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CONSIDERATION OF MISCELLANEOUS BILLS

AND RESOLUTIONS

H.R. 5263, S. 2365, House Concurrent Resolution 348, Senate Joint Resolution 317, House Joint Resolution 648, House Concurrent Resolution 364, and Senate Concurrent Resolution 102

WEDNESDAY, SEPTEMBER 14, 1988

HOUSE OF REPRESENTATIVES,
COMMITTEE ON FOREIGN RELATIONS,

Washington, DC.

The committee met in open markup session, at 10 a.m., in room 2172, Rayburn House Office Building, Hon. Dante Fascell (chairman) presiding.

H.R. 5263

Chairman FASCELL. The committee will please come to order. The first order of business is H.R. 5263, reauthorizing activities of the Overseas Private Investment Corporation. The Chief of Staff will report the bill.

Mr. BRADY. H.R. 5263, a bill to amend the Foreign Assistance Act of 1961 with respect to activities-

Chairman FASCELL. Without objection, further reading of the bill will be dispensed with and printed in the record in full.

[H.R. 5263 follows:]

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Mr. BONKER introduced the following bill; which was referred to the Committee on

A BILL

To amend the Foreign Assistance Act of 1961 with respect to the activities of the Overseas Private Investment Corporation, and to make supplemental authorizations of appropriations for the Board of International Broadcasting.

Be it enacted by the Senate and House of Representatives

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of the United States of America in Congress assembled,

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TITLE I--OVERSEAS PRIVATE INVESTMENT CORPORATION

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This title may be cited as the Overseas Private

Investment Corporation Amendments Act of 1988 ́ ́.

SEC. 102. UPDATING INCOME LEVELS; CARIBBEAN BASIN EXCEPTION.

Section 231 of the Foreign Assistance Act of 1961 (22

7 U.S.C. 2191) is amended in paragraph (2) of the second

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undesignated paragraph-

(1) by striking out $896 or less in 1983 United States dollars' and inserting in lieu thereof $984 or less in 1986 United States dollars''; and

(2) by striking out ``$3,887 or more in 1983 United States dollars and inserting in lieu thereof $4,269 or more in 1986 United States dollars (other than countries designated as beneficiary countries under section 212 of the Caribbean Basin Economic Recovery Act (19 U.S.C. 2702)) ́ ́.

SEC. 103. FINANCING DEVELOPMENTAL TECHNOLOGY AND PRODUCTS. Section 234 (c) of the Foreign Assistance Act of 1961 (22 20 U.S.C. 2194 (c)) is amended by inserting after the first 21 paragraph the following new paragraph:

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The Corporation may designate up to 25 percent of any loan under this subsection for use in the development or 24 adaptation in the United States of new technologies or new 25 products or services that are to be used in the project for

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1 which the loan is made and are likely to contribute to the

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countries. ́ ́.

SEC. 104. PILOT PROGRAM OF EQUITY FINANCING IN AFRICA AND

CARIBBEAN BASIN.

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Section 234 of the Foreign Assistance Act of 1961 (22

U.S.C. 2194) is amended-

(1) in subsection (c) by striking out the second and third sentences;

(2) in subsection (f) by striking out the first sentence of the last paragraph; and

(3) by adding at the end thereof the following new subsection:

(g) PILOT EQUITY FINANCE PROGRAM. -

``(1) AUTHORITY FOR PILOT PROGRAM. --In order to study the feasibility and desirability of a program of equity financing, the Corporation is authorized to establish a 4-year pilot program under which it may, on the limited basis prescribed in paragraphs (2) through (5), purchase, invest in, or otherwise acquire equity or quasi-equity securities of any firm or entity, upon such terms and conditions as the Corporation may determine, for the purpose of providing capital for any project which is consistent with the provisions of this title, except

that-

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