The Better Utilization of Investments Leading to Development (BUILD) Act of 2018 will create the U.S. International Development Finance Corporation (DFC) by bringing together th...
Overseas Private Investment Corporation, US International Development Finance Corporation.
ACTION:
Final rule.
SUMMARY:
The Better Utilization of Investments Leading to Development (BUILD) Act of 2018 will create the U.S. International Development Finance Corporation (DFC) by bringing together the Overseas Private Investment Corporation (OPIC) and the Development Credit Authority (DCA) office of the U.S. Agency for International Development (USAID). The reorganization requires a transfer of administrative regulations from OPIC to the new agency.
The BUILD Act of 2018 will winddown OPIC and combine the capabilities of OPIC and DCA while providing the US with more flexibility and tools to support investments in developing countries. DFC will be a new, modern agency and requires administrative structure to support its mission. DFC will replace OPIC as the authority for 5 CFR Chapter XXXIII and 22 CFR Chapter VII and assume its administrative regulations which cover ethics restrictions, the FOIA, the Privacy Act, the Sunshine Act, the FCPA, nondiscrimination provisions, lobbying restrictions, and Touhy regulations in all parts under those chapters. Neither OPIC nor DFC currently plan on having non-administrative regulations. Other than a change in agency name, contact information, and agency authorizing statute, no changes are proposed to the existing regulations.
4. In § 4301.101, remove the words “Overseas Private Investment Corporation (OPIC)” and add in their place the words “US International Development Finance Corporation (DFC)” in the first sentence.
Title 22
CHAPTER VII—US INTERNATIONAL DEVELOPMENT FINANCE CORPORATION
5. Revise the heading for chapter VII to read as set forth above.
PART 705—EMPLOYEE ETHICAL CONDUCT STANDARDS AND FINANCIAL DISCLOSURE REGULATIONS
6. Revise the authority citation for part 705 to read as follows:
a. Remove the words “Overseas Private Investment Corporation (OPIC)” and add in their place the words “US International Development Finance Corporation (DFC)”; and
b. Remove “OPIC” and add in its place “DFC”.
PART 706—INFORMATION DISCLOSURE UNDER THE FREEDOM OF INFORMATION ACT
8. Revise the authority citation for part 706 to read as follows:
a. Revise the words “Overseas Private Investment Corporation” and add in their place the words “US International Development Finance Corporation” wherever they occur; and
b. Remove “OPIC” and add in its place “DFC” wherever it occurs.
14. Revise the heading for part 707 to read as set forth above.
15. In part 707:
a. Remove the words “Overseas Private Investment Corporation” and add in their place the words “US International Development Finance Corporation” wherever they occur; and
b. Remove “OPIC” and add in its place “DFC” wherever it occurs.
a. Remove the words “Overseas Private Investment Corporation” and add in their place the words “US International Development Finance Corporation” wherever they occur; and
b. Remove “OPIC” and add in its place “DFC” wherever it occurs.
PART 711—ENFORCEMENT OF NONDISCRIMINATION ON THE BASIS OF HANDICAP IN PROGRAMS OR ACTIVITIES
21. Revise the authority citation for part 711 to read as follows:
23. In § 711.170, in paragraph (c), remove the address “1615 M Street NW, Washington, DC 20527, Attention: Director of Personnel” and add in its place “1100 New York Avenue NW, Washington, DC 20527, Attention: Director of Human Resources Management”.
PART 712—NEW RESTRICTIONS ON LOBBYING
24. Revise the authority citation for part 712 to read as follows:
26. Revise the heading for part 713 to read as set forth above.
27. In part 713:
a. Remove the words “Overseas Private Investment Corporation” and add in their place the words “US International Development Finance Corporation” wherever they occur; and
b. Remove “OPIC” and add in its place “DFC” wherever it occurs.
Dev Jagadesan,
Deputy General Counsel, Department of Legal Affairs, Overseas Private Investment Corporation.
Use this for formal legal and research references to the published document.
84 FR 37751
Web Citation
Suggested Web Citation
Use this when citing the archival web version of the document.
“BUILD Act of 2018; Transfer of Regulations,” thefederalregister.org (August 2, 2019), https://thefederalregister.org/documents/2019-16250/build-act-of-2018-transfer-of-regulations.