Debbie Dingell: “I rise in support of H.R. 2798, the ``Overseas Private Investment Corporation Reauthorization Act of 2007''. Since its…”

“I rise in support of H.R. 2798, the ``Overseas Private Investment Corporation Reauthorization Act of 2007''. Since its establishment in 1971, OPIC has offered investment financing and political risk insurance to American businesses and lenders, which are willing to direct private capital to developing countries. While OPIC has proven to be a valuable tool for U.S. foreign and commercial policy, it is in need of some improvement. I am pleased that H.R. 2798 establishes requirements that projects be approved only in countries that are making progress toward adopting international labor and environmental standards. H.R. 2798 also embraces the necessity of promoting peace and stability in the international system by prohibiting OPIC from participating in projects in countries that are sponsors of terrorism, possess or have programs to develop nuclear weapons, or commit genocide. I would object, however, to one provision in this bill.”