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WASHINGTON (AP) — President Barack Obama wants to eliminate a stand-alone federal agency that finances more than $3 billion a year in development projects around the world.
Obama's new budget proposal would merge the Overseas Private Investment Corporation — known as OPIC — with five other business and trade agencies. But his plan faces long odds and an uncertain reception on Capitol Hill.
A recent investigation by The Associated Press found that one OPIC-supported project — a failed $217 million power venture in Liberia — was marked by insider connections, questionable oversight, environmental damage and allegations by local workers about sexual abuse and workplace hazards.
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