Overseas Private Investment Corporation Amendments Act of 2003
Public Law 108-158 · S. 1824 · 108th Congress · began in the Senate
Signed by George W. Bush (R) on Dec 3, 2003 · International Affairs
Sponsor: Sen. Richard Lugar (R-IN)
Cosponsors (3): Sen. Chuck Hagel, Sen. Joseph Biden,
Passage votes
- HouseVoice vote
- SenateUnanimous consent
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
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).
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Related bills
1 bill the Library of Congress relates to this one.
H.R. 3145Companion billRelated bill
Overseas Private Investment Corporation Amendments Act of 2003
Data notes
Related bills are identified by the Congressional Research Service, the House and the Senate: companion and identical bills, bills with similar text, bills that were folded into this law, and rules that brought it to the floor. A bill that is itself a public law in this site’s data links here; the others link to Congress.gov.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 17 actions.
- Dec 3, 2003Became lawBecame law · Became Public Law No: 108-158.
- Became lawBecame law · Signed by President.
- Nov 21, 2003FloorFloor · Presented to President.
- Nov 19, 2003FloorFloor · Motion to reconsider laid on the table Agreed to without objection.
- FloorFloor · On motion to suspend the rules and pass the bill Agreed to by voice vote.
- FloorFloor · DEBATE - The House proceeded with forty minutes of debate on S. 1824.
- FloorFloor · Considered under suspension of the rules.
- FloorFloor · Mr. Bereuter moved to suspend the rules and pass the bill.
- Nov 17, 2003FloorFloor · Held at the desk.
- FloorFloor · Message on Senate action sent to the House.
- FloorFloor · Received in the House.
- Nov 14, 2003FloorFloor · Passed Senate without amendment by Unanimous Consent.
- Nov 11, 2003CalendarCalendar · Placed on Senate Legislative Calendar under General Orders. Calendar No. 386.
- CommitteeCommittee · Committee on Foreign Relations. Reported by Senator Lugar without amendment. With written report No. 108-194.
- Nov 6, 2003CommitteeCommittee · Committee on Foreign Relations. Ordered to be reported without amendment favorably.
- Nov 5, 2003CommitteeCommittee · Read twice and referred to the Committee on Foreign Relations.
- IntroducedIntroduced · Introduced in Senate
Data notes
Every action the Library of Congress lists for the bill, from introduction to signing, plus the dated committee hearings. The source lists many steps twice (the chamber’s own entry and the Library of Congress copy, or a presidential and a became-law entry with the same words); those are shown once. Amendments are listed in their own section.
Amendments
No amendments to this bill are on record.
Data notes
Amendments offered to this bill in either chamber, as the Library of Congress records them: each with a status read from its last recorded step: agreed to, rejected, withdrawn, ruled out of order, fell with another amendment, or offered with no vote recorded (most Senate amendments are only ever offered). The wording of each amendment is the source’s. Amendments to amendments and amendments to other bills are not listed.
Official record
The bill’s full text is on Congress.gov. Data through Oct 7, 2026.