overseas private investment corporation (opic) correspondence … · 2019-05-17 · this letter is...

Description of document: Overseas Private Investment Corporation (OPIC) correspondence to/from the Office of Management and Budget (OMB) and Congressional offices, Committee Offices or Subcommittee Offices, 2016-2017

Requested date: 25-May-2017 Release date: 09-May-2018 Posted date: 20-May-2019 Source of document: FOIA Request

FOIA Director (LA) Overseas Private Investment Corporation 1100 New York Avenue, NW Washington, DC 20527 Email: [email protected]

The governmentattic.org web site (“the site”) is noncommercial and free to the public. The site and materials made available on the site, such as this file, are for reference only. The governmentattic.org web site and its principals have made every effort to make this information as complete and as accurate as possible, however, there may be mistakes and omissions, both typographical and in content. The governmentattic.org web site and its principals shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information provided on the governmentattic.org web site or in this file. The public records published on the site were obtained from government agencies using proper legal channels. Each document is identified as to the source. Any concerns about the contents of the site should be directed to the agency originating the document in question. GovernmentAttic.org is not responsible for the contents of documents published on the website.

mailto:[email protected]?subject=FOIA%20Request

OPIC -- ~ - =--· - - ,._,__ - - ·-•· - -- -- -· -- - ¥-- ~ - ..

May 9, 2018

SENT VIA E-MAIL

RE: Response for FOIA Request 2017-00036

This letter is a final response to your Freedom oflnformation Act ("FOIA") request dated May 25, 2017 and received on May 26, 2017. Your request has been assigned FOIA Number 2017-00036. Please reference this number in all correspondence concerning your request. You requested:

1. Email to or from the Office of Management and Budget between May 1, 2017 and the present.

2. All letter correspondence to or from the Office of Management and Budget between May 1, 2017 and the present.

3. All letter correspondence to or from Congressional offices or Committee Offices or Subcommittee Offices between May 1, 2017 and the present.

This letter is a final response to your request. On April 25, 2018, OPIC provided you with a partial response on Item 3 of your request and notified you that it needed to consult with 0MB before completing processing on the other two items. OPIC has now received a consultation response from 0MB and is therefore completing its processing. This letter responds to Items 1 and 2 of your request and includes 201 pages of e-mails. Partial and full redactions have been made under FOIA Exemptions b(4), b(5) and b(6).

The FOIA contains nine exemptions which authorize an agency to withhold qualified information. Exemption b(4) protects: (1) trade secrets; and (2) commercial or financial information obtained from a person [that is] privileged or confidential." 5 U.S.C. § 552(b)(4) (2012). A report that was provided to OPIC has been withheld under Exemption b(4). The report is not authorized for redistribution under the license through which it was purchased. You

Overseas Private Investment Corporation 1100 New York Avenue, NW Washington, D.C. 20527 202.336 .8400 I www.opic.gov

may, however, purchase this report yourself and the title of the report is provided at the point of redaction.

The FOIA contains nine exemptions which authorize an agency to withhold qualified information. Exemption b(5) protects "inter-agency or intra-agency memorandums or letters which would not be available by law to a party other than an agency in litigation with the agency." 5 U.S.C. § 552(b )(5) (2012). One type of exempt record is that protected by the "deliberative process privilege." Records which are pre-decisional and deliberative in addition to inter or intra agency are protected. See Jordan v. Dep't of Justice, 591 F.2d 753, 774 (D.C. Cir. 1978) (en bane); Vaughn v. Rosen, 523 F.2d 1136, 1143-44 (D.C. Cir. 1975). This privilege serves the important goals of: 1) encouraging open and frank discussions of policy within the government, 2) protecting against premature disclosure of policies before they are adopted, and 3) protecting against public confusion which might result from disclosure of the reasons and rationales that were not in fact ultimately the grounds for an agency's action. See, ~ Russell v. Dep't of the Air Force, 682 F.2d 1045, 1048 (D.C. Cir. 1982); Costal States Gas Corp. v. Dep't of Educ., 617 F.2d 854, 866 (D.C. Cir. 1980). OPIC has withheld drafts and discussion of drafts that were shared between OPIC and 0MB as part of the deliberative process. Most of the documents which were withheld as drafts are included as an attachment in their final or near final stage. Withholding the drafts and their related discussion allows OPIC and 0MB to frankly discuss the data and calculations and also protects against public confusion which may result from the release of complicated and often government accounting specific discussions.

Exemption b(6) of the FOIA protects information about individuals in "personnel and medical files and similar files" when the disclosure of such information "would constitute a clearly unwarranted invasion of personal privacy." 5 U.S. C. § 5 5 2(b )( 6). The exemption was meant to be interpreted broadly and is not tied to the label of the file containing the information. United States Department of State v. Washington Post Co., 456 U.S. 595 (1982). Exemption b(6) is therefore applied when the private interest in keeping personal information is greater than the public interest in disclosure. Dep't of the Air Force v. Rose, 425 U.S. 352, 372 (1976). The only public interest relevant in a b(6) inquiry is the public interest in knowing what the government is up to. Dep't of Defense v. Fed. Labor Rel'n Auth., 510 U.S. 487,497 (1994). OPIC has withheld the direct contact information of individuals under Exemption b(6). This information is tied to a particular individual and allows direct access to that individual, but does not reveal any government action. Exemption b(6) has also been applied to life events, ie. births, weddings, vacations, etc.

As an "all other requesters," you have been provided two hours of search and all review time at the agency's expense. Fees for your request total less than $25.00 and are therefore not charged.

This is a final agency response. You may contact me or the FOIA Public Liaison for any further assistance and to discuss any aspect of your request. Additionally, you may contact the Office of Government Information Services (OGIS) at the National Archives and Records Administration to inquire about FOIA dispute resolution services they offer. The contact information for OGIS is as follows:

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Office of Government Information Services National Archives and Records Administration 8601 Adelphi Road-OGIS College Park, MD 20740-6001 Email: [email protected] Phone: 202-741-5770 I Toll Free: 877-684-6448 I Fax: 202-741-5769

If you are not satisfied with OPIC's response to this request, you may administratively appeal by addressing a written appeal to the following:

Deputy General Counsel Overseas Private Investment Corporation 1100 New York Ave., N.W.-12th Floor Washington, D.C. 20527

Your appeal must be postmarked or electronically transmitted within 90 days of the date of this response to your request. Both the envelope and the letter should be marked "FREEDOM OF INFORMATION ACT APPEAL." The appeal should clearly identify the agency determination that is being appealed and include the request number. If you are not satisfied with the results of any such appeal, judicial review is available to you in the United States District Court for the judicial districts in which you reside or have your principal place of business, or in the District of Columbia.

Sincerely,

Digitally signed by Nichole Skoyles

N • h I s k I DN: m=Nichole Skoyles, o=Ov-erseas Private IC O e oy es lnve~tm:nt Corporation, O~=Legal Affairs, [email protected], c=US Date: 2018.05.09 17:01:40-04'00'

Nichole Skoyles Administrative Counsel Overseas Private Investment Corporation 1100 New York Avenue, N.W. Washington, D.C. 20527 202.408.6297 I [email protected]

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From: Ryan, Erika H. EOP/OMBTo: Villabroza, AllanCc: Kaufman, StephanieSubject: RE: Heads Up - PB18 CBO score and errataDate: Wednesday, June 07, 2017 10:12:58 AM

Hi, I just left you a voicemail.

Erika Hamalainen RyanIAD|OMB|EOP

From: Villabroza, Allan [mailto Sent: Wednesday, June 7, 2017 9:29 AMTo: Ryan, Erika H. EOP/OMB <Cc: Kaufman, Stephanie <Subject: Heads Up - PB18 CBO score and errata Per vm – Winnie Chang . We

.

.

av Allan VillabrozaDeputy VP - Financial and Portfolio Management OVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington DC 20527

(O) | www.opic.gov | facebook.com/opicgov| twitter.com/opicgov

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These items will be collected through an online tool called MAX Community and MAX Collect. More

information on the fields due by June 30th is now available on our internal MAX page in Appendix 11:https://community.max.gov/x/coOiS. We will follow-up with a specific link to the MAX Communityand MAX Collect pages once available.

In addition, by June 30th CFO Act agencies will provide meeting materials (e.g. a PowerPointpresentation) for the reform plan meetings in July. Based on your feedback, we’ve developed anoptional template for these July discussions (attached). While agencies have flexibility on how topresent the information, the template that lays out the information agencies should be prepared toaddress – a summary of the draft agency strategic plan, workforce actions, and agency reformsunder consideration. This template is attached and is also available on our MAX page as Appendix10. Scheduling July meetings. Lastly, we will begin scheduling the agency reform plan discussions

between OMB and CFO Act agencies for the week of July 10th and 17th here at the EisenhowerExecutive Office Building. The OMB RMOs will be reaching out to agency Deputy Secretary offices toschedule. If you have any questions, please don’t hesitate to reach out to me, Dustin, or your OMB RMO. Best regards, Linda Springer

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From: Bailey, Jessie W. EOP/OMBTo: Villabroza, Allan; Kaufman, StephanieSubject: Switch from CSC2 to CSCDate: Tuesday, June 06, 2017 9:44:46 AM

Allan / Stephanie,

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From: Ryan, Erika H. EOP/OMBTo: Shaughnessy, Christine (DFPM/ODVT/FM-CTR); Bailey, Jessie W. EOP/OMB; Kaufman, Stephanie; Lilac, Kristina

E. EOP/OMBCc: Jones, Jasper (DFPM); Villabroza, AllanSubject: RE: OPIC Aggregation of Reestimate ResultsDate: Monday, June 05, 2017 10:37:11 AM

All, These files will not open on my computer. Can you try resending them? Erika Hamalainen RyanIAD|OMB|EOP

From: Shaughnessy, Christine (DFPM/ODVT/FM-CTR) [mailto: Sent: Tuesday, May 23, 2017 5:39 PMTo: Bailey, Jessie W. EOP/OMB < Kaufman, Stephanie< Lilac, Kristina E. EOP/OMB <Cc: Jones, Jasper (DFPM) <Subject: Re: OPIC Aggregation of Reestimate Results No problem, please see the individual CSC2 inputs and outputs attached.

From: Bailey, Jessie W. EOP/OMB <Sent: Tuesday, May 23, 2017 5:24 PMTo: Shaughnessy, Christine (DFPM/ODVT/FM-CTR); Kaufman, Stephanie; Lilac, Kristina E. EOP/OMBCc: Jones, Jasper (DFPM)Subject: RE: OPIC Aggregation of Reestimate Results Thanks. Could you send the individual inputs and outputs also?

From: Shaughnessy, Christine (DFPM/ODVT/FM-CTR) [mailto: Sent: Tuesday, May 23, 2017 5:14 PMTo: Bailey, Jessie W. EOP/OMB < Kaufman, Stephanie< Lilac, Kristina E. EOP/OMB <Cc: Jones, Jasper (DFPM) <Subject: Re: OPIC Aggregation of Reestimate Results Good evening Jessie, Attached you will find a sample RSummary and a workbook summarizing the aggregationdiscrepancy for a sample of four loans.

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Please reach out with any additional clarifying questions. Best,Christine

From: Bailey, Jessie W. EOP/OMB <Sent: Tuesday, May 23, 2017 3:43 PMTo: Kaufman, Stephanie; Lilac, Kristina E. EOP/OMBCc: Jones, Jasper (DFPM); Shaughnessy, Christine (DFPM/ODVT/FM-CTR)Subject: RE: OPIC Aggregation of Reestimate Results

From: Kaufman, Stephanie [mailto: Sent: Monday, May 15, 2017 10:03 AMTo: Bailey, Jessie W. EOP/OMB < Lilac, Kristina E. EOP/OMB<Cc: Jones, Jasper (DFPM) < Shaughnessy, Christine (DFPM/ODVT/FM-CTR)<Subject: OPIC Aggregation of Reestimate Results Jessie and Kristina, We would like to execute reestimates as soon as possible and to do so we need to submit anapportionment but we have a question that will affect how the apportionment is prepared. Last November we sent the email below, to which we didn’t receive a response. In it we attempted

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to address an issue early on so that we could have an early acceptance from OMB on our proposedmethodology. Issue:

Solution:

Please flag any concerns or comments or signal agreement with the above as soon as possible. Many thanks,Stephanie Stephanie KaufmanManaging Director, Budget and Resource PlanningOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution

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1100 New York Ave, NW | Washington DC 20527 (O) | + (M) |

>www.opic.govwww.opic.gov/blog<

From: Shaughnessy, Christine (DFPM/ODVT/FM-CTR) Sent: Tuesday, November 15, 2016 6:01 PMTo: Hamalainen, Erika < Bailey, Jessie W. EOP/OMB<Cc: Ellett, William < Kaufman, Stephanie <Subject: OPIC Aggregation of Reestimate Results Good evening Erika and Jessie, Attached you will find a sample RSummary and a workbook summarizing the aggregationdiscrepancy for a sample of four loans.

·

·

Please let us know if you have any questions. Thank you,Christine

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From: FN-OMB-CSC2Cc: Bailey, Jessie W. EOP/OMB; Chaudhary, Nida EOP/OMB; Brant, Alex M. EOP/OMB; Martinez Moore, Nicole M.

EOP/OMB; Rozental, Brian EOP/OMBSubject: 2017 Annual Credit TrainingDate: Friday, June 02, 2017 3:36:50 PM

Dear Credit Colleagues, We are pleased to announce that this year’s Annual Credit Training is scheduled to take place on

Wednesday, August 9th and Thursday, August 10th in Washington, DC. In the next few weeks, wewill send an invitation to register for both in-person and online access. This year, we are planning toprovide break-out sessions to allow participants to pick and choose their training needs based ontheir familiarity with Federal credit concepts. Additionally, we look forward to providing hands-ontraining to familiarize the credit community with new features of the Credit Subsidy Calculator. Please note that this year’s training will require participants to review materials and take a pre-training quiz as a prerequisite to attendance. Staff who will not be able to attend, or wish to get a head start are encouraged to review thetraining videos, quizzes and other materials already available at https://csc.max.gov/ If you have any questions or concerns, please contact Brian Rozental at We look forward to seeing you in August.

-The OMB Credit Crew

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From: Ryan, Erika H. EOP/OMBTo: Alford, Cameron; Callear, Mildred; Kaufman, Stephanie; Villabroza, AllanSubject: RE: Agency Reform Plans M 17-22Date: Thursday, June 01, 2017 1:26:21 PM

Cameron, As you probably know, there is a public comment portion to the Reorg EO. OMB is compiling them.The public comments from April 12-May 5 are all posted here: https://community.max.gov/x/JBP-SgIf you look at the attachments to the page you can see the ones that mention OPIC. Best,Erika

From: Alford, Cameron [mailto: Sent: Wednesday, May 31, 2017 12:51 PMTo: Ryan, Erika H. EOP/OMB < Callear, Mildred< Kaufman, Stephanie < Villabroza, Allan<Subject: RE: Agency Reform Plans M 17-22 Hi Erika- You can give them my name. Cameron Cameron AlfordActing Chief of StaffOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington, DC 20527 USA

| >www.opic.gov< | facebook.com/opicgov | twitter.com/opicgov

From: Ryan, Erika H. EOP/OMB [mailto: Sent: Wednesday, May 31, 2017 12:47 PMTo: Alford, Cameron < Callear, Mildred <Kaufman, Stephanie < Villabroza, Allan <Subject: RE: Agency Reform Plans M 17-22 Hi all, There will be OMB guidance for these plans that will come from our performance shop and theywould like to have a specific OPIC POC that they can contact. Whom should I have them include ontheir distro? Erika Hamalainen Ryan

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IAD|OMB|EOP

From: Ryan, Erika H. EOP/OMB Sent: Wednesday, May 31, 2017 9:31 AMTo: 'Alford, Cameron' < Callear, Mildred <Kaufman, Stephanie < Villabroza, Allan <Subject: RE: Agency Reform Plans M 17-22 Great! I will let folks here know. In the next week or two, I’ll schedule a follow up discussion to see where you guys are on this. Best, Erika Hamalainen RyanIAD|OMB|EOP

From: Alford, Cameron [mailto: Sent: Wednesday, May 31, 2017 9:24 AMTo: Ryan, Erika H. EOP/OMB < Callear, Mildred< Kaufman, Stephanie < Villabroza, Allan<Subject: RE: Agency Reform Plans M 17-22 Hi Erika- I hope all is well. I am confirming that OPIC intends to submit an Agency Reform Plan toOMB. We look forward to engaging you all on this and receiving the further guidance. Cameron Cameron AlfordActing Chief of StaffOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington, DC 20527 USA


From: Ryan, Erika H. EOP/OMB [mailto: Sent: Tuesday, May 30, 2017 4:08 PMTo: Alford, Cameron < Callear, Mildred <Kaufman, Stephanie < Villabroza, Allan <Subject: Agency Reform Plans M 17-22

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Dear OPIC Colleagues,

and OPIC will once again be inmy portfolio. I know I missed a very busy spring, and I would like to thank everyone in advance forhelping me get back up to speed. On that note, I’m writing to follow up on the guidance that OMB issued last month regarding theReorganization Executive Order (available here). As you’re aware, the guidance indicates that byJune 30, 2017, agencies will provide OMB with: (1) a high-level draft of the Agency Reform Plan, (2)progress on near-term workforce reduction actions, and (3) a plan to maximize employeeperformance.

.

Best,

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Erika Hamalainen RyanExaminer, International Affairs DivisionOffice of Management and BudgetExecutive Office of the President

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From: Ryan Erika H. EOP/OMBTo: Kaufman StephanieSubject:Date: Thursday, June 01, 2017 12:46:20 PMAttachments: image002 png

Hi Stephanie,

See below.

Best,

Erika

From: Chase, James B. EOP/OMB Sent: Thursday, June 1, 2017 11:07 AMTo: DL OMB ALL <Subject:

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From: Lilac, Kristina E. EOP/OMBTo: Allen, Todd (OIP); Bailey, Jessie W. EOP/OMB; Carleton, Patrick (OIP);

Cochran, Christopher (OEA/IC); Durazzo, Yvonne; Kaufman, Stephanie;

Lilac, Kristina E. EOP/OMB; Mac, Chi T.EOP/OMB; MacHarg, Amy;

Hamalainen, Erika; Saad, Fouad P. EOP/OMB; Villabroza, Allan;

Cc: Hamalainen, ErikaSubject: ICRAS Quarterly RatingsDate: Thursday, June 01, 2017 9:15:35 AM

All, The updated quarterly ratings have been uploaded on the MAX site. The implementation date is6/1/2017. Thank you for your participation this quarter. Also,

. It’s been a pleasure working with all of you the last few months! Best,Kristina Kristina LilacOffice of Management and Budget, International Affairs Division

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From: Kaufman, StephanieTo: "Ryan, Erika H. EOP/OMB"; Villabroza, AllanSubject: RE: A few minutes lateDate: Wednesday, May 31, 2017 9:57:00 AM

Okay. Please call me when you are here.

-----Original Message-----From: Ryan, Erika H. EOP/OMB [mailtoSent: Wednesday, May 31, 2017 9:52 AMTo: Kaufman, Stephanie < Villabroza, Allan <Subject: A few minutes late

Hi,

I am running about five minutes late.

Erika Hamalainen RyanIAD|OMB|EOP

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From: Alford, CameronTo: Hamalainen, ErikaCc: Kaufman, Stephanie; Callear, Mildred; Villabroza, AllanSubject: RE: Agency Reform Plans M 17-22Date: Tuesday, May 30, 2017 4:13:00 PM

Erika- Welcome back! Believe it or not, I have a sticky note on my computer to confirm OMB thinking onan ARP given our position in the budget. This is extremely helpful. Let me confer with others hereand we’ll come back to you soonest. Again, welcome back. Cameron Cameron AlfordActing Chief of StaffOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington, DC 20527 USA

| www.opic.gov | facebook.com/opicgov | twitter.com/opicgov

From: Ryan, Erika H. EOP/OMB [mailto: Sent: Tuesday, May 30, 2017 4:08 PMTo: Alford, Cameron < Callear, Mildred <Kaufman, Stephanie < Villabroza, Allan <Subject: Agency Reform Plans M 17-22 Dear OPIC Colleagues,

, and OPIC will once again be inmy portfolio. I know I missed a very busy spring, and I would like to thank everyone in advance forhelping me get back up to speed. On that note, I’m writing to follow up on the guidance that OMB issued last month regarding theReorganization Executive Order (available here). As you’re aware, the guidance indicates that byJune 30, 2017, agencies will provide OMB with: (1) a high-level draft of the Agency Reform Plan, (2)progress on near-term workforce reduction actions, and (3) a plan to maximize employeeperformance.

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Best, Erika Hamalainen RyanExaminer, International Affairs DivisionOffice of Management and BudgetExecutive Office of the President

| NEOB 10025

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From: McAllister, Shelly A. EOP/OMBTo: McAllister, Shelly A. EOP/OMBSubject: BOAC: unexpended balances reportDate: Wednesday, May 24, 2017 4:51:17 PM

BOAC Members:

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From: McAllister, Shelly A. EOP/OMBTo: McAllister, Shelly A. EOP/OMBSubject: BOAC: 2017 Circular A-11 - Call for Agency commentsDate: Wednesday, May 24, 2017 3:41:37 PM

BOAC Members:

We are beginning the annual update of OMB Circular No. A-11 (Preparation, Submission, andExecution of the Budget). The revision will cover the guidance on budget formulation, execution,strategic and performance plans, and capital assets.

Please provide any recommendations for inclusion in the annual update no later than Friday, June 2,2017. The proposals should include concise, specific descriptions of any suggested changes and thereasons for them. Note that this year’s Circular will have a condensed timeframe for updates.

To submit your proposals, please use the 2017 Circular A-11 Revision Proposals community page at:

https://community.max.gov/x/dAaaSw

We plan to issue the revised Circular in late July and intend to work closely with you as we developthe issues and revise the Circular.

Thanks for your help.

Art StigileChief, Budget Concepts BranchBudget Review DivisionOffice of Management and Budget

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To: Kaufman, Stephanie <Cc: Lam, Philip (SFI/SF) <Subject: RE: Non-Credit Account Apportionment Footnote A1 Thanks, Stephanie.

From: Kaufman, Stephanie [mailto Sent: Wednesday, May 24, 2017 1:24 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Lam, Philip (SFI/SF) <Subject: RE: Non-Credit Account Apportionment Footnote A1 Please see my responses below.

From: Lilac, Kristina E. EOP/OMB [mailto Sent: Wednesday, May 24, 2017 11:59 AMTo: Kaufman, Stephanie <Subject: Non-Credit Account Apportionment Footnote A1 Hi Stephanie,

Thanks,Kristina

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From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: Non-Credit Account Apportionment Footnote A1Date: Wednesday, May 24, 2017 1:28:53 PM

Thank you. I’ll go back to Fouad with this information and try to get him to get back to me as soonas possible.

From: Kaufman, Stephanie [mailto: Sent: Wednesday, May 24, 2017 1:24 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Lam, Philip (SFI/SF) <Subject: RE: Non-Credit Account Apportionment Footnote A1 Please see my responses below.

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Wednesday, May 24, 2017 11:59 AMTo: Kaufman, Stephanie <Subject: Non-Credit Account Apportionment Footnote A1 Hi Stephanie,

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Thanks,Kristina

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From: Kaufman, StephanieTo:Subject: Leahy letterDate: Tuesday, May 23, 2017 6:38:00 PM

Kristina,

. Just wondering what’s your take on this? SK

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From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: Presidential Sequestration Order for Fiscal Year 2018Date: Tuesday, May 23, 2017 4:41:03 PM

It’s the mandatory Joint Committee sequestration that occurs annually and is required to be released with theBudget, so no impact for OPIC.

From: Kaufman, Stephanie [mailto Sent: Tuesday, May 23, 2017 1:33 PMTo: Lilac, Kristina E. EOP/OMB <Subject: FW: Presidential Sequestration Order for Fiscal Year 2018 What do you know about this?

From: Alford, Cameron Sent: Tuesday, May 23, 2017 1:12 PMTo: Villabroza, Allan < Kaufman, Stephanie <Subject: Presidential Sequestration Order for Fiscal Year 2018 Impact? Cameron AlfordActing Chief of StaffOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington, DC 20527 USA


THE WHITE HOUSE

Office of the Press SecretaryFOR IMMEDIATE RELEASEMay 23, 2017

SEQUESTRATION ORDER FOR FISCAL YEAR 2018PURSUANT TO SECTION 251A OF THE BALANCED BUDGETAND EMERGENCY DEFICIT CONTROL ACT, AS AMENDED

By the authority vested in me as President by the laws of the UnitedStates of America, and in accordance with section 251A of the Balanced Budgetand Emergency Deficit Control Act (the "Act"), as amended, 2 U.S.C. 901a, Ihereby order that, on October 1, 2017, direct spending budgetary resourcesfor fiscal year 2018 in each non-exempt budget account be reduced by theamount calculated by the Office of Management and Budget in its report to theCongress of May 23, 2017.

All sequestrations shall be made in strict accordance with the

requirements of section 251A of the Act and the specifications of the Officeof Management and Budget's report of May 23, 2017, prepared pursuant tosection 251A(9) of the Act. DONALD J. TRUMP

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THE WHITE HOUSE, May 23, 2017.

###

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From: Lilac, Kristina E. EOP/OMBTo: Villabroza, AllanCc: Bailey, Jessie W. EOP/OMB; Kaufman, Stephanie; Hamalainen, ErikaSubject: RE: Scheduling Erika - May 31?Date: Tuesday, May 23, 2017 4:25:55 PM

Hi Allan, I’m happy to block off some time for you all and Erika to catch up and get on the same page,

. We . But, we can

certainly set up some time to discuss the reestimate, apportionments, and M 17-22. Does 10-12 work? Thanks,Kristina

From: Villabroza, Allan [mailto Sent: Tuesday, May 23, 2017 3:47 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Bailey, Jessie W. EOP/OMB < Kaufman, Stephanie< Kaufman, Stephanie <Subject: Scheduling Erika - May 31? Could you guys block out two hours with Erika on Weds May 31? At our offices? We areflexible as to time on the 31st. We would like to discuss:

Time Permitting

av

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Subject: RE: Non-Credit Account ApportionmentDate: Monday, May 22, 2017 4:47:00 PM

That’s fine. I have no problem with that.

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Monday, May 22, 2017 4:47 PMTo: Kaufman, Stephanie <Subject: RE: Non-Credit Account Apportionment I’m very sympathetic to that! BRD has just been very strict with apportionment guidance this year,given how late we are in the fiscal year for just getting full-year appropriations.

From: Kaufman, Stephanie [mailto: Sent: Monday, May 22, 2017 4:46 PMTo: Lilac, Kristina E. EOP/OMB <Subject: RE: Non-Credit Account Apportionment Okay. I was just trying to be consistent with our financial reporting systems. J

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Monday, May 22, 2017 4:44 PMTo: Kaufman, Stephanie <Subject: RE: Non-Credit Account Apportionment Okay, thanks. The guidance from BRD is

.

From: Kaufman, Stephanie [mailto: Sent: Monday, May 22, 2017 4:43 PMTo: Lilac, Kristina E. EOP/OMB <Subject: RE: Non-Credit Account Apportionment

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Monday, May 22, 2017 4:40 PMTo: Kaufman, Stephanie <Subject: Non-Credit Account Apportionment Question:

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From: Kaufman, StephanieTo: Lilac, Kristina E. EOP/OMBSubject: Accepted: Call on OPIC Reestimates

000035

From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieCc: Villabroza, Allan; Callear, Mildred; Alford, Cameron; Jagadesan, Dev; Roberts, Karen; Saad, Fouad P. EOP/OMBSubject: RE: CBJ draft for OMB reviewDate: Monday, May 22, 2017 3:03:20 PMAttachments: 20170522 CBJ draft net of OMB comments-1 OMB.docx

Hi Stephanie, Thanks very much. We just have two minor edits in the attached:

With that, OMB officially clears, so consider this the green light to print. Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Monday, May 22, 2017 2:08 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen < Saad, Fouad P. EOP/OMB <Subject: RE: CBJ draft for OMB review Kristina, Attached is the revised CBJ. Please let us know if we have green light to print. Thank you. Stephanie

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 19, 2017 6:03 PMTo: Kaufman, Stephanie <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen < Saad, Fouad P. EOP/OMB <Subject: RE: CBJ draft for OMB review Hi Stephanie,

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Congressional

Budget Justification

Fiscal Year 2018

Overseas Private Investment Corporation

6

President’s Budget Proposal: Wind-Down of OPIC

Overview of the Proposal

The Administration’s 2018 Budget prioritizes rebuilding the military and making critical investments in the Nation’s security. It also identifies the savings and efficiencies needed to keep the Nation on a responsible fiscal path. To do so, the Administration seeks to redefine the proper role of the Federal Government by streamlining government programs and reducing unnecessary Federal interventions that distort the free market. As part of this effort, the Administration has decided to cease new business operations and proceed with the wind-down of the Overseas Private Investment Corporation (OPIC) starting in FY 2018. The Budget requests $60.8 million to manage the agency's remaining $22 billion portfolio and initiate orderly wind-down activities beginning in FY 2018.

Because of the long- term nature of OPIC’s portfolio, the wind-down of OPIC’s operations will happen over several years, beginning with no new origination or promotion of new credit and insurance activities starting October 1, 2017.

Overview of the Costs and Logistics Associated with Wind-down

Table: Fiscal Year 2018 Budget Request

2016

2017

2018

Actual

FY 17 CR1

Annualized

Enacted

President’s Budget

Appropriations

Administrative Expenses

62.8

62.7

70.0

60.8

Credit Program

20.0

20.0

20.0

-

Appropriations, Gross Total

82.8

82.7

90.0

60.8

Net Collections

(318.0)

(519.0)

(519.0)

(367.0)

TOTAL, Net Budget Authority

(235.2)

(436.3)

(429.0)

(306.2)

Memo: FTE

282

281

281

197

1 Due to the timing of the passage of the Consolidated Appropriations Act, 2017 (PL 115-31), the FY 2018 Budget uses the FY 2017 Annualized Continuing Resolution as its FY 2017 baseline. P.L. 115-31 provided $70 million in budget authority for OPIC's administrative expenses and $20 million in budget authority for credit program subsidy.

Investing in Portfolio Monitoring and Evaluation

The Consolidated Appropriations Act, 2017 provides a $7.2 million increase over OPIC’s FY 2016 budget for administrative expenses. OPIC will prioritize the use of these additional resources to improve OPIC’s capabilities in the monitoring and evaluation of projects. Since OPIC's portfolio is currently greater than $22 billion, it will be critical to maintain active monitoring to preserve the financial and developmental value of the portfolio and avoid any losses to the taxpayer.

A recent report from the Government Accountability Office (GAO)[footnoteRef:2] recommended that OPIC further strengthen its project monitoring for compliance with OPIC’s policies. OPIC agreed with the recommendations and will be implementing them with the additional resources provided in the FY 2017 appropriations. OPIC has also determined to use its FY 2017 funding to implement other recommendations to increase site monitoring and to add a new element of strategic evaluations for development outcomes related to projects nearing the end of their OPIC support. [2: http://www.gao.gov/assets/680/674142.pdf#page=68]

Even as OPIC prepares for a wind-down beginning in FY 2018, OPIC will continue to upgrade its information technology to attain and maintain modern industry standard practices in data management. This will benefit OPIC’s internal monitoring and evaluation, as well as OPIC’s customers, co-lenders and insurers, its external co-financers, auditors, and its Congressional oversight panels as OPIC seeks to wind-down its existing portfolio while still protecting the taxpayer against portfolio risks.

Reporting Systems – Treasury, OMB, OECD, and external audit requirements necessitate continuing operating systems and technology management upgrades. Compliance with various government-wide requirements, continuous operations and maintenance, and a needed rolling replacement of obsolete and unreliable equipment require continued investment, even under a wind-down scenario. Meeting new reporting requirements that are already mandated will necessitate the development of new reporting solutions that include data analytics and visualization to enable accurate corporate reporting and more informed evaluation of exposures.

Analysis of OPIC’s Portfolio

Growth and Composition

As of March 30, 2017, the Corporation had combined total exposure of $22.5 billion. This amount includes undisbursed commitments (obligations), outstanding balances on OPIC’s loans, and maximum contingent liability under OPIC’s insurance contracts. The graph below shows the growth and composition of the portfolio since 2014.

Figure 1 Growth and Composition of OPIC Portfolio (2014-2017)

Geographic and Sector Composition of OPIC’s Portfolio.

OPIC’s geographic and sector breakdowns are below. OPIC’s investments in fragile and conflict-affected countries represents roughly one-third of the agency’s total portfolio.

Figure 2 Portfolio by Geographic Region

Figure 3 Portfolio by Sector

Longevity of portfolio.

OPIC’s portfolio contains more than 500 active projects in almost 100 countries that will require financial and policy monitoring for years following the start of a wind-down in FY 2018 in order to minimize the risk to American taxpayers.

Figure 4 Estimated wind-down of OPIC portfolio

Functions that Continue under Wind-Down

Loan documentation – The President’s Budget assumes that OPIC will cease all new origination and promotion of new credit and insurance activities starting October 1, 2017. However, OPIC will continue to authorize new financing via commitment letters through September 30, 2017, consistent with its current Congressional authorization. After OPIC has executed a commitment letter, at which point OPIC is legally committed to provide financing, OPIC proceeds to negotiate and execute final transaction documentation which then implements OPIC's commitments. Those documents include finance agreements and insurance contracts as well as a wide variety of ancillary agreements that relate to such critical elements. These include agreements that lay out the terms of project completion support, collateral security, other credit support, inter-creditor relationships and many other key components of the underlying transaction.

Portfolio management – OPIC’s $22.5 billion portfolio will need ongoing management for years into the future to protect taxpayers’ investments. Management of the portfolio includes everything involving protecting the rights of OPIC in the transaction – this means routine invoicing and collection, minor waivers, amendments and changes in project structure or ownership, workouts and ultimate collection or charge-off amounts due or guaranteed. When OPIC works through third party lenders, service providers or other intermediaries, it must maintain adequate oversight to confirm that these counterparts are implementing sound credit and administrative procedures, generating adequate underwriting documentation and achieving expected performance and impact.

Project monitoring – OPIC performs comprehensive and integrated monitoring to evaluate the U.S. and host-country economic effects as well as the environmental, social, health and safety, and general working conditions of the projects it supports. OPIC complies with all statutory and contractual requirements by monitoring projects throughout their lifecycle. OPIC monitors its projects to ensure that its statute and policies are implemented across all OPIC-supported projects. This includes congressionally mandated statutory requirements and general OPIC policy requirements. Specifically, OPIC strives to ensure that all OPIC-supported projects:

· Apply consistent and sound environmental standards

· Apply consistent and sound worker rights standards

· Observe and respect human rights

· Have no negative impact on the U.S. economy, and

· Encourages positive host country development effects

Disbursements – All OPIC disbursements require close coordination between the Origination/Monitoring Officer, Legal Affairs, Office of Investment Policy, the credit reviewing official and Financial Management. Proper and sufficient disbursement documentation and procedures are critical to ensuring that OPIC can disburse funds in a timely manner and has the legal recourse and protection envisioned when credit is approved. Due to the complexity and structure of OPIC projects, OPIC projects sometimes disburse over several years.

Ongoing Agency Operations

Agency operations staff ensure OPIC funds are being used as efficiently as possible by planning for and coordinating with all OPIC departments. Many of the critical operational functions have been assessed for potential efficiencies and cost savings through shared services options. However, there are mandated compliance requirements that must continue to be met to support functions including human resources, security and strategic operations, facility and administrative services, procurement, information technology (operations, maintenance, and security), and financial management services, such as accounting, budget and resource planning and risk management. It is also a priority to dedicate capital improvement funding for depreciating assets to ensure that OPIC remains on fully supported operating systems and platforms, thereby reducing the risk of cybersecurity disruptions.

Functions Not Continuing

As OPIC initiates a wind-down in FY 2018, OPIC will seek to reduce its staffing footprint significantly consistent with the vision of the President’s Budget through attrition and other workforce restructuring tools as necessary. Functions involved with new-transaction origination and business outreach will be phased down initially. Transaction staffing will be shifted to documenting and completing action on obligations. Thereafter, staffing will be reduced or reallocated so as to implement the wind-down while ensuring the Corporation takes necessary and proper steps to protect the taxpayer interest.

Consistent with wind-down, the President’s Budget proposes no appropriation to the Program Account for the budget cost of new loans and loan guarantees. Similarly, the President’s Budget proposes no collections from future loans and loan guarantees.

These steps will result in gross savings, as well as a reduction in net offsets. Both factors are presented in the President’s Budget, and will be updated in future releases and the forthcoming Mid-Session Review.

Mission

In 1971, OPIC was created to mobilize and facilitate the participation of U.S. private capital and skills in the economic and social development of less developed countries. In doing so, OPIC has created jobs both at home and abroad, leveraging private investment to support U.S. business as a force for good to reduce poverty, create opportunity, and improve lives. OPIC has done all of this while operating on a self-sustaining basis as mandated by Congress. Indeed, for almost 40 years, OPIC has not only covered all its costs on an annual basis, but it has generated significant additional revenue (by approximately $200-400 million per year), contributed to the 150 function, and helped reduce the Federal deficit.

To achieve its mission, OPIC has provided financial products--including debt financing, insurance, and support for private equity investment funds--to American businesses operating throughout the developing world, including many frontier and post-conflict countries. By operating in strategically important countries that may be emerging from years of conflict or important political transformations, OPIC has served the national security and foreign policy goals of the United States while at the same time complementing U.S. development objectives. OPIC’s support has helped small farmers grow more food, encouraged lending to female entrepreneurs, and allowed low income countries to build more modern infrastructure—all of which has benefited the American businesses who have increased their revenue streams from new markets and expanded their employment here at home.

APPENDIX A: Appropriations Legislation

Waiver of Requirement to Reauthorize during FY 2017

A waiver to continue OPIC’s core programs was enacted under Section 7061(b) of PL 115-31 (link). The waiver provides as follows:

Sec. 7061(b) AUTHORITY - Notwithstanding section 235(a)(2) of the Foreign Assistance Act of 1961, the authority of subsections (a) through (c) of section 234 of such Act shall remain in effect until September 30, 2017.

Appropriations Legislation: Noncredit Account

The Overseas Private Investment Corporation is authorized to make, without regard to fiscal year limitations, as provided by section 9104 of title 31, United States Code, such expenditures and commitments within the limits of funds available to it and in accordance with law as may be necessary: Provided, That the amount available for administrative expenses to carry out the credit and insurance programs shall not exceed $60,800,000: Provided further, That project-specific transaction costs, including direct and indirect costs incurred in claims settlements, and other direct costs associated with services provided to specific investors or potential investors pursuant to section 234 of the Foreign Assistance Act of 1961, shall not be considered administrative expenses for the purposes of this heading.

Appropriations Legislation: Program account

Amounts available from prior year appropriations for the cost of direct and guaranteed loans may be used for the cost of modifying such loans, as defined in section 502 of the Congressional Budget Act of 1974.

In addition, such sums as may be necessary for administrative expenses to carry out the credit program may be derived from amounts available for administrative expenses to carry out the credit and insurance programs in the Overseas Private Investment Corporation Noncredit Account and merged with said account.

GPRA Strategic Goal

Strategic Objective

Performance Plan

Outputs and Outcomes

FY 2016

FY 2016

FY 2017

FY 2017

FY 2018

Target

Actual

Target

Actual

Target

Grow Portfolio Impact

Aim for high development impact

Projects with development scores evidencing high development impact[footnoteRef:3] [3: Projects that receive a score in the range of 60-100 are considered highly developmental.]

50

57

50

-

N/A

Increase commitments

Millions of dollars in finance and insurance project commitments[footnoteRef:4] [4: All dollar numbers in millions.]

$4,300

$3,691

$3,500

-

N/A

Minimize GHG emissions across portfolio

Millions of tons of CO2 emitted by projects in the OPIC portfolio[footnoteRef:5] [5: Targets are based on an anticipated reduction in CO2 emissions, from 2008 baseline levels by 2018.]

≤ 49.8

7.7

≤ 49.8

-

≤ 34.8

Appendix B: Government Performance Results Act (GPRA) Annual Performance Plan/Report

3

Per our discussion just now, .

. We’re happy to discuss on Monday should you have any questions. Please let me know when youhave an updated draft for us to review. Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 18, 2017 1:34 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen <Subject: CBJ draft for OMB review Kristina, Attached please find OPIC’s submittal of our CBJ for your review. Happy to discuss whenever you want. Thank you. Stephanie

000037

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From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: CBJ draft for OMB reviewDate: Monday, May 22, 2017 2:53:36 PM

Great, thanks.

I’ll reply all toyour original email.

From: Kaufman, Stephanie [mailto: Sent: Monday, May 22, 2017 2:18 PMTo: Lilac, Kristina E. EOP/OMB <Subject: RE: CBJ draft for OMB review

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Monday, May 22, 2017 2:13 PMTo: Kaufman, Stephanie <Subject: RE: CBJ draft for OMB review Thanks, will take a look now, but do you by chance have a tracked version, or at least a high-levelsummary of what edits you took and didn’t take?

From: Kaufman, Stephanie [mailto: Sent: Monday, May 22, 2017 2:08 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen < Saad, Fouad P. EOP/OMB <Subject: RE: CBJ draft for OMB review Kristina, Attached is the revised CBJ. Please let us know if we have green light to print. Thank you. Stephanie

000038

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From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 19, 2017 6:03 PMTo: Kaufman, Stephanie <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen < Saad, Fouad P. EOP/OMB <Subject: RE: CBJ draft for OMB review Hi Stephanie, Per our discussion just now,

. We’re happy to discuss on Monday should you have any questions. Please let me know when youhave an updated draft for us to review. Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 18, 2017 1:34 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen <Subject: CBJ draft for OMB review Kristina, Attached please find OPIC’s submittal of our CBJ for your review. Happy to discuss whenever you want. Thank you. Stephanie

000039

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"; "Bailey, Jessie W. EOP/OMB"Subject: RE: Call on OPIC ReestimatesDate: Monday, May 22, 2017 2:22:00 PM

Let’s use this number.

Conference Line: 800-977-8002/

_____________________________________________From: Kaufman, StephanieSent: Monday, May 22, 2017 2:03 PMTo: 'Lilac, Kristina E. EOP/OMB' < 'Bailey, Jessie W. EOP/OMB'<Subject: RE: Call on OPIC Reestimates

I will send you a different number to call… Or will set up a call in number.

-----Original Appointment-----From: Lilac, Kristina E. EOP/OMB [mailto:Sent: Friday, May 19, 2017 5:51 PMTo: Lilac, Kristina E. EOP/OMB; Bailey, Jessie W. EOP/OMB; Kaufman, StephanieSubject: Call on OPIC ReestimatesWhen: Tuesday, May 23, 2017 3:00 PM-3:30 PM (UTC-05:00) Eastern Time (US & Canada).Where: Stephanie will call Kristina (

>

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From: Kaufman, StephanieTo: Lilac, Kristina E. EOP/OMBSubject: Meeting Forward Notification: Call on OPIC Reestimates

Your meeting was forwarded

Kaufman, Stephanie has forwarded your meeting request to additional people

Meeting

Call on OPIC Reestimates

Meeting Time

Tuesday, May 23, 2017 3:00 PM - Tuesday, May 23, 2017 3:30 PM

Recipients

Kayla Andriate

From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Cc: Villabroza, Allan; Callear, Mildred; Alford, Cameron; Jagadesan, Dev; Roberts, Karen; Saad, Fouad P. EOP/OMBSubject: RE: CBJ draft for OMB reviewDate: Monday, May 22, 2017 2:08:00 PMAttachments: 20170522 CBJ draft net of OMB comments-1.docx

Kristina,

Attached is the revised CBJ.

Please let us know if we have green light to print.

Thank you.

Stephanie

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 19, 2017 6:03 PMTo: Kaufman, Stephanie <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen < Saad, Fouad P. EOP/OMB <Subject: RE: CBJ draft for OMB review

Hi Stephanie,

Per our discussion just now,

.

We’re happy to discuss on Monday should you have any questions. Please let me know when youhave an updated draft for us to review.

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 18, 2017 1:34 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen <Subject: CBJ draft for OMB review

000042

Attachment withheld in full under Exemption b(5), 9 pages.

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Kristina,

Attached please find OPIC’s submittal of our CBJ for your review.

Happy to discuss whenever you want.

Thank you.

Stephanie

000043

From: Kaufman, StephanieTo: Lilac, Kristina E. EOP/OMBSubject: Meeting Forward Notification: Call on OPIC Reestimates

Your meeting was forwarded

Kaufman, Stephanie has forwarded your meeting request to additional people

Meeting

Call on OPIC Reestimates

Meeting Time

Tuesday, May 23, 2017 3:00 PM - Tuesday, May 23, 2017 3:30 PM

Recipients

Christine Shaughnessy ,Villabroza, Allan

All times listed are in the following time zone: (UTC-05:00) Eastern Time (US & Canada)

_____

000044

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From: Kaufman, StephanieTo: Lilac, Kristina E. EOP/OMBSubject: Accepted: Call on OPIC Reestimates

000045

From: OMB Correspondence to Agencies on behalf of White, Arnette C. EOP/OMBTo:Subject: M-17-25 Reporting Guidance for Executive Order on Strengthening the Cybersecurity of Federal Networks and

Critical InfrastructureDate: Friday, May 19, 2017 6:12:58 PM

On May 11, 2017, the President signed the Executive Order on Strengthening the Cybersecurity ofFederal Networks and Critical Infrastructure, which outlines a number of actions to enhancecybersecurity across Federal agencies and critical infrastructure partners.

To view this memo, please clickhttps://www.whitehouse.gov/sites/whitehouse.gov/files/omb/memoranda/2017/M-17-25.pdf

This email list is maintained by Arnette White at the Office of Management and Budget(OMB). If you should be removed or need someone added, please send a request to

000046

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From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieCc: Villabroza, Allan; Callear, Mildred; Alford, Cameron; Jagadesan, Dev; Roberts, Karen; Saad, Fouad P. EOP/OMBSubject: RE: CBJ draft for OMB reviewDate: Friday, May 19, 2017 6:04:21 PMAttachments: 20170518 CBJ draft for OMB review OMB.DOCX

Hi Stephanie,

Per our discussion just now,

We’re happy to discuss on Monday should you have any questions. Please let me know when youhave an updated draft for us to review.

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 18, 2017 1:34 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen <Subject: CBJ draft for OMB review

Kristina,



Thank you.

Stephanie

000047

Attachment withheld in full under Exemption b(5), 16 pages

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Subject: RE: CBJ draft for OMB reviewDate: Friday, May 19, 2017 4:54:00 PM

We are able to print it in-house. So Monday is fine.

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 19, 2017 10:02 AMTo: Kaufman, Stephanie <Subject: RE: CBJ draft for OMB review

Okay, thanks. I started looking at it yesterday afternoon . I should hopefully wrap up my review shortly and get it to Fouad, but he’s usually

jammed. I can definitely tell him this needs to be a today thing, though, but keep me posted.

From: Kaufman, Stephanie [mailto: Sent: Friday, May 19, 2017 9:59 AMTo: Lilac, Kristina E. EOP/OMB <Subject: RE: CBJ draft for OMB review

Depends on Fouad’s comments and how much revision will be required.

If they can turn it around in 24 hours then Monday might be okay. I will let you know what Ifind out.

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 19, 2017 9:50 AMTo: Kaufman, Stephanie <Subject: RE: CBJ draft for OMB review

Hi Stephanie,

Thanks very much for sending. I’d ideally like Fouad to take a look at this as well, , but what’s your deadline for getting to the printer? (Just trying to

figure out if you need it back by COB today, or if Monday is workable.)

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 18, 2017 1:34 PMTo: Lilac, Kristina E. EOP/OMB <

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Cc: Villabroza, Allan < Callear, Mildred <Alford, Cameron < Jagadesan, Dev < Roberts,Karen <Subject: CBJ draft for OMB review

Kristina,



Thank you.

Stephanie

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From:To: Kaufman, Stephanie; Ellett, William; O"Connor, Christopher; Waldeck, Nicole; Babin, Marilou; Campbell, Carey;

Jones, Jasper (DFPM); jessica.d" Villabroza, Allan;

Subject: OPIC apportionment requests [Apportionment sent to OMB from Date: Friday, May 19, 2017 2:37:17 PMAttachments: 20170517 Reestimate&Apportionment FAI Adj Differences.xlsx

20170519 Non-credit account with notes.xlsx20170519 71- 4074X DL Financing Account.xlsx20170519 NIS 71-0100 X Account.xlsx20170519 71- 4075X GL Financing Account SK.xlsx20170519 71-0100 17-19 Program account.xlsx20170519 71-4184 Non-credit account.xlsx

Message from Sender:

Kristina,

Attached please find OPIC's apportionment requests.

I've also attached a file that shows how the numbers in the non-credit account were derivedand a file with details on the amounts in the apportionments for reestimates.

Please let me know if you have any questions.

Thank you.

Stephanie

Message From System Administrator:

This email generated from the OMB's web-based apportionment system was sent to membersof the Overseas Private Investment Corporation Team team. The subject line includes theemail address of the person sending this email. Your agency (if you are an agency staffer) orexamining division (if you are an OMB staffer) decided that you should receive these kinds ofemails. If you believe that you received this email in error, please contact your agencyapportionment administrators. You can search for them here:https://max.gov/maxportal/sa/findAgencyAdminForm.do

Apportionment file(s) (and attachments) attached.

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From: Kaufman, StephanieTo:Cc: Villabroza, Allan; Callear, Mildred; Alford, Cameron; Jagadesan, Dev; Roberts, KarenSubject: CBJ draft for OMB reviewDate: Thursday, May 18, 2017 1:34:06 PMAttachments: 20170518 CBJ draft for OMB review.docx

Kristina,



Thank you.

Stephanie

000051

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-----Original Message-----From: Villabroza, Allan Sent: Thursday, August 15, 2013 4:31 PMTo: William MetzgerCc: Kaufman, Stephanie I.Subject: FW: Moody's Sovereign Default Study - Sovereigns distinct from Non-Sovereigns

Will –

I should note that the links below are for the 2012 study, the 2013 study was released on 6/12/13(link) but the study is not accessible to me (it may be to you). Ianticipate that similar findings hold as there haven’t been further sovereign defaults in the year since.

Please let me know if you or Chi have any questions,

av

Allan VillabrozaVP & CFO

Overseas Private Investment CorporationThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington DC 20527

(O) | >www.opic.gov

Thanks for humoring me with these questions,

av

>http://www.moodys.com/research/Moodys-releases-2012-sovereign-default-study--PR_251946<Announcement:Moody's releases 2012 sovereign default studyGlobal Credit Research - 30 Jul 2012New York, July 30, 2012 -- Despite the stressful environment since the onset of the global financial crisis, the pace of sovereign defaults hasremained moderate, says Moody's Investors Service in its eighth annual sovereign bond default study.The report, "Sovereign Default and Recovery Rates, 1983-2012H1," highlights that from the over 110 Moody's-rated sovereigns, Greecewas the only one to default since the start of 2011. Jamaica defaulted in 2010, there were no rated sovereign defaults in 2009, and Ecuadordefaulted in late 2008. Since 1983, all defaulters were among the 25% lowest-rated sovereign issuers.The global financial crisis has, however, continued to put pressure on sovereign creditworthiness, increasing the share of sovereign issuersin the lower tier of investment grade, says the Moody's study. Nevertheless, the share of issuers rated Aa and above is still substantiallylarger for sovereign issuers than for corporate issuers.A comparison between sovereign and corporate default rates by the rating agency shows that sovereign default rates have generally been,on average, modestly lower than those for corporates overall and by like rating symbol. However, the differences are not likely significantas the overall size of the sovereign sample is small. Further, over the 1983-2012H1 period of study, sovereign ratings have exhibited greaterstability than their corporate counterparts.The study presents an analysis of all sovereign defaults since 1983 and compares and contrasts sovereigns and corporates with regard todefault, migration, and recovery rates as well as ratings accuracy measures.

Allan VillabrozaVP & CFO

Overseas Private Investment CorporationThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington DC 20527

(O) | mailto>www.opic.gov

From: Villabroza, Allan [mailtoSent: Thursday, August 16, 2012 04:04 PMTo: Falkenheim, Michael C.; Sinkfield, Rhonda M.Cc: Kaufman, Stephanie I. < mailtoSubject: Moody's Sovereign Default Study - Sovereigns distinct from Non-Sovereigns

.

I recognize that this is a substantial change in methodology; but as an analytical matter it bears examination.

Thanks,

av

2012 paper, see page 13

2011 version available at:>http://www.naic.org/documents/committees_e_capad_vos_c1_factor_review_sg_related_docs_moodys_sovereign_default.pdfwww.opic.gov

From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: CBJ Status Update?Date: Wednesday, May 17, 2017 11:28:48 AM

Then consider tomorrow a hard deadline! I’ll let you decide if you want your hard deadline to benoon or COB.J

From: Kaufman, Stephanie [mailto: Sent: Wednesday, May 17, 2017 11:24 AMTo: Lilac, Kristina E. EOP/OMB <Subject: Re: CBJ Status Update?

If you give me a hard deadline that will help.

From: Lilac, Kristina E. EOP/OMB <Sent: Wednesday, May 17, 2017 11:20 AMTo: Kaufman, StephanieSubject: RE: CBJ Status Update?

Great, so hopefully to me by tomorrow or Friday?


Just got the last edits from VPs. Now to COS and CEO.

From: Lilac, Kristina E. EOP/OMB <Sent: Wednesday, May 17, 2017 11:17 AMTo: Kaufman, StephanieSubject: CBJ Status Update?

Hi Stephanie,

Can you please let me know when you expect to have a draft of your CBJ ready for review?

Thanks!Kristina

Kristina LilacOffice of Management and Budget, International Affairs Division

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|

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From: Lilac, Kristina E. EOP/OMBTo: William Marsteller; Patt, Emily-Anne; Allen, Todd (OIP); Bailey, Jessie W. EOP/OMB;

Carleton, Patrick (OIP); Cochran, Christopher (OEA/IC); Ignacio Diaz; Durazzo,Yvonne; Hurley, John (Treasury.gov); Kaufman,Stephanie; Nicolas Lizop; John Lowry; Lung, Yi (E3/DC); Mac, Chi T. EOP/OMB; MacHarg, Amy; Kalesha Malloy;

Margaret Miller; Michael Monderer; Naughton, Katherine (E3/DC); Pak, Karen K (E3/DC); Rosier, Kevin J;

Hamalainen, Erika; Saad, Fouad P. EOP/OMB; Villabroza, Allan; Webster, Jessica M; Manli

ZhangSubject: RE: Agenda for May 18 Quarterly ICRAS MeetingDate: Wednesday, May 17, 2017 11:27:37 AM

Bill,

Thanks,Kristina

From: William Marsteller [mailto Sent: Wednesday, May 17, 2017 11:22 AMTo: Patt, Emily-Anne < Lilac, Kristina E. EOP/OMB< Bailey, JessieW. EOP/OMB <

Ignacio Diaz < Hurley, John

(Treasury.gov) < Stephanie Kaufman (OPIC)< Nicolas Lizop < John Lowry< Lung, Yi (E3/DC) < Mac, Chi T. EOP/OMB< Kalesha Malloy <

Margaret Miller < Michael Monderer< Naughton, Katherine (E3/DC) <

Pak, Karen K (E3/DC)< Rosier, Kevin J < Ryan, Erika H. EOP/OMB< Saad, Fouad P. EOP/OMB <

Webster, Jessica M < Manli

Zhang <Subject: RE: Agenda for May 18 Quarterly ICRAS Meeting

Kristina,

Given this, is it necessary for Ignacio to attend the meeting?

Bill

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This is a reminder that the quarterly ICRAS meeting will be held next Thursday, May 18th from 1:00-3:00pm in the WHCC Lincoln Room. Based on the comments received, we will discuss the followingcountries:

If your agency plans to raise any other issues, please let me know as soon as possible so that I canadd them to the agenda accordingly.

Also, at the request of a couple of participants, there will be a limited number of conference linesavailable for those who are unable to attend in person:

Participant Dial-In: (202) 395-6392Participant Code:

I look forward to seeing you next Thursday.

Best,Kristina


|

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From: Kaufman, StephanieTo: Lilac, Kristina E. EOP/OMBSubject: Re: CBJ Status Update?Date: Wednesday, May 17, 2017 11:23:25 AM

That is my desire.

From: Lilac, Kristina E. EOP/OMB <Sent: Wednesday, May 17, 2017 11:20 AMTo: Kaufman, StephanieSubject: RE: CBJ Status Update?

Great, so hopefully to me by tomorrow or Friday?


Just got the last edits from VPs. Now to COS and CEO.

From: Lilac, Kristina E. EOP/OMB <Sent: Wednesday, May 17, 2017 11:17 AMTo: Kaufman, StephanieSubject: CBJ Status Update?

Hi Stephanie,

Can you please let me know when you expect to have a draft of your CBJ ready for review?

Thanks!Kristina


|

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From: Bailey, Jessie W. EOP/OMBTo: Kaufman, Stephanie; Lilac, Kristina E. EOP/OMBCc: Jones, Jasper (DFPM); Shaughnessy, Christine (DFPM/ODVT/FM-CTR)Subject: RE: OPIC Aggregation of Reestimate ResultsDate: Tuesday, May 16, 2017 5:05:54 PM

Just to make sure I understand –

.

From: Kaufman, Stephanie [mailto: Sent: Monday, May 15, 2017 10:03 AMTo: Bailey, Jessie W. EOP/OMB < Lilac, Kristina E. EOP/OMB<Cc: Jones, Jasper (DFPM) < Shaughnessy, Christine (DFPM/ODVT/FM-CTR)<Subject: OPIC Aggregation of Reestimate Results

Jessie and Kristina,

.

Issue:

000067

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Solution:

Please flag any concerns or comments or signal agreement with the above as soon as possible.

Many thanks,Stephanie

Stephanie KaufmanManaging Director, Budget and Resource PlanningOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington DC 20527

(O) | + (M) | www.opic.gov|facebook.com/opicgov|twitter.com/opicgov

Come read our blog! Subscribe directly to the latest posts at www.opic.gov/blog

000068

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From: Shaughnessy, Christine (DFPM/ODVT/FM-CTR) Sent: Tuesday, November 15, 2016 6:01 PMTo: Hamalainen, Erika < Bailey, Jessie W. EOP/OMB<Cc: Ellett, William < Kaufman, Stephanie <Subject: OPIC Aggregation of Reestimate Results

Good evening Erika and Jessie,

Attached you will find a sample RSummary and a workbook summarizing the aggregationdiscrepancy for a sample of four loans.

·

Please let us know if you have any questions.

Thank you,Christine

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From: Kaufman, StephanieTo: "Bailey, Jessie W. EOP/OMB"; Cc: Jones, Jasper (DFPM); Shaughnessy, Christine (DFPM/ODVT/FM-CTR)Subject: OPIC Aggregation of Reestimate ResultsDate: Monday, May 15, 2017 10:02:00 AMAttachments: Reestimate&Apportionment FAI Adj Differences.xlsx

Jessie and Kristina,

.

Issue:

Solution:

).

000070

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.

Please flag any concerns or comments or signal agreement with the above as soon as possible.

Many thanks,Stephanie

Stephanie KaufmanManaging Director, Budget and Resource PlanningOVERSEAS PRIVATE INVESTMENT CORPORATIONThe U.S. Government’s Development Finance Institution1100 New York Ave, NW | Washington DC 20527

(O) | + (M) | www.opic.gov|facebook.com/opicgov|twitter.com/opicgov

Come read our blog! Subscribe directly to the latest posts at www.opic.gov/blog

From: Shaughnessy, Christine (DFPM/ODVT/FM-CTR) Sent: Tuesday, November 15, 2016 6:01 PMTo: Hamalainen, Erika < Bailey, Jessie W. EOP/OMB<Cc: Ellett, William < Kaufman, Stephanie <Subject: OPIC Aggregation of Reestimate Results

Good evening Erika and Jessie,

·

·

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Please let us know if you have any questions.

Thank you,Christine

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From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: FY17 Apportionments Timeline?Date: Friday, May 12, 2017 1:36:32 PM

I’m attempting to, but I keep getting pulled into other drills, so unfortunately, not really.

From: Kaufman, Stephanie [mailto: Sent: Friday, May 12, 2017 1:33 PMTo: Lilac, Kristina E. EOP/OMB <Subject: RE: FY17 Apportionments Timeline?

Are you watching CSIS discussion?

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 12, 2017 1:05 PMTo: Kaufman, Stephanie <Subject: RE: FY17 Apportionments Timeline?

Ah, well now, that makes a lot more sense! Oh,


Sorry – . That’s what we call them here


.


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Kristina,

. J

FYI –

?

Thank you,

Stephanie

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 12, 2017 11:25 AMTo: Kaufman, Stephanie <Subject: FY17 Apportionments Timeline?

Hi Stephanie,

Thanks,Kristina


|

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Subject: RE: FY17 Apportionments Timeline?Date: Friday, May 12, 2017 1:08:00 PM

Sorry for the confusion.


Ah, well now, that makes a lot more sense! Oh,


Sorry – . That’s what we call them here



Kristina,

J

FYI –

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.

?

Thank you,

Stephanie

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Friday, May 12, 2017 11:25 AMTo: Kaufman, Stephanie <Subject: FY17 Apportionments Timeline?

Hi Stephanie,

:

Thanks,Kristina


|

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Subject: RE: OPIC PY CY.XLSXDate: Thursday, May 11, 2017 1:22:00 PM

Okay. That’s what I thought…..

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Thursday, May 11, 2017 1:20 PMTo: Kaufman, Stephanie <Subject: RE: OPIC PY CY.XLSX

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 11, 2017 1:18 PMTo: Lilac, Kristina E. EOP/OMB <Subject: OPIC PY CY.XLSX

Kristina,

?

Stephanie

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From: Kaufman, StephanieTo:Subject: OPIC PY CY.XLSXDate: Thursday, May 11, 2017 1:18:00 PMAttachments: OPIC PY CY.XLSX

Kristina,

?

Stephanie

000078

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From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"; Villabroza, AllanSubject: RE: 2018 Budget transmittal is May 22Date: Thursday, May 11, 2017 11:31:00 AM

Yes. I got the email from Shelley.

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Thursday, May 11, 2017 11:27 AMTo: Villabroza, Allan < Kaufman, Stephanie<Subject: RE: 2018 Budget transmittal is May 22

FYI, .

From: Lilac, Kristina E. EOP/OMB Sent: Friday, April 28, 2017 9:03 AMTo: 'Villabroza, Allan' < 'Kaufman, Stephanie'<Subject: 2018 Budget transmittal is May 22

Hi Allan and Stephanie,

OMB leadership just announced that the 2018 Budget will be released on May 22. , but I’ll keep

you posted if the timing for either changes.

Thanks,Kristina


|

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From: McAllister, Shelly A. EOP/OMBTo: McAllister, Shelly A. EOP/OMBSubject: BOAC: budget release date changeDate: Thursday, May 11, 2017 11:26:04 AM

BOAC Members:

The 2018 Budget release date has been changed from Monday the 22nd to Tuesday the 23rd.

000080

From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: Major Savings VolumeDate: Thursday, May 11, 2017 10:37:38 AMAttachments: OPIC MSV FY 2018 (2).docx

FYI,

. Current version attached.

From: Lilac, Kristina E. EOP/OMB Sent: Monday, May 8, 2017 9:35 AMTo: 'Kaufman, Stephanie' <Subject: RE: Major Savings Volume

The current version of this is attached.

By chance, could you send me OPIC’s response on my question about Congressional support thismorning? Thanks!

From: Kaufman, Stephanie [mailto: Sent: Friday, May 5, 2017 5:47 PMTo: Lilac, Kristina E. EOP/OMB <Subject: Re: Major Savings Volume

Can you please send the final version?

Sent from my iPhone

On May 5, 2017, at 4:57 PM, Lilac, Kristina E. EOP/OMB <wrote:

Edits made.

From: Kaufman, Stephanie [mailto: Sent: Friday, May 5, 2017 4:37 PMTo: Lilac, Kristina E. EOP/OMB <Subject: Re: Major Savings Volume

Okay. Please change make those changes. .

From: Lilac, Kristina E. EOP/OMB <

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Sent: Friday, May 5, 2017 4:29 PMTo: Kaufman, StephanieCc: Villabroza, Allan; Callear, MildredSubject: RE: Major Savings Volume

Hi Stephanie,

Thanks for the quick review:

2.

.

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Friday, May 5, 2017 4:15 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred<Subject: Re: Major Savings Volume

Kristina,

Two comments on the attached.

1.

.

2..

From: Lilac, Kristina E. EOP/OMB <Sent: Friday, May 5, 2017 2:14:06 PMTo: Kaufman, StephanieCc: Villabroza, Allan; Callear, Mildred

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Subject: RE: Major Savings Volume

Hi Stephanie,

Please see attached for the latest version of this document, with edits in trackedchanges.

.

.

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Friday, May 5, 2017 12:37 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred<Subject: Re: Major Savings Volume

Kristina,

Note:

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SK

From: Kaufman, StephanieSent: Friday, May 5, 2017 12:25:57 PMTo: Lilac, Kristina E. EOP/OMBCc: Villabroza, Allan; Callear, MildredSubject: Re: Major Savings Volume

Great. I look forward to seeing the results of your efforts. ?

From: Lilac, Kristina E. EOP/OMB <Sent: Friday, May 5, 2017 11:41:06 AMTo: Kaufman, StephanieCc: Villabroza, Allan; Callear, MildredSubject: RE: Major Savings Volume

Stephanie,

Thanks very much for your comments.

. I’ll share another version of the text with you this afternoon.

Thanks,Kristina

From: Kaufman, Stephanie [mailto: Sent: Thursday, May 4, 2017 6:26 PMTo: Lilac, Kristina E. EOP/OMB <Cc: Villabroza, Allan < Callear, Mildred<Subject: RE: Major Savings Volume

Kristina,

A few comments from OPIC.

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.2.

.3.

4.

.

Stephanie

From: Lilac, Kristina E. EOP/OMB [mailto: Sent: Thursday, May 04, 2017 1:18 PMTo: Kaufman, Stephanie <Subject: Major Savings Volume

Stephanie,

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please let me know by COB today.

Thanks,Kristina


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000086

(b) (5)

(b) (6)(b) (6)

From: Lilac, Kristina E. EOP/OMBTo: Kaufman, StephanieSubject: RE: OPIC PY CY.XLSXDate: Tuesday, May 09, 2017 7:02:17 PM

Perfect, thanks much!!

From: Kaufman, Stephanie [mailto: Sent: Tuesday, May 9, 2017 7:01 PMTo: Lilac, Kristina E. EOP/OMB <Subject: OPIC PY CY.XLSX

I thought I better do it before I forgot…..

This matches my file.

000087

(b) (6)

(b) (6)

From: Kaufman, StephanieTo:Subject: OPIC PY CY.XLSXDate: Tuesday, May 09, 2017 7:01:00 PMAttachments: OPIC PY CY.XLSX

I thought I better do it before I forgot…..

This matches my file.

000088

Attachment withheld in full under Exemption b(5), 1 page.

(b) (6)

From: Kaufman, StephanieTo: "Lilac, Kristina E. EOP/OMB"Subject: RE: 20170509 reconciling MAX to Erika"s spreadsheet.x

overseas private investment corporation (opic) correspondence … · 2019-05-17 · this letter is...

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