22 U.S.C. § 7709

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 7709 - Congressional and public notification

(a) Congressional consultations and notifications

(1) In general

The Board, acting through the Chief Executive Officer, shall consult with and notify the appropriate congressional committees not later than 15 days before taking any of the actions described in paragraph (2).

(2) Actions described

The actions described in this paragraph are-

(A) providing assistance for an eligible country under section 7708(g) of this title;

(B) commencing negotiations with an eligible country to provide assistance for-

(i) a Compact under section 7704 of this title; or

(ii) an agreement under section 7715 of this title;

(C) signing such a Compact or agreement; and

(D) terminating assistance under such a Compact or agreement.

(3) Economic justification

Any notification relating to the intent to negotiate or sign a Compact shall include a report describing the projected economic justification for the Compact, including, as applicable-

(A) the expected economic rate of return of the Compact;

(B) a cost-benefit analysis of the Compact;

(C) a description of the impact on beneficiary populations;

(D) the likelihood that the investment will catalyze private sector investments; and

(E) any other applicable economic factors that justify each project to be funded under such a Compact to the extent practicable and appropriate.

(4) Risk management plan

Not later than 60 days before signing each concurrent Compact, as authorized under section 7708 of this title, the Board, acting through the Chief Executive Officer, shall consult with and provide to the appropriate congressional committees-

(A) an assessment and, as appropriate, the identification of potential measures to mitigate risks, of-

(i) the countries' commitment to regional integration and cross-border cooperation and capacity to carry out commitments;

(ii) political and policy risks, including risks that could affect country eligibility;

(iii) risks associated with realizing economic returns;

(iv) time and completion risks; and

(v) cost and financial risks; and

(B) an assessment of measures to be taken to mitigate any identified risks, including-

(i) securing other potential donors to finance projects or parts of projects as needed; and

(ii) partnering with regional organizations to support and oversee effective cross-border cooperation.

(b) Congressional and public notification after entering into a Compact

Not later than 10 days after entering into a Compact with an eligible country, the Board, acting through the Chief Executive Officer, shall-

(1) publish the text of the Compact on the website of the Corporation;

(2) provide the appropriate congressional committees with a detailed summary of the Compact and, upon request, the text of the Compact; and

(3) publish in the Federal Register a detailed summary of the Compact and a notice of availability of the text of the Compact on the website of the Corporation.

22 U.S.C. § 7709

Pub. L. 108-199, div. D, title VI, §610, Jan. 23, 2004, 118 Stat. 220; Pub. L. 115-167, title II, §205, Apr. 23, 2018, 132 Stat. 1281.

EDITORIAL NOTES

AMENDMENTS2018- Pub. L. 115-167 amended section generally. Prior to amendment, section related to Congressional and public notification of Compact.

Board: The term "Board" means the Board of Directors of the Corporation established pursuant to section 7703(c) of this title.
Chief Executive Officer: The term "Chief Executive Officer" means the chief executive officer of the Corporation appointed pursuant to section 7703(b) of this title.
Compact: The term "Compact" means a Millennium Challenge Compact described in section 7708 of this title.
Corporation: The term "Corporation" means the Millennium Challenge Corporation established by section 7703(a) of this title.
appropriate congressional committees: The term "appropriate congressional committees" means-(A) the Committee on International Relations and the Committee on Appropriations of the House of Representatives; and(B) the Committee on Foreign Relations and the Committee on Appropriations of the Senate.
eligible country: The term "eligible country" means a candidate country that is determined, under section 7706 of this title, to be an eligible country to receive assistance under section 7704 of this title.