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HR 5036 102th Congress House International Affairs American economic assistance American investments Auditing Black businesses Credit unions Democracy Employee ownership Employee rights Environmental Protection Foreign Trade and International Finance Free enterprise Government paperwork Human rights International cooperation International law Joint ventures South Africa Southern Africa Venture capital

Emerging South African Democracy and Open Markets Support Act

Introduced: April 30, 1992 See on congress.gov
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 Everywhere this bill has been 7 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 6, 1992
Executive Comment Received from State.
Jun 16, 1992
Forwarded by Subcommittee to Full Committee (Amended).
Jun 16, 1992
Subcommittee Consideration and Mark-up Session Held.
May 12, 1992
Referred to the Subcommittee on International Economic Policy and Trade.
May 12, 1992
Referred to the Subcommittee on Africa.
Apr 30, 1992
Referred to the House Committee on Foreign Affairs.
Apr 30, 1992
Introduced in House
 Plain-English summary Congressional Research Service

Emerging South African Democracy and Open Markets Support Act - Declares that the purposes of this Act are to promote: (1) equitable participation in a competitive free market economy in South Africa and joint ventures between U.S. persons and black South Africans; (2) policies conducive to private sector development by the black population of South Africa; (3) democracy and free market systems; and (4) sectors which promote development.

States that in providing assistance under this Act, consideration should be given to the extent to which South Africa is taking steps toward: (1) establishment of democratic systems; (2) respect for human rights; (3) economic reform based on market principles, the development of a private sector, and integration into the world economy; (4) respect for international law; and (5) adherence to responsible security policies and personnel.

Directs the President to designate a private, nonprofit organization to receive funds pursuant to this Act. Designates such organization as the South African-American Enterprise Fund. Authorizes appropriations.

Permits funds made available to the Fund to be used for: (1) the establishment of Employee Stock Ownership Plans in South Africa that are owned principally by black South Africans; and (2) technical and other assistance to support the development of indigenous credit unions in South Africa. Encourages the Fund to utilize its resources in a fashion which will be supportive of the emergence of strong economies in neighboring countries in southern Africa and of regional cooperation and integration.

Requires the Fund, in carrying out this Act, to take into account worker and human rights, environmental factors, U.S. economic and employment effects, and the commercial viability of the activity receiving Fund assistance. Authorizes the Fund to solicit U.S. venture capital for investment purposes. Declares that the Fund should establish financial instruments to enable individuals to invest in commercial enterprises substantially owned and operated by black South Africans.

Sets forth auditing, recordkeeping, and reporting requirements.

What's happening now July 6, 1992

Executive Comment Received from State.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1