Jobs and Exports Renewal Act of 1997

Jobs and Exports Renewal Act of 1997 - Sets forth policy recommendations for the Overseas Private Investment Corporation (OPIC).

Amends the Foreign Assistance Act of 1961 to extend through FY 1999 OPIC's authority to issue investment insurance and guarantees.

Revises maximum contingent liability requirements for such insurance and guarantees to specify a single maximum contingent liability outstanding at any time for investment insurance, investment guaranties, and direct investment of $29 million in the aggregate.

Declares that no OPIC-approved loan, financial guarantee, or insurance commitment exceeding $200 million should be effective unless OPIC submits to the Congress a detailed statement describing the transaction at least 35 days before it becomes effective.

Establishes the Commission on Foreign Export and Investment Promotion to assess, and report to the Congress on, the impact on U.S. economic and foreign policy interests of Federal agencies and programs which promote foreign export and investment opportunities for U.S. business concerns.

Amends the Inspector General Act of 1978 to establish within OPIC an Office of Inspector General with responsibility over the Trade and Development Agency.

Amends the Foreign Assistance Act of 1961 to revise the composition of the OPIC Board of Directors.

Amends the Export Enhancement Act of 1988 to require the Trade Promotion Coordinating Committee (TPCC) to develop a Federal trade promotion plan that, among other things, shall: (1) identify the means for providing more coordinated export promotion services to small and medium-sized businesses; and (2) establish a set of priorities to promote U.S. exports to, and free market reforms in, the Middle East, Africa, Latin America, and other emerging markets, that are designed to stimulate job growth both in the United States and those regions and emerging markets.

Requires the TPCC to: (1) identify areas of overlap and duplication among Federal export promotion activities and report on actions to eliminate such overlap and duplication; and (2) report to the Congress on actions taken to promote better coordination among State, Federal, and private sector export promotion activities.