- Not enactedThe President has not signed this bill
- The senate has not voted
Committee on Foreign Relations
- senate Committees
- The house Passed May 8th, 2014Roll Call Vote 297 Yea / 117 Nay
Committee on Foreign AffairsCommittee on Financial ServicesIntroducedJune 27th, 2013
- house Committees
What is House Bill H.R. 2548?
Would provide government-backed credit to the private sector with the goal of delivering first-time access to electricity/power for 50 million people in sub-Saharan Africa. The bill would accomplish this by extending, through 2017, the authority of the Overseas Private Investment Corporation (OPIC) to provide loans and insurance to help U.S. companies invest and expand in the region. It also would require the Administration to encourage the private sector, other nations, international organizations, and nonprofits to increase access to electricity in sub-Saharan Africa.
If enacted, the bill would likely spur positive economic growth in sub-Saharan Africa while bringing net collections to the federal government through OPIC loans.
Cost of House Bill H.R. 2548
The CBO estimates that implementing the legislation would save $86 million over the 2014-2019 period, with administrative costs offset and OPIC's loan programs generating net collections.
-According the above bill summary offered by the House Committee on Foreign Affairs, nearly 70% of the population in sub-Saharan Africa (589 million people) does not have access to electricity.
-Rep. Mo Brooks (R-AL), was among those who voted against the bill, stating:
American taxpayers spend more than $40 billion per year on foreign aid...given America's out-of-control deficits and accumulated debt that threaten our economic future, I cannot justify American taxpayers building power plants and transmission lines in Africa with money we do not have, will have to borrow to get, and cannot afford to pay back.