S 954

112th CONGRESS
1st Session

S. 954

To promote the strengthening of the Haitian private sector.

IN THE SENATE OF THE UNITED STATES

May 11, 2011

Mr. LUGAR introduced the following bill; which was read twice and referred to the Committee on Foreign Relations


A BILL

To promote the strengthening of the Haitian private sector.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Haitian-American Enterprise Fund Act'.

SEC. 2. PURPOSES.

    The purposes of this Act are--

      (1) to promote the Haitian private sector, including small businesses, the agricultural sector, and joint ventures with United States and Haitian participants; and

      (2) to promote policies and practices conducive to the private sector in Haiti through loans, grants, equity investments, feasibility studies, technical assistance, training, insurance, guarantees, and other measures.

SEC. 3. HAITIAN-AMERICAN ENTERPRISE FUND.

    (a) Designation- After consultation with the leadership of each House of Congress, the President may designate a private, nonprofit organization, which has been established for the purposes specified in section 2 and which shall be known as the `Haitian-American Enterprise Fund', to receive financial assistance and support made available under this Act.

    (b) Board of Directors-

      (1) APPOINTMENT- The Haitian-American Enterprise Fund shall be governed by a Board of Directors, which shall be comprised of 6 private citizens of the United States or Haiti, appointed by the President, of which not more than 2 may be citizens of Haiti.

      (2) QUALIFICATIONS- Member of the Board of Directors shall be selected from among people who have had successful business careers in private equity, banking, or finance that is similar to the experience of individuals who previously served on the Board of Directors of a successful Enterprise Fund established by the United States Government on or after January 1, 1990.

      (3) ADDITIONAL BOARD MEMBERS- Upon the recommendation of the Board of Directors, the President may appoint up to 2 additional members to the Board (in addition to the Directors appointed pursuant to paragraph (1)), of which not more than 1 may be a citizen of Haiti.

    (c) Grants-

      (1) IN GENERAL- Amounts appropriated to the President pursuant to section 7 shall be granted to the Haitian-American Enterprise Fund by the United States Agency for International Development to enable the Fund to carry out the purposes specified in section 2 and for the administrative expenses of the Fund.

      (2) ELIGIBLE PROGRAMS AND PROJECTS- Grants awarded under this section may only be used for programs and projects that support the purposes set forth in section 2.

      (3) COMPLIANCE REQUIREMENT-

        (A) IN GENERAL- Grants may not be awarded to the Haitian-American Enterprise Fund under this section unless the Fund agrees to comply with the requirements under this section.

        (B) GRANT AGREEMENT- The grant agreement between the United States Agency for International Development (referred to in this section as `USAID') and the Haitian-American Enterprise Fund shall state that the Fund shall end its reinvestment cycle not later than December 31, 2021, unless the USAID Administrator determines, after consultation with the appropriate congressional committees, that the Fund should be extended.

        (C) PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING- The grant agreement between USAID and the Haitian-American Enterprise Fund shall state that the Fund shall comply with procedures specified by the Secretary of State to ensure that grant funds are not provided by the Fund to or through--

          (i) any individual, private or government entity, or educational institution that advocates, plans, sponsors, engages in, or has engaged in, money laundering or terrorist activity; or

          (ii) any private entity or educational institution if a principal officer of its governing board is--

            (I) involved in or advocating money laundering or terrorist activity; or

            (II) a member of a designated foreign terrorist organization.

        (D) DISPOSITION OF ASSETS- All assets of the Haitian-American Enterprise Fund on the date on which the Fund is dissolved shall be returned to the Treasury of the United States for the purpose of deficit reduction.

    (d) Notification-

      (1) IN GENERAL- Not later than 15 days before designating an organization to operate as the Haitian-American Enterprise Fund pursuant to subsection (a), the President shall provide the information described in paragraph (2) to the Chairman and Ranking Member of the appropriate congressional committees.

      (2) INFORMATION- The information described in this paragraph is--

        (A) the identity of the organization to be designated to operate as the Haitian-American Enterprise Fund pursuant to subsection (a);

        (B) the names and qualifications of the individuals who will comprise the Initial Board;

        (C) the procedures referred to in subsection (c)(3)(C) that will apply to the Haitian-American Enterprise Fund for purposes of curtailing money laundering and terrorist financing activities; and

        (D) the size of the financial grant that shall be made available to the Haitian-American Enterprise Fund.

    (e) Reports-

      (1) ADMINISTRATIVE EXPENSES- Not later than 1 year after the date of the enactment of this Act, and annually thereafter until the Fund is dissolved, the Fund shall submit a report to the appropriate congressional committees that details the administrative expenses of the Fund.

      (2) GAO REPORT- Not later than 3 years after the date of the enactment of this Act, and every 3 years thereafter until the Fund is dissolved, the Comptroller General of the United States shall submit a report to the appropriate congressional committees that assesses the activities of the Fund in--

        (A) achieving the stated goals of promoting private sector investment and employment in Haiti; and

        (B) identifying those institutional or regulatory constraints that inhibit a more effective application of Fund resources.

    (f) Defined Term- In this section, the term `appropriate congressional committees' means--

      (1) the Committee on Foreign Relations of the Senate;

      (2) the Committee on Appropriations of the Senate;

      (3) the Committee on Foreign Affairs of the House of Representatives; and

      (4) the Committee on Appropriations of the House of Representatives.

SEC. 4. OPERATION PROVISIONS.

    (a) Applicable Provisions- Subsections (d)(5), (g), (h), (i), (k), (l), (m), (n), (o), and (p) of section 201 of the Support for East European Democracy (SEED) Act of 1989 (Public Law 101-179; 22 U.S.C. 5421) shall apply with respect to the Haitian-American Enterprise Fund in the same manner as such provisions apply to Enterprise Funds designated pursuant to subsection (d) of such section.

    (b) Reinvestment- Returns on investments of the Haitian-American Enterprise Fund and other payments to the Fund may be reinvested in projects carried out by the Fund without further appropriation by Congress.

SEC. 5. BEST PRACTICES AND PROCEDURES.

    To the maximum extent practicable, the Board of Directors of the Haitian-American Enterprise Fund should adopt the best practices and procedures used by Enterprise Funds, including those for which funding has been made available pursuant to section 201 of the Support for East European Democracy (SEED) Act of 1989 (Public Law 101-179; 22 U.S.C. 5421).

SEC. 6. EXPERIENCE OF OTHER ENTERPRISE FUNDS.

    In implementing this Act, the President shall ensure that the Articles of Incorporation of the Haitian-American Enterprise Fund (including provisions specifying the responsibilities of the Board of Directors of the Fund), the terms of United States Government grant agreements with the Fund, and United States Government oversight of the Fund are, to the maximum extent practicable, consistent with the Articles of Incorporation of, the terms of grant agreements with, and the oversight of the Enterprise Funds established pursuant to section 201 of the Support for East European Democracy (SEED) Act of 1989 (22 U.S.C. 5421) and comparable provisions of law.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General- There are authorized to be appropriated to the President such sums as may be necessary to provide funding for grants to the Haitian-American Enterprise Fund, which shall be used for the purposes specified in section 2.

    (b) Availability of Funds- Amounts appropriated pursuant to subsection (a) shall remain available until expended.

    (c) Nonapplicability of Other Laws- Notwithstanding any other provision of law, amounts appropriated pursuant to subsection (a) may be used to carry out this Act.

END