Page:United States Statutes at Large Volume 88 Part 1.djvu/808

 764

PUBLIC LAW 93-390-AUG. 27, 1974

[88 STAT.

(B) strike out clause (a) and insert in lieu thereof the follow" (a) to conduct financing, insurance, and reinsurance operations on a self-sustaining basis, taking into account in its financing operations the economic and financial soundness of projects;"; (C) in clause (d) strike out ", when appropriate,", and insert after "efforts to share its insurance" the following: "and reinsurance"; (D) strike out clause (e) and insert in lieu thereof the follow-

22 USC 2194.

"(e) to give preferential consideration in its investment insurance, financing, and reinsurance activities (to the maximum extent practicable consistent with the Corporation's purposes) to investment projects involving businesses of not more than $2,500,000 net worth or with not more than $7,500,000 in total assets;"; (E) in clause (i), after "balance-of-payments" insert "and employment"; (F) in clause (j), strike out "and" after the semicolon; (G) at the end of clause (k), strike out the period and insert in lieu thereof a semicolon; and (H) add at the end thereof the following new clauses: "(1) to the maximum extent practicable, to give preferential consideration in the Corporation's investment insurance, financing, and reinsurance activities to investment projects in the less developed friendly countries which have per capita incomes of $450 or less in 1973 United States dollars; and " (m)(1) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing for an eligible investor's proposed investment if the Corporation determines that such investment is likely to cause such investor (or the sponsor of an investment project in which such investor is involved) significantly to reduce the number of his employees in the United States because he is replacing his United States production with production from such investment which involves substantially the same product for substantially the same market as his United States production; and (2) to monitor conformance with the representations of the investor on which the Corporation relied in making the determination required by clause (1)." (2) Section 234 is amended— (A) by striking out the section caption and inserting in lieu thereof the following: "INVESTMENT INSURANCE AND OTHER PROGRAMS";

(B) by striking out subsection (a)(2) and inserting in lieu thereof the following: "(2) Kecognizing that major private investments in less developed friendly countries or areas are often made by enterprises in which there is multinational participation, including significant United States private participation, the Corporation may make arrangements with foreign governments (including agencies, instrumentalities, or

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