§7709 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Board, through the Chief Executive Officer, must consult with and notify the appropriate congressional committees at least 15 days before doing any of these things: giving aid under section 7708(g); starting negotiations to provide aid by making a Compact under section 7704 or an agreement under section 7715; signing a Compact or agreement; or ending aid under one of those deals. If the Board plans to negotiate or sign a Compact, the notice must include a report that explains the economic case for the Compact. That report must cover five things, including the expected economic rate of return, a cost‑benefit analysis, effects on people who will benefit, the chance it will attract private investment, and other economic factors. For concurrent Compacts, at least 60 days before signing the Board must give committees an assessment of risks (such as countries’ commitment to regional cooperation, political and policy risks, economic return risks, timing and completion risks, and cost/financial risks) and possible steps to lower those risks, like finding other donors or working with regional organizations. Within 10 days after entering a Compact, the Board must post the Compact text on the Corporation’s website, give committees a detailed summary (and the text on request), and publish a summary and notice in the Federal Register saying where to find the text online.

Title 22, §7709

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)(1)The Board, acting through the Chief Executive Officer, shall consult with and notify the appropriate congressional committees not later than 15 days before taking any of the actions described in paragraph (2).

(2)The actions described in this paragraph are—

(A)providing assistance for an eligible country under section 7708(g) of this title;

(B)commencing negotiations with an eligible country to provide assistance for—

(i)a Compact under section 7704 of this title; or

(ii)an agreement under section 7715 of this title;

(C)signing such a Compact or agreement; and

(D)terminating assistance under such a Compact or agreement.

(3)Any notification relating to the intent to negotiate or sign a Compact shall include a report describing the projected economic justification for the Compact, including, as applicable—

(A)the expected economic rate of return of the Compact;

(B)a cost-benefit analysis of the Compact;

(C)a description of the impact on beneficiary populations;

(D)the likelihood that the investment will catalyze private sector investments; and

(E)any other applicable economic factors that justify each project to be funded under such a Compact to the extent practicable and appropriate.

(4)Not later than 60 days before signing each concurrent Compact, as authorized under section 7708 of this title, the Board, acting through the Chief Executive Officer, shall consult with and provide to the appropriate congressional committees—

(A)an assessment and, as appropriate, the identification of potential measures to mitigate risks, of—

(i)the countries’ commitment to regional integration and cross-border cooperation and capacity to carry out commitments;

(ii)political and policy risks, including risks that could affect country eligibility;

(iii)risks associated with realizing economic returns;

(iv)time and completion risks; and

(v)cost and financial risks; and

(B)an assessment of measures to be taken to mitigate any identified risks, including—

(i)securing other potential donors to finance projects or parts of projects as needed; and

(ii)partnering with regional organizations to support and oversee effective cross-border cooperation.

(b)Not later than 10 days after entering into a Compact with an eligible country, the Board, acting through the Chief Executive Officer, shall—

(1)publish the text of the Compact on the website of the Corporation;

(2)provide the appropriate congressional committees with a detailed summary of the Compact and, upon request, the text of the Compact; and

(3)publish in the Federal Register a detailed summary of the Compact and a notice of availability of the text of the Compact on the website of the Corporation.

Editorial Notes

Amendments

2018—Pub. L. 115–167 amended section generally. Prior to amendment, section related to Congressional and public notification of Compact.

§7709 Congressional and Public Notification

Summary

Title 22, §7709

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata