HR 5975 · 111th Congress · Foreign Trade and International Finance
Overseas Private Investment Corporation Reauthorization Act of 2010
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Foreign Affairs.(2010-07-29)
Plain Language Summary
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Overseas Private Investment Corporation Reauthorization Act of 2010 - Amends the Foreign Assistance Act of 1961 to extend Overseas Private Investment Corporation (OPIC) authority to make loans and issue investment insurance and investment guarantees until four years after the date of the enactment of this Act. Sets forth provisions respecting OPIC transparency and accountability. Requires OPIC to: (1) maintain an Office of Accountability to provide project problem-solving services and to review OPIC compliance with environmental, social, worker rights, human rights, and transparency policies; (2) provide Congress with notice of consideration of approval of an extractive industry financing project of $10 million or more; and (3) notify Congress if specified OPIC's maximum insurance and outstanding financing liability at any one time exceeds it's maximum contingent liability for the preceding fiscal year by 25% or more. Gives preference to projects where the investor and the host country have agreed to implement Extractive Industries Transparency Initiative principles. Requires OPIC to: (1) commit adequate staff and resources to assist small businesses and investors in the United Sta…
Summarized by Claude AI · Non-partisan · For informational purposes only