Sec. 4. Bosnia and Herzegovina-American Enterprise Fund
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The President is authorized to designate a private, nonprofit organization (to be known as the Bosnia and Herzegovina-American Enterprise Fund) to receive funds made available under this Act for the purposes specified in section 3. The Bosnia and Herzegovina-American Enterprise Fund shall be governed by a Board of Directors, which shall be comprised of 7 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 elect up to 3 additional members who are citizens of Bosnia and Herzegovina if agreed to unanimously by all members of the Board. Four 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.
Three members of the Board of Directors shall be selected from among people with significant prior experience in development and an expert understanding of development priorities for Bosnia and Herzegovina. The President shall appoint the United States Ambassador to Bosnia and Herzegovina, or the Ambassador's designee, as well as the Assistant Administrator of the United States Agency for International Development for Europe and Eurasia, or the Assistant Administrator’s designee, as liaisons to the board.
There is authorized to be appropriated for the Department of State for fiscal year 2018 $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 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, 2033, 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 the event the assets of the Fund at the end of the reinvestment cycle specified in subparagraph
(B)exceed the total amount appropriated or otherwise made available to the Fund by the United States Government, the Secretary of State, in consultation with the Administrator of the United States Agency for International Development, is authorized to direct any such excess funds to a foundation for activities consistent with the purposes specified in section 3. 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.