Sec. 4. Bosnia and Herzegovina-American Enterprise Fund
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/bill/114/s/2307/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The President is authorized to designate a private, nonprofit organization (to be known as the Bosnia and Herzegovina-American Enterprise Fund) to receive funds and support made available under this Act after determining that such organization has been designated for the purposes specified in section 3. The President should make such designation only after consultation with the leadership of each House of Congress. The Bosnia and Herzegovina-American Enterprise Fund shall be governed by a Board of Directors, which shall be comprised of 6 private citizens of the United States appointed by the President of the United States in consultation with the Administrator of the United States Agency for International Development.
The Board is authorized to appoint up to 3 additional members who are citizens of Bosnia and Herzegovina if agreed to unanimously by all members of the Board. Members of the Board of Directors shall be selected from among people who have had successful business careers and demonstrated experience and expertise in international and particularly emerging markets investment activities, such as private equity or venture capital investment, banking, finance, strategic business consulting, or entrepreneurial business creation, and backgrounds in priority business sectors of the Fund.
The President shall appoint the United States Ambassador to Bosnia and Herzegovina, or the Ambassador's designee, as a liaison to the Board. Upon the recommendation of the Board of Directors, the President may appoint up to 2 additional liaisons to the Board of Directors in addition to the members specified in paragraphs
(1)and (3), of which not more than 1 may be a non-citizen of the United States. One of the additional liaisons to the Board should be from the nongovernmental organization community, with significant prior experience in development and an understanding of development policy priorities for Bosnia and Herzegovina. One of the additional liaisons to the Board should have extensive demonstrated industry, sector, or technical experience and expertise in a priority investment sector for the Fund. There is authorized to be appropriated for the Department of State for fiscal year 2016 $30,000,000— to carry out the purposes set forth in section 3 through the Bosnia and Herzegovina-American Enterprise Fund; and to pay for the administrative expenses of the Bosnia and Herzegovina-American Enterprise Fund. Grants awarded under this section may only be used for programs and projects that support the purposes set forth in section 3. Grants may not be awarded to the Bosnia and Herzegovina-American Enterprise Fund under this section unless the Fund agrees to comply with the requirements under this section. The grant agreement between the United States Agency for International Development and the Bosnia and Herzegovina-American Enterprise Fund shall state that the Fund shall end its reinvestment cycle not later than December 31, 2030, unless the Secretary of State, in consultation with the Administrator of the United States Agency for International Development, and after consultation with the appropriate congressional committees, determines that the Fund should be extended. The grant agreement between the United States Agency for International Development and the Bosnia and Herzegovina-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 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, with respect to a private entity or educational institution, that has as a principal officer of the entity’s governing board or governing board of trustees any individual that has been determined to be involved in or advocating money laundering or terrorist activity or determined to be a member of a designated foreign terrorist organization. The assets of the Bosnia and Herzegovina-American Enterprise Fund at the time the Fund is dissolved shall be returned to the General Fund of the United States Treasury and used to reduce the debt of the United States in a manner agreed upon by USAID and the Board of Directors for the Fund, except for those assets used to designate a legacy foundation which is appropriately resourced to the needs of Bosnia and Herzegovina. Not later than 15 days before designating an organization to operate as the Bosnia and Herzegovina-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. The information described in this paragraph is— the identity of the organization to be designated to operate as the Bosnia and Herzegovina-American Enterprise Fund pursuant to subsection (a); the name and qualifications of the individual who will serve as Chairman of the Board of Directors; and the amount of the grant intended to fund the Bosnia and Herzegovina-American Enterprise Fund over the lifetime of the fund. Not later than 1 year after the entry into force of the initial grant agreement under this section, and annually thereafter, the Fund shall prepare and make available to the public on an Internet Web site administered by the Fund a report on the Fund’s activities during the previous year, including— a description of each investment or project supported by the Fund, including each type of assistance provided in accordance with section 3(2); the amounts invested by the Fund in each company or project; the amounts of additional private investments made in each company or project; and the amounts of any profits or losses realized by the Fund in connection with each such company or project.