Date: October 13, 1999
Subject: OPIC Reauthorization
Description: Passage of the bill to reauthorize the Overseas Private Investment Corporation (OPIC) through fiscal 2003. OPIC provides loan guarantees and insurance to U.S. investors doing business in less-developed countries that are vulnerable to political and social unrest. The agency does not receive an annual appropriation. The measure would set OPIC fees at a level sufficient to cover operating costs, require the agency to double its support for small businesses, and direct OPIC to encourage private sector financing and participation. The measure also would direct the organization to improve dealings with Latin America and sub-Saharan Africa.
Result: Bill Passed, 357-71
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