S. 947 · 99th Congress · enacted
Overseas Private Investment Corporation Amendments Act of 1985
Became Public Law No: 99-204.
Latest official action 1985-12-23 · Enacted
The bill, briefly
Overseas Private Investment Corporation Amendments Act of 1985 - Amends the Foreign Assistance Act of 1961 to increase the per capita income minimums that qualify less developed countries for preferential consideration for Overseas Private Investment Corporation (OPIC) projects. Increases the number of OPIC employees whose appointments are not subject to civil service laws and regulations. Authorizes OPIC to insure against loss due to business interruption. (Current law authorizes insurance against civil strife.) Requires OPIC to report to the Congress, before issuing such insurance, an explanation of the underwriting basis upon which the business interruption insurance is to be offered. Increases from ten to 25 percent of contingent liability of investment guaranties which OPIC is authorized to issue to a single investor. Extends OPIC's authority to issue investment insurance through FY 1989. Authorizes OPIC to determine the basis for computing loss due to business interruption. Authorizes OPIC to hire an accounting firm to audit its accounts. Authorizes the General Accounting Office to conduct such audits at least every three years and report such audit to the Congress. Exempts OPIC from taxation. Deletes the provision requiring OPIC to return to the Treasury funds appropriated to OPIC before January 1, 1975. Increases the number of development assistance personnel whose app…
Congressional Research Service · 1985-04-18
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Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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What happened after enactment?
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