GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Overseas Private Investment Corporation Amendments Act of 1992 - Amends the Foreign Assistance Act of 1961 to revise provisions concerning the Overseas Private Investment Corporation (OPIC). Raises the ceiling on the per capita income levels of countries established for purposes of granting preferential consideration for, or restricting, OPIC investment projects. Replaces provisions concerning OPIC's capital to require the Secretary of the Treasury to hold OPIC's capital stock. Extends the authority of the pilot equity program through September 30, 1997, and removes provisions that limit such program to Subsaharan African countries and Caribbean countries designated as beneficiary countries under the Caribbean Basin Economic Recovery Program. Authorizes OPIC to establish a fund for such program and to make transfers to the fund from its income, revenues, and other funds. Raises the ceiling on the total amount of OPIC's investment guaranties. Extends OPIC's authority to issue investment insurance and guaranties to September 30, 1997. Authorizes appropriations for OPIC's operating and administrative expenses. Removes provisions concerning limitations on the issuance of guaranties and the Direct Investment Fund. Authorizes direct investment loans only to the extent provided in advance in appropriations Acts. Revises funding provisions concerning the Insurance Reserve and removes references to the Guaranty Reserve. Revises provisions concerning fees to authorize OPIC to charge fees for services provided. Provides that credit transactions covered by the Federal Credit Reform Act of 1990 and project-specific transaction costs relating to loan obligations or loan guaranty commitments shall be considered cash flows from the Government and requires such obligations to be paid out of a financing account established pursuant to such Act. Provides that loans, guaranties, or investments made with funds received in foreign currency by OPIC shall not be considered for purposes of limitations on obligations, commitments, and equity investment. Adds OPIC to the list of Federal agencies authorized to seek criminal penalties against borrowers who make fraudulent statements in connection with loan applications.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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