Sec. 4. Establishment of enterprise fund for Jordan
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Congress finds the following: In December 2011, Congress passed section 7041(b) of the Consolidated Appropriations Act, 2012 ( Public Law 112–74 ; 125 Stat. 1223), which appropriated funds made available under the heading Economic Support Fund to establish an enterprise fund for Jordan. The intent of an enterprise fund is to attract private investment to help entrepreneurs and small businesses create jobs and to achieve sustainable economic development. The President is authorized to establish and operate an enterprise fund to provide assistance to Jordan. The provisions contained in section 201 of the Support for East European Democracy
(SEED)Act of 1989 ( 22 U.S.C. 5421 ), excluding the provisions of subsections (a), (b), (c), (d)(3), (f), and
(j)of that section, shall be deemed to apply with respect to the Jordan Enterprise Fund and to funds made available to the enterprise fund in the same manner and to the same extent as such provisions apply with respect to enterprise funds established pursuant to such section or to funds made available to such established enterprise funds. Funds made available to the Jordan Enterprise Fund shall be expended at the minimum rate necessary to make timely payments for projects and activities. Not more than 3 percent of the funds made available to the Jordan Enterprise Fund may be obligated or expended for the administrative expenses of the enterprise fund. The Jordan Enterprise Fund shall be governed by a Board of Directors comprised of 6 private citizens of the United States and 3 private citizens of Jordan who have pursued international business careers and have demonstrated expertise in international and emerging market investment activities. Not later than 1 year after the date of the enactment of this Act, and annually thereafter until the Jordan Enterprise Fund terminates in accordance with subsection
(h), the enterprise fund shall— submit to the appropriate congressional committees a report detailing the administrative expenses of the enterprise fund; and publish, on an Internet website administered by the enterprise fund, each report submitted pursuant to subsection
(c)in accordance with section 201(p) of the Support for East European Democracy
(SEED)Act of 1989 ( 22 U.S.C. 5421(p) ). Prior to the distribution of any funds resulting from any liquidation, dissolution, or winding up of the Jordan Enterprise Fund, in whole or in part, the President shall submit to the appropriate congressional committees a plan for the distribution of the assets of the enterprise fund. The authority of the Jordan Enterprise Fund to provide assistance shall terminate on the earlier of December 31, 2022, or the date on which the enterprise fund is liquidated in accordance with subsection
(g). In this section, the term appropriate congressional committees means— the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives; and the Committee on Foreign Relations and the Committee on Appropriations of the Senate.
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- Pub. L. 112-74
- 125 Stat. 1223
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Sec. 4
Establishment of enterprise fund for Jordan
Pub. L.Pub. L. 112-74
Stat.125 Stat. 1223
Cites 3Cited by 0 across 0 sources