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. Last Updated: 07/27/2016

Harkin Resigns Amid Uncertain OPIC Future

WASHINGTON -- Ruth Harkin, president of the government's Overseas Private Investment Corp. since June 1993, submitted her resignation effective the end of March.

Harkin, the wife of U.S. Senator Tom Harkin, said Wednesday in a statement that, after talking with her family, she decided to seek a job in the private sector and that the start of a second Clinton administration was the time to do it.

The White House was expected to name a replacement later.

Last September the House rejected a five-year reauthorization for the agency, which makes loans for and insures investments by U.S. companies overseas. OPIC's fate is uncertain amid efforts to combine it, the U.S. Export-Import bank and the Trade and Development Authority into one agency.

Harkin was last in Moscow in January to promote OPIC loans and political risk insurance, touting its $65 million political risk insurance policy for a Pratt & Whitney engine-making joint venture.

She said OPIC had earned "substantial" profits from its Russian portfolio, adding 43 projects in 1996 worth $1 billion to bring overall support in Russia to $3 billion. (AP, MT)