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S. 1824: Overseas Private Investment Corporation Amendments Act of 2003

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S. 1824: Overseas Private Investment Corporation Amendments Act of 2003

108th Congress · introduced 2003-11-05 · International Affairs · Latest: Became Public Law No: 108-158.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2003-11-05 · official record
  2. Who proposed it: Sen. Lugar, Richard G. [R-IN] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Became Public Law No: 108-158. (final step reached)
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Overseas Private Investment Corporation Amendments Act of 2003

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Overseas Private Investment Corporation Amendments Act of 2003 - (Sec. 2) Amends the Foreign Assistance Act of 1961 to continue through FY 2007 the authority of the Overseas Private Investment Corporation (OPIC) to issue investment insurance and guaranties. (Sec. 3) Authorizes OPIC to make transfers from its noncredit activities to pay for administrative costs of its investment guaranties and direct loan programs as well as (under current law) to pay for their subsidy costs. Changes to a noncredit account revolving fund in the Treasury the current insurance and guaranty fund, with its separate Insurance Reserve and Guaranty Reserve accounts, hereby abolished. Revises requirements for the OPIC Board of Directors to require the seven U.S. Government directors to be principal officers (currently, officials) whose duties relate to OPIC programs. (Sec. 4) Extends OPIC investment insurance coverage to loss of investment in an approved project due to expropriation or confiscation by any political subdivision of, or a corporation owned or controlled by, a foreign government (currently, expropriation or confiscation only by the foreign government itself). (Sec. 5) Authorizes OPIC to issue loan guaranties: (1) denominated in currencies other than U.S. dollars (local currencies); and (2) to local financial institutions, that is, any bank or financial institution organized under the laws of any country or area in which the OPIC operates, but excluding a branch, however organized, of a bank or other financial institution organized under the laws of a country in which OPIC does not operate. (Sec. 6) Directs OPIC to collect and report annually to Congress about data on the involvement of minority- and women-owned businesses in OPIC-supported projects, including: (1) the amount of insurance and financing provided by OPIC to such businesses; and (2) the involvement of such businesses in OPIC-conducted and -supported procurement activities (to the extent such information is available).

Congressional Research Service summary (Public Law), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Overseas Private Investment Corporation Amendments Act of 2003

Source: Congressional Research Service summary (Public Law)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lugar, Richard G. [R-IN] · 3 cosponsors

Cost estimate: CBO cost estimate: S. 1824, Overseas Private Investment Corporation Amendments Act of 2003 (2003-11-10); CBO cost estimate: S. 1824, Overseas Private Investment Corporation Amendments Act of 2003 (2003-11-10)

Cosponsors on this site

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Fiscal year
The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong108-s1824 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108