The House passed a bill Monday that would put new strings on a U.S. aid program promoting exports and helping finance investments in developing economies.

The bill (HR 2798) would reauthorize the Overseas Private Investment Corporation through the end of fiscal 2011. The agency, established in 1971, issues political risk insurance and helps finance investments in developing countries and emerging market economies with direct loans and loan guarantees The current authorization expires Sept. 30.

The reauthorization would bar OPIC assistance to individuals who have loans to, or more than $20 million invested in, the energy sector of any terrorist nation, those developing nuclear weapons or committing genocide. The targets of the prohibition are North Korea, Sudan and Iran.

The legislation also would require that projects be approved only in countries working toward international environmental and worker-rights standards, and would require OPIC to report on its plan to use projects to fight climate change.

OPIC is funded by its own fee revenue. Over the agency’s history, it has generated $71 billion in U.S. exports and supported more than 271,000 U.S. jobs. In fiscal 2006, OPIC projects generated $1 billion in U.S. exports.