Celebrating the 75th Anniversary of the 1932 Winter Olympic Games in Lake Placid, New York.

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2798) to reauthorize the programs of the Overseas Private Investment Corporation, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and include extraneous material on the bill now under consideration, and on the next three resolutions that the House will consider, H. Res. 521, H. Res. 380, and H. Con. Res. 139.

Mr. Speaker, I rise in strong support of this bill, and I yield myself such time as I may consume.

I would like to thank the many colleagues who have been involved in crafting this legislation, including Chairman Lantos, Ranking Member Ros-Lehtinen, Ranking Member Royce, Mr. Manzullo, Ambassador Watson and others. Their assistance was critical in the bipartisan effort of making the Overseas Private Investment Corporation even more effective.

As I proceed, I will point out that the Overseas Private Investment Corporation is saddled with the most unfortunate acronym in Washington, OPIC. Let us hope it is not confused with that other, nefarious organization, OPEC.

OPIC's mission is ``to mobilize and facilitate the participation of United States private capital and skills in the economic and social development of less developed countries and areas.''

Since its creation in 1971, the Overseas Private Investment Corporation has generated $71 billion in U.S. exports, supported over 271,000 U.S. jobs, and supported projects in over 150 developing countries.

OPIC uses a nimble, private-sector model to accomplish its important public-sector goals, to further development in poor countries, including unstable countries, and to support the goals of American foreign policy. It supports targeted investments in some of the world's poorest countries, many of which would otherwise not benefit from American private-sector projects because the private sector would be otherwise unwilling to take the risks involved.

OPIC, being part of the Federal Government, is uniquely qualified to carry out this mission. There are private sector organizations which will sell on rare occasions expropriation insurance, but they often refuse to sell such insurance or refuse to finance projects in difficult and problematic countries because if expropriation did occur, they would only have their private-sector contacts to persuade the foreign government to relent. In the case of OPIC, it is able to rely on the United States State Department to convince foreign countries not to expropriate projects and assets funded by or guaranteed by the United States agency.

OPIC has a sophisticated system that reviews applications and funds projects in some of the places where companies are least likely to get the very kind of insurance they are most likely to need; namely, insurance for political risk. In fact, OPIC requires applicants for assistance to seek insurance in the private market and certify that it was unavailable before OPIC will offer its services.

OPIC operates at no net cost to the United States taxpayer. Amazingly, it has turned a profit in every single year of its operations and now has reserves of $5.3 billion on deposit in the U.S. Treasury. Despite working in some of the least developed countries of the world, it has amassed this $5.3 billion in reserves. If all of our government agencies ran this way, perhaps even those on the other side of the aisle would be more favorably disposed to Federal programs.

Today's bill not only reauthorizes OPIC but improves both its strategy and oversight to make it the most responsible investor it can be.

With this bill, the new and improved OPIC will work in countries and with companies, private sector companies, in a manner which provides greater protection for international worker rights.

The new and improved OPIC will take additional steps to guarantee that its projects do not damage the environment and, in fact, move toward a greener economy.

The new and improved OPIC will be as transparent as possible and more transparent than any Federal agency I am aware of.

I want to especially focus on section 10 of the bill because it contains a provision that is unique as to bills that have come to this floor, but which is being talked about in a wide variety of our other bills, designed to focus on using the economic power of the United States to deal with terrorist countries, particularly those who are committing genocide, such as Sudan, or developing nuclear weapons, such as Iran and North Korea.

If this bill is enacted, this provision would be the only statute requiring a screen for companies doing business with a U.S. government agency that requires the private sector companies to certify that neither they nor any entity, as part of their affiliated group of corporations, is engaging in an enterprise which is helping terrorist states as defined in the bill.

Now, one of the toughest issues for anyone trying to use the economic power of the United States to achieve our foreign policy objectives must ask is, what types of investments are we trying to discourage? The broader the definition of what we're trying to discourage, the less focused the pressure that we put on private sector entities.

In this bill, and this is a bill that I hope will form a template for the divestiture movement in the United States, for procurement laws that come before this Congress, et cetera, we focus rather narrowly the economic pressure of the United States. We tell these multinational corporations that we're not going to bar you from dealing with OPIC if you sell a candy bar to a private store in Tehran or you sell paper clips to a stationery store in Khartoum.

Rather, you must certify that your corporation and all its affiliates have abstained from two very important actions: first, that you have made no loan to the terrorist government; and, second, that you are not investing significant assets in the oil and energy sector of a terrorist State, particularly no more than $20 million.

This builds on what used to be called the Iran-Libya Sanctions Act, now the Iran Sanctions Act, which draws the line and finds the pressure point for both Iran and Sudan, and probably Syria as well, in stating that our goal is to prevent investments of more than $20 million in the terrorist states' oil sector.

Also, OPIC would not be able to approve an application if the applicant company has an outstanding loan or extension of credit to one of the state sponsors of terrorist governments. Sales of goods other than food and medicine on anything other than a cash basis would constitute U.N. extension of credit for these purposes.

Now, section 10 of the bill would apply these prohibitions, as I've pointed out, to foreign subsidiaries of the applicant. In order to benefit from partnering with OPIC, the entire group of affiliated corporations would have to make the certification.

Section 10 of the bill would require the CEOs of any applicant and the CEO of the applicant's ultimate parent corporation to certify that none of the affiliated groups have engaged in the prohibited activities.

Section 10 is also narrowly targeted with regard to the geography of the Sudan in that it does not prohibit activities in those regions of Sudan not under the power of the Khartoum government.

For 35 years, OPIC has funded and ensured the type of infrastructure- building that no one else would do in some countries where no private corporation would otherwise go. OPIC has paved the way for roads and bridges, buildings and energy facilities in countries marked by conflict and war.

For these reasons, we should reauthorize OPIC.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I have no requests for time. Let me yield myself just a couple of minutes and reemphasize, this is an agency that has conducted its activities at no cost to the Federal Treasury and, in fact, made a profit. It is appropriate that we reauthorize OPIC.

Second, this bill is, I believe, the first to come before this House which defines what precisely it is that we want international corporations to stop doing, and that is, investing in the oil sector of terrorist states, and, second, making loans to terrorist states. That is why I think that this bill may be an important template for other legislation, and I hope it will become a guide for what we expect of companies in procurement legislation, Ex-Im Bank, et cetera.

Mr. Speaker, I yield back the balance of my time, and I move that we adopt the bill.

Mr. Speaker, I rise today in strong support of H.R. 2798, the Overseas Private Investment Corporation Act of 2007. I would like to thank my colleague Mr. Sherman for introducing this important bipartisan legislation.

The Overseas Private Investment Corporation (OPIC) has led by example in improving the social and economic conditions in some of the world's poorest countries. Today's bill not only reauthorizes OPIC but it improves upon both its strategy and oversight to make it the most responsible investor it can be.

OPIC has, since its inception in 1971, applied a private-sector model to a number of

important public-sector goals. By supporting targeted investments in a number of the world's poorest countries, OPIC extends the benefits of American projects to areas where a high level of risk might preclude investment by private companies. In this way, OPIC fills an important void left by the private financial sector. OPIC is essential and vital to the development of many countries, providing political risk insurance against the risks of inconvertibility, political violence, and expropriation allowing business to invest overseas and promote economic development in new and emerging markets.

For the past 35 years, OPIC has funded and insured the type of infrastructure building that no private company would do in some of the countries in which no company would otherwise go. OPIC has paved the way for roads, bridges, buildings, and energy facilities in war-torn and impoverished developing nations, and has accomplished all this while turning a profit and building billions in reserves.

Remarkably, OPIC has itself turned a profit in every single year of its operations. It currently has reserves of over $5.3 billion, despite working in many of the world's least developed nations.

OPIC's sophisticated system involves reviewing applications and funding projects in countries where companies are least likely to get insurance coverage for the risk they are taking. In addition OPIC also provides financing through direct loans and loan guaranties.

With H.R. 2798, OPIC will become a new and improved agency. We live in a world that requires all of us to work together to fight terrorism, hunger and poverty, and for fundamental freedom and rights of every individual. This bill will allow OPIC to work in countries and with companies that provide greater protection for international workers rights.

This legislation has a number of vital safeguards, preventing funds from being used for destructive purposes. It strictly prevents funding for any project that damages the environment, and it ensures that it is not funding projects in nations with the most dangerous regimes in the world, including Iran. This bill prohibits investment in any state sponsor of terrorism, and charges OPIC with researching the subsidiaries of every company it funds to enforce that prohibition. Under the provisions of this bill, OPIC will be as transparent as possible.

I was happy to work with Congressman Sherman to include language in the Committee Report to ensure that Iraq is not given a blank check. Given the violent and chaotic situation in Iraq, and due to difficulties in dealing with an unstable Iraqi government, it is necessary to waive certain requirements normally mandatory for OPIC involvement in a country. While I believe that OPIC investment has the potential to be extremely valuable and beneficial for Iraqi reconstruction, I also believe it to be necessary for Iraq to demonstrate that it is making definitive and substantial steps toward the benchmarks set by the United States, including achieving political and national reconciliation.

For 35 years, OPIC has funded and insured infrastructure-building activities that would not otherwise be undertaken by the private sector. This legislation ensures that OPIC can continue its valuable work, building on its legacy of constructive involvement and further refining its strategies and oversight. I believe that OPIC deserves our support, and I strongly support this legislation.

Mr. Speaker, I've offered H. Res. 521 to celebrate Lake Placid's prominent place in Olympic history. This year marks the 75th anniversary of the 1932 Olympic Games and the beginning of Lake Placid's storied history in American hearts and minds.

In the midst of a worldwide depression, 252 athletes from 17 countries participated in the 1932 Winter Olympic Games held at Lake Placid. Franklin Delano Roosevelt, whose home is just a few hours south of Lake Placid in Duchess County, officially opened the third ever Winter Olympic Games and the first one ever held in the Western Hemisphere.

Despite fierce competition from around the world, Lake Placid was once again chosen to host the Winter Olympic Games 48 years later, in 1980. This time, 1,072 athletes from 37 nations participated in the Games, and the question, ``Do you believe in miracles?'' forever became ingrained in the American consciousness. The American hockey team's victory over the Soviet Union permanently linked Lake Placid with one of the greatest triumphs, and prideful moments, in American sports history, with the ``Miracle on Ice.''

Lake Placid, a small village in the Adirondacks, is the only location in North America to have hosted the Winter Olympic Games more than once. Their success is phenomenal, when one considers that fewer than 2,700 residents live in the village.

I'm so incredibly fortunate to represent the citizens of Lake Placid and Essex County. Every year, Mayor Jamie Rogers and the villagers of Lake Placid welcome over 2.2 million visitors from all 50 States and countries all over the world. Lake Placid has been one of my favorite vacation places since I was a child, and I still enjoy taking my son there every year.

I strongly encourage all Americans to visit the state-of-the-art Olympic facilities in Essex County. The New York State Olympic Regional Development Authority, or ORDA, operates the various venues used in the 1932 and 1980 Olympic Games. Athletes from around the world come to Lake Placid to train and compete at these facilities, in addition to sports enthusiasts, young and old.

In addition, Lake Placid is the home of one of three U.S. Olympic Committee's national training centers, an honor that allows upstate New York to mold the next generation of gold medal winners. The facilities at Lake Placid allow every American to step into the shoes of a professional athlete. It's thrilling to skate at the Herb Brooks Arena where the miracle on ice took place, or skate at the Olympic Speed Skating Oval where America's speed skater, Eric Heiden, won an unprecedented five gold medals in 1980.

Visitors can try out the ski-jumping complex or sharpen their bobsled and luge skills. The beautiful Adirondack Mountains offer cross-county or alpine skiing on Whiteface Mountain, one of the top resorts in all the Nation, all with spectacular pristine views.

Lake Placid admirably hosted the Olympic games twice in the past. I hope the U.S. Olympic Committee will consider having Lake Placid represent the United States in a future bid for the Winter Olympic Games.

I congratulate the Village of Lake Placid as they celebrate the 75th anniversary of the 1932 Winter Olympic Games. I thank everyone in the House of Representatives for supporting this resolution that honors Lake Placid's continued distinguished place in American Olympic history.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 521) celebrating the 75th Anniversary of the 1932 Winter Olympic Games in Lake Placid, New York.

Mr. Speaker, I rise in strong support of this resolution and yield myself such time as I may consume.

Let me first express my appreciation to our colleague from the great State of New York (Mrs. Gillibrand) for introducing this important and timely resolution. I know the gentlelady from New York would like to be here, and if I speak very slowly may yet get here before we conclude, but whether she is here in person, she is certainly here in spirit.

The little village of Lake Placid lived up to its name on two spectacular occasions in the last century. The 1932 Winter Olympics and the 1980 Winter Olympics were two of the most exciting events of our time, featuring the most beautiful backdrops in the history of the games.

The organizing committee of the 1932 Olympics faced an uphill battle, raising money for the games in the middle of the Great Depression. But symbolizing the American spirit of generosity, Dr. Godfrey Dewey donated land owned by his family to be used for the all-important bobsleigh run. In fact, the Winter Olympics that year became a real distraction from the Great Depression for all the residents of the State of New York, and, in fact, the entire world.

In those 1932 Games, Eddie Eagan became the only Olympic athlete ever to win a gold medal in both the Summer and Winter Games. A great, versatile athlete, Eagan had already earned gold as a lightweight boxer in the 1920 Summer Games. At Lake Placid in 1932, he was part of the four-man bobsleigh team that triumphed in first place.

This resolution takes the opportunity to congratulate and celebrate Lake Placid upon the 75th anniversary of the games it hosted in 1932. This town deserves full congressional credit for the efficiency and grace with which it represented the United States during the Games of 1932 and, again, in 1980.

But Lake Placid outdid itself in 1980, when it had new facilities and a renewed spirit to host thousands of people for those Winter Games. Those Games became famous for the unbelievable Miracle-on-Ice conquest, when the United States hockey team, a group of amateurs and college kids, captured the hearts of the Nation by upending the Soviet Union's intimidating hockey machine in a dramatic 4-3 semifinal victory. They went on to win the gold.

Lake Placid's involvement with the Olympics has grown larger than just those two games. Lake Placid maintains world-class Olympic facilities and

serves as one of the United States Olympic Committee's three national training centers. The small town in Upstate New York continues to host international sporting events, as well as some 2.2 million tourists every year.

I encourage Members to support the resolution recognizing Lake Placid's historic place in Olympic history and encouraging the USOC to select this idyllic town for future bids in the Olympic and Paralympic Winter Games so long as they are not in competition with an applicant from the State of California.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield 4 minutes to the distinguished gentlelady from New York (Mrs. Gillibrand).

I yield back the balance of my time.

Mr. Speaker, I yield myself such time as I may consume.

(Mr. PENCE asked and was given permission to revise and extend his remarks.)

Mr. Speaker, I rise in strong and unqualified support of H. Res. 521, no Indiana exceptions, at least not today.

I congratulate Representative Gillibrand, as my colleague from California did, for this important resolution.

For close to a century, Lake Placid has been central to America's participation and achievements in international sports. It's the only site in North America to have hosted more than one Winter Olympics, both in 1932 and in 1980.

Moreover, in 1980, and if you haven't seen the movie, it was the site of one of America's greatest moments, when the U.S. national hockey team defeated the heavily favored Soviet Union. Walt Disney films recently created an extraordinary motion picture remembering that miracle on ice.

It was not only a victory for one hockey team over another, but for millions it symbolized the triumph of freedom over tyranny and seemed to be a part of setting into motion in 1980 what we would see with the collapse of Soviet communism in 1991. It forced you out of that, so in a very real sense, Lake Placid is important in the history of freedom as well as in the history of sport. Indeed, countless Americans actually remember where we were in that glorious moment.

Lake Placid's contributions to international sports continue to this very day. It's the home of one of the U.S. Olympic Committee's three national training centers and regularly hosts international sports competitions, bringing together athletes from across the globe to celebrate the excellence of sports.

Perhaps above all, Mr. Speaker, Lake Placid is an example of what a society can accomplish. This small village in New York with a population of less than 2,700 not only is a venue for grand-scale sporting events but also welcomes over 2 million visitors every year. This resolution recognizes Lake Placid's place in Olympic history, encourages Americans to visit that village's state-of-the-art Olympic facilities, and further encourages the U.S. Olympic Committee to select Lake Placid to represent the United States in the future for the Olympic or Para-Olympic games.

I commend my distinguished colleague from New York again, Mrs. Gillibrand, and Mr. McHugh, for introducing this important resolution. I urge its adoption.

I yield back the balance of my time.