
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2195]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
                 SUBCHAPTER I--INTERNATIONAL DEVELOPMENT
 
                         Part II--Other Programs
 
           subpart iv--overseas private investment corporation
 
Sec. 2195. Issuing authority, direct investment authority and 
        reserves
        

(a) Issuing authority

                     (1) Insurance and financing

        (A) The maximum contingent liability outstanding at any one time 
    pursuant to insurance issued under section 2194(a) of this title, 
    and the amount of financing issued under sections \1\ 2194(b) and 
    (c) of this title, shall not exceed in the aggregate 
    $29,000,000,000.
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    \1\ So in original. Probably should be ``section''.
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        (B) Subject to spending authority provided in appropriations 
    Acts pursuant to section 661c(b) of title 2, the Corporation is 
    authorized to transfer such sums as are necessary from its noncredit 
    activities to pay for the subsidy cost of the investment guaranties 
    and direct loan programs under subsections (b) and (c) of section 
    2194 of this title.

                    (2) Termination of authority

        The authority of subsections (a), (b), and (c) of section 2194 
    of this title shall continue until November 1, 2000.

(b) Repealed. Pub. L. 102-549, title I, Sec. 104(a)(3), Oct. 28, 1992, 
        106 Stat. 3652

(c) Insurance Reserve; Guaranty Reserve

    There shall be established in the Treasury of the United States an 
insurance and guaranty fund, which shall have separate accounts to be 
known as the Insurance Reserve and the Guaranty Reserve, which reserves 
shall be available for discharge of liabilities, as provided in 
subsection (d) of this section, until such time as all such liabilities 
have been discharged or have expired or until all such reserves have 
been expended in accordance with the provisions of this section. Such 
fund shall be funded by: (1) the funds heretofore available to discharge 
liabilities under predecessor guaranty authority (including housing 
guaranty authorities), less both the amount made available for housing 
guaranty programs pursuant to section 2183(b) of this title and the 
amount made available to the Corporation pursuant to subsection (e) of 
this section; and (2) such sums as shall be appropriated pursuant to 
subsection (f) of this section for such purpose. The allocation of such 
funds to each such reserve shall be determined by the Board after 
consultation with the Secretary of the Treasury. Additional amounts may 
thereafter be transferred to such reserves pursuant to section 2196 of 
this title.

(d) Priority of funds used to discharge liabilities

    Any payments made to discharge liabilities under investment 
insurance or reinsurance issued under section 2194 of this title, under 
similar predecessor guaranty authority, or under section 2194b of this 
title shall be paid first out of the Insurance Reserve, as long as such 
reserve remains available, and thereafter out of funds made available 
pursuant to subsection (f) of this section. Any payments made to 
discharge liabilities under guaranties issued under section 2194(b) of 
this title or under similar predecessor guaranty authority shall be paid 
first out of the Guaranty Reserve as long as such reserve remains 
available, and thereafter out of funds made available pursuant to 
subsection (f) of this section.

(e) Reserves from predecessor guaranty authority

    There is hereby authorized to be transferred to the Corporation at 
its call, for the purposes specified in section 2196 of this title, all 
fees and other revenues collected under predecessor guaranty authority 
from December 31, 1968, available as of the date of such transfer.

(f) Authorization of appropriations; issuance, etc., of obligations by 
        Corporation for purchase by Secretary of the Treasury

    There are authorized to be appropriated to the Corporation, to 
remain available until expended, such amounts as may be necessary from 
time to time to replenish or increase the insurance and guaranty fund, 
to discharge the liabilities under insurance, reinsurance, or guaranties 
issued by the Corporation or issued under predecessor guaranty 
authority, or to discharge obligations of the Corporation purchased by 
the Secretary of the Treasury pursuant to this subsection. However, no 
appropriations shall be made to augment the Insurance Reserve until the 
amount of funds in the Insurance Reserve is less than $25,000,000. Any 
appropriations to augment the Insurance Reserve shall then only be made 
either pursuant to specific authorization enacted after August 27, 1974, 
or to satisfy the full faith and credit provision of section 2197(c) of 
this title. In order to discharge liabilities under investment insurance 
or reinsurance, the Corporation is authorized to issue from time to time 
for purchase by the Secretary of the Treasury its notes, debentures, 
bonds, or other obligations; but the aggregate amount of such 
obligations outstanding at any one time shall not exceed $100,000,000. 
Any such obligation shall be repaid to the Treasury within one year 
after the date of issue of such obligation. Any such obligation shall 
bear interest at a rate determined by the Secretary of the Treasury, 
taking into consideration the current average market yield on 
outstanding marketable obligations of the United States of comparable 
maturities during the month preceding the issuance of any obligation 
authorized by this subsection. The Secretary of the Treasury shall 
purchase any obligation of the Corporation issued under this subsection, 
and for such purchase he may use as a public debt transaction the 
proceeds of the sale of any securities issued under chapter 31 of title 
31 after August 27, 1974. The purpose for which securities may be issued 
under such chapter shall include any such purchase.

(Pub. L. 87-195, pt. I, Sec. 235, as added Pub. L. 91-175, pt. I, 
Sec. 105, Dec. 30, 1969, 83 Stat. 813; amended Pub. L. 93-189, 
Sec. 6(1), Dec. 17, 1973, 87 Stat. 717; Pub. L. 93-390, Sec. 2(3), Aug. 
27, 1974, 88 Stat. 766; Pub. L. 95-268, Sec. 4, Apr. 24, 1978, 92 Stat. 
214; Pub. L. 97-65, Sec. 5(a), (b)(1), (c), Oct. 16, 1981, 95 Stat. 
1022, 1023; Pub. L. 99-204, Secs. 9(b)(1), 10, 17(b), Dec. 23, 1985, 99 
Stat. 1673, 1676; Pub. L. 100-418, title II, Sec. 2203(b), Aug. 23, 
1988, 102 Stat. 1328; Pub. L. 100-461, title V, Sec. 555, Oct. 1, 1988, 
102 Stat. 2268-36; Pub. L. 102-549, title I, Sec. 104, Oct. 28, 1992, 
106 Stat. 3652; Pub. L. 103-392, title I, Secs. 101-104, Oct. 22, 1994, 
108 Stat. 4098; Pub. L. 104-208, div. A, title I, Sec. 101(c) [title I], 
Sept. 30, 1996, 110 Stat. 3009-121, 3009-123; Pub. L. 105-118, title V, 
Sec. 581, Nov. 26, 1997, 111 Stat. 2435; Pub. L. 106-113, div. B, 
Sec. 1000(a)(2) [title V, Sec. 599E], Nov. 29, 1999, 113 Stat. 1535, 
1501A-132; Pub. L. 106-158, Sec. 2, Dec. 9, 1999, 113 Stat. 1745.)

                          Codification

    Amendment by Pub. L. 100-461 is based on sections 106 and 107 of 
title I of H.R. 5263, One Hundredth Congress, as passed by the House of 
Representatives on Sept. 20, 1988, and sections 106 and 107 of title I 
of S. 2757, One Hundredth Congress, as reported Sept. 7, 1988, and 
enacted into law by Pub. L. 100-461.
    In subsec. (f), ``chapter 31 of title 31'' and ``such chapter'' 
substituted for ``the Second Liberty Bond Act'' and ``such Bond Act'', 
respectively, on authority of Pub. L. 97-258, Sec. 4(b), Sept. 13, 1982, 
96 Stat. 1067, the first section of which enacted Title 31, Money and 
Finance.


                               Amendments

    1999--Subsec. (a)(2). Pub. L. 106-158, which directed the amendment 
of par. (2) by substituting ``2003'' for ``1999'' could not be executed 
because ``1999'' did not appear in text subsequent to amendment by Pub. 
L. 106-113. See below.
    Pub. L. 106-113, which directed amendment of par. (2) by 
substituting ``November 1, 2000'' for ``1999'', was executed by making 
the substitution for ``September 30, 1999'', to reflect the probable 
intent of Congress.
    1997--Subsec. (a). Pub. L. 105-118 added heading and text of par. 
(1)(A), redesignated par. (2)(B) as subpar. (B) of par. (1), 
redesignated par. (3) as (2) and substituted ``subsections (a), (b), and 
(c) of section 2194 of this title'' for ``subsections (a) and (b) of 
section 2194 of this title'' and ``September 30, 1999'' for ``September 
30, 1997'', and struck out former pars. (1) and (2)(A) which read as 
follows:
    ``(1) Insurance.--The maximum contingent liability outstanding at 
any one time pursuant to insurance issued under section 2194(a) of this 
title shall not exceed in the aggregate $13,500,000,000.
    ``(2) Financing.--(A) The maximum contingent liability outstanding 
at any one time pursuant to financing issued under subsections (b) and 
(c) of section 2194 of this title shall not exceed in the aggregate 
$9,500,000,000.''
    1996--Subsec. (a)(3). Pub. L. 104-208 substituted ``1997'' for 
``1996''.
    1994--Subsec. (a)(1). Pub. L. 103-392, Sec. 101, substituted 
``$13,500,000,000'' for ``$9,000,000,000''.
    Subsec. (a)(2). Pub. L. 103-392, Sec. 102, amended heading and text 
of par. (2). Prior to amendment, text read as follows:
    ``(A) The maximum contingent liability outstanding at any one time 
pursuant to guarantees issued under section 2194(b) of this title shall 
not exceed in the aggregate $2,500,000,000.
    ``(B) Subject to spending authority provided in appropriations Acts, 
pursuant to section 661c(b) of title 2, the Corporation is authorized--
        ``(i) to transfer $9,800,000, or such sums as are necessary, 
    from its noncredit account revolving fund to pay for the subsidy 
    cost of a program level for the loan and loan guarantee program 
    under subsections (b) and (c) of section 2194 of this title of 
    $650,000,000 for fiscal year 1993; and
        ``(ii) to transfer such sums as are necessary from its noncredit 
    account revolving fund to pay for the subsidy cost of a program 
    level for the loan and loan guarantee program under subsections (b) 
    and (c) of section 2194 of this title of $850,000,000 for fiscal 
    year 1994.''
    Subsec. (a)(3). Pub. L. 103-392, Sec. 103, substituted ``1996'' for 
``1994''.
    Subsec. (g). Pub. L. 103-392, Sec. 104, struck out heading and text 
of subsec. (g). Text read as follows: ``Subject to spending authority 
provided in appropriations Acts, the Corporation is authorized to draw 
from its noncredit account revolving fund for the administrative costs 
of its direct loan and loan guarantee programs--
        ``(1) $8,128,000 for fiscal year 1993; and
        ``(2) $11,000,000 for fiscal year 1994.''
    1992--Pub. L. 102-549, Sec. 104(a)(1), amended section catchline.
    Subsec. (a). Pub. L. 102-549, Sec. 104(a)(2), amended subsec. (a) 
generally. Prior to amendment, subsec. (a) read as follows:
    ``(1) The maximum contingent liability outstanding at any one time 
pursuant to insurance issued under section 2194(a) of this title shall 
not exceed $7,500,000,000.
    ``(2) The maximum contingent liability outstanding at any one time 
pursuant to guaranties issued under section 2194(b) of this title shall 
not exceed in the aggregate $1,500,000,000. Commitments to guarantee 
loans are authorized for any fiscal year only to such extent or in such 
amounts as are provided in appropriation Acts.
    ``(3) The Corporation shall not make any commitment to issue any 
guaranty which would result in a reserve less than 25 per centum of the 
maximum contingent liability then outstanding against guaranties issued 
or commitments made pursuant to section 2194(b) of this title or similar 
predecessor guaranty authority.
    ``(4) The Congress, in considering the budget programs transmitted 
by the President for the Corporation, pursuant to section 9104 of title 
31, may limit the obligations and contingent liabilities to be 
undertaken under section 2194(a) and (b) of this title as well as the 
use of funds for operating and administrative expenses.
    ``(5) Subject to paragraphs (2), (3), and (4), the Corporation shall 
issue guaranties under section 2194(b) of this title having an aggregate 
contingent liability with respect to principal of not less than 
$200,000,000 in each fiscal year, to the extent that there are eligible 
projects which meet the Corporation's criteria for such guaranties.
    ``(6) The authority of section 2194(a) and (b) of this title shall 
continue until September 30, 1992.''
    Subsec. (b). Pub. L. 102-549, Sec. 104(a)(3), struck out subsec. (b) 
which provided for establishment of a revolving fund, known as the 
Direct Investment Fund, to be held by the Corporation.
    Subsec. (g). Pub. L. 102-549, Sec. 104(b), added subsec. (g).
    1988--Subsec. (a)(2). Pub. L. 100-461 substituted ``$1,500,000,000'' 
for ``$1,000,000,000''.
    Pub. L. 100-418, Sec. 2203(b)(1)(A), substituted ``$1,000,000,000'' 
for ``$750,000,000''.
    Subsec. (a)(5). Pub. L. 100-418, Sec. 2203(b)(1)(C), added par. (5). 
Former par. (5) redesignated (6).
    Subsec. (a)(6). Pub. L. 100-461 substituted ``1992'' for ``1988''.
    Pub. L. 100-418, Sec. 2203(b)(1)(B), redesignated par. (5) as (6).
    Subsec. (b). Pub. L. 100-418, Sec. 2203(b)(2), in cl. (2), 
substituted ``1981.'' for ``1981,'', and in closing provisions 
substituted ``The Corporation shall make loans under section 2194(c) of 
this title in an aggregate amount of not less than $25,000,000 in each 
fiscal year, to the extent that there are eligible projects which meet 
the Corporation's criteria for such loans'' for ``and the Corporation 
shall use the funds so transferred to make loans under section 2194(c) 
of this title to the extent that there are eligible projects which meet 
the Corporation's criteria for funding''.
    1985--Subsec. (a)(5). Pub. L. 99-204, Sec. 10, substituted ``1988'' 
for ``1985''.
    Subsec. (c). Pub. L. 99-204, Sec. 17(b)(1), substituted references 
to subsecs. (d), (e), and (f) of this section for references to sections 
2195(d), 2194(e), and 2195(f), respectively, of this title.
    Subsec. (d). Pub. L. 99-204, Sec. 9(b)(1), substituted ``, under 
similar predecessor guaranty authority, or under section 2194b of this 
title'' for ``or under similar predecessor guaranty authority''.
    Pub. L. 99-204, Sec. 17(b)(2), substituted reference to subsec. (f) 
of this section for reference to section 2195(f) of this title wherever 
appearing.
    1981--Subsec. (a)(2). Pub. L. 97-65, Sec. 5(a)(1), substituted 
provisions that commitments to guarantee loans are authorized for any 
fiscal year only to such extent or in such amounts as are provided in 
appropriation Acts for provisions that the Corporation not make any 
commitment to issue any guaranty which would result in a fractional 
reserve less than 25 per centum of the maximum contingent liability then 
outstanding against guaranties issued or commitments made pursuant to 
section 2194(b) of this title or similar predecessor guaranty authority. 
See par. (3).
    Subsec. (a)(3). Pub. L. 97-65, Sec. 5(a)(2), added par. (3) which 
consisted of provisions formerly contained in par. (2). Former par. (3) 
redesignated (4).
    Subsec. (a)(4). Pub. L. 97-65, Sec. 5(a)(2)(A), redesignated par. 
(3) as (4). Former par. (4) redesignated (5).
    Subsec. (a)(5). Pub. L. 97-65, Sec. 5(a)(2)(A), (b)(1), redesignated 
former par. (4) as (5) and substituted ``September 30, 1985'' for 
``September 30, 1981''.
    Subsec. (b). Pub. L. 97-65, Sec. 5(c), inserted provisions relating 
to the transfer to the Fund of certain moneys in fiscal year 1982 and in 
each fiscal year thereafter and the making of loans from those moneys 
under section 2194(c) of this title to the extent that there are 
eligible projects which meet the Corporation's criteria for funding.
    1978--Subsec. (a)(2). Pub. L. 95-268, Sec. 4(1), struck out 
limitation on guaranties by credit unions of not to exceed $1,250,000.
    Subsec. (a)(4). Pub. L. 95-268, Sec. 4(2), substituted ``September 
30, 1981'' for ``December 31, 1977''.
    1974--Subsec. (a)(4). Pub. L. 93-390, Sec. 2(3)(A), substituted 
``December 31, 1977'' for ``December 31, 1974''.
    Subsec. (d). Pub. L. 93-390, Sec. 2(3)(B), substituted ``insurance 
or reinsurance issued under section 2194 of this title'' for ``insurance 
issued under section 2194(a) of this title''.
    Subsec. (f). Pub. L. 93-390, Sec. 2(3)(C), inserted provisions 
authorizing appropriations to discharge liabilities under reinsurance or 
obligations of the Corporation purchased by the Secretary of the 
Treasury, provisions relating to appropriations to augment the Insurance 
Reserve, and provisions relating to the issuance, sale, etc., of notes, 
debentures, bonds, or other obligations by the Corporation for purchase 
by the Secretary of the Treasury.
    1973--Subsec. (a)(4). Pub. L. 93-189 substituted ``December 31, 
1974'' for ``June 30, 1974''.

                  Section Referred to in Other Sections

    This section is referred to in sections 2194, 2196 of this title.
