Sec. 501. Limitations and preferences
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No entity receiving support from the Corporation under title II may receive more than an amount equal to 5 percent of the Corporation’s maximum contingent liability authorized under section 303. The Corporation shall give preferential consideration to projects sponsored by or involving private sector entities that are United States persons. In this subsection, the term United States person means— a United States citizen; or an entity significantly beneficially owned by individuals described in subparagraph (A).
Not less frequently than annually, the Corporation shall consult with the United States Trade Representative with respect to the status of countries eligible to receive support from the Corporation under title II and the compliance of those countries with their international trade obligations. The Corporation shall give preferential consideration to providing support under title II for projects in countries in compliance with or making substantial progress coming into compliance with their international trade obligations.
The Corporation should support projects under title II in countries that are taking steps to adopt and implement laws that extend internationally recognized worker rights (as defined in section 507 of the Trade Act of 1974 ( 19 U.S.C. 2467 )) to workers in that country. The Board shall not vote in favor of any project proposed to be supported by the Corporation under title II that is likely to have significant adverse environmental impacts that are sensitive, diverse, or unprecedented, unless— before the date of the vote, an environmental impact assessment or initial environmental audit, analyzing the environmental impacts of the proposed project and of alternatives to the proposed project, is completed; and such assessment or audit has been made available to the public of the United States, locally affected groups in the country in which the project will be carried out, and nongovernmental organizations in that country.
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Sec. 501
Limitations and preferences
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