1 amend1 and repeal bylaws1 rules1 regulations1 policies1 and procedures governing the manner in which the business of the ,corporation may be conducted and in which the powers granted to the ,corporation by law may be exercised2 and 7,c7 shall develop1 in consultation with stakeholders and other interested parties1 a publicly available policy with respect to consultations1 hearings1 and other forms of engagement in order to provide for meaningful public participation in the ,board's activities4 7#b7 ,membership of ,board 7,a7 ,in general ,the ,board shall consist of-- 7i7 the ,chief ,executive ,officer of the ,corporation2 7ii7 the officers specified in subparagraph 7,b72 and 7iii7 four other individuals who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 of which-- 7,i7 one individual should be appointed from among a list of at least #e individuals submitted by the majority leader of the ,senate after consultation with the chairman of the ,committee on ,foreign ,relations of the ,senate2 7,,ii7 one individual should be appointed from among a list of at least #e individuals submitted by the minority leader of the ,senate after consultation with the ranking member of the ,committee on ,foreign ,relations of the ,senate2 7,,iii7 one individual should be appointed from among a list of at least #e individuals submitted by the ,speaker of the ,house of ,representatives after consultation with the chairman of the ,committee on ,foreign ,affairs of the ,house of ,representatives2 and 7,,iv7 one individual should be appointed from among a list of at least #e individuals submitted by the minority leader of the ,house of ,representatives after consultation with the ranking member of the ,committee on ,foreign ,affairs of the ,house of ,representatives4 7,b7 ,officers specified 7i7 ,in general ,the officers specified in this subparagraph are the following3 7,i7 ,the ,secretary of ,state or a designee of the ,secretary4 7,,ii7 ,the ,administrator of the ,united ,states ,agency for ,international ,development or a designee of the ,administrator4 7,,iii7 ,the ,secretary of the ,treasury or a designee of the ,secretary4 7,,iv7 ,the ,secretary of ,commerce or a designee of the ,secretary4 7ii7 ,requirements for designees ,a designee under clause 7i7 shall be selected from among officers-- 7,i7 appointed by the ,president1 by and with the advice and consent of the ,senate2 7,,ii7 whose duties relate to the programs of the ,corporation2 and 7,,iii7 who is designated by and serving at the pleasure of the ,president4 7,c7 ,requirements for nongovernment members ,a member of the ,board described in subparagraph 7,a77iii7-- 7i7 may not be an officer or employee of the ,united ,states ,government2 7ii7 shall have relevant experience1 which may include experience relating to the private sector1 the environment1 labor organizations1 or international development1 to carry out the purpose of the ,corporation2 7iii7 shall be appointed for a term of #c years and may be reappointed for one additional term2 7iv7 shall serve until the member's successor is appointed and confirmed2 7v7 shall be compensated at a rate equivalent to that of level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code1 when engaged in the business of the ,corporation2 and 7vi7 may be paid per diem in lieu of subsistence at the applicable rate under the ,federal ,travel ,regulation under subtitle ,f of title #da1 ,code of ,federal ,regulations1 from time to time1 while away from the home or usual place of business of the member4 7#c7 ,chairperson ,the ,secretary of ,state1 or the designee of the ,secretary under paragraph 7#b77;,b77i77,i71 shall serve as the ,chairperson of the ,board4 7#d7 ,vice chairperson ,the ,administrator of the ,united ,states ,agency for ,international ,development1 or the designee of the ,administrator under paragraph 7#b77;,b77i77,,ii71 shall serve as the ,vice ,chairperson of the ,board4 7#e7 ,quorum ,five members of the ,board shall constitute a quorum for the transaction of business by the ,board4 7c7 ,public hearings ,the ,board shall hold at least #b public hearings each year in order to afford an opportunity for any person to present views with respect to whether-- 7#a7 the ,corporation is carrying out its activities in accordance with this ,act2 and 7#b7 any support provided by the ,corporation under title ,,ii in any country should be suspended1 expanded1 or extended4 7d7 ,chief ,executive ,officer 7#a7 ,appointment ,there shall be in the ,corporation a ,chief ,executive ,officer1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 and who shall serve at the pleasure of the ,president4 7#b7 ,authorities and duties ,the ,chief ,executive ,officer shall be responsible for the management of the ,corporation and shall exercise the powers and discharge the duties of the ,corporation subject to the bylaws1 rules1 regulations1 and procedures established by the ,board4 7#c7 ,relationship to ,board ,the ,chief ,executive ,officer shall report to and be under the direct authority of the ,board4 7#d7 ,compensation ,section #ecac of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 ,chief ,executive ,officer1 ,united ,states ,international ,development ,finance ,corporation4 4 7e7 ,deputy ,chief ,executive ,officer ,there shall be in the ,corporation a ,deputy ,chief ,executive ,officer1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate1 and who shall serve at the pleasure of the ,president4 7f7 ,chief ,risk ,officer 7#a7 ,appointment ,subject to the approval of the ,board1 the ,chief ,executive ,officer of the ,corporation shall appoint a ,chief ,risk ,officer1 from among individuals with experience at a senior level in financial risk management1 who-- 7,a7 shall report directly to the ,board2 and 7,b7 shall be removable only by a majority vote of the ,board4 7#b7 ,duties ,the ,chief ,risk ,officer shall1 in coordination with the audit committee of the ,board established under section #dja1 develop1 implement1 and manage a comprehensive process for identifying1 assessing1 monitoring1 and limiting risks to the ,corporation1 including the overall portfolio diversification of the ,corporation4 7g7 ,chief ,development ,officer 7#a7 ,appointment ,subject to the approval of the ,board1 the ,chief ,executive ,officer1 in conjunction with the ,administrator of the ,united ,states ,agency for ,international ,development1 shall appoint a ,chief ,development ,officer1 from among individuals with experience in development1 who-- 7,a7 shall report directly to the ,board2 and 7,b7 shall be removable only by a majority vote of the ,board4 7#b7 ,duties ,the ,chief ,development ,officer shall-- 7,a7 coordinate the ,corporation's development policies and implementation efforts with the ,united ,states ,agency for ,international ,development1 the ,millennium ,challenge ,corporation1 and other relevant ,united ,states ,government departments and agencies1 including directly liaising with missions of the ,united ,states ,agency for ,international ,development1 to ensure that departments1 agencies1 and missions have training1 awareness1 and access to the ,corporation's tools in relation to development policy and projects in countries2 7,b7 under the guidance of the ,chief ,executive ,officer1 manage employees of the ,corporation that are dedicated to structuring1 monitoring1 and evaluating transactions and projects co-designed with the ,united ,states ,agency for ,international ,development and other relevant ,united ,states ,government departments and agencies2 7,c7 authorize and coordinate transfers of funds or other resources to and from such agencies1 departments1 or missions upon the concurrence of those institutions in support of the ,corporation's projects or activities2 7,d7 manage the responsibilities of the ,corporation under paragraphs 7#a7 and 7#d7 of subsection #djb7;b7 and paragraphs 7#a77;,a7 and 7#c77;,a7 of section #djc7;b72 7,e7 coordinate and implement the activities of the ,corporation under section #dje2 and 7,f7 be an ex officio member of the ,development ,advisory ,council established under subsection 7i7 and participate in or send a representative to each meeting of the ,council4 7h7 ,officers and employees 7#a7 ,in general ,except as otherwise provided in this section1 officers1 employees1 and agents shall be selected and appointed by the ,corporation1 and shall be vested with such powers and duties as the ,corporation may determine4 7#b7 ,administratively determined employees 7,a7 ,appointment2 compensation2 removal ,of officers and employees employed by the ,corporation under paragraph 7#a71 not more than #ej may be appointed1 compensated1 or removed without regard to title #e1 ,united ,states ,code4 7,b7 ,reinstatement ,under such regulations as the ,president may prescribe1 officers and employees appointed to a position under subparagraph 7,a7 may be entitled1 upon removal from such position 7unless the removal was for cause71 to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary4 7,c7 ,additional positions ,positions authorized by subparagraph 7,a7 shall be in addition to those otherwise authorized by law1 including positions authorized under section #eajh of title #e1 ,united ,states ,code4 7,d7 ,rates of pay for officers and employees ,the ,corporation may set and adjust rates of basic pay for officers and employees appointed under subparagraph 7,a7 without regard to the provisions of chapter #ea or subchapter ,,iii of chapter #ec of title #e1 ,united ,states ,code1 relating to classification of positions and ,general ,schedule pay rates1 respectively4 7#c7 ,liability of employees 7,a7 ,in general ,an individual who is a member of the ,board or an officer or employee of the ,corporation has no liability under this ,act with respect to any claim arising out of or resulting from any act or omission by the individual within the scope of the employment of the individual in connection with any transaction by the ,corporation4 7,b7 ,rule of construction ,subparagraph 7,a7 shall not be construed to limit personal liability of an individual for criminal acts or omissions1 willful or malicious misconduct1 acts or omissions for private gain1 or any other acts or omissions outside the scope of the individual's employment4 7,c7 ,conflicts of interest ,the ,corporation shall establish and publish procedures for avoiding conflicts of interest on the part of officers and employees of the ,corporation and members of the ,development ,advisory ,council established under subsection 7i74 7,d7 ,savings provision ,this paragraph shall not be construed-- 7i7 to affect-- 7,i7 any other immunities and protections that may be available to an individual described in subparagraph 7,a7 under applicable law with respect to a transaction described in that subparagraph2 or 7,,ii7 any other right or remedy against the ,corporation1 against the ,united ,states under applicable law1 or against any person other than an individual described in subparagraph 7,a7 participating in such a transaction2 or 7ii7 to limit or alter in any way the immunities that are available under applicable law for ,federal officers and employees not described in this paragraph4 7i7 ,development ,advisory ,council 7#a7 ,in general ,there is established a ,development ,advisory ,council 7in this subsection referred to as the ,council7 to advise the ,board on development objectives of the ,corporation4 7#b7 ,membership ,members of the ,council shall be appointed by the ,board1 on the recommendation of the ,chief ,executive ,officer and the ,chief ,development ,officer1 and shall be composed of not more than #i members broadly representative of nongovernmental organizations1 think tanks1 advocacy organizations1 foundations1 and other institutions engaged in international development4 7#c7 ,functions ,the ,board shall call upon members of the ,council1 either collectively or individually1 to advise the ,board regarding the extent to which the ,corporation is meeting its development mandate and any suggestions for improvements in with respect to meeting that mandate1 including opportunities in countries and project development and implementation challenges and opportunities4 7#d7 ,federal ,advisory ,committee ,act ,the ,council shall not be subject to the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app474 #ajd4 ,inspector ,general of the ,corporation 7a7 ,in general ,section #h;,g7a77#b7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended by inserting the ,united ,states ,international ,development ,finance ,corporation1 after the ,smithsonian ,institution14 7b7 ,oversight independence ,section #h;,g7a77#d7 of the ,inspector ,general ,act of #aigh 7#e ,u4,s4,c4 ,app47 is amended-- 7#a7 in subparagraph 7,h71 by striking 2 and and inserting a semicolon2 7#b7 in subparagraph 7,i71 by striking the semicolon and inserting 2 and2 and 7#c7 by adding at the end the following3 7,j7 with respect to the ,united ,states ,international ,development ,finance ,corporation1 such term means the ,board of ,directors of the ,united ,states ,international ,development ,finance ,corporation2 4 #aje4 ,independent accountability mechanism 7a7 ,in general ,the ,board shall establish a transparent and independent accountability mechanism4 7b7 ,functions ,the independent accountability mechanism established pursuant to subsection 7a7 shall-- 7#a7 annually evaluate and report to the ,board and ,congress regarding compliance with environmental1 social1 labor1 human rights1 and transparency standards1 consistent with ,corporation statutory mandates2 7#b7 provide a forum for resolving concerns regarding the impacts of specific ,corporation-supported projects with respect to such standards2 and 7#c7 provide advice regarding ,corporation projects1 policies1 and practices4 ,,ii ,authorities #bja4 ,authorities relating to provision of support 7a7 ,in general ,the authorities in this title should only be exercised to-- 7#a7 carry out of the policy of the ,united ,states in section #aja and the purpose of the ,corporation in section #ajb2 7#b7 mitigate risks to ,united ,states taxpayers by sharing risks with the private sector and qualifying sovereign entities through co-financing and structuring of tools2 and 7#c7 ensure that support provided under this title is additional to private sector resources by mobilizing private capital that would otherwise not be deployed without such support4 7b7 ,lending and guaranties 7#a7 ,in general ,the ,corporation may make loans or guaranties upon such terms and conditions as the ,corporation may determine4 7#b7 ,denomination ,loans and guaranties issued under paragraph 7#a7 may be denominated and repayable in ,united ,states dollars or foreign currencies4 ,foreign currency denominated loans and guaranties should only be provided if the ,board determines there is a substantive policy rationale for such loans and guaranties4 7#c7 ,applicability of ,federal ,credit ,reform ,act of #aiij ,loans and guaranties issued under paragraph 7#a7 shall be subject to the requirements of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 7c7 ,equity investments 7#a7 ,in general ,the ,corporation may1 as a minority investor1 support projects with funds or use other mechanisms for the purpose of purchasing1 and may make and fund commitments to purchase1 invest in1 make pledges in respect of1 or otherwise acquire1 equity or quasi-equity securities or shares or financial interests of any entity1 including as a limited partner or other investor in investment funds1 upon such terms and conditions as the ,corporation may determine4 7#b7 ,denomination ,support provided under paragraph 7#a7 may be denominated and repayable in ,united ,states dollars or foreign currency4 ,foreign currency denominated support provided by paragraph 7#a7 should only be provided if the ,board determines there is a substantive policy rationale for such support4 7#c7 ,guidelines and criteria ,the ,corporation shall develop guidelines and criteria to require that the use of the authority provided by paragraph 7#a7 with respect to a project has a clearly defined development and foreign policy purpose1 taking into account the following objectives3 7,a7 ,the support for the project would be more likely than not to substantially reduce or overcome the effect of an identified market failure in the country in which the project is carried out4 7,b7 ,the project would not have proceeded or would have been substantially delayed without the support4 7,c7 ,the support would meaningfully contribute to transforming local conditions to promote the development of markets4 7,d7 ,the support can be shown to be aligned with commercial partner incentives4 7,e7 ,the support can be shown to have significant developmental impact and will contribute to long-term commercial sustainability4 7,f7 ,the support furthers the policy of the ,united ,states described in section #aja4 7#d7 ,limitations on equity investments 7,a7 ,per project limit ,the aggregate amount of support provided under this subsection with respect to any project shall not exceed #cj percent of the aggregate amount of all equity investment made to the project at the time that the ,corporation approves support of the project4 7,b7 ,total limit ,support provided pursuant to this subsection shall be limited to not more than #ce percent of the ,corporation's aggregate exposure on the date that such support is provided4 7#e7 ,sales and liquidation of position ,the ,corporation shall seek to sell and liquidate any support for a project provided under this subsection as soon as commercially feasible1 commensurate with other similar investors in the project and taking into consideration the national security interests of the ,united ,states4 7#f7 ,timetable ,the ,corporation shall create a project-specific timetable for support provided under paragraph 7#a74 7d7 ,insurance and reinsurance ,the ,corporation may issue insurance or reinsurance1 upon such terms and conditions as the ,corporation may determine1 to private sector entities and qualifying sovereign entities assuring protection of their investments in whole or in part against any or all political risks such as currency inconvertibility and transfer restrictions1 expropriation1 war1 terrorism1 civil disturbance1 breach of contract1 or nonhonoring of financial obligations4 7e7 ,promotion of and support for private investment opportunities 7#a7 ,in general ,in order to carry out the purpose of the ,corporation described in section #ajb7;b71 the ,corporation may initiate and support1 through financial participation1 incentive grant1 or otherwise1 and on such terms and conditions as the ,corporation may determine1 feasibility studies for the planning1 development1 and management of1 and procurement for1 potential bilateral and multilateral development projects eligible for support under this title1 including training activities undertaken in connection with such projects1 for the purpose of promoting investment in such projects and the identification1 assessment1 surveying1 and promotion of private investment opportunities1 utilizing wherever feasible and effective1 the facilities of private investors4 7#b7 ,contributions to costs ,the ,corporation shall1 to the maximum extent practicable1 require any person receiving funds under the authorities of this subsection to-- 7,a7 share the costs of feasibility studies and other project planning services funded under this subsection2 and 7,b7 reimburse the ,corporation those funds provided under this section1 if the person succeeds in project implementation4 7f7 ,special projects and programs ,the ,corporation may administer and manage special projects and programs in support of specific transactions undertaken by the ,corporation1 including programs of financial and advisory support that provide private technical1 professional1 or managerial assistance in the development of human resources1 skills1 technology1 capital savings1 or intermediate financial and investment institutions or cooperatives1 and including the initiation of incentives1 grants1 or studies for renewable energy1 women's economic empowerment1 microenterprise households1 or other small business activities4 7g7 ,enterprise funds 7#a7 ,in general ,the ,corporation may1 following consultation with the ,secretary of ,state1 the ,administrator of the ,united ,states ,agency for ,international ,development1 and the heads of other relevant departments or agencies1 establish and operate enterprise funds in accordance with this subsection4 7#b7 ,private character of funds ,nothing in this section shall be construed to make an enterprise fund an agency or establishment of the ,united ,states ,government1 or to make the officers1 employees1 or members of the ,board of ,directors of an enterprise fund officers or employees of the ,united ,states for purposes of title #e1 ,united ,states ,code4 7#c7 ,purposes for which support may be provided ,the ,corporation1 subject to the approval of the ,board1 may designate private1 nonprofit organizations as eligible to receive support under this title for the following purposes3 7,a7 ,to promote development of economic freedom and private sectors1 including small- and medium-sized enterprises and joint ventures with the ,united ,states and host country participants4 7,b7 ,to facilitate access to credit to small- and medium-sized enterprises with sound business plans in countries where there is limited means of accessing credit on market terms4 7,c7 ,to promote policies and practices conducive to economic freedom and private sector development4 7,d7 ,to attract foreign direct investment capital to further promote private sector development and economic freedom4 7,e7 ,to complement the work of the ,united ,states ,agency for ,international ,development and other donors to improve the overall business-enabling environment1 financing the creation and expansion of the private business sector4 7,f7 ,to make financially sustainable investments designed to generate measurable social benefits and build technical capacity in addition to financial returns4 7#d7 ,operation of funds 7,a7 ,expenditures ,funds made available to an enterprise fund shall be expended at the minimum rate necessary to make timely payments for projects and activities carried out under this subsection4 7,b7 ,administrative expenses ,not more than #c percent per annum of the funds made available to an enterprise fund may be obligated or expended for the administrative expenses of the enterprise fund4 7#e7 ,board of ,directors ,each enterprise fund established under this subsection should be governed by a ,board of ,directors comprised of private citizens of the ,united ,states or the host country1 who-- 7,a7 shall be appointed by the ,president after consultation with the chairmen and ranking members of the appropriate congressional committees2 and 7,b7 have pursued careers in international business and have demonstrated expertise in international and emerging market investment activities4 7#f7 ,majority member requirement ,the majority of the members of the ,board of ,directors shall be ,united ,states citizens who shall have relevant experience relating to the purposes described in paragraph 7#c74 7#g7 ,reports ,not later than one year after the date of the establishment of an enterprise fund under this subsection1 and annually thereafter until the enterprise fund terminates in accordance with paragraph 7#aj71 the ,board of ,directors of the enterprise fund shall-- 7,a7 submit to the appropriate congressional committees a report-- 7i7 detailing the administrative expenses of the enterprise fund during the year preceding the submission of the report2 7ii7 describing the operations1 activities1 engagement with civil society and relevant local private sector entities1 development objectives and outcomes1 financial condition1 and accomplishments of the enterprise fund during that year2 7iii7 describing the results of any audit conducted under paragraph 7#h72 and 7iv7 describing how audits conducted under paragraph 7#h7 are informing the operations and activities of the enterprise fund2 and 7,b7 publish1 on a publicly available internet website of the enterprise fund1 each report required by subparagraph 7,a74 7#h7 ,oversight 7,a7 ,inspector ,general performance audits 7i7 ,in general ,the ,inspector ,general of the ,corporation shall conduct periodic audits of the activities of each enterprise fund established under this subsection4 7ii7 ,consideration ,in conducting an audit under clause 7i71 the ,inspector ,general shall assess whether the activities of the enterprise fund-- 7,i7 support the purposes described in paragraph 7#c72 7,,ii7 result in profitable private sector investing2 and 7,,iii7 generate measurable social benefits4 7,b7 ,recordkeeping requirements ,the ,corporation shall ensure that each enterprise fund receiving support under this subsection-- 7i7 keeps separate accounts with respect to such support2 and 7ii7 maintains such records as may be reasonably necessary to facilitate effective audits under this paragraph4 7#i7 ,return of funds to ,treasury ,any funds resulting from any liquidation1 dissolution1 or winding up of an enterprise fund1 in whole or in part1 shall be returned to the ,treasury of the ,united ,states4 7#aj7 ,termination ,the authority of an enterprise fund to provide support under this subsection shall terminate on the earlier of-- 7,a7 the date that is #aj years after the date of the first expenditure of amounts from the enterprise fund2 or 7,b7 the date on which the enterprise fund is liquidated4 7h7 ,supervision of support ,support provided under this title shall be subject to section #fbb7;c7 of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bchb7;c774 7i7 ,small business development 7#a7 ,in general ,the ,corporation shall undertake1 in cooperation with appropriate departments1 agencies1 and instrumentalities of the ,united ,states as well as private entities and others1 to broaden the participation of ,united ,states small businesses and cooperatives and other small ,united ,states investors in the development of small private enterprise in less developed friendly countries or areas4 7#b7 ,outreach to minority-owned and women-owned businesses 7,a7 ,in general ,the ,corporation shall collect data on the involvement of minority- and women-owned businesses in projects supported by the ,corporation1 including-- 7i7 the amount of insurance and financing provided by the ,corporation to such businesses in connection with projects supported by the ,corporation2 and 7ii7 to the extent such information is available1 the involvement of such businesses in procurement activities conducted or supported by the ,corporation4 7,b7 ,inclusion in annual report ,the ,corporation shall include1 in its annual report submitted to ,congress under section #djc1 the aggregate data collected under this paragraph1 in such form as to quantify the effectiveness of the ,corporation's outreach activities to minority- and women-owned businesses4 #bjb4 ,terms and conditions 7a7 ,in general ,except as provided in subsection 7b71 support provided by the ,corporation under this title shall be on such terms and conditions as the ,corporation may prescribe4 7b7 ,requirements ,the following requirements apply to support provided by the ,corporation under this title3 7#a7 ,the ,corporation shall provide support using authorities under this title only if it is necessary-- 7,a7 to alleviate a credit market imperfection2 or 7,b7 to achieve specified development or foreign policy objectives of the ,united ,states ,government by providing support in the most efficient way to meet those objectives on a case-by-case basis4 7#b7 ,the final maturity of a loan made or guaranteed by the ,corporation shall not exceed the lesser of-- 7,a7 #be years2 or 7,b7 debt servicing capabilities of the project to be financed by the loan 7as determined by the ,corporation74 7#c7 ,the ,corporation shall1 with respect to providing any loan guaranty to a project1 require the parties to the project to bear the risk of loss in an amount equal to at least #bj percent of the guaranteed support by the ,corporation in the project4 7#d7 ,the ,corporation may not make or guarantee a loan unless the ,corporation determines that the borrower or lender is responsible and that adequate provision is made for servicing the loan on reasonable terms and protecting the financial interest of the ,united ,states4 7#e7 ,the interest rate for direct loans and interest supplements on guaranteed loans shall be set by reference to a benchmark interest rate 7yield7 on marketable ,treasury securities or other widely recognized or appropriate benchmarks with a similar maturity to the loans being made or guaranteed1 as determined in consultation with the ,director of the ,office of ,management and ,budget and the ,secretary of the ,treasury4 ,the ,corporation shall establish appropriate minimum interest rates for loans1 guaranties1 and other instruments as necessary4 7#f7 ,the minimum interest rate for new loans as established by the ,corporation shall be adjusted periodically to take account of changes in the interest rate of the benchmark financial instrument4 7#g7 7,a7 ,the ,corporation shall set fees or premiums for support provided under this title at levels that minimize the cost to the ,government while supporting achievement of the objectives of support4 7,b7 ,the ,corporation shall review fees for loan guaranties periodically to ensure that the fees assessed on new loan guaranties are at a level sufficient to cover the ,corporation's most recent estimates of its costs4 7#h7 ,any loan guaranty provided by the ,corporation shall be conclusive evidence that-- 7,a7 the guaranty has been properly obtained2 7,b7 the loan qualified for the guaranty2 and 7,c7 but for fraud or material misrepresentation by the holder of the guaranty1 the guaranty is presumed to be valid1 legal1 and enforceable4 7#i7 ,the ,corporation shall prescribe explicit standards for use in periodically assessing the credit risk of new and existing direct loans or guaranteed loans4 7#aj7 ,the ,corporation may not make loans or loan guaranties except to the extent that budget authority to cover the costs of the loans or guaranties is provided in advance in an appropriations ,act1 as required by section #ejd of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;c74 7#aa7 ,the ,corporation shall rely upon specific standards to assess the developmental and strategic value of projects for which it provides support and should only provide the minimum level of support necessary in order to support such projects4 7#ab7 ,any loan or loan guaranty made by the ,corporation should be provided on a senior basis or pari passu with other senior debt unless there is a substantive policy rationale to provide such support otherwise4 #bjc4 ,payment of losses 7a7 ,payments for defaults on guaranteed loans 7#a7 ,in general ,if the ,corporation determines that the holder of a loan guaranteed by the ,corporation suffers a loss as a result of a default by a borrower on the loan1 the ,corporation shall pay to the holder the percent of the loss1 as specified in the guaranty contract1 after the holder of the loan has made such further collection efforts and instituted such enforcement proceedings as the ,corporation may require4 7#b7 ,subrogation ,upon making a payment described in paragraph 7#a71 the ,corporation shall ensure the ,corporation will be subrogated to all the rights of the recipient of the payment4 7#c7 ,recovery efforts ,the ,corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph 7#a7 with respect to the loan4 7b7 ,limitation on payments 7#a7 ,in general ,except as provided by paragraph 7#b71 compensation for insurance1 reinsurance1 or a guaranty issued under this title shall not exceed the dollar value of the tangible or intangible contributions or commitments made in the project1 plus interest1 earnings1 or profits actually accrued on such contributions or commitments1 to the extent provided by such insurance1 reinsurance1 or guaranty4 7#b7 ,exception 7,a7 ,in general ,the ,corporation may provide that-- 7i7 appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets2 and 7ii7 compensation for a claim of loss under insurance of an equity investment under section #bja7;c7 may be computed on the basis of the net book value attributable to the equity investment on the date of loss4 7#c7 ,additional limitation 7,a7 ,in general ,notwithstanding paragraph 7#b77;,a77ii7 and except as provided in subparagraph 7,b71 the ,corporation shall limit the amount of direct insurance and reinsurance issued under section #bja with respect to a project so as to require that the insured and its affiliates bear the risk of loss for at least #aj percent of the amount of the ,corporation's exposure to that insured and its affiliates in the project4 7,b7 ,exception ,the limitation under subparagraph 7,a7 shall not apply to direct insurance or reinsurance of loans provided by banks or other financial institutions to unrelated parties4 7c7 ,actions by ,attorney ,general ,the ,attorney ,general shall take such action as may be appropriate to enforce any right accruing to the ,united ,states as a result of the issuance of any loan or guaranty under this title4 7d7 ,rule of construction ,nothing in this section shall be construed to preclude any forbearance for the benefit of a borrower that may be agreed upon by the parties to a loan guaranteed by the ,corporation if budget authority for any resulting costs to the ,united ,states ,government 7as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 is available4 #bjd4 ,termination 7a7 ,in general ,the authorities provided under this title terminate on the date that is #g years after the date of the enactment of this ,act4 7b7 ,termination of ,corporation ,the ,corporation shall terminate on the date on which the portfolio of the ,corporation is liquidated4 ,,iii ,administrative and general provisions #cja4 ,operations 7a7 ,bilateral agreements ,the ,corporation may provide support under title ,,ii in connection with projects in any country the government of which has entered into an agreement with the ,united ,states authorizing the ,corporation to provide such support in that country4 7b7 ,claims settlement 7#a7 ,in general ,claims arising as a result of support provided under title ,,ii or under predecessor authority may be settled1 and disputes arising as a result thereof may be arbitrated with the consent of the parties1 on such terms and conditions as the ,corporation may determine4 7#b7 ,settlements conclusive ,payment made pursuant to any settlement pursuant to paragraph 7#a71 or as a result of an arbitration award1 shall be final and conclusive notwithstanding any other provision of law4 7c7 ,presumption of compliance ,each contract executed by such officer or officers as may be designated by the ,board shall be conclusively presumed to be issued in compliance with the requirements of this ,act4 7d7 ,electronic payments and documents ,the ,corporation shall implement policies to accept electronic documents and electronic payments in all of its programs4 #cjb4 ,corporate powers 7a7 ,in general ,the ,corporation-- 7#a7 may adopt1 alter1 and use a seal1 to include an identifiable symbol of the ,united ,states2 7#b7 may make and perform such contracts1 including no-cost contracts 7as defined by the ,corporation71 grants1 and other agreements notwithstanding division ,c of subtitle ,i of title #da1 ,united ,states ,code1 with any person or government however designated and wherever situated1 as may be necessary for carrying out the functions of the ,corporation2 7#c7 may lease1 purchase1 or otherwise acquire1 improve1 and use such real property wherever situated1 as may be necessary for carrying out the functions of the ,corporation2 7#d7 may accept cash gifts or donations of services or of property 7real1 personal1 or mixed71 tangible or intangible1 for the purpose of carrying out the functions of the ,corporation2 7#e7 may use the ,united ,states mails in the same manner and on the same conditions as the ,executive departments 7as defined in section #aja of title #e1 ,united ,states ,code72 7#f7 may contract with individuals for personal services1 who shall not be considered ,federal employees for any provision of law administered by the ,director of the ,office of ,personnel ,management2 7#g7 may hire or obtain passenger motor vehicles2 7#h7 may sue and be sued in its corporate name2 7#i7 may acquire1 hold1 or dispose of1 upon such terms and conditions as the ,corporation may determine1 any property1 real1 personal1 or mixed1 tangible or intangible1 or any interest in such property2 7#aj7 may lease office space for the ,corporation's own use1 with the obligation of amounts for such lease limited to the current fiscal year for which payments are due until the expiration of the current lease under predecessor authority1 as of the day before the date of the enactment of this ,act2 7#aa7 may indemnify directors1 officers1 employees1 and agents of the ,corporation for liabilities and expenses incurred in connection with their activities on behalf of the ,corporation2 7#ab7 notwithstanding any other provision of law1 may represent itself or contract for representation in any legal or arbitral proceeding2 7#ac7 may exercise any priority of the ,government of the ,united ,states in collecting debts from bankrupt1 insolvent1 or decedents' estates2 7#ad7 may collect1 notwithstanding section #cgaa7;g77#a7 of title #ca1 ,united ,states ,code1 or compromise any obligations assigned to or held by the ,corporation1 including any legal or equitable rights accruing to the ,corporation2 7#ae7 may make arrangements with foreign governments 7including agencies1 instrumentalities1 or political subdivisions of such governments7 or with multilateral organizations or institutions for sharing liabilities2 7#af7 may sell direct investments of the ,corporation to private investors upon such terms and conditions as the ,corporation may determine2 and 7#ag7 shall have such other powers as may be necessary and incident to carrying out the functions of the ,corporation4 7b7 ,treatment of property ,notwithstanding any other provision of law relating to the acquisition1 handling1 or disposal of property by the ,united ,states1 the ,corporation shall have the right in its discretion to complete1 recondition1 reconstruct1 renovate1 repair1 maintain1 operate1 or sell any property acquired by the ,corporation pursuant to the provisions of this ,act4 #cjc4 ,maximum contingent liability 7a7 ,in general ,the maximum contingent liability of the ,corporation outstanding at any one time shall not exceed in the aggregate the amount specified in subsection 7b74 7b7 ,amount specified 7#a7 ,initial #e-year period ,the amount specified in this subsection for the #e-year period beginning on the date of the enactment of this ,act1 is #fj1jjj1jjj1jjj4 7#b7 ,subsequent #e-year periods ,not later than #e years after the date of the enactment of this ,act1 and not less frequently than every #e years thereafter1 the amount specified in paragraph 7#a7 shall be adjusted to reflect the percentage of the increase 7if any7 in the average of the ,consumer ,price ,index during the preceding #e-year period4 7#c7 ,consumer ,price ,index defined ,in this subsection1 the term ,consumer ,price ,index means the most recent ,consumer ,price ,index for ,all ,urban ,consumers published by the ,bureau of ,labor ,statistics of the ,department of ,labor4 #cjd4 ,corporate funds 7a7 ,corporate ,capital ,account ,there is established in the ,treasury of the ,united ,states a fund to be known as the ,corporate ,capital ,account to carry out the purposes of the ,corporation4 7b7 ,funding ,the ,corporate ,capital ,account shall consist of-- 7#a7 fees charged and collected pursuant to subsection 7c72 7#b7 any amounts received pursuant to subsection 7e72 7#c7 investments and returns on such investments pursuant to subsection 7g72 7#d7 unexpended balances transferred to the ,corporation pursuant to subsection 7i72 7#e7 payments received in connection with settlements of all insurance and reinsurance claims of the ,corporation2 and 7#f7 all other collections transferred to or earned by the ,corporation1 excluding the cost1 as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a71 of loans and loan guaranties4 7c7 ,fee authority ,fees may be charged and collected for providing services in amounts to be determined by the ,corporation4 7d7 ,uses 7#a7 ,in general ,subject to ,acts making appropriations1 the ,corporation is authorized to pay-- 7,a7 the cost1 as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij1 of loans and loan guaranties2 7,b7 administrative expenses of the ,corporation2 7,c7 for the cost of providing support authorized by subsections 7c71 7e71 7f71 and 7g7 of section #bja2 7,d7 project-specific transaction costs4 7#b7 ,income and revenue ,in order to carry out the purposes of the ,corporation1 all collections transferred to or earned by the ,corporation1 excluding the cost1 as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij1 of loans and loan guaranties1 shall be deposited into the ,corporate ,capital ,account and shall be available to carry out its purpose1 including without limitation-- 7,a7 payment of all insurance and reinsurance claims of the ,corporation2 7,b7 repayments to the ,treasury of amounts borrowed under subsection 7e72 and 7,c7 dividend payments to the ,treasury under subsection 7f74 7e7 ,full faith and credit 7#a7 ,in general ,all support provided pursuant to predecessor authorities or title ,,ii shall continue to constitute obligations of the ,united ,states1 and the full faith and credit of the ,united ,states is hereby pledged for the full payment and performance of such obligations4 7#b7 ,authority to borrow ,the ,corporation is authorized to borrow from the ,treasury such sums as may be necessary to fulfill such obligations of the ,united ,states and any such borrowing shall be at a rate determined by the ,secretary of the ,treasury1 taking into consideration the current average market yields on outstanding marketable obligations of the ,united ,states of comparable maturities1 for a period jointly determined by the ,corporation and the ,secretary1 and subject to such terms and conditions as the ,secretary may require4 7f7 ,dividends ,the ,board1 in consultation with the ,director of the ,office of ,management and ,budget1 shall annually assess a dividend payment to the ,treasury if the ,corporation's insurance portfolio is more than #ajj percent reserved4 7g7 ,investment authority 7#a7 ,in general ,the ,corporation may request the ,secretary of the ,treasury to invest such portion of the ,corporate ,capital ,account as is not1 in the ,corporation's judgment1 required to meet the current needs of the ,corporate ,capital ,account4 7#b7 ,form of investments ,such investments shall be made by the ,secretary of the ,treasury in public debt obligations1 with maturities suitable to the needs of the ,corporate ,capital ,account1 as determined by the ,corporation1 and bearing interest at rates determined by the ,secretary1 taking into consideration current market yields on outstanding marketable obligations of the ,united ,states of comparable maturities4 7h7 ,collections ,interest earnings made pursuant to subsection 7g71 earnings collected related to equity investments1 and amounts1 excluding fees related to insurance or reinsurance1 collected pursuant to subsection 7c71 shall not be collected for any fiscal year except to the extent provided in advance in appropriations ,acts4 7i7 ,transfer from predecessor agencies and programs ,by the end of the transition period described in title ,,vi1 the unexpended balances1 assets1 and responsibilities of any agency specified in the plan required by section #fjb shall be transferred to the ,corporation4 7j7 ,transfer of funds ,in order to carry out this ,act1 funds authorized to be appropriated to carry out the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 may be transferred to the ,corporation and funds authorized to be appropriated to the ,corporation may be transferred to the ,department of ,state and the ,united ,states ,agency for ,international ,development4 7k7 ,definition ,in this section1 the term project-specific transaction costs-- 7#a7 means those costs incurred by the ,corporation for travel1 legal expenses1 and direct and indirect costs incurred in claims settlements associated with the provision of support under title ,,ii and shall not be considered administrative expenses for the purposes of this section2 and 7#b7 does not include information technology 7as such term is defined in section #aaaja of title #dj1 ,united ,states ,code74 #cje4 ,coordination with other development agencies ,it is the sense of ,congress that the ,corporation should use relevant data of the ,department of ,state1 the ,millennium ,challenge ,corporation1 the ,united ,states ,agency for ,international ,development1 and other departments and agencies that have development functions to better inform the decisions of the ,corporation with respect to providing support under title ,,ii4 ,,iv ,monitoring1 evaluation1 and reporting #dja4 ,establishment of risk and audit committees 7a7 ,in general ,to assist the ,board to fulfill its duties and responsibilities under section #bja7;a71 the ,corporation shall establish a risk committee and an audit committee4 7b7 ,duties and responsibilities of risk committee ,subject to the direction of the ,board1 the risk committee established under subsection 7a7 shall have oversight responsibility of-- 7#a7 formulating risk management policies of the operations of the ,corporation2 7#b7 reviewing and providing guidance on operation of the ,corporation's global risk management framework2 7#c7 developing policies for enterprise risk management1 monitoring1 and management of strategic1 reputational1 regulatory1 operational1 developmental1 environmental1 social1 and financial risks2 7#d7 developing the risk profile of the ,corporation1 including a risk management and compliance framework and governance structure to support such framework2 and 7#e7 developing policies and procedures for assessing1 prior to providing1 and for any period during which the ,corporation provides1 support to any foreign entities1 whether such entities have in place sufficient enhanced due diligence policies and practices to prevent money laundering and corruption to ensure the ,corporation does not provide support to persons that are-- 7,a7 knowingly engaging in acts of corruption2 7,b7 knowingly providing material or financial support for terrorism1 drug trafficking1 or human trafficking2 or 7,c7 responsible for ordering or otherwise directing serious or gross violations of human rights4 7c7 ,duties and responsibilities of audit committee ,subject to the direction of the ,board1 the audit committee established under subsection 7a7 shall have the oversight responsibility of-- 7#a7 the integrity of the ,corporation's financial reporting and systems of internal controls regarding finance and accounting2 7#b7 the integrity of the ,corporation's financial statements2 7#c7 the performance of the ,corporation's internal audit function2 and 7#d7 compliance with legal and regulatory requirements related to the finances of the ,corporation4 #djb4 ,performance measures1 evaluation1 and learning 7a7 ,in general ,the ,corporation shall develop a performance measurement system to evaluate and monitor projects supported by the ,corporation under title ,,ii and to guide future projects of the ,corporation4 7b7 ,considerations ,in developing the performance measurement system required by subsection 7a71 the ,corporation shall-- 7#a7 develop a successor for the development impact measurement system of the ,overseas ,private ,investment ,corporation 7as such system was in effect on the day before the date of the enactment of this ,act72 7#b7 develop a mechanism for ensuring that support provided by the ,corporation under title ,,ii is in addition to private investment2 7#c7 develop standards for1 and a method for ensuring1 appropriate financial performance of the ,corporation's portfolio2 and 7#d7 develop standards for1 and a method for ensuring1 appropriate development performance of the ,corporation's portfolio1 including-- 7,a7 measurement of the projected and ex post development impact of a project2 and 7,b7 the information necessary to comply with section #djc4 7c7 ,public availability of certain information ,the ,corporation shall make available to the public on a regular basis information about support provided by the ,corporation under title ,,ii and performance metrics about such support on a country-by-country basis4 7d7 ,consultation ,in developing the performance measurement system required by subsection 7a71 the ,corporation shall consult with the ,development ,advisory ,council established under section #ajc7;i7 and other stakeholders and interested parties engaged in sustainable economic growth and development4 #djc4 ,annual report 7a7 ,in general ,after the end of each fiscal year1 the ,corporation shall submit to the appropriate congressional committees a complete and detailed report of its operations during that fiscal year1 including an assessment of-- 7#a7 the economic and social development impact1 including with respect to matters described in subsections 7d71 7e71 and 7f7 of section #eja1 of projects supported by the ,corporation under title ,,ii2 7#b7 the extent to which the operations of the ,corporation complement or are compatible with the development assistance programs of the ,united ,states and qualifying sovereign entities2 7#c7 the ,corporation's institutional linkages with other relevant ,united ,states ,government department and agencies1 including efforts to strengthen such linkages2 and 7#d7 the compliance of projects supported by the ,corporation under title ,,ii with human rights1 environmental1 labor1 and social policies1 or other such related policies that govern the ,corporation's support for projects1 promulgated or otherwise administered by the ,corporation4 7b7 ,elements ,each annual report required by subsection 7a7 shall include analyses of the effects of projects supported by the ,corporation under title ,,ii1 including-- 7#a7 reviews and analyses of-- 7,a7 the desired development outcomes for projects and whether or not the ,corporation is meeting the associated metrics1 goals1 and development objectives1 including1 to the extent practicable1 in the years after conclusion of projects2 and 7,b7 the effect of the ,corporation's support on access to capital and ways in which the ,corporation is addressing identifiable market gaps or inefficiencies and what impact1 if any1 such support has on access to credit for a specific project1 country1 or sector2 7#b7 an explanation of any partnership arrangement or cooperation with a qualifying sovereign entity in support of each project2 7#c7 projections of-- 7,a7 development outcomes1 and whether or not support for projects are meeting the associated performance measures1 both during the start-up phase and over the duration of the support1 and to the extent practicable1 measures of such development outcomes should be on a gender-disaggregated basis1 such as changes in employment1 access to financial services1 enterprise development and growth1 and composition of executive boards and senior leadership of enterprises receiving support under title ,,ii2 and 7,b7 the value of private sector assets brought to bear relative to the amount of support provided by the ,corporation and the value of any other public sector support2 and 7#d7 an assessment of the extent to which lessons learned from the monitoring and evaluation activities of the ,corporation1 and from annual reports from previous years compiled by the ,corporation1 have been applied to projects4 #djd4 ,publicly available project information ,the ,corporation shall-- 7#a7 maintain a user-friendly1 publicly available1 machine-readable database with detailed project-level information1 as appropriate and to the extent practicable1 including a description of the support provided by the ,corporation under title ,,ii1 which should include1 to the extent feasible1 the information included in the report to ,congress under section #djc2 and 7#b7 include a clear link to information about each project supported by the ,corporation under title ,,ii on the internet website of the ,department of ,state1 ,foreign,assistance4gov1 or a successor website or other online publication4 #dje4 ,engagement with investors 7a7 ,in general ,the ,corporation1 acting through the ,chief ,development ,officer1 shall1 in cooperation with the ,administrator of the ,united ,states ,agency for ,international ,development-- 7#a7 develop a strategic relationship with private sector entities focused at the nexus of business opportunities and development priorities2 7#b7 engage such entities and reduce business risks primarily through direct transaction support and facilitating investment partnerships2 7#c7 develop and support tools1 approaches1 and intermediaries that can mobilize private finance at scale in the developing world2 7#d7 pursue highly developmental projects of all sizes1 especially those that are small but designed for work in the most underdeveloped areas1 including countries with chronic suffering as a result of extreme poverty1 fragile institutions1 or a history of violence2 and 7#e7 pursue projects consistent with the policy of the ,united ,states described in section #aja and the ,joint ,strategic ,plan and the ,mission ,country ,development ,cooperation ,strategies of the ,united ,states ,agency for ,international ,development4 7b7 ,assistance ,to achieve the goals described in subsection 7a71 the ,corporation shall-- 7#a7 develop risk mitigation tools2 7#b7 provide transaction structuring support for blended finance models2 7#c7 support intermediaries linking capital supply and demand2 7#d7 coordinate with other ,federal agencies to support or accelerate transactions2 7#e7 convene financial1 donor1 civil society1 and public sector partners around opportunities for private finance within development priorities2 7#f7 offer strategic planning and programming assistance to catalyze investment into priority sectors2 7#g7 provide transaction structuring support2 7#h7 deliver training and knowledge management tools for engaging private investors2 7#i7 partner with private sector entities that provide access to capital and expertise2 and 7#aj7 identify and screen new investment partners4 7c7 ,technical assistance ,the ,corporation shall coordinate with the ,united ,states ,agency for ,international ,development and other agencies and departments1 as necessary1 on projects and programs supported by the ,corporation that include technical assistance4 #djf4 ,notifications to be provided by the ,corporation 7a7 ,in general ,not later than #ae days prior to the ,corporation making a financial commitment associated with the provision of support under title ,,ii in an amount in excess of #aj1jjj1jjj1 the ,chief ,executive ,officer of the ,corporation shall submit to the appropriate congressional committees a report in writing that contains the information required by subsection 7b74 7b7 ,information required ,the information required by this subsection includes-- 7#a7 the amount of each such financial commitment2 7#b7 an identification of the recipient or beneficiary2 and 7#c7 a description of the project1 activity1 or asset and the development goal or purpose to be achieved by providing support by the ,corporation4 7c7 ,bilateral agreements ,the ,chief ,executive ,officer of the ,corporation shall notify the appropriate congressional committees not later than #cj days after entering into a new bilateral agreement described in section #cja7;a74 ,v ,conditions1 restrictions1 and prohibitions #eja4 ,limitations and preferences 7a7 ,limitation on support for single entity ,no entity receiving support from the ,corporation under title ,,ii may receive more than an amount equal to #e percent of the ,corporation's maximum contingent liability authorized under section #cjc4 7b7 ,preference for support for projects sponsored by ,united ,states persons 7#a7 ,in general ,the ,corporation should give preferential consideration to projects sponsored by or involving private sector entities that are ,united ,states persons4 7#b7 ,united states person defined ,in this subsection1 the term ,united ,states person means-- 7,a7 a ,united ,states citizen2 or 7,b7 an entity owned or controlled by an individual or individuals described in subparagraph 7,a74 7c7 ,preference for support in countries in compliance with international trade obligations 7#a7 ,consultations with ,united ,states ,trade ,representative ,not less frequently than annually1 the ,corporation shall consult with the ,united ,states ,trade ,representative with respect to the status of countries eligible to receive support from the ,corporation under title ,,ii and the compliance of those countries with their international trade obligations4 7#b7 ,preferential consideration ,the ,corporation shall give preferential consideration to providing support under title ,,ii for projects in countries in compliance with or making substantial progress coming into compliance with their international trade obligations4 7d7 ,worker rights 7#a7 ,in general ,the ,corporation shall only support projects under title ,,ii in countries that are taking steps to adopt and implement laws that extend internationally recognized worker rights 7as defined in section #ejg of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfg77 to workers in that country1 including any designated zone in that country4 7#b7 ,required contract language ,the ,corporation shall also include the following language1 in substantially the following form1 in all contracts which the ,corporation enters into with persons receiving support under title ,,ii3 ,the person receiving support 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 collectively4 ,the person further agrees to observe applicable laws relating to a minimum age for employment of children1 acceptable conditions of work with respect to minimum wages1 hours of work1 and occupational health and safety1 and not to use forced labor or the worst forms of child labor 7as defined in section #ejg of the ,trade ,act of #aigd 7#ai ,u4,s4,c4 #bdfg774 ,the person is not responsible under this paragraph for the actions of a foreign government44 7e7 ,environmental and social impact ,the ,board shall not vote in favor of any project proposed to be supported by the ,corporation under title ,,ii that is likely to have significant adverse environmental or social impacts that are sensitive1 diverse1 or unprecedented1 unless-- 7#a7 at least #fj days before the date of the vote1 an environmental and social impact assessment or initial environmental and social audit1 analyzing the environmental and social impacts of the proposed project and of alternatives to the proposed project1 is completed2 and 7#b7 such assessment or audit has been made available to the public of the ,united ,states1 locally affected groups in the country in which the project will be carried out1 and nongovernmental organizations in that country4 7f7 ,women's economic empowerment ,in utilizing its authorities under title ,,ii1 the ,corporation should consider the impacts of its support on women's economic opportunities and outcomes and make efforts to mitigate gender gaps and maximize development impact by working to improve women's economic opportunities4 7g7 ,preference for provision of support in countries embracing private enterprise 7#a7 ,in general ,the ,corporation should give preferential consideration to projects for which support under title ,,ii may be provided in countries the governments of which have demonstrated consistent support for economic policies that promote the development of private enterprise1 both domestic and foreign1 and maintaining the conditions that enable private enterprise to make a full contribution to the development of such countries1 including-- 7,a7 market-based economic policies2 7,b7 protection of private property rights2 7,c7 respect for the rule of law2 and 7,d7 systems to combat corruption and bribery4 7#b7 ,sources of information ,the ,corporation should rely on both third-party indicators and ,united ,states ,government information1 such as the ,department of ,state's ,investment ,climate ,statements1 the ,department of ,commerce's ,country ,commercial ,guides1 or the ,millennium ,challenge ,corporation's ,constraints ,analysis1 to assess whether countries meet the conditions described in paragraph 7#a74 7h7 ,consideration of foreign boycott participation ,in providing support for projects under title ,,ii1 the ,corporation shall consider1 using information readily available1 whether the project is sponsored by or substantially affiliated with any person taking or knowingly agreeing to take actions1 or having taken or knowingly agreed to take actions within the past #c years1 which demonstrate or otherwise evidence intent to comply with1 further1 or support any boycott fostered or imposed by any foreign country1 or request to impose any boycott by any foreign country1 against a country which is friendly to the ,united ,states and which is not itself the object of any form of boycott pursuant to ,united ,states law or regulation4 7i7 ,ensuring opportunities for small businesses in foreign development ,the ,corporation shall1 using broad criteria1 make1 to the maximum extent possible consistent with this ,act1 efforts-- 7#a7 to give preferential consideration in providing support under title ,,ii to projects sponsored by or involving small businesses2 and 7#b7 to ensure that the proportion of projects sponsored by or involving ,united ,states small businesses1 including women-1 minority-1 and veteran-owned small businesses1 is not less than #ej percent of all projects for which the ,corporation provides support and that involve ,united ,states persons4 #ejb4 ,additionality and avoidance of market distortion 7a7 ,in general ,before the ,corporation provides support for a project under title ,,ii1 the ,corporation shall ensure that private sector entities are afforded an opportunity to support the project4 7b7 ,safeguards1 policies1 and guidelines ,the ,corporation shall develop appropriate safeguards1 policies1 and guidelines to ensure that support provided by the ,corporation under title ,,ii-- 7#a7 supplements and encourages1 but does not compete with1 private sector support2 7#b7 operates according to internationally recognized best practices and standards with respect to ensuring the avoidance of market distorting government subsidies and the crowding out of private sector lending2 and 7#c7 does not have a significant adverse impact on ,united ,states employment4 #ejc4 ,prohibition on support in sanctioned countries and with sanctioned persons 7a7 ,in general ,the ,corporation is prohibited from providing support under title ,,ii in a country the government of which the ,secretary of ,state has determined has repeatedly provided support for acts of international terrorism for purposes of-- 7#a7 section #f7;j77#a77;,a7 of the ,export ,administration ,act of #aigi 7#ej ,u4,s4,c4 #dfje7;j77#a77;,a77 7as continued in effect pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq4772 7#b7 section #fbj;,a7a7 of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bcga7;a772 7#c7 section #dj7;d7 of the ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bghj7;d772 or 7#d7 any other provision of law4 7b7 ,prohibition on support of sanctioned persons ,the ,corporation is prohibited from all dealings related to any project under title ,,ii prohibited under ,united ,states sanctions laws or regulations1 including dealings with persons on the list of specially designated persons and blocked persons maintained by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury1 except to the extent otherwise authorized by the ,secretary of the ,treasury or the ,secretary of ,state4 7c7 ,prohibition on support of activities subject to sanctions ,the ,corporation shall require any person receiving support under title ,,ii to certify that the person1 and any entity owned or controlled by the person1 is in compliance with all ,united ,states sanctions laws and regulations4 #ejd4 ,applicability of certain provisions of law ,subsections 7g71 7l71 7m71 and 7n7 of section #bcg of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baig7 shall apply with respect to the ,corporation to the same extent and in the same manner as such subsections applied with respect to the ,overseas ,private ,investment ,corporation on the day before the date of the enactment of this ,act4 ,,vi ,transitional provisions #fja4 ,definitions ,in this title3 7#a7 ,agency ,the term agency includes any entity1 organizational unit1 program1 or function4 7#b7 ,transition period ,the term transition period means the period-- 7,a7 beginning on the date of the enactment of this ,act2 and 7,b7 ending on the effective date of the reorganization plan required by section #fjb7;e74 #fjb4 ,reorganization plan 7a7 ,submission of plan 7#a7 ,in general ,not later than #abj days after the date of the enactment of this ,act1 the ,president shall transmit to the appropriate congressional committees a reorganization plan regarding the following3 7,a7 ,the transfer of agencies1 personnel1 assets1 and obligations to the ,corporation pursuant to this title4 7,b7 ,any consolidation1 reorganization1 or streamlining of agencies transferred to the ,corporation pursuant to this title4 7,c7 ,any efficiencies or cost savings achieved as a result of the transfer of agencies1 personnel1 assets1 and obligations to the ,corporation pursuant to this title1 including reductions in unnecessary or duplicative operations1 assets1 and personnel4 7#b7 ,consultation ,not later than #ae days before the date on which the plan is transmitted pursuant to this subsection1 the ,president shall consult with the appropriate congressional committees on such plan4 7b7 ,plan elements ,the plan transmitted under subsection 7a7 shall contain1 consistent with this ,act1 such elements as the ,president deems appropriate1 including the following3 7#a7 ,identification of any functions of agencies transferred to the ,corporation pursuant to this title that will not be transferred to the ,corporation under the plan4 7#b7 ,specification of the steps to be taken to organize the ,corporation1 including the delegation or assignment of functions transferred to the ,corporation4 7#c7 ,specification of the funds available to each agency that will be transferred to the ,corporation as a result of transfers under the plan4 7#d7 ,specification of the proposed allocations within the ,corporation of unexpended funds transferred in connection with transfers under the plan4 7#e7 ,specification of any proposed disposition of property1 facilities1 contracts1 records1 and other assets and obligations of agencies transferred under the plan4 7c7 ,report on coordination 7#a7 ,in general ,the transfer of functions authorized by this section may occur only after the ,president and ,chief ,executive ,officer of the ,overseas ,private ,investment ,corporation and the ,administrator of the ,united ,states ,agency for ,international ,development jointly submit to the ,committee on ,foreign ,affairs and ,committee on ,appropriations of the ,house of ,representatives and ,committee on ,foreign ,relations and ,committee on ,appropriations of the ,senate a report in writing that contains the information required by paragraph 7#b74 7#b7 ,information required ,the information required by this paragraph includes a description in detail of the procedures to be followed after the transfer of functions authorized by this section have occurred to coordinate between the ,corporation and the ,united ,states ,agency for ,international ,development in carrying out the functions so transferred4 7d7 ,modification of plan ,the ,president shall consult with the appropriate congressional committees before making any material modification or revision to the plan before the plan becomes effective in accordance with subsection 7e74 7e7 ,effective date 7#a7 ,in general ,the reorganization plan described in this section1 including any modifications or revisions of the plan under subsection 7c71 shall become effective for an agency on the date specified in the plan 7or the plan as modified pursuant to subsection 7d771 except that such date may not be earlier than #ij days after the date the ,president has transmitted the reorganization plan to the appropriate congressional committees pursuant to subsection 7a74 7#b7 ,statutory construction ,nothing in this subsection may be construed to require the transfer of functions1 personnel1 records1 balances of appropriations1 or other assets of an agency on a single date4 #fjc4 ,transfer of functions 7a7 ,in general ,effective at the end of the transition period1 there shall be transferred to the ,corporation the functions1 personnel1 assets1 and liabilities of-- 7#a7 the ,overseas ,private ,investment ,corporation1 as in existence on the day before the date of the enactment of this ,act2 and 7#b7 the following elements of the ,united ,states ,agency for ,international ,development3 7,a7 ,the ,development ,credit ,authority4 7,b7 ,the existing ,legacy ,credit portfolio under the ,urban ,environment ,program and any other direct loan programs and non-,development ,credit ,authority guaranty programs authorized by the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 or other predecessor ,acts1 as in existence on the date of the enactment of this ,act1 other than any sovereign loan guaranties4 7b7 ,additional transfer authority ,effective at the end of the transition period1 there is authorized to be transferred to the ,corporation1 with the concurrence of the ,administrator of the ,united ,states ,agency for ,international ,development1 the functions1 personnel1 assets1 and liabilities of the following elements of the ,united ,states ,agency for ,international ,development3 7#a7 ,the ,office of ,private ,capital and ,microenterprise4 7#b7 ,the enterprise funds4 7c7 ,sovereign loan guaranty transfer 7#a7 ,in general ,effective at the end of the transition period1 there is authorized to be transferred to the ,corporation or any other appropriate department or agency of the ,united ,states ,government the loan accounts and the legal rights and responsibilities for the sovereign loan guaranty portfolio held by the ,united ,states ,agency for ,international ,development as in existence on the day before the date of the enactment of this ,act4 7#b7 ,inclusion in reorganization plan ,the ,president shall include in the reorganization plan submitted under section #fjb a description of the transfer authorized under paragraph 7#a74 7d7 ,bilateral agreements ,any bilateral agreement of the ,united ,states in effect on the date of the enactment of this ,act that serves as the basis for programs of the ,overseas ,private ,investment ,corporation and the ,development ,credit ,authority shall be considered as satisfying the requirements of section #cja7;a74 7e7 ,transition ,during the transition period1 the agencies specified in subsection 7a7 shall-- 7#a7 continue to administer the assets and obligations of those agencies2 and 7#b7 carry out such programs and activities authorized under this ,act as may be determined by the ,president4 #fjd4 ,termination of ,overseas ,private ,investment ,corporation and other superceded authorities ,effective at the end of the transition period-- 7#a7 the ,overseas ,private ,investment ,corporation is terminated2 and 7#b7 title ,,iv of chapter #b of part ,i of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baia et seq47 7other than subsections 7g71 7l71 7m71 and 7n7 of section #bcg of that ,act7 is repealed4 #fje4 ,transitional authorities 7a7 ,provision of assistance by officials ,until the transfer of an agency to the ,corporation under section #fjc1 any official having authority over1 or functions relating to1 the agency on the day before the date of the enactment of this ,act shall provide to the ,corporation such assistance1 including the use of personnel and assets1 as the ,corporation may request in preparing for the transfer and integration of the agency into the ,corporation4 7b7 ,services and personnel ,during the transition period1 upon the request of the ,corporation1 the head of any executive agency may1 on a reimbursable or non-reimbursable basis1 provide services or detail personnel to assist with the transition4 7c7 ,acting officials 7#a7 ,in general ,during the transition period1 pending the advice and consent of the ,senate to the appointment of an officer required by this ,act to be appointed by and with such advice and consent1 the ,president may designate any officer whose appointment was required to be made by and with such advice and consent and who was such an officer before the date of the enactment of this ,act 7and who continues in office7 or immediately before such designation1 to act in such office until the same is filled as provided in this ,act4 ,while so acting1 such officers shall receive compensation at the higher of-- 7,a7 the rates provided by this ,act for the respective offices in which they act2 or 7,b7 the rates provided for the offices held at the time of designation4 7#b7 ,rule of construction ,nothing in this ,act shall be construed to require the advice and consent of the ,senate to the appointment by the ,president to a position in the ,corporation of any officer whose agency is transferred to the ,corporation pursuant to this title and whose duties following such transfer are germane to those performed before such transfer4 7d7 ,transfer of personnel1 assets1 obligations1 and functions ,upon the transfer of an agency to the ,corporation under section #fjc-- 7#a7 the personnel1 assets1 and obligations held by or available in connection with the agency shall be transferred to the ,corporation for appropriate allocation1 subject to the approval of the ,director of the ,office of ,management and ,budget and in accordance with section #aeca7;a77#b7 of title #ca1 ,united ,states ,code2 and 7#b7 the ,corporation shall have all functions-- 7,a7 relating to the agency that any other official could by law exercise in relation to the agency immediately before such transfer2 and 7,b7 vested in the ,corporation by this ,act or other law4 #fjf4 ,savings provisions 7a7 ,completed administrative actions 7#a7 ,in general ,completed administrative actions of an agency shall not be affected by the enactment of this ,act or the transfer of such agency to the ,corporation under section #fjc1 but shall continue in effect according to their terms until amended1 modified1 superseded1 terminated1 set aside1 or revoked in accordance with law by an officer of the ,united ,states or a court of competent jurisdiction1 or by operation of law4 7#b7 ,completed administrative action defined ,in this subsection1 the term completed administrative action includes orders1 determinations1 rules1 regulations1 personnel actions1 permits1 agreements1 grants1 contracts1 certificates1 policies1 licenses1 registrations1 and privileges4 7b7 ,pending proceedings 7#a7 ,in general ,pending proceedings in an agency1 including notices of proposed rulemaking1 and applications for licenses1 permits1 certificates1 grants1 and financial assistance1 shall continue notwithstanding the enactment of this ,act or the transfer of the agency to the ,corporation1 unless discontinued or modified under the same terms and conditions and to the same extent that such discontinuance could have occurred if such enactment or transfer had not occurred4 7#b7 ,orders ,orders issued in proceedings described in paragraph 7#a71 and appeals therefrom1 and payments made pursuant to such orders1 shall issue in the same manner and on the same terms as if this ,act had not been enacted or the agency had not been transferred1 and any such orders shall continue in effect until amended1 modified1 superseded1 terminated1 set aside1 or revoked by an officer of the ,united ,states or a court of competent jurisdiction1 or by operation of law4 7c7 ,pending civil actions ,pending civil actions shall continue notwithstanding the enactment of this ,act or the transfer of an agency to the ,corporation1 and in such civil actions1 proceedings shall be had1 appeals taken1 and judgments rendered and enforced in the same manner and with the same effect as if such enactment or transfer had not occurred4 7d7 ,references ,references relating to an agency that is transferred to the ,corporation under section #fjc in statutes1 ,executive orders1 rules1 regulations1 directives1 or delegations of authority that precede such transfer or the date of the enactment of this ,act shall be deemed to refer1 as appropriate1 to the ,corporation1 to its officers1 employees1 or agents1 or to its corresponding organizational units or functions4 ,statutory reporting requirements that applied in relation to such an agency immediately before the effective date of this ,act shall continue to apply following such transfer if they refer to the agency by name4 7e7 ,employment provisions 7#a7 ,regulations ,the ,corporation may1 in regulations prescribed jointly with the ,director of the ,office of ,personnel ,management1 adopt the rules1 procedures1 terms1 and conditions1 established by statute1 rule1 or regulation before the date of the enactment of this ,act1 relating to employment in any agency transferred to the ,corporation under section #fjc4 7#b7 ,effect of transfer on conditions of employment ,except as otherwise provided in this ,act1 or under authority granted by this ,act1 the transfer pursuant to this title of personnel shall not alter the terms and conditions of employment1 including compensation1 of any employee so transferred4 7f7 ,statutory reporting requirements ,any statutory reporting requirement that applied to an agency transferred to the ,corporation under this title immediately before the date of the enactment of this ,act shall continue to apply following that transfer if the statutory requirement refers to the agency by name4 #fjg4 ,other terminations ,except as otherwise provided in this ,act1 whenever all the functions vested by law in any agency have been transferred pursuant to this title1 each position and office the incumbent of which was authorized to receive compensation at the rates prescribed for an office or position at level ,,ii1 ,,iii1 ,,iv1 or ,v of the ,executive ,schedule under subchapter ,,ii of chapter #ec of title #e1 ,united ,states ,code1 shall terminate4 #fjh4 ,incidental transfers ,the ,director of the ,office of ,management and ,budget1 in consultation with the ,corporation1 is authorized and directed to make such additional incidental dispositions of personnel1 assets1 and liabilities held1 used1 arising from1 available1 or to be made available1 in connection with the functions transferred by this title1 as the ,director may determine necessary to accomplish the purposes of this ,act4 #fji4 ,reference ,with respect to any function transferred under this title 7including under a reorganization plan under section #fjb7 and exercised on or after the date of the enactment of this ,act1 reference in any other ,federal law to any department1 commission1 or agency or any officer or office the functions of which are so transferred shall be deemed to refer to the ,corporation or official or component of the ,corporation to which that function is so transferred4 #faj4 ,conforming amendments 7a7 ,exempt programs ,section #bee7;g7 of the ,balanced ,budget and ,emergency ,deficit ,control ,act of #aihe 7#b ,u4,s4,c4 #ije7;g77 is amended by striking ,overseas ,private ,investment ,corporation1 ,noncredit ,account 7#ga-dahd-j-c-aea74 and inserting ,united ,states ,international ,development ,finance ,corporation44 7b7 ,executive schedule ,title #e1 ,united ,states ,code1 is amended-- 7#a7 in section #ecad1 by striking ,president1 ,overseas ,private ,investment ,corporation42 7#b7 in section #ecae1 by striking ,executive ,vice ,president1 ,overseas ,private ,investment ,corporation42 and 7#c7 in section #ecaf1 by striking ,vice ,presidents1 ,overseas ,private ,investment ,corporation 7#c744 7c7 ,office of ,international ,trade of the ,small ,business ,administration ,section #bb of the ,small ,business ,act 7#ae ,u4,s4,c4 #fdi7 is amended-- 7#a7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking the ,president of the ,overseas ,private ,investment ,corporation1 ,director and inserting the ,board of ,directors of the ,united ,states ,international ,development ,finance ,corporation1 the ,director2 and 7#b7 by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7d7 ,united ,states and foreign commercial service ,section #bcja of the ,export ,enhancement ,act of #aihh 7#ae ,u4,s4,c4 #dgba7 is amended by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7e7 ,trade promotion coordinating committee ,section #bcab7;d77#a77,k7 of the ,export ,enhancement ,act of #aihh 7#ae ,u4,s4,c4 #dgbg7;d77#a77,k77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7f7 ,interagency trade data advisory committee ,section #edjb7;b7 of the ,omnibus ,trade and ,competitiveness ,act of #aihh 7#ae ,u4,s4,c4 #dijb7;b77 is amended by striking the ,president of the ,overseas ,private ,investment ,corporation and inserting the ,chief ,executive ,officer of the ,united ,states ,international ,development ,finance ,corporation4 7g7 ,misuse of names of ,federal agencies ,section #gji of title #ah1 ,united ,states ,code1 is amended by striking ,overseas ,private ,investment1 ,overseas ,private ,investment ,corporation1 or ,,opic1 and inserting ,united ,states ,international ,development ,finance ,corporation or ,,dfc4 7h7 ,engagement on currency exchange rate and economic policies ,section #gja7;c77#a77;,a7 of the ,trade ,facilitation and ,trade ,enforcement ,act of #bjae 7#ai ,u4,s4,c4 #ddba7;c77#a77;,a77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7i7 ,internships with institute for international public policy ,section #fbe of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #aaca;c7a77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7j7 ,foreign ,assistance ,act of #aifa ,the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baea et seq47 is amended-- 7#a7 in section #aaf-- 7,a7 in subsection 7a71 by inserting 1 and no support may be provided under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah1 after this part2 7,b7 in the first subsection 7b7-- 7i7 by inserting or title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah after this part2 7ii7 by inserting or the ,chief ,executive ,officer of the ,united ,states ,international ,development ,finance ,corporation1 as applicable1 after this ,act2 7iii7 by inserting or support after the assistance2 and 7iv7 by inserting or support after such assistance each place it appears2 7,c7 in the second subsection 7b71 by inserting under this part1 and no support may be provided under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah1 after provided2 and 7,d7 in subsection 7c71 by striking under this part1 the ,administrator and inserting under this part1 or support provided under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah1 the ,administrator1 or the ,chief ,executive ,officer of the ,united ,states ,international ,development ,finance ,corporation1 as applicable12 7#b7 in section #ddi;,b7b77#b7 7#bb ,u4,s4,c4 #bbif;b7b77#b771 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7#c7 in section #dha7;e77#d77;,a7 7#bb ,u4,s4,c4 #bbia7;e77#d77;,a771 in the matter preceding clause 7i71 by striking 7including programs under title ,,iv of chapter #b1 relating to the ,overseas ,private ,investment ,corporation7 and inserting 7and any support under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah1 relating to the ,united ,states ,international ,development ,finance ,corporation74 7k7 ,electrify ,africa ,act of #bjae ,sections #e and #g of the ,electrify ,africa ,act of #bjae 7,public ,law #aad-aba2 #bb ,u4,s4,c4 #bbic note7 are amended by striking ,overseas ,private ,investment ,corporation each place it appears and inserting ,united ,states ,international ,development ,finance ,corporation4 7l7 ,foreign ,aid ,transparency and ,accountability ,act of #bjaf ,section #b7c7 of the ,foreign ,aid ,transparency and ,accountability ,act of #bjaf 7,public ,law #aad-aia2 #bb ,u4,s4,c4 #bcid;c note7 is amended-- 7#a7 in subparagraph 7,a71 by striking except for and all that follows through chapter #c and insert except for chapter #c2 7#b7 in subparagraph 7,c71 by striking and at the end2 7#c7 in subparagraph 7,d71 by striking the period at the end and inserting 2 and2 and 7#d7 by adding at the end the following3 7,e7 the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah4 4 7m7 ,support for ,east ,european ,democracy 7,,seed7 program ,the ,support for ,east ,european ,democracy 7,,seed7 ,act of #aihi 7#bb ,u4,s4,c4 #edja et seq47 is amended-- 7#a7 in section #b7;c7 7#bb ,u4,s4,c4 #edja7;c771 by striking paragraph 7#ab7 and inserting the following3 7#ab7 ,united ,states ,international ,development ,finance ,corporation ,programs of the ,united ,states ,international ,development ,finance ,corporation4 2 and 7#b7 in section #bja7;e7 7#bb ,u4,s4,c4 #edba7;e771 by striking ,agency for ,international ,development and inserting ,united ,states ,international ,development ,finance ,corporation4 7n7 ,cuban ,liberty and ,democratic ,solidarity 7,,libertad7 ,act of #aiif ,section #bjb7;b77#b77;,b77iv7 of the ,cuban ,liberty and ,democratic ,solidarity 7,,libertad7 ,act of #aiif 7#bb ,u4,s4,c4 #fjfb7;b77#b77;,b77iv77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7o7 ,international ,religious ,freedom ,act of #aiih ,section #dje7;a77#aj7 of the ,international ,religious ,freedom ,act of #aiih 7#bb ,u4,s4,c4 #fdde7;a77#aj77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7p7 ,trafficking ,victims ,protection ,act of #bjjj ,section #ajc7h77;,a7 of the ,trafficking ,victims ,protection ,act of #bjjj 7#bb ,u4,s4,c4 #gajb7h77;,a77 is amended in clause 7viii7 to read as follows3 7viii7 any support under title ,,ii of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah relating to the ,united ,states ,international ,development ,finance ,corporation2 and 4 7q7 ,technology deployment in developing countries ,section #gcb7;b7 of the ,global ,environmental ,protection ,assistance ,act of #aihi 7#bb ,u4,s4,c4 #gijb7;b77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7r7 ,expanded nonmilitary assistance for ,ukraine ,section #g7;c77#c7 of the ,ukraine ,freedom ,support ,act of #bjad 7#bb ,u4,s4,c4 #hibf7;c77#c77 is amended-- 7#a7 in the paragraph heading1 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 7#b7 in the matter preceding subparagraph 7,a71 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7#c7 in subparagraph 7,b71 by striking by eligible investors 7as defined in section #bch of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #baih774 7s7 ,global ,food ,security ,act of #bjaf ,section #d7g7 of the ,global ,food ,security ,act of #bjaf 7#bb ,u4,s4,c4 #icjc7g77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7t7 ,sense of ,congress on ,european and ,eurasian energy security ,section #beg7;c77#b77;,b7 of the ,countering ,russian ,influence in ,europe and ,eurasia ,act of #bjag 7#bb ,u4,s4,c4 #iedf7;c77#b77;,b77 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7u7 ,wholly owned government corporation ,section #iaja7c7 of title #ca1 ,united ,states ,code1 is amended by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation4 7v7 ,energy ,independence and ,security ,act of #bjjg ,title ,,ix of the ,energy ,independence and ,security ,act of #bjjg 7#db ,u4,s4,c4 #agcba et seq47 is amended-- 7#a7 in section #iad 7#db ,u4,s4,c4 #agccd7-- 7,a7 in the section heading1 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 7,b7 in subsection 7a71 in the matter preceding paragraph 7#a71 by striking ,overseas ,private ,investment ,corporation and inserting ,united ,states ,international ,development ,finance ,corporation2 and 7,c7 in subsection 7b71 in the matter preceding paragraph 7#a71 by striking ,overseas ,private ,investment ,corporation shall include in its annual report required under section #bdj;,a of the ,foreign ,assistance ,act of #aifa 7#bb ,u4,s4,c4 #bbjj;a7 and inserting ,united ,states ,international ,development ,finance ,corporation shall include in its annual report required under section #djc of the ,better ,utilization of ,investments ,leading to ,development ,act of #bjah2 and 7#b7 in section #iaf7;a77#b77;,i7 7#db ,u4,s4,c4 #agccf7;a77#b77;,i771 by striking ,overseas ,private ,investment ,corporation3 and inserting ,united ,states ,international ,development ,finance ,corporation24 7w7 ,effective date ,the amendments made by this section shall take effect at the end of the transition period4 ,june #bg1 #bjah,reported with an amendment