CHAPTER 103 - BETTER UTILIZATION OF INVESTMENTS LEADING TO DEVELOPMENT
Title 22 > CHAPTER 103
Sections (33)
§ 9601 Definitions
In this chapter: The term “advancing income country”, with respect to a fiscal year for the Corporation, means a country the gross national income per capita of which at the start of such fiscal year is— greater than the World Bank threshold for initiating the International Bank for Reconstruction and Development graduation process; and is equal to or less than the per capita income threshold for classification as a high-income economy (as defined by the World Bank). The term “appropriate congressional committees” means— the Committee on Foreign Relations and the Committee on Appropriations of the Senate; and the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives. The term “country of concern” means any of the following countries: The Bolivarian Republic of Venezuela. The Republic of Cuba. The Democratic People’s Republic of Korea. The Islamic Republic of Iran. The People’s Republic of China. The Russian Federation. The Republic of Belarus. The term “high-income country”, with respect to a fiscal year for the Corporation, means a country with a high-income economy (as defined by the World Bank) at the start of such fiscal year but does not include any wealthy country except to the extent investments in such wealthy country are permitted pursuant to section 9612(f) of this title . The term “less developed country”, with respect to a fiscal year for the Corporation, means a country the gross national income per capita of which at the start of such fiscal year is equal to or less than the World Bank threshold for initiating the International Bank for Reconstruction Development graduation process. The term “predecessor authority” means authorities repealed by subchapter VI of this chapter. The term “qualifying sovereign entity” means— any agency or instrumentality of a foreign state (as defined in section 1603 of title 28 ) that has a purpose that is similar to the purpose of the Corporation as described in section 9612(b) of this title ; or any international financial institution (as defined in section 262r(c) of this title ). The term “wealthy country”, with respect to a fiscal year for the Corporation— means a country that is among the top 20 countries with the highest gross domestic product per capita at purchasing power parity, as calculated by the World Bank; and does not include members of the ‘Five Eyes’ alliance or the overseas territories of the 20 countries referred to in subparagraph (A). ( Pub. L. 115–254, div. F, § 1402 , Oct. 5, 2018 , 132 Stat. 3485 ; Pub. L. 119–60, div. H, title LXXXVII, § 8711 , Dec. 18, 2025 , 139 Stat. 1946 .)
§ 9611 Statement of policy
It is the policy of the United States to facilitate market-based private sector development and inclusive economic growth in less developed countries through the provision of credit, capital, and other financial support— to mobilize private capital in support of sustainable, broad-based economic growth, poverty reduction, and development through demand-driven partnerships with the private sector that further the foreign policy interests of the United States; to finance development that builds and strengthens civic institutions, promotes competition, and provides for public accountability and transparency; to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets; to achieve clearly defined economic and social development outcomes; to coordinate with institutions with purposes similar to the purposes of the Corporation to leverage resources of those institutions to produce the greatest impact; to provide countries a robust alternative to state-directed investments by authoritarian governments and United States strategic competitors using best practices with respect to transparency and environmental and social safeguards, and which take into account the debt sustainability of partner countries; to leverage private sector capabilities and innovative development tools to help countries transition from recipients of bilateral development assistance toward increased self-reliance; and to complement and be guided by overall United States foreign policy, development, and national security objectives, taking into account the priorities and needs of countries receiving support. ( Pub. L. 115–254, div. F, title I, § 1411 , Oct. 5, 2018 , 132 Stat. 3486 .)
§ 9612 United States International Development Finance Corporation
(a) Establishment There is established in the executive branch the United States International Development Finance Corporation (in this chapter referred to as the “Corporation”), which shall be a wholly owned Government corporation for purposes of chapter 91 of title 31 under the foreign policy guidance of the Secretary of State.
(b) 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 countries, as described in subsection (c), countries in transition from nonmarket to market economies, and other eligible foreign countries, in order to complement the development assistance objectives, and advance the foreign policy and national security interests, of the United States. In carrying out its purpose, the Corporation, utilizing broad criteria, shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under subchapter II of this chapter.
(c) Eligible countries The Corporation shall prioritize the provision of support under subchapter II of this chapter in less developed countries. The Corporation may provide support for a project under title II in an advancing income country if, before providing such support, the Chief Executive Officer certifies in writing to the appropriate congressional committees, that such support will be provided in accordance with the policy established pursuant to subsection (d)(2). Such certification may be included as an appendix to the report required by section 1446. The Corporation may provide support for a project under title II in a high-income country if, before providing such support, the Chief Executive Officer certifies in writing to the appropriate congressional committees that such support will be provided in accordance with the policy established pursuant to subsection (d)(3). Such certification may be included as an appendix to the report required by section 9656 of this title . Not later than 120 days after December 18, 2025 , and annually thereafter, the Corporation shall submit to the appropriate congressional committees a report, which may be submitted in classified or confidential form, that includes— a list of all high-income countries in which the Corporation anticipates providing support in the subsequent fiscal year (and, with respect to the first such report, the then-current fiscal year); and to the extent practicable, a description of the type of projects anticipated to receive such support. The Corporation may not provide support for a project in a high-income country in any year for which that high-income country is not included on the list required by subparagraph (B)(i), unless, not later than 15 days before commitment, the Corporation consults with and submits to the appropriate congressional committees a notification describing how the proposed project advances the foreign policy interests of the United States. Projects previously approved by the Corporation shall remain eligible for support notwithstanding any change in the income classification of the country.
(d) Strategic investments policy The Board shall establish policies, which shall be applied on a project-by-project basis, to evaluate and determine the strategic merits of providing support for projects and investments in advancing income countries and high-income countries. Any policy used to evaluate and determine the strategic merits of providing support for projects in an advancing income country shall require that such projects— advance— the national security interests of the United States in accordance with United States foreign policy, as determined by the Secretary of State; or significant strategic economic competitiveness imperatives; are designed in a manner to produce significant developmental outcomes or provide developmental impacts to the poorest populations of such country; and are structured in a manner that maximizes private capital mobilization. Any policy used to evaluate and determine the strategic merits of providing support for projects in high-income countries shall require that— each such project meets the requirements described in paragraph (2); with respect to each project in a high-income country— private sector entities have been afforded an opportunity to support the project on viable terms in place of support by the Corporation; and such support by the Corporation does not exceed 25 percent of the total cost of the project; with respect to support for all projects in all high-income countries, the aggregate amount of such support does not exceed 10 percent of the total contingent liability authorized by section 9633 of this title ; and the Chief Executive Officer submit to the appropriate congressional committees a report, which may be submitted as an appendix to a report required by section 9656 of this title , that— certifies that the Corporation has applied the policy to each supported project in a high-income country; and describes whether such support— is a preferred alternative to state-directed investments by a foreign country of concern; or otherwise furthers the strategic interest of the United States to counter or limit the influence of foreign countries of concern.
(e) Ineligible countries The Corporation shall not provide support for a project in— a country of concern; or a wealthy country, except to the extent permitted pursuant to subsection (f).
(f) Sectoral exceptions Subject to the requirements in subsection (d)(3), the restriction in subsection (e)(2) shall not apply to projects in the following sectors: Energy. Critical minerals and rare earths. Information and communications technology, including undersea cables.
(g) Sense of Congress It is the sense of Congress that— the Corporation should continuously operate in a manner that advances its core mission and purposes, as described in this title; and resources of the Corporation should not be diverted for domestic or other activities extending beyond the scope of such mission and purpose.
§ 9613 Management of Corporation
(a) Structure of Corporation There shall be in the Corporation a Board of Directors (in this chapter referred to as the “Board”), a Chief Executive Officer, a Deputy Chief Executive Officer, a Chief Risk Officer, a Chief Development Officer, a Chief Strategic Officer, and such other officers as the Board may determine.
(b) Board of Directors All powers of the Corporation shall vest in and be exercised by or under the authority of the Board. The Board— shall perform the functions specified to be carried out by the Board in this chapter; may prescribe, amend, and repeal bylaws, rules, regulations, policies, 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 exercised; and shall develop, in consultation with stakeholders, other interested parties, and the appropriate congressional committees, a publicly available policy with respect to consultations, hearings, and other forms of engagement in order to provide for meaningful public participation in the Board’s activities. The Board shall consist of— the Chief Executive Officer of the Corporation; the officers specified in subparagraph (B); and four other individuals who shall be appointed by the President, by and with the advice and consent of the Senate, of which— one individual should be appointed from among a list of at least 3 individuals submitted by the majority leader of the Senate after consultation with the chairman of the Committee on Foreign Relations of the Senate; one individual should be appointed from among a list of at least 3 individuals submitted by the minority leader of the Senate after consultation with the ranking member of the Committee on Foreign Relations of the Senate; one individual should be appointed from among a list of at least 3 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 Representatives; and one individual should be appointed from among a list of at least 3 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 Representatives. The officers specified in this subparagraph are the following: The Secretary of State or a designee of the Secretary. The Administrator of the United States Agency for International Development or a designee of the Administrator. The Secretary of the Treasury or a designee of the Secretary. The Secretary of Commerce or a designee of the Secretary. A designee under clause (i) shall be selected from among officers— appointed by the President, by and with the advice and consent of the Senate; whose duties relate to the programs of the Corporation; and who is designated by and serving at the pleasure of the President. A member of the Board described in subparagraph (A)(iii)— may not be an officer or employee of the United States Government; shall have relevant experience, which may include experience relating to the private sector, the environment, labor organizations, or international development, to carry out the purpose of the Corporation; shall be appointed for a term of 3 years and may be reappointed for one additional term; shall serve until the member’s successor is appointed and confirmed; shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5 when engaged in the business of the Corporation; and may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member. The Secretary of State, or the designee of the Secretary under paragraph (2)(B)(i)(I), shall serve as the Chairperson of the Board. The Administrator of the United States Agency for International Development, or the designee of the Administrator under paragraph (2)(B)(i)(II), shall serve as the Vice Chairperson of the Board. Five members of the Board shall constitute a quorum for the transaction of business by the Board. Meetings of the Board are subject to section 552b of title 5 (commonly referred to as the “Government in the Sunshine Act”).
(c) Public hearings The Board shall— hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether— the Corporation is carrying out its activities in accordance with this chapter; and any support provided by the Corporation under subchapter II of this chapter in any country should be suspended, expanded, or extended; as necessary and appropriate, provide responses to the issues and questions discussed during each such hearing following the conclusion of the hearing; post the minutes from each such hearing on a website of the Corporation and, consistent with applicable laws related to privacy and the protection of proprietary business information, the responses to issues and questions discussed in the hearing; and implement appropriate procedures to ensure the protection from unlawful disclosure of the proprietary information submitted by private sector applicants marked as business confidential information unless— the party submitting the confidential business information waives such protection or consents to the release of the information; or to the extent some form of such protected information may be included in official documents of the Corporation, a nonconfidential form of the information may be provided, in which the business confidential information is summarized or deleted in a manner that provides appropriate protections for the owner of the information.
(d) Chief Executive Officer There shall be in the Corporation a Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President. 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 bylaws, rules, regulations, and procedures established by the Board. The Chief Executive Officer shall— report to and be under the direct authority of the Board; and take input from the Board when assessing the performance of the Chief Risk Officer, established pursuant to subsection (f), the Chief Development Officer, established pursuant to subsection (g), and the Chief Strategic Officer, established pursuant to subsection (h).
(e) Deputy Chief Executive Officer There shall be in the Corporation a Deputy Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President.
(f) Chief Risk Officer Subject to the approval of the Board, the Chief Executive Officer of the Corporation shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who shall be removable only by a majority vote of the Board. The Chief Risk Officer shall— report directly to the Chief Executive Officer; support the risk committee of the Board established under section 9651 of this title in carrying out its responsibilities as set forth in subsection (b) of that section, including by— developing, implementing, and managing a comprehensive framework and process for identifying, assessing, and monitoring risk; developing a transparent risk management framework designed to evaluate risks to the Corporation’s overall portfolio, giving due consideration to the policy imperatives of ensuring investment and regional diversification of the Corporation’s overall portfolio; assessing the Corporation’s overall risk tolerance, including recommendations for managing and improving the Corporation’s risk tolerance and regularly advising the Board on recommended steps the Corporation may take to responsibly increase risk tolerance; and regularly collaborating with the Chief Development Officer and the Chief Strategic Officer to ensure the Corporation’s overall portfolio is appropriately balancing risk tolerance with development and strategic impact.
(g) Chief Development Officer The Chief Executive Officer, with the concurrence of the Administrator of the United States Agency for International Development, shall appoint a Chief Development Officer, from among individuals with experience in international development and development finance, who— shall report directly to the Chief Executive Officer; and shall be removable only by a majority vote of the Board. The Chief Development Officer shall— advise the Chief Executive Officer and the Deputy Chief Executive Officer on international development policy matters; in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to international development; be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council; work with other relevant Federal departments and agencies to— identify projects that advance United States international development interests; and explore investment opportunities that bring evidence-based, cost-effective development innovations to scale in a manner that can be sustained by markets; support— coordination of the Corporation’s development policies and implementation efforts with the United States Agency for International Development, the Millennium Challenge Corporation, and other relevant Federal departments and agencies, including by directly liaising with the relevant members of United States country teams serving overseas, to ensure that such Federal departments, agencies, and country teams have the training and awareness necessary to fully leverage the Corporation’s development tools overseas; management of employees of the Corporation that are dedicated to structuring, monitoring, and evaluating transactions and projects codesigned with other relevant Federal departments and agencies for development impact; coordination of funds or other resources transferred to and from such Federal departments, agencies, or overseas country teams, upon concurrence of those institutions, in support of the Corporation’s international development projects or activities; management of the responsibilities of the Corporation under paragraphs (1) and (4) of section 9652(b) of this title and paragraphs (1)(A) and (3)(A) of section 9653(b) of this title ; coordination and implementation of the activities of the Corporation under section 9655 of this title ; and implementation of the Corporation’s development impact strategy and work to ensure development impact at the transaction level and portfolio-wide; foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States international development policy and interests; and coordinate within the Corporation to ensure United States international development policy and interests are considered together with the Corporation’s foreign policy and national security goals.
(h) Chief Strategic Officer The Chief Executive Officer shall appoint a Chief Strategic Officer, from among individuals with experience in United States national security matters and foreign investment, who— shall report directly to the Chief Executive Officer; and shall be removable only by a majority vote of the Board. The Chief Strategic Officer shall— advise the Chief Executive Officer and the Deputy Chief Executive Officer on national security and foreign policy matters; in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to United States national security and foreign policy; be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council; work with other relevant Federal departments and agencies to identify projects that advance United States national security and foreign policy priorities, including by complementing United States domestic investments in critical and emerging technologies; support— coordination of efforts to develop the Corporation’s strategic investment initiatives— to counter predatory state-directed investment and coercive economic practices of adversaries of the United States; to preserve the sovereignty of partner countries; and to advance economic growth and national security through the highest standards of transparency, accessibility, and competition; the establishment of performance measurement frameworks and reporting on development outcomes of strategic investments, consistent with sections 9652 and 9653 of this title; and management of employees of the Corporation that are dedicated to ensuring that the Corporation’s activities advance United States national security and foreign policy interests, including through— long-term strategic planning; issue and crisis management; the advancement of strategic initiatives; and strategic planning on how the Corporation’s foreign investments may complement United States domestic production of critical and emerging technologies; foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States national security and foreign policy interests; and collaborate with the Chief Development Officer to ensure United States national security interests are considered together with the Corporation’s development policy goals.
(i) Officers and employees Except as otherwise provided in this section, officers, employees, and agents shall be selected and appointed by, or under the authority of, the Chief Executive Officer, and shall be vested with such powers and duties as the Chief Executive Officer may determine. Of officers and employees employed by the Corporation under paragraph (1), not more than 100 may be appointed, compensated, or removed without regard to title 5, and such positions— shall be reserved for individuals meeting the expert qualifications established by the Corporation’s qualification review board; and should be prioritized for the development of the Corporation’s next generation of talent, particularly for the recruitment of early career financial or legal sector equivalent positions.. 1 Under such regulations as the President may prescribe, officers and employees appointed to a position under subparagraph (A) may be entitled, upon removal from such position (unless the removal was for cause), to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary. Positions authorized by subparagraph (A) shall be in addition to those otherwise authorized by law, including positions authorized under section 5108 of title 5 . The Corporation may set and adjust rates of basic pay for officers and employees appointed under subparagraph (A) without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, relating to classification of positions and General Schedule pay rates, respectively, provided that no such officer or employee may be compensated at a rate exceeding level II of the Executive Schedule. An individual who is a member of the Board or an officer or employee of the Corporation has no liability under this chapter 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 Corporation. Subparagraph (A) shall not be construed to limit personal liability of an individual for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of the individual’s employment. 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 (j). This paragraph shall not be construed— to affect— any other immunities and protections that may be available to an individual described in subparagraph (A) under applicable law with respect to a transaction described in that subparagraph; or any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph (A) participating in such a transaction; or to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph.
(j) Development Advisory Council There is established a Development Finance Advisory Council (in this subsection referred to as the “Council”) that shall advise the Board and the Congressional Strategic Advisory Group established by subsection (k) on the development priorities and objectives of the Corporation. Members of the Council shall be appointed by the Board, on the recommendation of the Chief Executive Officer, and shall be composed of not more than 9 members broadly representative of nongovernmental organizations, think tanks, advocacy organizations, foundations, private industry, and other institutions engaged in international development and international development finance, of whom not fewer than 5 members shall be experts from the international development sector. The Board shall call upon members of the Council, either collectively or individually, 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 mandate, including opportunities in countries and project development and implementation challenges and opportunities. The Board shall meet with the Council at least twice each year and engage directly with the Board on its recommendations to improve the policies and practices of the Corporation to achieve the development priorities and objectives of the Corporation. The Board shall— prioritize maintaining the full membership and composition of the Council; inform the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives when a vacancy of the Council occurs, including the date that the vacancy occurred; and for any vacancy on the Council that remains for 120 days or more, submit a report to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives explaining why a vacancy is not being filled and provide an update on progress made toward filling such vacancy, including a reasonable estimation for when the Board expects to have the vacancy filled. The Council shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.). 2
(k) Congressional Strategic Advisory Group Not later than 90 days after December 18, 2025 , there shall be established a Congressional Strategic Advisory Group (referred to in this subsection as the “Group”), which shall meet not less frequently than annually, including after the budget of the President submitted under section 1105 of title 31 for a fiscal year. The Group shall be composed of the following: The Chief Executive Officer. Other representatives of the Corporation, as deemed necessary by the Chief Executive Officer. The Strategic Advisors of the Senate, as described in paragraph (3)(A). The Strategic Advisors of the House of Representatives, as described in paragraph (3)(B). There is established a group to be known as the “Strategic Advisors of the Senate”. The group established by clause (i) shall be composed of the following: The chair of the Committee on Foreign Relations of the Senate, who shall serve as chair of the Strategic Advisors of the Senate. The ranking member of the Committee on Foreign Relations of the Senate, who shall serve as vice-chair of the Strategic Advisors of the Senate. Not more than 6 additional individuals who are members of the Committee on Foreign Relations of the Senate, designated by the chair, with the consent of the ranking member. There is established a group to be known as the “Strategic Advisors of the House of Representatives”. The group established by clause (i) shall be composed of the following: The chair of the Committee on Foreign Affairs of the House of Representatives, who shall serve as chair of the Strategic Advisors of the House. The ranking member of the Committee on Foreign Affairs of the House of Representatives, who shall serve as vice-chair of the Strategic Advisors of the House. Not more than 6 additional individuals who are members of the Committee on Foreign Affairs of the House of Representatives, designated by the chair, with the consent of the ranking member. The Chief Executive Officer shall consult with the Strategic Advisors of the Senate and the Strategic Advisors of the House of Representatives established under paragraph (3) in order to solicit and receive congressional views and advice on the strategic priorities and investments of the Corporation, including— the challenges presented by adversary countries to the national security interests of the United States and strategic objectives of the Corporation’s investments; priority regions, countries, and sectors that require focused consideration for strategic investment; the priorities and trends pursued by similarly-situated development finance institutions of friendly nations, including opportunities for partnerships, complementarity, or coinvestment; evolving methods of financing projects, including efforts to partner with public sector and private sector institutional investors; institutional or policy changes required to improve efficiencies within the Corporation; and potential legislative changes required to improve the Corporation’s performance in meeting strategic and development imperatives. The chair and the vice-chair of the Strategic Advisors of the Senate and the chair and the vice-chair of the Strategic Advisors of the House of Representatives, in coordination with the Chief Executive Officer, shall determine the meeting times of the Group, which may be arranged separately or on a bicameral basis by agreement. Not later than 7 days before each meeting of the Group, the Chief Executive Officer shall submit a proposed agenda for discussion to the chair and the vice-chair of each strategic advisory group referred to in subparagraph (A). To ensure a robust flow of information, members of the Group may submit questions for consideration before any meeting. A question submitted orally or in writing shall receive a response not later than 15 days after the conclusion of the first meeting convened wherein such question was asked or submitted in writing. At the request of the Chief Executive Officer or the chair and vice-chair of a strategic advisory group established under paragraph (3), business of the Group may be conducted in a classified setting, including for the purpose of protecting business confidential information and to discuss sensitive information with respect to foreign competitors.
(l) Strategic priorities plan Based upon guidance received from the Group established pursuant to subsection (k) of this section, the Chief Executive Officer shall develop a Strategic Priorities Plan, which shall provide— guidance for the Corporation’s strategic investments portfolio and the identification and engagement of priority strategic investment sectors and regions of importance to the United States; and justifications for the certifications of such investments in accordance with section 9612(c) of this title . The Strategic Priorities Plan should determine the objectives and goals of the Corporation’s strategic investment portfolio by evaluating economic, security, and geopolitical dynamics affecting United States strategic interests, including— determining priority countries, regions, sectors, and related administrative actions; plans for the establishment of regional offices outside of the United States; identifying countries where the Corporation’s support— is necessary; would be the preferred alternative to state-directed investments by foreign countries of concern; or otherwise furthers the strategic interests of the United States to counter or limit the influence of foreign countries of concern; evaluating the interest and willingness of potential private finance institutions and private sector project implementers to partner with the Corporation on strategic investment projects; and identifying bilateral and multilateral project finance partnership opportunities for the Corporation to pursue with United States partner and ally countries. At any time during the relevant period, the Chief Executive Officer may request to convene a meeting of the Congressional Strategic Advisory Group for the purpose of discussing revisions to the Strategic Priorities Plan. The Chief Executive Officer shall publish, on a website of the Corporation— procedures for applying for products offered by the Corporation; and any other appropriate guidelines and compliance restrictions with respect to designated strategic priorities.
(m) Report on the feasibility of establishing a development finance education program at the Foreign Service Institute Not later than 1 year after December 18, 2025 , the Secretary of State, acting through the Director of the Foreign Service Institute and in collaboration with the Chief Executive Officer of the Corporation, shall conduct a review of and submit to the appropriate congressional committees a report on the utility of establishing elective training classes or programs on development finance within the School of Professional and Area Studies for all levels of the foreign service. The report required by paragraph (1) shall include a description of how a proposed class would be structured to ensure an appropriate level of training in development finance, including descriptions of— the potential benefits and challenges of development finance as a component of United States foreign policy in promoting development outcomes and in promoting United States interests in advocating for the advancement of free-market principles; the operations of the Corporation, generally, and a comparative analysis of similarly situated development finance institutions, both bilateral and multilateral; how development finance can further the foreign policies of the United States, generally; the anticipated foreign service consumers of any proposed classes on development finance; the resources that may be required to establish such training classes, including through the use of detailed staff from the Corporation or temporary fellows brought in from the development finance community; and other relevant issues, as determined by the Secretary of State and the Chief Executive Officer of the Corporation determines appropriate.
(n) Internships The Chief Executive Officer shall establish the Development Finance Corporation Student Internship Program (referred to in this subsection as the “Program”) to offer internship opportunities at the Corporation to eligible individuals to provide important professional development and work experience opportunities and raise awareness among future development and international finance professionals of the career opportunities at the Corporation and to supply important human capital for the implementation of the Corporation’s critically important development finance tools. An individual is eligible to participate in the Program if the applicant— is a United States citizen; is enrolled at least half-time at— an institution of higher education (as such term is defined in section 1002(a) of this title ); or an institution of higher education based outside the United States, as determined by the Secretary of State; and satisfies such other qualifications as established by the Chief Executive Officer. The Chief Executive Officer shall establish selection criteria for individuals to be admitted into the Program that includes a demonstrated interest in a career in international relations and international economic development policy. The Chief Executive Officer may provide housing assistance to an eligible individual participating in the Program whose permanent address is within the United States if the location of the internship in which such individual is participating is more than 50 miles away from such individual’s permanent address. The Chief Executive Officer shall provide to an eligible individual participating in the Program, whose permanent address is within the United States, financial assistance that is sufficient to cover the travel costs of a single round trip by air, train, bus, or other appropriate transportation between the eligible individual’s permanent address and the location of the internship in which such eligible individual is participating if such location is— more than 50 miles from the eligible individual’s permanent address; or outside of the United States. Nothing in this section may be construed to compel any individual who is a participant in an internship program of the Corporation to participate in the collection of the data or divulge any personal information. Such individuals shall be informed that any participation in data collection under this subsection is voluntary. Any data collected under this subsection shall be subject to the relevant privacy protection statutes and regulations applicable to Federal employees. Notwithstanding any other provision of law, the Chief Executive Officer, in consultation with the Director of the Office of Personnel Management, with respect to the number of interns to be hired under this subsection each year, may— select, appoint, and employ individuals for up to 1 year through compensated internships in the excepted service; and remove any compensated intern employed pursuant to subparagraph (A) without regard to the provisions of law governing appointments in the competitive excepted service. Internships offered and compensated by the Corporation under this subsection shall be funded solely by available amounts appropriated after December 18, 2025 , to the Corporate Capital Account established under section 9634 of this title .
§ 9614 Independent accountability mechanism
(a) In general The Board shall establish a transparent and independent accountability mechanism.
(b) Functions The independent accountability mechanism established pursuant to subsection (a) shall— annually evaluate and report to the Board and Congress regarding compliance with environmental, social, labor, human rights, and transparency standards, consistent with Corporation statutory mandates; provide a forum for resolving concerns regarding the impacts of specific Corporation-supported projects with respect to such standards; and provide advice regarding Corporation projects, policies, and practices.
(c) Consolidation of functions Not later than 90 days after December 18, 2025 , the Board shall submit a report to the appropriate congressional committees describing any efficiencies that may be gained through the consolidation of functions of the independent accountability mechanism under the authorities of the Office of the Inspector General of the Corporation under section 1414. 1 The report shall include an outline as to how the Inspector General of the Corporation would develop an internal environmental, social, and governance expertise to adequately replace the independent accountability mechanism’s environmental, social, and governance expertise.
§ 9621 Authorities relating to provision of support
(a) In general The authorities in this subchapter shall only be exercised to— carry out of 1 the policy of the United States in section 9611 of this title and the purpose of the Corporation in section 9612 of this title ; mitigate risks to United States taxpayers by sharing risks with the private sector and qualifying sovereign entities through co-financing and structuring of tools; and ensure that support provided under this subchapter is additional to private sector resources by mobilizing private capital that would otherwise not be deployed without such support.
(b) Lending and guaranties The Corporation may make loans or guaranties upon such terms and conditions as the Corporation may determine. Loans and guaranties issued under paragraph (1) may be denominated and repayable in United States dollars or foreign currencies. Foreign currency denominated loans and guaranties should only be provided if the Board determines there is a substantive policy rationale for such loans and guaranties. Loans and guaranties issued under paragraph (1) shall be subject to the requirements of the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.).
(c) Equity investments The Corporation may, as a minority investor, support projects with funds or use other mechanisms for the purpose of purchasing, and may make and fund commitments to purchase, invest in, make pledges in respect of, or otherwise acquire, equity or quasi-equity securities or shares or financial interests of any entity, including as a limited partner or other investor in investment funds, upon such terms and conditions as the Corporation may determine. Support provided under paragraph (1) may be denominated and repayable in United States dollars or foreign currency. Foreign currency denominated support provided by paragraph (1) should only be provided if the Board determines there is a substantive policy rationale for such support. The Corporation shall develop guidelines and criteria to require that the use of the authority provided by paragraph (1) with respect to a project has a clearly defined development and foreign policy purpose, taking into account the following objectives: 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 out. The project would not have proceeded or would have been substantially delayed without the support. The support would meaningfully contribute to transforming local conditions to promote the development of markets, localized workforces, and partner country economic security. The support can be shown to be aligned with commercial partner incentives. The support can be shown to have significant developmental impact and will contribute to long-term commercial sustainability. The support furthers the policy of the United States described in section 9611 of this title . The aggregate amount of support provided under this subsection with respect to any project shall not exceed 40 percent of the aggregate amount of all equity investment made to the project at the time that the Corporation approves support of the project. Support provided pursuant to this subsection shall be limited to not more than 35 percent of the Corporation’s aggregate exposure on the date that such support is provided. The Corporation shall seek to sell and liquidate any support for a project provided under this subsection as soon as commercially feasible, commensurate with other similar investors in the project and taking into consideration the national security interests of the United States. The Corporation shall create a project-specific timetable for support provided under paragraph (1). There is established in the Treasury of the United States a fund to be known as the “Development Finance Corporate Equity Investment Account” (referred to in this division as the “Equity Investment Account”), which shall be administered by the Corporation as a revolving account to carry out the purposes of this section. The Corporation shall— manage the Equity Investment Account in ways that demonstrate a commitment to pursuing catalytic investments in less developed countries in accordance with section 9612(c)(1) of this title and paragraph (1); and collect data and information about the use of the Equity Investment Account to inform the Corporation’s record of returns on investments and reevaluation of equity investment subsidy rates prior to the termination of the authorities provided under this subchapter. There is authorized to be appropriated to the Equity Investment Account $5,000,000,000 for fiscal years 2026 through 2031. Earnings and proceeds from the sale or redemption of, and fees, credits, and other collections from, the equity investments of the Corporation under the Equity Investment Account shall be retained and deposited into the Fund and shall remain available to carry out this subsection without fiscal year limitation without further appropriation. The Corporation shall ensure that at least 25 percent of its obligations from funds authorized to be appropriated under subparagraph (C) or otherwise made available for the Fund for Corporation projects are rated in the upper 20 percent on the Impact Quotient tier system, or any similar or successor assessment tool, developed pursuant to section 9652(b)(1) of this title .
(d) Insurance and reinsurance The Corporation may issue insurance or reinsurance, upon such terms and conditions as the Corporation may determine, 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 restrictions, expropriation, war, terrorism, civil disturbance, breach of contract, or nonhonoring of financial obligations.
(e) Promotion of and support for private investment opportunities In order to carry out the purpose of the Corporation described in section 9612(b) of this title , the Corporation may initiate and support, through financial participation, incentive grant, or otherwise, and on such terms and conditions as the Corporation may determine, feasibility studies for the planning, development, and management of, and procurement for, potential bilateral and multilateral development projects eligible for support under this subchapter, including training activities undertaken in connection with such projects, for the purpose of promoting investment in such projects and the identification, assessment, surveying, and promotion of private investment opportunities, utilizing wherever feasible and effective, the facilities of private investors. The Corporation shall, to the maximum extent practicable, require any person receiving funds under the authorities of this subsection to— share the costs of feasibility studies and other project planning services funded under this subsection; and reimburse the Corporation those funds provided under this section, if the person succeeds in project implementation.
(f) Special projects and programs The Corporation may administer and manage special projects and programs in support of specific transactions undertaken by the Corporation— for the provision of post-investment technical assistance for existing projects of the Corporation, including programs of financial and advisory support that provide private technical, professional, or managerial assistance in the development of human resources, skills, technology, or capital savings; or subject to the nondelegable review and approval of the Board, by creating companies, corporations, and partnerships that advance both the development objectives and foreign policy interests outlined in the purpose of this division if, not later than 30 days prior to entering into an agreement or other arrangement to provide support pursuant to this section, the Chief Executive Officer— notifies the appropriate congressional committees; and includes in the notification required by subparagraph (A) a certification that such support— is designed to meet an exigent need that is critical to the national security interests of the United States; and could not otherwise be secured utilizing the authorities under this section.
(g) Enterprise funds The Corporation may, following consultation with the Secretary of State, the Administrator of the United States Agency for International Development, and the heads of other relevant departments or agencies, establish and operate enterprise funds in accordance with this subsection. Nothing in this section shall be construed to make an enterprise fund an agency or establishment of the United States Government, or to make the officers, employees, or members of the Board of Directors of an enterprise fund officers or employees of the United States for purposes of title 5. The Corporation, subject to the approval of the Board, may designate private, nonprofit organizations as eligible to receive support under this subchapter for the following purposes: To promote development of economic freedom and private sectors, including small- and medium-sized enterprises and joint ventures with the United States and host country participants. 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 terms. To promote policies and practices conducive to economic freedom and private sector development. To attract foreign direct investment capital to further promote private sector development and economic freedom. To complement the work of the United States Agency for International Development and other donors to improve the overall business-enabling environment, financing the creation and expansion of the private business sector. To make financially sustainable investments designed to generate measurable social benefits and build technical capacity in addition to financial returns. 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 subsection. Not more than 3 percent per annum of the funds made available to an enterprise fund may be obligated or expended for the administrative expenses of the enterprise fund. 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 country, who— shall be appointed by the President after consultation with the chairmen and ranking members of the appropriate congressional committees; and have pursued careers in international business and have demonstrated expertise in international and emerging market investment activities. 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 (3). Not later than one year after the date of the establishment of an enterprise fund under this subsection, and annually thereafter until the enterprise fund terminates in accordance with paragraph (10), the Board of Directors of the enterprise fund shall— submit to the appropriate congressional committees a report— detailing the administrative expenses of the enterprise fund during the year preceding the submission of the report; describing the operations, activities, engagement with civil society and relevant local private sector entities, development objectives and outcomes, financial condition, and accomplishments of the enterprise fund during that year; describing the results of any audit conducted under paragraph (8); and describing how audits conducted under paragraph (8) are informing the operations and activities of the enterprise fund; and publish, on a publicly available internet website of the enterprise fund, each report required by subparagraph (A). The Inspector General of the Corporation shall conduct periodic audits of the activities of each enterprise fund established under this subsection. In conducting an audit under clause (i), the Inspector General shall assess whether the activities of the enterprise fund— support the purposes described in paragraph (3); result in profitable private sector investing; and generate measurable social benefits. The Corporation shall ensure that each enterprise fund receiving support under this subsection— keeps separate accounts with respect to such support; and maintains such records as may be reasonably necessary to facilitate effective audits under this paragraph. Any funds resulting from any liquidation, dissolution, or winding up of an enterprise fund, in whole or in part, shall be returned to the Treasury of the United States. The authority of an enterprise fund to provide support under this subsection shall terminate on the earlier of— the date that is 10 years after the date of the first expenditure of amounts from the enterprise fund; or the date on which the enterprise fund is liquidated.
(h) Supervision of support Support provided under this subchapter shall be subject to section 2382(c) of this title .
(i) Small business development The Corporation shall undertake, in cooperation with appropriate departments, agencies, and instrumentalities of the United States as well as private entities and others, 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 areas. The Corporation shall collect data on the involvement of minority- and women-owned businesses in projects supported by the Corporation, including— the amount of insurance and financing provided by the Corporation to such businesses in connection with projects supported by the Corporation; and to the extent such information is available, the involvement of such businesses in procurement activities conducted or supported by the Corporation. The Corporation shall include, in its annual report submitted to Congress under section 9653 of this title , the aggregate data collected under this paragraph, in such form as to quantify the effectiveness of the Corporation’s outreach activities to minority- and women-owned businesses.
§ 9622 Terms and conditions
(a) In general Except as provided in subsection (b), support provided by the Corporation under this subchapter shall be on such terms and conditions as the Corporation may prescribe.
(b) Requirements The following requirements apply to support provided by the Corporation under this subchapter: The Corporation shall provide support using authorities under this subchapter only if it is necessary— to alleviate a credit market imperfection; or 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 basis. The final maturity of a loan made or guaranteed by the Corporation shall not exceed the lesser of— 25 years; or debt servicing capabilities of the project to be financed by the loan (as determined by the Corporation). The Corporation shall, with respect to providing any loan guaranty to a project, require the parties to the project to bear a risk of loss on the project in an amount equal to at least 20 percent of the amount of such guaranty. The Corporation shall continue to work with the President to streamline the process for securing waivers that would enable the Corporation to guarantee up to 100 percent of the amount of a loan, provided that risk of loss in the project borne by the parties to the project is equal to at least 20 percent of the guaranty amount. 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 States. The interest rate for direct loans and interest supplements on guaranteed loans shall be set by reference to a benchmark interest rate (yield) on marketable Treasury securities or other widely recognized or appropriate benchmarks with a similar maturity to the loans being made or guaranteed, as determined in consultation with the Director of the Office of Management and Budget and the Secretary of the Treasury. The Corporation shall establish appropriate minimum interest rates for loans, guaranties, and other instruments as necessary. 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 instrument. The Corporation shall set fees or premiums for support provided under this subchapter at levels that minimize the cost to the Government while supporting achievement of the objectives of support. 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 costs. Any loan guaranty provided by the Corporation shall be conclusive evidence that— the guaranty has been properly obtained; the loan qualified for the guaranty; and but for fraud or material misrepresentation by the holder of the guaranty, the guaranty is presumed to be valid, legal, and enforceable. The Corporation shall prescribe explicit standards for use in periodically assessing the credit risk of new and existing direct loans or guaranteed loans. 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 Act, as required by section 661c of title 2 . 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 projects. 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 otherwise.
(c) Best practices to prevent usurious or abusive lending by intermediaries The Corporation shall ensure that terms, conditions, penalties, rules for collections practices, and other finance administration policies that govern Corporation-backed lending, guarantees and other financial instruments through intermediaries are consistent with industry best practices and the Corporation’s rules with respect to direct lending to its clients. The Corporation shall develop required truth in lending rules, guidelines, and related implementing policies and practices to govern secondary lending through intermediaries and shall report such policies and practices to the appropriate committees not later than 180 days of 1 December 18, 2025 , with annual updates, as needed, thereafter. In developing such policies and practices required by paragraph (2), the Corporation shall— take into account any particular vulnerabilities generally faced by potential applicants or recipients of microlending and other forms of microfinance, such as lack of experience with lending or lack of financial literacy; develop and apply, generally, rules and terms to ensure Corporation-backed lending through an intermediary does not carry excessively punitive or disproportionate penalties for customers in default; ensure that such policies and practices include effective safeguards to prevent usurious or abusive lending by intermediaries, including in the provision of microfinance; and ensure the intermediary includes in any lending contract with microfinance borrowers that is supported by the Corporation an appropriate level of financial disclosure to the borrower, including— disclosures that explain in all material respects to the customer both lender and customer rights and obligations under the contract in language that is accessible to the customer; the material loan terms and tenure of the contract; the procedures and potential penalties or forfeitures in case of default; information on privacy and personal data protection; and any other information that the Corporation determines is needed to inform the borrower of the material terms of the loan. The Corporation shall establish appropriate auditing mechanisms to oversee and monitor secondary lending provided through intermediaries in partner countries and include in each annual report to Congress required under paragraph (2) a summary of the results of such audits.
§ 9623 Payment of losses
(a) Payments for defaults on guaranteed loans 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 loan, the Corporation shall pay to the holder the percent of the loss, 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 require. Upon making a payment described in paragraph (1), the Corporation shall ensure the Corporation will be subrogated to all the rights of the recipient of the payment. The Corporation shall pursue recovery from the borrower of the amount of any payment made under paragraph (1) with respect to the loan.
(b) Limitation on payments Except as provided by paragraph (2), compensation for insurance, reinsurance, or a guaranty issued under this subchapter shall not exceed the dollar value of the tangible or intangible contributions or commitments made in the project, plus interest, earnings, or profits actually accrued on such contributions or commitments, to the extent provided by such insurance, reinsurance, or guaranty. The Corporation may provide that— appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets; and compensation for a claim of loss under insurance of an equity investment under section 9621 of this title may be computed on the basis of the net book value attributable to the equity investment on the date of loss. Notwithstanding paragraph (2)(A)(ii) and except as provided in subparagraph (B), the Corporation shall limit the amount of direct insurance and reinsurance issued under section 9621 of this title with respect to a project so as to require that the insured and its affiliates bear the risk of loss for at least 10 percent of the amount of the Corporation’s exposure to that insured and its affiliates in the project. The limitation under subparagraph (A) shall not apply to direct insurance or reinsurance of loans provided by banks or other financial institutions to unrelated parties.
(c) 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 subchapter.
(d) 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 (as defined in section 661a of title 2 ) is available.
§ 9624 Termination
(a) In general The authorities provided under this subchapter terminate on December 31, 2031 .
(b) Termination of Corporation The Corporation shall terminate on the date on which the portfolio of the Corporation is liquidated.
§ 9631 Operations
(a) Bilateral agreements The Corporation may provide support under subchapter II of this chapter 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 country.
(b) Claims settlement Claims arising as a result of support provided under subchapter II of this chapter or under predecessor authority may be settled, and disputes arising as a result thereof may be arbitrated with the consent of the parties, on such terms and conditions as the Corporation may determine. Payment made pursuant to any settlement pursuant to paragraph (1), or as a result of an arbitration award, shall be final and conclusive notwithstanding any other provision of law.
(c) 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 chapter.
(d) Electronic payments and documents The Corporation shall implement policies to accept electronic documents and electronic payments in all of its programs.
(e) Sense of Congress It is the sense of Congress that— the Corporation is obligated to consult with and collect input from current employees on plans to substantially reorganize the Corporation prior to implementation of such plan; and the Corporation should consider preference, experience, and, when relevant, seniority when reassigning existing employees to new areas of work.
§ 9632 Corporate powers
(a) In general The Corporation— may adopt, alter, and use a seal, to include an identifiable symbol of the United States; may make and perform such contracts, including no-cost contracts (as defined by the Corporation), grants, and other agreements notwithstanding division C of subtitle I of title 41, with any person or government however designated and wherever situated, as may be necessary for carrying out the functions of the Corporation; may lease, purchase, or otherwise acquire, improve, and use such real property wherever situated, as may be necessary for carrying out the functions of the Corporation, except that, if the real property is for the Corporation’s own occupancy, the lease, purchase, acquisition, improvement, or use of the real property shall be entered into or conducted in consultation with the Administrator of General Services; may accept cash gifts or donations of services or of property (real, personal, or mixed), tangible or intangible, for the purpose of carrying out the functions of the Corporation; may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in section 101 of title 5 ); may contract with individuals for personal services, who shall not be considered Federal employees for any provision of law administered by the Director of the Office of Personnel Management; may hire or obtain passenger motor vehicles; may sue and be sued in its corporate name; may acquire, hold, or dispose of, upon such terms and conditions as the Corporation may determine, any property, real, personal, or mixed, tangible or intangible, or any interest in such property, except that, in the case of real property that is for the Corporation’s own occupancy, the acquisition, holding, or disposition of the real property shall be conducted in consultation with the Administrator of General Services; may lease office space for the Corporation’s own use, with the obligation of amounts for such lease limited to the current fiscal year for which payments are due; may indemnify directors, officers, employees, and agents of the Corporation for liabilities and expenses incurred in connection with their activities on behalf of the Corporation; notwithstanding any other provision of law, may represent itself or contract for representation in any legal or arbitral proceeding; may exercise any priority of the Government of the United States in collecting debts from bankrupt, insolvent, or decedents’ estates; may collect, notwithstanding section 3711(g)(1) of title 31 , or compromise any obligations assigned to or held by the Corporation, including any legal or equitable rights accruing to the Corporation; may make arrangements with foreign governments (including agencies, instrumentalities, or political subdivisions of such governments) or with multilateral organizations or institutions for sharing liabilities; may sell direct investments of the Corporation to private investors upon such terms and conditions as the Corporation may determine; and shall have such other powers as may be necessary and incident to carrying out the functions of the Corporation.
(b) Treatment of property Notwithstanding any other provision of law relating to the acquisition, handling, or disposal of property by the United States, the Corporation shall have the right in its discretion to complete, recondition, reconstruct, renovate, repair, maintain, operate, or sell any property acquired by the Corporation pursuant to the provisions of this chapter, except that, in the case of real property that is for the Corporation’s own occupancy, the completion, reconditioning, reconstruction, renovation, repair, maintenance, operation, or sale of the real property shall be conducted in consultation with the Administrator of General Services.
§ 9633 Maximum contingent liability
(a) In general The maximum contingent liability of the Corporation outstanding at any one time shall not exceed in the aggregate $205,000,000,000.
(b) Rule of construction The maximum contingent liability shall apply to all extension of liability by the Corporation regardless of the authority cited thereto.
§ 9634 Corporate funds
(a) 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 Corporation.
(b) Funding The Corporate Capital Account shall consist of— fees charged and collected pursuant to subsection (c); any amounts received pursuant to subsection (e); investments and returns on such investments pursuant to subsection (g); unexpended balances transferred to the Corporation pursuant to subsection (i); payments received in connection with settlements of all insurance and reinsurance claims of the Corporation; and all other collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2 , of loans and loan guaranties.
(c) Fee authority Fees may be charged and collected for providing services in amounts to be determined by the Corporation.
(d) Uses Subject to Acts making appropriations, the Corporation is authorized to pay— the cost, as defined in section 661a of title 2 , of loans and loan guaranties; administrative expenses of the Corporation; for the cost of providing support authorized by subsections (c), (e), (f), and (g) of section 9621 of this title ; 1 project-specific transaction costs. In order to carry out the purposes of the Corporation, all collections transferred to or earned by the Corporation, excluding the cost, as defined in section 661a of title 2 , of loans and loan guaranties, shall be deposited into the Corporate Capital Account and shall be available to carry out its purpose, including without limitation— payment of all insurance and reinsurance claims of the Corporation; repayments to the Treasury of amounts borrowed under subsection (e); and dividend payments to the Treasury under subsection (f).
(e) Full faith and credit All support provided pursuant to predecessor authorities or subchapter II of this chapter shall continue to constitute obligations of the United States, and the full faith and credit of the United States is hereby pledged for the full payment and performance of such obligations. 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 Treasury, taking into consideration the current average market yields on outstanding marketable obligations of the United States of comparable maturities, for a period jointly determined by the Corporation and the Secretary, and subject to such terms and conditions as the Secretary may require.
(f) Dividends The Board, in consultation with the Director of the Office of Management and Budget, shall annually assess a dividend payment to the Treasury if the Corporation’s insurance portfolio is more than 100 percent reserved.
(g) Investment authority The Corporation may request the Secretary of the Treasury to invest such portion of the Corporate Capital Account as is not, in the Corporation’s judgment, required to meet the current needs of the Corporate Capital Account. Such investments shall be made by the Secretary of the Treasury in public debt obligations, with maturities suitable to the needs of the Corporate Capital Account, as determined by the Corporation, and bearing interest at rates determined by the Secretary, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.
(h) Collections Interest earnings made pursuant to subsection (g), earnings collected related to equity investments, and amounts, excluding fees related to insurance or reinsurance, collected pursuant to subsection (c), shall not be collected for any fiscal year except to the extent provided in advance in appropriations Acts.
(i) Transfer from predecessor agencies and programs By the end of the transition period described in subchapter VI of this chapter, the unexpended balances, assets, and responsibilities of any agency specified in the plan required by section 9682 of this title shall be transferred to the Corporation.
(j) Transfer of funds In order to carry out this chapter, funds authorized to be appropriated to carry out the Foreign Assistance Act of 1961 ( 22 U.S.C. 2151 et seq.) 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 Development.
(k) Definition In this section, the term “project-specific transaction costs”— means those costs incurred by the Corporation for travel, legal expenses, and direct and indirect costs incurred in claims settlements associated with the provision of support under subchapter II of this chapter and shall not be considered administrative expenses for the purposes of this section; and does not include information technology (as such term is defined in section 11101 of title 40 ).
§ 9635 Coordination with other development agencies
It is the sense of Congress that the Corporation should use relevant data of the Department of State, the Millennium Challenge Corporation, the United States Agency for International Development, and other departments and agencies that have development functions to better inform the decisions of the Corporation with respect to providing support under subchapter II of this chapter. ( Pub. L. 115–254, div. F, title III, § 1435 , Oct. 5, 2018 , 132 Stat. 3503 .)
§ 9651 Establishment of risk and audit committees
(a) In general To assist the Board to fulfill its duties and responsibilities under section 9621(a) of this title , the Corporation shall establish a risk committee and an audit committee.
(b) Duties and responsibilities of risk committee Subject to the direction of the Board, the risk committee established under subsection (a) shall have oversight responsibility of— formulating risk management policies of the operations of the Corporation; reviewing and providing guidance on operation of the Corporation’s global risk management framework; developing policies for enterprise risk management, monitoring, and management of strategic, reputational, regulatory, operational, developmental, environmental, social, and financial risks; developing the risk profile of the Corporation, including a risk management and compliance framework and governance structure to support such framework; and developing policies and procedures for assessing, prior to providing, and for any period during which the Corporation provides, support to any foreign entities, 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— knowingly engaging in acts of corruption; knowingly providing material or financial support for terrorism, drug trafficking, or human trafficking; or responsible for ordering or otherwise directing serious or gross violations of human rights.
(c) Duties and responsibilities of audit committee Subject to the direction of the Board, the audit committee established under subsection (a) shall have the oversight responsibility of— the integrity of the Corporation’s financial reporting and systems of internal controls regarding finance and accounting; the integrity of the Corporation’s financial statements; the performance of the Corporation’s internal audit function; and compliance with legal and regulatory requirements related to the finances of the Corporation.
§ 9652 Performance measures, evaluation, and learning
(a) In general The Corporation shall develop a performance measurement system to evaluate and monitor projects supported by the Corporation under subchapter II of this chapter and to guide future projects of the Corporation.
(b) Considerations In developing the performance measurement system required by subsection (a), the Corporation shall— develop a development impact measurement system, to be known as the Corporation’s Impact Quotient, which shall— serve as a metrics-based measurement system to assess a project’s expected outcomes and development impact on a country, a region, and populations throughout the sourcing, origination, management, monitoring, and evaluation stages of a project’s lifecycle; enable the Corporation to assess development impact at both the project and portfolio level; provide guidance on when to take appropriate corrective measures to further development goals throughout a project’s lifecycle; and inform congressional notification requirements outlining the Corporation’s project development impacts; develop a mechanism for ensuring that support provided by the Corporation under subchapter II of this chapter is in addition to private investment; develop standards for, and a method for ensuring, appropriate financial performance of the Corporation’s portfolio; develop standards for, and a method for evaluating and documenting the development impacts of the Corporation’s portfolio, including— measurement of the projected and ex post development impact of a project; and the information necessary to comply with section 9653 of this title ; develop standards for, and a method for ensuring, appropriate monitoring of the Corporation’s compliance with environmental and social standards consistent with the guidance published by the Corporation following broad consultation with appropriate stakeholders to include civil society; and develop standards for, and a method for ensuring, appropriate monitoring of the Corporation’s portfolio, including standards for ensuring employees or agents of the Corporation identify and conduct in-person site visits of each high-risk loan, loan guarantee, and equity project, as necessary and appropriate, after the initial disbursement of funds.
(c) Required performance measures update for Congressional Strategic Advisory Group At any meeting of the Congressional Strategic Advisory Group, the Corporation shall be prepared discuss the standards developed in subsection (b) for all ongoing projects.
(d) 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 subchapter II of this chapter and performance metrics about such support on a country-by-country basis.
(e) Consultation In developing the performance measurement system required by subsection (a), the Corporation shall consult with the Development Advisory Council established under section 9613(i) of this title and other stakeholders and interested parties engaged in sustainable economic growth and development.
(f) Staffing for portfolio oversight and reporting The Corporation shall maintain an adequate number of full-time personnel with appropriate expertise to fulfill its obligations under this section and section 9653 of this title , including— monitoring and evaluating the financial performance of the Corporation’s portfolio; evaluating the development and strategic impact of investments throughout the program lifecycle; preparing required annual reporting on the Corporation’s portfolio of investments, including the information set forth in section 9653(a)(6) of this title ; and monitoring for compliance with all applicable laws and ethics requirements. Personnel assigned to carry out the obligations described in paragraph (1) shall possess demonstrable professional experience in relevant areas, such as development finance, financial analysis, investment portfolio management, monitoring and evaluation, impact measurement, or legal and ethics expertise. The Corporation shall maintain such personnel within 1 or more dedicated units or offices, which shall— be functionally independent from investment origination teams; be managed by senior staff who report to the Chief Executive Officer or Deputy Chief Executive Officer; and be allocated resources sufficient to fulfill the Corporation’s obligations under this section and to support transparency and accountability to Congress and to the public. The Corporation may not reduce the staffing, funding, or organizational independence of the units or personnel responsible for fulfilling the obligations under this section unless— the Chief Executive Officer certifies in writing to the appropriate congressional committees that such reductions are necessary due to operational exigency, statutory change, or budgetary shortfall; and the Corporation includes in its annual report a detailed explanation of the impact of any such changes on its capacity to analyze and report on portfolio performance.
§ 9653 Annual report
(a) In general After the end of each fiscal year, the Corporation shall submit to the appropriate congressional committees a complete and detailed report of its operations during that fiscal year, including an assessment of— the economic and social development impact, including with respect to matters described in subsections (d), (e), and (f) of section 9651 of this title , of projects supported by the Corporation under subchapter II of this chapter; 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 entities; the Corporation’s institutional linkages with other relevant United States Government department 1 and agencies, including efforts to strengthen such linkages; the compliance of projects supported by the Corporation under subchapter II of this chapter with human rights, environmental, labor, and social policies, or other such related policies that govern the Corporation’s support for projects, promulgated or otherwise administered by the Corporation; the United States strategic, foreign policy, and development objectives advanced through projects supported by the Corporation; and the health of the Corporation’s portfolio, including an annual overview of funds committed, funds disbursed, default and recovery rates, capital mobilized, equity investments’ year on year returns, and any difference between how investments were modeled at commitment and how they ultimately performed, to include a narrative explanation explaining any changes.
(b) Elements Each annual report required by subsection (a) shall include analyses of the effects of projects supported by the Corporation under subchapter II of this chapter, including— reviews and analyses of— the desired development impact and strategic outcomes for projects, and whether or not the Corporation is meeting the associated metrics, goals, and development objectives, including, to the extent practicable, in the years after conclusion of projects; whether the Corporation’s support for projects that focus on achieving strategic outcomes are achieving such strategic objectives of such investments over the duration of the support and lasting after the Corporation’s support is completed; 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 support; the total private capital projected to be mobilized by projects supported by the Corporation during that year, including an analysis of the lenders and investors involved and investment instruments used; the total private capital actually mobilized by projects supported by the Corporation that were fully funded by the end of that year, including— an analysis of the lenders and investors involved and investment instruments used; and a comparison with the private capital projected to be mobilized for the projects described in this paragraph; a breakdown of— the amount and percentage of Corporation support provided to less developed countries, advancing income countries, and high-income countries in the previous fiscal year; and the amount and percentage of Corporation support provided to less developed countries, advancing income countries and high-income countries averaged over the last 5 fiscal years; a breakdown of the aggregate amounts and percentage of the maximum contingent liability of the Corporation authorized to be outstanding pursuant to section 1433 in less developed countries, advancing income countries, and high-income countries; the risk appetite of the Corporation to undertake projects in less developed countries and in sectors that are critical to development but less likely to deliver substantial financial returns; and efforts by the Chief Executive Officer to incentivize calculated risk-taking by transaction teams, including through the conduct of development performance reviews and provision of development performance rewards; an explanation of any partnership arrangement or cooperation with a qualifying sovereign entity in support of each project; projections of— development outcomes, and whether or not support for projects are meeting the associated performance measures, both during the start-up phase and over the duration of the support, and to the extent practicable, measures of such development outcomes should be on a gender-disaggregated basis, such as changes in employment, access to financial services, enterprise development and growth, and composition of executive boards and senior leadership of enterprises receiving support under subchapter II of this chapter; and 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 support; to the extent practicable, recommendations for measures that could enhance the strategic goals of projects to adapt to changing circumstances; and an assessment of the extent to which lessons learned from the monitoring and evaluation activities of the Corporation, and from annual reports from previous years compiled by the Corporation, have been applied to projects.
§ 9654 Publicly available project information
The Corporation shall— maintain a user-friendly, publicly available, machine-readable database with detailed project-level information, as appropriate and to the extent practicable, including a description of the support provided by the Corporation under subchapter II of this chapter, which shall include, to the greatest extent feasible for each project— the information included in the report to Congress under section 9653 of this title ; project-level performance metrics; and a description of the development impact of the project, including anticipated impact prior to initiation of the project and assessed impact during and after the completion of the project; and include a clear link to information about each project supported by the Corporation under subchapter II of this chapter on the internet website of the Department of State, “ForeignAssistance.gov”, or a successor website or other online publication. ( Pub. L. 115–254, div. F, title IV, § 1444 , Oct. 5, 2018 , 132 Stat. 3506 ; Pub. L. 119–60, div. H, title LXXXVII, § 8756 , Dec. 18, 2025 , 139 Stat. 1967 .)
§ 9655 Engagement with investors
(a) In general The Corporation, acting through the Chief Development Officer, shall, in cooperation with the Administrator of the United States Agency for International Development— develop a strategic relationship with private sector entities focused at the nexus of business opportunities and development priorities; engage such entities and reduce business risks primarily through direct transaction support and facilitating investment partnerships; develop and support tools, approaches, and intermediaries that can mobilize private finance at scale in the developing world; pursue highly developmental projects of all sizes, especially those that are small but designed for work in the most underdeveloped areas, including countries with chronic suffering as a result of extreme poverty, fragile institutions, or a history of violence; and pursue projects consistent with the policy of the United States described in section 9611 of this title and the Joint Strategic Plan and the Mission Country Development Cooperation Strategies of the United States Agency for International Development.
(b) Assistance To achieve the goals described in subsection (a), the Corporation shall— develop risk mitigation tools; provide transaction structuring support for blended finance models; support intermediaries linking capital supply and demand; coordinate with other Federal agencies to support or accelerate transactions; convene financial, donor, civil society, and public sector partners around opportunities for private finance within development priorities; offer strategic planning and programming assistance to catalyze investment into priority sectors; provide transaction structuring support; deliver training and knowledge management tools for engaging private investors; partner with private sector entities that provide access to capital and expertise; and identify and screen new investment partners.
(c) Technical assistance The Corporation shall coordinate with the United States Agency for International Development and other agencies and departments, as necessary, on projects and programs supported by the Corporation that include technical assistance.
§ 9656 Notifications to be provided by the Corporation
(a) In general Not later than 15 days prior to the Corporation making a financial commitment associated with the provision of support under subchapter II of this title in an amount in excess of $20,000,000, 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 (b).
(b) Information required The information required by this subsection includes— the amount of each such financial commitment; an identification of the recipient or beneficiary; a description of the project, activity, or asset and the Corporation’s impact quotient outlining the development goal or purpose to be achieved by providing support by the Corporation; and information relating to whether the Corporation has accepted a creditor status that is subordinate to that of other creditors in the project, activity, or asset; and for all projects, activities, or assets that the Corporation has accepted a creditor status that is subordinate to that of other creditors the Corporation shall include a description of the substantive policy rationale required by section 9623(b)(12) of this title that influenced the decision to accept such a creditor status.
(c) Bilateral agreements The Chief Executive Officer of the Corporation shall notify the appropriate congressional committees not later than 30 days after entering into a new bilateral agreement described in section 9631(a) of this title .
§ 9671 Limitations and preferences
(a) Limitation on support for single entity No entity receiving support from the Corporation under subchapter II of this chapter may receive more than an amount equal to 2.5 percent of the Corporation’s maximum contingent liability authorized under section 9633 of this title .
(b) Preference for support for projects sponsored by United States persons The Corporation should give preferential consideration to projects sponsored by or involving private sector entities that are United States persons. In this subsection, the term “United States person” means— a United States citizen; or an entity owned or controlled by an individual or individuals described in subparagraph (A).
(c) Preference for support in countries in compliance with international trade obligations Not less frequently than annually, 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 subchapter II of this chapter and the compliance of those countries with their international trade obligations. The Corporation shall give preferential consideration to providing support under subchapter II of this chapter for projects in countries in compliance with or making substantial progress coming into compliance with their international trade obligations.
(d) Worker rights The Corporation shall only support projects under subchapter II of this chapter in countries that are taking steps to adopt and implement laws that extend internationally recognized worker rights (as defined in section 2467 of title 19 ) to workers in that country, including any designated zone in that country. The Corporation shall also include the following language, in substantially the following form, in all contracts which the Corporation enters into with persons receiving support under subchapter II of this chapter: “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 collectively. The person further agrees to observe applicable laws relating to a minimum age for employment of children, acceptable conditions of work with respect to minimum wages, hours of work, and occupational health and safety, and not to use forced labor or the worst forms of child labor (as defined in section 507 of the Trade Act of 1974 ( 19 U.S.C. 2467 )). The person is not responsible under this paragraph for the actions of a foreign government.”.
(e) Impact notification The Board shall not vote in favor of any project proposed to be supported by the Corporation under subchapter II of this chapter that is likely to have significant adverse environmental or social impacts that are sensitive, diverse, or unprecedented, unless— at least 60 days before the date of the vote, an environmental and social impact assessment or initial environmental and social audit, analyzing the environmental and social impacts of the proposed project and of alternatives to the proposed project, including mitigation measures, is completed; such assessment or audit has been made available to the public of the United States, locally affected groups in the country in which the project will be carried out, and nongovernmental organizations in that country; and the Corporation, applying best practices with respect to environmental and social safeguards, includes in any contract relating to the project provisions to ensure the mitigation of any such adverse environmental or social impacts.
(f) Women’s economic empowerment In utilizing its authorities under subchapter II of this chapter, the Corporation shall consider the impacts of its support on women’s economic opportunities and outcomes and shall prioritize the reduction of gender gaps and maximize development impact by working to improve women’s economic opportunities.
(g) Preference for provision of support in countries embracing private enterprise The Corporation should give preferential consideration to projects for which support under subchapter II of this chapter may be provided in countries the governments of which have demonstrated consistent support for economic policies that promote the development of private enterprise, both domestic and foreign, and maintaining the conditions that enable private enterprise to make a full contribution to the development of such countries, including— market-based economic policies; protection of private property rights; respect for the rule of law; and systems to combat corruption and bribery. The Corporation should rely on both third-party indicators and United States Government information, such as the Department of State’s Investment Climate Statements, the Department of Commerce’s Country Commercial Guides, or the Millennium Challenge Corporation’s Constraints Analysis, to assess whether countries meet the conditions described in paragraph (1).
(h) Consideration of foreign boycott participation In providing support for projects under subchapter II of this chapter, the Corporation shall consider, using information readily available, whether the project is sponsored by or substantially affiliated with any person taking or knowingly agreeing to take actions, or having taken or knowingly agreed to take actions within the past 3 years, which demonstrate or otherwise evidence intent to comply with, further, or support any boycott described in section 4842(a) of title 50 .
(i) Ensuring opportunities for small businesses in foreign development The Corporation shall, using broad criteria, make, to the maximum extent possible consistent with this chapter, efforts— to give preferential consideration in providing support under subchapter II of this chapter to projects sponsored by or involving small businesses; and to ensure that the proportion of projects sponsored by or involving United States small businesses, including women-, minority-, and veteran-owned small businesses, is not less than 50 percent of all projects for which the Corporation provides support and that involve United States persons.
(j) Policies with respect to state-owned enterprises, anticompetitive practices, and countries of concern The Corporation shall develop appropriate policies and guidelines for support provided under subchapter II of this chapter for a project involving a state-owned enterprise, sovereign wealth fund, or a parastatal entity to ensure such support is provided consistent with appropriate principles and practices of competitive neutrality. The Corporation may not provide support under subchapter II of this chapter for a project that involves a private sector entity engaged in anticompetitive practices. The Corporation may not provide support under subchapter II of this chapter for projects that would be operated, managed, or controlled by the government of a county of concern or a state-owned enterprise that belongs to or is under the control of a country of concern. The President may waive the restriction under subparagraph (B) on a project-by-project basis if the President submits to the appropriate congressional committees— a certification, which may be included as a classified or confidential annex to a report required by section 9656 of this title , that such support is important to the national security interests of the United States; and a written justification of how such support directly counters or significantly limits the influence of an entity described in such subparagraph. In this subsection: The term “control”, with respect to an enterprise, means the power by any means to control the enterprise regardless of— the level of ownership; and whether or not the power is exercised. The term “owned”, with respect to an enterprise, means a majority or controlling interest, whether by value or voting interest, of the shares of that enterprise, including through fiduciaries, agents, or other means. 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 governments, including any agency, instrumentality, subdivision, or other unit of government at any level of jurisdiction.
§ 9672 Additionality and avoidance of market distortion
(a) In general Before the Corporation provides support for a project under subchapter II of this chapter, the Corporation shall ensure that private sector entities are afforded an opportunity to support the project.
(b) Safeguards, policies, and guidelines The Corporation shall develop appropriate safeguards, policies, and guidelines to ensure that support provided by the Corporation under subchapter II of this chapter— supplements and encourages, but does not compete with, private sector support; 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 lending; and does not have a significant adverse impact on United States employment.
§ 9673 Prohibition on support in countries that support terrorism or violate human rights and with sanctioned persons
(a) In general The Corporation is prohibited from providing support under subchapter II of this chapter for a government, or an entity owned or controlled by a government, if the Secretary of State has determined that the government— has repeatedly provided support for acts of international terrorism for purposes of— section 4813(c)(1)(A)(i) of title 50 ; section 2371(a) of this title ; section 2780(d) of this title ; or any other relevant provision of law; or has engaged in a consistent pattern of gross violations of internationally recognized human rights for purposes of section 2151n(a) or 2304(a)(2) of this title or any other relevant provision of law.
(b) Prohibition on support of sanctioned persons The Corporation is prohibited from all dealings related to any project under subchapter II of this chapter prohibited under United States sanctions laws or regulations, 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 Treasury, except to the extent otherwise authorized by the Secretary of the Treasury or the Secretary of State.
(c) Prohibition on support of activities subject to sanctions The Corporation shall require any person receiving support under subchapter II of this chapter to certify that the person, and any entity owned or controlled by the person, is in compliance with all United States sanctions laws and regulations.
§ 9674 Applicability of certain provisions of law
Subsections (g), ( l ), (m), and (n) of section 2197 of this title 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 October 5, 2018 . ( Pub. L. 115–254, div. F, title V, § 1454 , Oct. 5, 2018 , 132 Stat. 3510 .)
§ 9681 Definitions
In this subchapter: The term “agency” includes any entity, organizational unit, program, or function. The term “transition period” means the period— beginning on October 5, 2018 ; and ending on the effective date of the reorganization plan required by section 9682(e) of this title . ( Pub. L. 115–254, div. F, title VI, § 1461 , Oct. 5, 2018 , 132 Stat. 3510 .)
§ 9682 Reorganization plan
(a) Submission of plan Not later than 120 days after October 5, 2018 , the President shall transmit to the appropriate congressional committees a reorganization plan regarding the following: The transfer of agencies, personnel, assets, and obligations to the Corporation pursuant to this subchapter. Any consolidation, reorganization, or streamlining of agencies transferred to the Corporation pursuant to this subchapter. Any efficiencies or cost savings achieved or additional costs incurred as a result of the transfer of agencies, personnel, assets, and obligations to the Corporation pursuant to this subchapter, including reductions in unnecessary or duplicative operations, assets, and personnel. Not later than 15 days before the date on which the plan is transmitted pursuant to this subsection, the President shall consult with the appropriate congressional committees on such plan.
(b) Plan elements The plan transmitted under subsection (a) shall contain, consistent with this chapter, such elements as the President deems appropriate, including the following: Identification of any functions of agencies transferred to the Corporation pursuant to this subchapter that will not be transferred to the Corporation under the plan. Specification of the steps to be taken to organize the Corporation, including the delegation or assignment of functions transferred to the Corporation. Specification of the funds available to each agency that will be transferred to the Corporation as a result of transfers under the plan. Specification of the proposed allocations within the Corporation of unexpended funds transferred in connection with transfers under the plan. Specification of any proposed disposition of property, facilities, contracts, records, and other assets and obligations of agencies transferred under the plan. Specification of the number of authorized positions and personnel employed before the end of the transition period that will be transferred to the Corporation, including plans to mitigate the impact of such transfers on the United States Agency for International Development.
(c) Report on coordination 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 (2). 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 transferred.
(d) 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 (e).
(e) Effective date The reorganization plan described in this section, including any modifications or revisions of the plan under subsection (c), shall become effective for an agency on the date specified in the plan (or the plan as modified pursuant to subsection (d)), except that such date may not be earlier than 90 days after the date the President has transmitted the reorganization plan to the appropriate congressional committees pursuant to subsection (a). Nothing in this subsection may be construed to require the transfer of functions, personnel, records, balances of appropriations, or other assets of an agency on a single date.
§ 9683 Transfer of functions
(a) In general Effective at the end of the transition period, there shall be transferred to the Corporation the functions, personnel, assets, and liabilities of— the Overseas Private Investment Corporation, as in existence on the day before October 5, 2018 ; and the following elements of the United States Agency for International Development: The Development Credit Authority. 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 1961 ( 22 U.S.C. 2151 et seq.) or other predecessor Acts, as in existence on October 5, 2018 , other than any sovereign loan guaranties.
(b) Additional transfer authority Effective at the end of the transition period, there is authorized to be transferred to the Corporation, with the concurrence of the Administrator of the United States Agency for International Development, the functions, personnel, assets, and liabilities of the following elements of the United States Agency for International Development: The Office of Private Capital and Microenterprise. The enterprise funds.
(c) Sovereign loan guaranty transfer Effective at the end of the transition period, 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 October 5, 2018 . The President shall include in the reorganization plan submitted under section 9682 of this title a description of the transfer authorized under paragraph (1).
(d) Bilateral agreements Any bilateral agreement of the United States in effect on October 5, 2018 , 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 9631(a) of this title .
(e) Transition During the transition period, the agencies specified in subsection (a) shall— continue to administer the assets and obligations of those agencies; and carry out such programs and activities authorized under this chapter as may be determined by the President.
§ 9684 Termination of Overseas Private Investment Corporation and other superceded authorities
Effective at the end of the transition period— the Overseas Private Investment Corporation is terminated; and Omitted. ( Pub. L. 115–254, div. F, title VI, § 1464 , Oct. 5, 2018 , 132 Stat. 3513 .)
§ 9685 Transitional authorities
(a) Provision of assistance by officials Until the transfer of an agency to the Corporation under section 9683 of this title , any official having authority over, or functions relating to, the agency on the day before October 5, 2018 , shall provide to the Corporation such assistance, including the use of personnel and assets, as the Corporation may request in preparing for the transfer and integration of the agency into the Corporation.
(b) Services and personnel During the transition period, upon the request of the Corporation, the head of any executive agency may, on a reimbursable or non-reimbursable basis, provide services or detail personnel to assist with the transition.
(c) Acting officials During the transition period, pending the advice and consent of the Senate to the appointment of an officer required by this chapter to be appointed by and with such advice and consent, 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 end of the transition period (and who continues in office) or immediately before such designation, to act in such office until the same is filled as provided in this chapter. While so acting, such officers shall receive compensation at the higher of— the rates provided by this chapter for the respective offices in which they act; or the rates provided for the offices held at the time of designation. Nothing in this chapter 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 subchapter and whose duties following such transfer are germane to those performed before such transfer.
(d) Transfer of personnel, assets, obligations, and functions Upon the transfer of an agency to the Corporation under section 9683 of this title — the personnel, assets, and obligations held by or available in connection with the agency shall be transferred to the Corporation for appropriate allocation, subject to the approval of the Director of the Office of Management and Budget and in accordance with section 1531(a)(2) of title 31 ; and the Corporation shall have all functions— relating to the agency that any other official could by law exercise in relation to the agency immediately before such transfer; and vested in the Corporation by this chapter or other law.
§ 9686 Savings provisions
(a) Completed administrative actions 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 9683 of this title , but shall continue in effect according to their terms until amended, modified, superseded, terminated, set aside, or revoked in accordance with law by an officer of the United States or a court of competent jurisdiction, or by operation of law. In this subsection, the term “completed administrative action” includes orders, determinations, rules, regulations, personnel actions, permits, agreements, grants, contracts, certificates, policies, licenses, registrations, and privileges.
(b) Pending proceedings Pending proceedings in an agency, including notices of proposed rulemaking, and applications for licenses, permits, certificates, grants, and financial assistance, shall continue notwithstanding the enactment of this Act or the transfer of the agency to the Corporation, 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 occurred. Orders issued in proceedings described in paragraph (1), and appeals therefrom, and payments made pursuant to such orders, shall issue in the same manner and on the same terms as if this chapter had not been enacted or the agency had not been transferred, and any such orders shall continue in effect until amended, modified, superseded, terminated, set aside, or revoked by an officer of the United States or a court of competent jurisdiction, or by operation of law.
(c) Pending civil actions Pending civil actions shall continue notwithstanding the enactment of this Act or the transfer of an agency to the Corporation, and in such civil actions, proceedings shall be had, appeals taken, and judgments rendered and enforced in the same manner and with the same effect as if such enactment or transfer had not occurred.
(d) References References relating to an agency that is transferred to the Corporation under section 9683 of this title in statutes, Executive orders, rules, regulations, directives, or delegations of authority that precede such transfer or October 5, 2018 , shall be deemed to refer, as appropriate, to the Corporation, to its officers, employees, or agents, or to its corresponding organizational units or functions. Statutory reporting requirements that applied in relation to such an agency immediately before the effective date of this chapter shall continue to apply following such transfer if they refer to the agency by name.
(e) Employment provisions The Corporation may, in regulations prescribed jointly with the Director of the Office of Personnel Management, adopt the rules, procedures, terms, and conditions, established by statute, rule, or regulation before October 5, 2018 , relating to employment in any agency transferred to the Corporation under section 9683 of this title . Except as otherwise provided in this chapter, or under authority granted by this chapter, the transfer pursuant to this subchapter of personnel shall not alter the terms and conditions of employment, including compensation, of any employee so transferred.
(f) Statutory reporting requirements Any statutory reporting requirement that applied to an agency transferred to the Corporation under this subchapter immediately before October 5, 2018 , shall continue to apply following that transfer if the statutory requirement refers to the agency by name.
§ 9687 Other terminations
Except as otherwise provided in this chapter, whenever all the functions vested by law in any agency have been transferred pursuant to this subchapter, each position and office the incumbent of which was authorized to receive compensation at the rates prescribed for an office or position at level II, III, IV, or V of the Executive Schedule under subchapter II of chapter 53 of title 5 shall terminate. ( Pub. L. 115–254, div. F, title VI, § 1467 , Oct. 5, 2018 , 132 Stat. 3515 .)
§ 9688 Incidental transfers
The Director of the Office of Management and Budget, in consultation with the Corporation, is authorized and directed to make such additional incidental dispositions of personnel, assets, and liabilities held, used, arising from, available, or to be made available, in connection with the functions transferred by this subchapter, as the Director may determine necessary to accomplish the purposes of this chapter. ( Pub. L. 115–254, div. F, title VI, § 1468 , Oct. 5, 2018 , 132 Stat. 3515 .)
§ 9689 Reference
With respect to any function transferred under this subchapter (including under a reorganization plan under section 9682 of this title ) and exercised on or after October 5, 2018 , reference in any other Federal law to any department, commission, 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 transferred. ( Pub. L. 115–254, div. F, title VI, § 1469 , Oct. 5, 2018 , 132 Stat. 3515 .)