No official summary available for this bill.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5403 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 5403
To align the United States International Development Finance
Corporation with United States national security and strategic goals.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 21, 2024
Mr. Romney (for himself and Mr. Sullivan) introduced the following
bill; which was read twice and referred to the Committee on Foreign
Relations
_______________________________________________________________________
A BILL
To align the United States International Development Finance
Corporation with United States national security and strategic goals.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Aligning Development and Competition
Act of 2024''.
SEC. 2. IMPROVING USIDFC TRANSPARENCY.
Not later than 90 days after the date of the enactment of this Act,
and annually thereafter, the Chief Executive Officer of the United
States International Development Finance Corporation shall submit a
report to the Committee on Foreign Relations of the Senate and the
Committee on Foreign Affairs of the House of Representatives regarding
the Development Advisory Council of the Corporation, which--
(1) lists any organization or entity that--
(A) employs, contracts for services with, or
otherwise provides compensation to, any member of the
Council; and
(B) has received support directly from the
Corporation through loans, loan guarantees, grants, or
other financial support since the submission of the
prior report required under this section; and
(2) with respect to each organization or entity referred to
in paragraph (1)--
(A) identifies the name of the member or members of
the Council to which it provides compensation;
(B) describes the support provided by the
Corporation to the organization or entity since the
submission of the prior report required under this
section; and
(C) describes any actions that were taken to
address the existence or appearance of a conflict of
interest.
SEC. 3. PRIORITIZING PROJECTS THAT ADVANCE NATIONAL SECURITY.
Section 1412 of the BUILD Act of 2018 (22 U.S.C. 9612) is amended
by adding at the end the following:
``(d) Prioritization of National Security Interests.--The
Corporation shall prioritize the provision of support under title II in
projects that advance core national security interests of the United
States with respect to strategic competition with a covered nation (as
defined in section 4872(d)(2) of title 10, United States Code),
including port infrastructure, rail and other transportation
infrastructure, digital and communications infrastructure, and critical
minerals mining, production, and processing materials and
facilities.''.
SEC. 4. INCLUSION OF SECRETARY OF DEFENSE IN USIDFC BOARD OF DIRECTORS.
Section 1413(b)(2)(B)(i) of the BUILD Act of 2018 (22 U.S.C.
9613(b)(2)(B)(i)) is amended by adding at the end the following:
``(V) The Secretary of Defense or a
designee of the Secretary.''.
SEC. 5. STRATEGIC ADVISORY COUNCIL.
(a) Establishment.--Section 1413 of the BUILD Act of 2018 (22
U.S.C. 9613) is amended--
(1) in subsection (g)(2)(F)--
(A) by striking ``established under subsection
(i)'' and inserting ``and of the Strategic Advisory
Council,''; and
(B) by striking ``the Council'' and inserting
``each such Council'';
(2) in subsection (i)(4), by striking ``the Federal
Advisory Committee Act (5 U.S.C. App.)'' and inserting
``chapter 10 of title 5, United States Code (commonly known as
the `Federal Advisory Committee Act')''; and
(3) by adding at the end the following:
``(j) Strategic Advisory Council.--
``(1) In general.--There is established a Strategic
Advisory Council (referred to in this subsection as the
`Council'), which shall advise the Board on national security
and foreign policy objectives of the Corporation.
``(2) Membership.--Members of the Council shall be
appointed by the Board, on the recommendation of the Chief
Executive Officer, and shall be composed of not more than 9
members broadly representative of governmental or
nongovernmental organizations, think tanks, foundations,
associations, and other institutions focused on national
security, including areas of strategic competition, the defense
industrial base, and national and homeland defense.
``(3) Functions.--The Board shall call upon members of the
Council, either collectively or individually to advise the
Board regarding the extent to which the Corporation is
supporting the national security and foreign policy objectives
of the United States and provide any suggestions for
improvements with respect to supporting such objectives,
including opportunities in countries and project development
and implementation challenges and opportunities.
``(4) Federal advisory committee act.--The Council shall
not be subject to chapter 10 of title 5, United States Code
(commonly known as the `Federal Advisory Committee Act').''.
(b) Consultation.--Section 1442(d) of the BUILD Act of 2018 (22
U.S.C. 9652(d)) is amended by striking ``established under section
1413(i)'' and inserting ``and the Strategic Advisory Council
established under subsections (i) and (j) of section 1413''.
SEC. 6. VITAL NATIONAL SECURITY INTERESTS WAIVER.
Section 1421 of the BUILD Act of 2018 (22 U.S.C. 9621) is amended
by adding at the end the following:
``(j) Vital National Security Interests Waiver.--The Chief
Executive Officer may waive the requirements of subsection (a)(1) that
a project supported by the Corporation occur in a less developed
country and the requirements of section 1412(c) for a particular
project if the President determines that such a waiver is in the vital
national security interests of the United States.''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Foreign Relations.
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