§7709 Congressional and public notification

Summary

The Board, through its Chief Executive Officer, must talk with and notify the appropriate congressional committees at least 15 days before taking certain steps. Those steps include giving help to an eligible country under section 7708(g); starting talks to provide help through a Compact (section 7704) or an agreement (section 7715); signing a Compact or agreement; and ending help under a Compact or agreement. Any notice about intending to negotiate or sign must include a report with the projected economic case for the Compact — for example the expected economic rate of return, a cost‑benefit analysis, effects on the people who will benefit, how likely it is to attract private investment, and other relevant economic factors. At least 60 days before signing each concurrent Compact authorized under section 7708, the Board, through the CEO, must consult with and give the committees an assessment of risks and possible ways to reduce them. This must cover countries’ commitment to regional cooperation and capacity, political and policy risks (including those that affect eligibility), risks to economic returns, time and completion risks, and cost and financial risks. It must also describe steps to reduce those risks, such as finding other donors or working with regional organizations on cross‑border projects. Within 10 days after entering a Compact, the Board, through the CEO, must post the Compact text on the Corporation’s website, give the congressional committees a detailed summary (and the text if asked), and publish a detailed summary and a notice in the Federal Register saying where the text is available.