22 USC 9683 – Transfer of functions
(a) In general
Effective at the end of the transition period, there shall be transferred to the Corporation the functions, personnel, assets, and liabilities of—
(1) the Overseas Private Investment Corporation, as in existence on the day before October 5, 2018; and
(2) the following elements of the United States Agency for International Development:
(A) The Development Credit Authority.
(B) The existing Legacy Credit portfolio under the Urban Environment Program and any other direct loan programs and non-Development Credit Authority guaranty programs authorized by the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et seq.) or other predecessor Acts, as in existence on October 5, 2018, other than any sovereign loan guaranties.
(b) Additional transfer authority
Terms Used In 22 USC 9683
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Legacy: A gift of property made by will.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Effective at the end of the transition period, there is authorized to be transferred to the Corporation, with the concurrence of the Administrator of the United States Agency for International Development, the functions, personnel, assets, and liabilities of the following elements of the United States Agency for International Development:
(1) The Office of Private Capital and Microenterprise.
(2) The enterprise funds.
(c) Sovereign loan guaranty transfer
(1) In general
Effective at the end of the transition period, there is authorized to be transferred to the Corporation or any other appropriate department or agency of the United States Government the loan accounts and the legal rights and responsibilities for the sovereign loan guaranty portfolio held by the United States Agency for International Development as in existence on the day before October 5, 2018.
(2) Inclusion in reorganization plan
The President shall include in the reorganization plan submitted under section 9682 of this title a description of the transfer authorized under paragraph (1).
(d) Bilateral agreements
Any bilateral agreement of the United States in effect on October 5, 2018, that serves as the basis for programs of the Overseas Private Investment Corporation and the Development Credit Authority shall be considered as satisfying the requirements of section 9631(a) of this title.
(e) Transition
During the transition period, the agencies specified in subsection (a) shall—
(1) continue to administer the assets and obligations of those agencies; and
(2) carry out such programs and activities authorized under this chapter as may be determined by the President.