It is often referred to as the U.S. government's development finance institution (DFI). Over the past several years, Congress has extended OPIC's authority through appropriations law. Most recently, an FY2017 continuing resolution extended OPIC's authority through April 28, 2017 ( P.L. The Foreign Assistance Act directs OPIC 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, and countries in transition from nonmarket to market economies ... under the policy guidance of the Secretary of State." OPIC works to fulfill its mandate by providing political risk insurance, project and investment funds financing, and other services to promote U.S. direct investment overseas. Its services are intended to mitigate the risks affecting U.S. international investment, such as political risks (including currency inconvertibility, expropriation, and political violence), for U.S. firms making qualified investments overseas. The 115 th Congress may take up a number of issues related to OPIC, chief of which could be whether to renew OPIC's authority and, if so, under what terms. Congress also may examine OPIC's financial product offerings, policies, activity composition, and organizational structure, among other issues. 108-158 ) extended OPIC's authority for nearly four years until September 30, 2007. Programs

OPIC categorizes its operations into three main programs—insurance, finance, and investment funds—that are intended to promote U.S. private investment in less developed countries by mitigating risks, such as political risks, for U.S. firms making qualified investment overseas. OPIC is active in a range of economic sectors. OPIC also has focused on expanding financing available to SMEs in developing countries and emerging markets. While OPIC has the authority to spend from its own revenue to cover its operations, Congress and the President set OPIC's maximum spending levels for its administrative and program expenses through the annual appropriations process. The FY2016 appropriations act provided $62.8 million for OPIC's administrative expenses to carry out its credit and insurance programs and a transfer of $20 million from its noncredit account for credit program costs. In FY2016, OPIC had a staff of 289 full-time equivalents (estimate) (see Table 3 ). In developing countries, ODA historically was the main source of external financing. Over time, FDI flows have grown relative to ODA flows (see Figure 4 ). For example, OPIC's cumulative portfolio totaled nearly $20 billion in FY2015. Supporters argue that OPIC fills gaps in private sector political risk insurance and financing for investment and helps "level the playing field" for U.S. businesses competing against foreign companies supported by their own DFIs, while critics argue that OPIC distorts the flow of capital and resources away from efficient uses and crowds out viable, private sector alternatives for investment financing and insurance. From a foreign policy perspective, supporters contend that OPIC's activities, on a demand-driven basis, advance U.S. development and national security interests by contributing to economic development in poor countries, while critics counter that the actual composition of OPIC's activities may not reflect U.S. foreign policy priorities and that the development benefits of OPIC's activities are questionable. Those in favor of OPIC may argue that the federal government plays a unique role in addressing market failures; that OPIC's backing by the full faith and credit of the U.S. government may make certain transactions more commercially attractive or give OPIC leverage to guarantee repayment in a way that is not available to the private sector; and that federal investment support is critical when there is a shortfall in private sector financing and insurance. Appendix A. OPIC Authorization History
OPIC operates on a renewable basis under the Foreign Assistance Act of 1961, as amended (22 U.S.C. §2191 et seq .). 114-254 ).
The Overseas Private Investment Corporation (OPIC), a wholly owned U.S. government corporation, is referred to as the U.S. development finance institution (DFI). It provides political risk insurance, project and investment funds financing, and other services to promote U.S. direct investment in developing countries and emerging economies that will have a development impact. It operates under the foreign policy guidance of the Secretary of State. OPIC's governing legislation is the Foreign Assistance Act of 1961, as amended (22 U.S.C. §2191 et seq.).
Congress periodically has extended OPIC's authority to conduct its programs. Over the past several years, Congress has extended OPIC's authority through appropriations law, most recently through April 28, 2017 (FY2017 further continuing resolution, P.L. 114-254). The last multi-year, stand-alone reauthorization took place in 2003 with legislation extending OPIC's authority until September 30, 2007 (P.L. 108-158). Congress also has appropriations, oversight, and other legislative responsibilities related to OPIC.
OPIC's programs are intended to promote U.S. private investment in developing countries by mitigating risks, such as political risks (including currency inconvertibility, expropriation, and political violence). Its financing and insurance are backed by the full faith and credit of the U.S. government. Congress places statutory requirements on OPIC's activities, such as those related to the economic and environmental impacts of projects. OPIC support is available in over 160 countries around the world and across a range of economic sectors. According to OPIC, it extended $4.4 billion in financing and insurance commitments in FY2015. OPIC also reported a record high total exposure of nearly $20 billion at the end of that year. OPIC estimates that since its inception in 1974, it has contributed to about $80 billion in U.S. exports and supported over 280,000 U.S. jobs.
The international context in which OPIC operates has evolved. Foreign direct investment (FDI) flows have overtaken official development assistance (ODA) flows as a primary source of external financing to developing countries. DFIs are playing a more active role in supporting private sector capital flows to developing countries. The composition of DFI players, historically dominated by developed countries, also has evolved, with emerging markets such as China becoming more prominent.
OPIC states that it operates on a "self-sustaining basis," using its own revenues, which include user fees and interest from U.S. Treasury securities. Congress annually sets in legislation OPIC's maximum spending levels for its administrative and program expenses. The FY2016 appropriations act provided $62.8 million for OPIC's administrative expenses to carry out its credit and insurance programs and a transfer of $20 million from its noncredit account for credit program costs. In FY2016, OPIC had a staff of 289 full-time equivalents (estimate).
OPIC presents a number of possible issues for Congress, a key one being whether to renew OPIC's authority and, if so, under what terms. Supporters highlight OPIC's role in filling gaps in private sector investment financing and political risk insurance and helping to level the playing field for U.S. businesses vis-à-vis foreign competitors, while critics argue that OPIC is a form of "corporate welfare," with the private sector better suited to conduct such services, and question OPIC's development benefits. Other issues include OPIC's financial product offerings, policies, activity composition, and organizational structure.