InsideGov
Congress · Laws

Overseas Private Investment Corporation Amendments Act of 1985

Public Law 99-204 · S. 947 · 99th Congress · began in the Senate

Signed by Ronald Reagan (R) on Dec 23, 1985 · Government Operations and Politics

Sponsor: Sen. Richard Lugar (R-IN)

Cosponsors: None

Passage votes

  • HouseVoice vote
  • SenateVoice vote
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.

Report a correction

Summary

The Congressional Research Service’s plain-language summary of what the law does.

Overseas Private Investment Corporation Amendments Act of 1985 - Amends the Foreign Assistance Act of 1961 to change the per capita income requirements for countries receiving Overseas Private Investment Corporation (OPIC) projects and investments from 1979 dollars to 1983 dollars.

Requires OPIC, in determining whether to provide insurance, financing, or reinsurance for a project, to ensure that the project is consistent with the provisions of the Foreign Assistance Act of 1961 relating to the environment and natural resources of, and biological diversity in, developing countries. Requires OPIC to refuse to insure, reinsure, guarantee, or finance any investment in connection with a project that will pose an unreasonable or major environmental, health, or safety hazard or will result in significant degradation of projected areas.

Directs OPIC, before finally providing insurance, guarantees, or financing for any environmentally sensitive investment, to notify the country where the investment project is located of: (1) certain guidelines relating to the public health or safety or the environment which are applicable to the project; and (2) any U.S. health, safety, or environmental restrictions that would apply to the project if the project were undertaken in the United States.

Directs OPIC, by September 30, 1986, to notify a country of such guidelines and restrictions that apply to any project in that country: (1) which OPIC identifies as potentially posing major hazards to public health and safety or the environment; and (2) for which OPIC provided insurance, guarantees, or financing before enactment of this Act.

Makes certain requirements relating to environmental impact statements and assessments applicable to any investment which OPIC insures, reinsures, guarantees, or finances.

Authorizes OPIC to insure, reinsure, guarantee, or finance a project only if the country in which the project is undertaken is taking steps to extend internationally recognized worker rights to workers in that country Authorizes the President to waive such condition if it is in the national interest. Provides for annual hearings on such questions.

Authorizes OPIC to insure against loss due to business interruption caused by: (1) inability to convert into U.S. dollars other currencies; (2) an act of expropriation or confiscation by a foreign government; and (3) war, revolution, insurrection, or civil strife.

Requires OPIC before issuing insurance for the first time for loss due to business interruption to submit to the Congress an explanation of the underwriting basis upon which the insurance is to be offered.

Authorizes OPIC to determine the basis for computing loss due to business interruption.

Increases the percentage of the maximum contingent liability of OPIC's investment guaranties that may be issued to a single investor.

Authorizes OPIC to enter into pooling or other risk-sharing arrangements with multinational insurance or financing agencies or groups of such agencies.

Directs OPIC to establish, within one year of enactment of this Act, a pilot program of facultative insurance providing reinsurance for insurers who issue insurance for new investments by eligible investors in excess of limits which OPIC would otherwise normally apply for its exposure to such investments. Limits OPIC's exposure under such program.

Directs OPIC to establish a group to advise OPIC on the development and implementation of the program of facultative reinsurance. Requires OPIC to report to the Congress within 18 months of enactment of this Act on the implementation of the facultative reinsurance program.

Extends OPIC's authority to issue investment insurance through September 30, 1989.

Provides for an independent audit of OPIC at least once every three years.

Exempts OPIC from all taxation.

Directs OPIC to publish and make available to applicants for OPIC assistance OPIC's policy guidelines.

Requires OPIC's annual report to the Congress to include projections of the employment effects in the United States of each project for which OPIC has provided financial support during the preceding fiscal year. Authorizes the report to present information and analysis in aggregate form under certain conditions. Directs OPIC to submit to the Congress by December 31, 1987, a report analyzing the actual effects, as of September 30, 1986, on U.S. employment of all projects which had OPIC support in effect on September 30, 1986.

Directs the Comptroller General to report to the Congress, within one year of enactment of this Act, the impact on employment in the United States of the activities of OPIC.

Deletes the provision requiring OPIC to return to the Treasury funds appropriated to OPIC before January 1, 1975.

Amends the Federal criminal code to prohibit the use of the words "Overseas Private Investment", "Overseas Private Investment Corporation", or "OPIC" as part of a private business.

Makes certain technical amendments.

Committees

The committees the bill was sent to, and what each did with it.

  • Foreign Relations Committee · Senate · markup by, referred to, reported bySubcommittee: International Economic Policy, Export and Trade Promotion Subcommittee
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.

Report a correction

Timeline

From introduction to signing, newest first: the committees, the floor and the president. 25 actions.

  1. Dec 23, 1985Became lawBecame law · Became Public Law No: 99-204.
  2. Became lawBecame law · Signed by President.
  3. Dec 13, 1985PresidentPresident · Presented to President.
  4. Dec 12, 1985Resolving differencesResolving differences · Senate agreed to conference report by Voice Vote.
  5. Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report by Voice Vote.
  6. Resolving differencesResolving differences · Conference report considered in Senate.
  7. Dec 11, 1985Resolving differencesResolving differences · House Agreed to Conference Report by Voice Vote.
  8. Resolving differencesResolving differences · Conference report agreed to in House: House Agreed to Conference Report by Voice Vote.
  9. Dec 10, 1985Resolving differencesResolving differences · Conference Report 99-428 Filed in House.
  10. Resolving differencesResolving differences · Conference report filed: Conference Report 99-428 Filed in House.
  11. Resolving differencesResolving differences · Conferees agreed to file conference report.
  12. Resolving differencesResolving differences · Conference committee actions: Conferees agreed to file conference report.
  13. Dec 5, 1985Resolving differencesResolving differences · Senate agreed to request for conference. Appointed conferees. Lugar; Mathias; Evans; Pell; Sarbanes.
  14. FloorFloor · Senate disagreed to the House amendments by Voice Vote.
  15. Dec 3, 1985Resolving differencesResolving differences · House Requested a Conference and Speaker Appointed Conferees: Fascell, Hamilton, Bonker, Mica, Gejdenson, Berman, Broomfield, Lagomarsino, Roth, Bereuter.
  16. Resolving differencesResolving differences · House Insisted on its Amendments by Voice Vote.
  17. FloorFloor · Passed House (Amended) by Voice Vote.
  18. FloorFloor · Called up by House by Unanimous Consent.
  19. Nov 14, 1985FloorFloor · Passed Senate with amendments by Voice Vote.
  20. FloorFloor · Measure laid before Senate by unanimous consent.
  21. Oct 10, 1985CommitteeCommittee · Reported by Senate Foreign Relations Committee
  22. Oct 1, 1985CommitteeCommittee · Markup by Senate Foreign Relations Committee
  23. Jul 25, 1985CommitteeCommittee · Hearings by International Economic Policy, Export and Trade Promotion Subcommittee of the Senate Foreign Relations Committee
  24. Apr 18, 1985CommitteeCommittee · Referred to Senate Foreign Relations Committee
  25. IntroducedIntroduced · Introduced in the Senate
Data notes

Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.

Report a correction

Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.