II 

117TH CONGRESS 

2D SESSION S. 5246 

To establish a National Development Strategy, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 13, 2022 

Mr. RUBIO introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To establish a National Development Strategy, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘National Development 

5 Strategy and Coordination Act of 2022’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) APPROPRIATE CONGRESSIONAL COM9 MITTEE.—The term ‘‘appropriate congressional com10 mittee’’ means— 


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1 (A) the Committee on Banking, Housing, 

2 and Urban Affairs, the Committee on Finance, 

3 the Committee on Commerce, Science, and 

4 Transportation, and the Select Committee on 

5 Intelligence of the Senate; and 

6 (B) the Committee on Financial Services, 

7 the Committee on Energy and Commerce, and 

8 the Permanent Select Committee on Intelligence 

9 of the House of Representatives. 

10 (2) COUNTRY OF CONCERN.—The term ‘‘coun11 try of concern’’ means— 

12 (A) the People’s Republic of China and 

13 any other foreign government or foreign non14 government person determined to be a foreign 

15 adversary under section 7.4 of title 15, Code of 

16 Federal Regulations, or any successor regula17 tion; or 

18 (B) any country determined by the Sec19 retary of Commerce, in consultation with the 

20 United States Trade Representative, the Sec21 retary of Defense, and the Director of National 

22 Intelligence, to have inadequate safeguards in 

23 place to protect United States funds (or intel24 lectual property developed using such funds) 

25 from theft or transfer to a foreign government 


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1 or foreign non-government person described in 

2 subparagraph (A). 

3 (3) ENTITY OF CONCERN.—The term ‘‘entity of 

4 concern’’ means— 

5 (A) an entity headquartered in a country 

6 of concern; 

7 (B) an entity that is more than 25-percent 

8 owned by individuals or entities in countries of 

9 concern; 

10 (C) an entity on the list of specially des11 ignated nationals and blocked persons main12 tained by the Office of Foreign Assets Control 

13 of the Department of the Treasury (commonly 

14 referred to as the ‘‘SDN list’’); 

15 (D) an entity on the Non-SDN Chinese 

16 Military-Industrial Complex Companies List— 

17 (i) established pursuant to Executive 

18 Order 13959 (50 U.S.C. 1701 note; relat19 ing to addressing the threat from securities 

20 investments that finance Communist Chi21 nese military companies), as amended be22 fore, on, or after the date of the enactment 

23 of this Act; and 

24 (ii) maintained by the Office of For25 eign Assets Control; 


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1 (E) a Chinese military company on the list 

2 required by section 1260H of the William M. 

3 (Mac) Thornberry National Defense Authoriza4 tion Act for Fiscal Year 2021 (Public Law 

5 116–283; 10 U.S.C. 113 note); 

6 (F) an entity on the Entity List main7 tained by the Bureau of Industry and Security 

8 of the Department of Commerce and set forth 

9 in Supplement No. 4 to part 744 of title 15, 

10 Code of Federal Regulations, or any successor 

11 regulation; 

12 (G) an entity that produces equipment or 

13 services on the list of communications equip14 ment and services that pose an unacceptable 

15 risk to the national security of the United 

16 States or the security and safety of United 

17 States persons maintained by the Federal Com18 munications Commission under section 2 of the 

19 Secure and Trusted Communications Networks 

20 Act of 2019 (47 U.S.C. 1601); or 

21 (H) any entity that is majority owned or 

22 controlled by, or under common ownership or 

23 control with, an entity described in any of sub24 paragraphs (A) through (G). 


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1 SEC. 3. ESTABLISHMENT OF THE INTERAGENCY COM2 MITTEE FOR THE COORDINATION OF NA3 TIONAL DEVELOPMENT FINANCING PRO4 GRAMS. 

5 (a) ESTABLISHMENT.—There is established in the 

6 Executive Office of the President a Committee to be 

7 known as the Interagency Committee for the Coordination 

8 of National Development Financing Programs (referred to 

9 in this Act as the ‘‘Committee’’). 

10 (b) MEMBERSHIP.— 

11 (1) COMPOSITION.—The Committee shall con12 sist of the following members: 

13 (A) The Secretary of Transportation or a 

14 designee of the Secretary. 

15 (B) The Secretary of Energy or a designee 

16 of the Secretary. 

17 (C) The Secretary of Commerce or a des18 ignee of the Secretary. 

19 (D) The Secretary of Labor or a designee 

20 of the Secretary. 

21 (E) The Secretary of the Treasury or a 

22 designee of the Secretary. 

23 (F) The Administrator of the Small Busi24 ness Administration or a designee of the Ad25 ministrator. 


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1 (G) The Secretary of Defense or a des2 ignee of the Secretary. 

3 (H) The Director of National Intelligence 

4 or a designee of the Director. 

5 (I) The Secretary of Agriculture or a des6 ignee of the Secretary. 

7 (J) The United States Trade Representa8 tive or their designee. 

9 (K) The Chair of the Board of Governors 

10 of the Federal Reserve or a designee of the 

11 Chair, who shall serve as a nonvoting member. 

12 (L) The Secretary of the Treasury or a 

13 designee of the Secretary, who shall serve as 

14 the chair of the Committee. 

15 (2) TIE VOTE.—In the event of a tie vote, the 

16 vote of the chair of the Committee shall serve as the 

17 tie-breaker. 

18 (c) DUTIES.—The Committee— 

19 (1) shall submit to Congress the National De20 velopment Strategy described in subsection (d); 

21 (A) not later than 1 year after the date of 

22 enactment of this Act; and 

23 (B) not later than 1 year after January 

24 20, 2024, and every 4 years thereafter, and in 

25 each such year not earlier than the latest date 


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1 on which the budget of the President may be 

2 submitted to Congress under section 1105(a) of 

3 title 31, United States Code, submit to Con4 gress the National Development Strategy de5 scribed in subsection (d); and 

6 (2) shall identify economic sectors of the United 

7 States, regions of the United States, and, as nec8 essary and supported by substantial evidence, 

9 projects or partnerships that advance the goals of 

10 the National Development Strategy described in sub11 section (d), to which financing assistance should be 

12 prioritized by member agencies of the Committee 

13 and should be provided or supported by the Federal 

14 Financing Bank. 

15 (d) NATIONAL DEVELOPMENT STRATEGY.—The 

16 Committee shall develop a publicly available (except for 

17 an allowable classified annex) National Development 

18 Strategy, which shall— 

19 (1) identify and address vulnerabilities in 

20 United States supply chains in industries critical to 

21 national security; 

22 (2) identify and address vulnerabilities and 

23 shortfalls in domestic manufacturing capabilities 

24 that threaten the ability of the United States to 


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1 maintain a global advantage in innovation and man2 ufacturing; 

3 (3) identify weaknesses and discuss opportuni4 ties to strengthen the broad industrial base of the 

5 United States, which may include— 

6 (A) strengthening supply chain resiliency; 

7 (B) supporting industries critical for the 

8 national security; 

9 (C) developing technologies that provide 

10 scientific or commercial value to the United 

11 States; 

12 (D) supporting job growth and develop13 ment of critical manufacturing capabilities with14 in the United States workforce; 

15 (E) supporting the development and adop16 tion of innovative resource extraction tech17 nologies, including for renewable energy; and 

18 (F) supporting job growth and economic 

19 development in critical industries in commu20 nities designated as qualified opportunity zones 

21 under section 1400Z–1 of the Internal Revenue 

22 Code of 1986; 

23 (4) identify industries and regions in the United 

24 States that require assistance in order to address 


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1 vulnerabilities and advance the goals described in 

2 paragraphs (1), (2), and (3); and 

3 (5) outline a strategic plan to promote invest4 ment in the industries described in paragraph (4), 

5 which shall include— 

6 (A) an estimate of the amount and nature 

7 of public financing needed to achieve the goals 

8 and address vulnerabilities described in para9 graphs (1), (2), and (3); 

10 (B) an inventory of all Federal programs 

11 in existence as of the date of the National De12 velopment Strategy that are capable of pro13 viding the financing described in subparagraph 

14 (A), the level of investment from each such 

15 Federal program in the preceding 5-year period, 

16 and a detailed description of how each such 

17 program is advancing development goals in the 

18 United States; 

19 (C) recommendations as to how Federal 

20 agencies may, under existing Federal authori21 ties, leverage and attract private investment to 

22 accomplish the goals described in this sub23 section; 

24 (D) recommendations, if applicable, on any 

25 changes to Federal financing programs, includVerDate Sep 11 2014 22:20 Dec 15, 2022 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S5246.IS S5246

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1 ing changes to how financing decisions are 

2 prioritized or creation of new financing pro3 grams, that may be needed to advance the goals 

4 of the National Development Strategy; 

5 (E) directives to the Federal Financing 

6 Bank to accomplish the goals of the National 

7 Development Strategy; and 

8 (F) performance metrics to evaluate and 

9 monitor projects supported by the Federal Fi10 nancing Bank in alignment with the National 

11 Development Strategy. 

12 (e) ADVICE AND INPUT.—The Committee shall seek 

13 the advice and input of industry partners, manufacturing 

14 policy experts, State and local development officials, and 

15 manufacturing worker interests when preparing the Na16 tional Development Strategy described in subsection (d), 

17 including by— 

18 (1) holding not less than 4 public hearings per 

19 year, either virtually or in-person, during which in20 dustry representatives, worker groups, and regional 

21 representatives can provide insight into strategic de22 velopment prioritization; and 

23 (2) establishing an Industry Advisory Board of 

24 not more than 10 members appointed by the Presi25 dent, which shall include— 


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1 (A) an expert in industry competitiveness 

2 and national security; 

3 (B) a manufacturing trade association rep4 resentative; 

5 (C) a representative of small business gov6 ernment contractors; 

7 (D) a manufacturing worker representa8 tive; 

9 (E) a representative from a private invest10 ment firm investing in critical industries and 

11 frontier technology; and 

12 (F) such other representatives as the 

13 President may appoint. 

14 (f) ASSESSMENT OF NATIONAL DEVELOPMENT

15 STRATEGY.—In January of each year in which the Com16 mittee does not submit a new National Development 

17 Strategy as required under subsection (d), the Committee 

18 shall submit to the appropriate congressional committees 

19 an assessment of the most recently published National De20 velopment Strategy, which shall include— 

21 (1) an accounting of any new investments made 

22 by the Federal Financing Bank or member agencies 

23 of the Committee in the preceding year, including 

24 ZIP Code, North American Industry Classification 

25 System code, and financing stage; 


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1 (2) the performance of such investments, in ac2 cordance with performance metrics established by 

3 the Committee; 

4 (3) an assessment of the implementation of the 

5 National Development Strategy, including an assess6 ment by each agency represented on the Committee, 

7 supported by sufficient evidence, of steps taken to 

8 align such agencies’ financing, research, and devel9 opment activities with the goals of the National De10 velopment Strategy; and 

11 (4) a determination on whether or not an up12 date is needed to the National Development Strategy 

13 as a result of a change in assumptions, geopolitical 

14 dynamics, or other factors. 

15 (g) MEMORANDUM OF COORDINATION WITH FED16 ERAL AGENCIES ENGAGED IN INVESTMENT AND FINANC17 ING ACTIVITIES.—Not later than 1 year after the date of 

18 enactment of this Act, the Committee shall negotiate a 

19 memorandum of understanding among the Federal agen20 cies represented on the Committee, which shall— 

21 (1) establish procedures for— 

22 (A) aligning their respective investment 

23 and financing authorities to ensure maximum 

24 efficiency and comply with the goals of the Na25 tional Development Strategy; 


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1 (B) resolving conflicts in cases of overlap2 ping jurisdiction between their respective agen3 cies; and 

4 (C) avoiding conflicting or duplicative op5 eration of services. 

6 (2) be reviewed and updated annually in coordi7 nation with the submission of the assessment out8 lined in subsection (f). 

9 (h) MEETINGS.—The Committee shall meet regularly 

10 and as required by the President, but not less frequently 

11 than annually. 

12 (i) STRATEGIC ALIGNMENT.—Each Federal agency 

13 represented on the Committee shall— 

14 (1) consult on a regular basis the most recently 

15 published National Development Strategy described 

16 in subsection (d); and 

17 (2) to the extent practicable, give priority con18 sideration to projects that align with the goals of the 

19 National Development Strategy when engaged in fi20 nancing, research, and development activities. 


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1 SEC. 4. REQUIREMENTS OF THE FEDERAL FINANCING 

2 BANK RELATING TO THE NATIONAL DEVEL3 OPMENT STRATEGY. 

4 (a) IN GENERAL.—The Federal Financing Bank Act 

5 of 1973 (12 U.S.C. 2281 et seq.) is amended by adding 

6 at the end the following: 

7 ‘‘SEC. 21. FUNCTIONS WITH RESPECT TO THE COMMITTEE. 

8 ‘‘(a) IN GENERAL.—The Bank shall carry out any 

9 directives made to the Bank by the Interagency Com10 mittee for the Coordination of National Development Fi11 nancing Programs pursuant to subsections (c)(2) and 

12 (d)(5)(E) of section 3 of the National Development Strat13 egy and Coordination Act of 2022. 

14 ‘‘(b) ACTIVITIES.—Pursuant to subsection (a), the 

15 Bank is authorized, upon direction by the Interagency 

16 Committee for the Coordination of National Development 

17 Financing Programs, to— 

18 ‘‘(1) issue securities that are backed by financ19 ing assistance through any member agency of the 

20 Committee; 

21 ‘‘(2) purchase from the private market loans or 

22 other debt or equity instruments guaranteed in 

23 whole or in part by any member agency of the Com24 mittee; and 


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1 ‘‘(3) participate in agency loans or loan guaran2 tees in an amount less than 100 percent of the prin3 cipal amount of financing. 

4 ‘‘(c) PURCHASE NOT FOR RESALE.—As directed by 

5 the Interagency Committee for the Coordination of Na6 tional Development Financing Programs in accordance 

7 with the National Development Strategy established under 

8 section 3(d) of the National Development Strategy and 

9 Coordination Act of 2022, the Bank may, as necessary, 

10 purchase not for resale to the private market any loans 

11 or other debt or equity instruments described in sub12 section (b)(2). 

13 ‘‘SEC. 22. SECONDARY MARKET OPERATIONS. 

14 ‘‘Except as otherwise provided in the National Devel15 opment Strategy and Coordination Act of 2022, obliga16 tions purchased by the Bank may be resold in the sec17 ondary market in a similar manner to secondary market 

18 sales of Treasury notes. 

19 ‘‘SEC. 23. OMBUDSMAN. 

20 ‘‘The Board of Directors of the Bank shall designate 

21 an official as the Ombudsman who shall— 

22 ‘‘(1) review investments made by the Bank on 

23 projects or partnerships identified by the Inter24 agency Committee for the Coordination of National 

25 Development Financing Programs; 


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1 ‘‘(2) review the risk profiles and performance of 

2 any such projects or partnerships; 

3 ‘‘(3) provide oversight relating to any such 

4 projects or partnerships; and 

5 ‘‘(4) provide annually to the appropriate con6 gressional committees a report detailing investments 

7 made by the Bank in projects or partnerships identi8 fied by the Committee described in paragraph (1), 

9 the performance of such investments, and any new 

10 or existing investments that may present cause for 

11 concern regarding the potential of repayment or lack 

12 of alignment with strategic directives.’’. 

13 (b) FEDERAL CREDIT REFORM ACT.—If the Com14 mittee determines that a project or partnership receiving 

15 financial assistance through any member agency is invest16 ing in frontier technologies for which no reasonable mar17 ket comparison exists, obligations purchased in connection 

18 with such project or partnership by the Federal Financing 

19 Bank under section 21 of the Federal Financing Bank Act 

20 of 1973, as added by subsection (a) of this section, shall 

21 not be subject to the Federal Credit Reform Act of 1990 

22 (2 U.S.C. 661 et seq.). 


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1 SEC. 5. AUTHORIZATION OF APPROPRIATIONS FOR THE 

2 FEDERAL FINANCING BANK. 

3 (a) IN GENERAL.—There is authorized to be appro4 priated to the Federal Financing Bank, to remain avail5 able for 10 years after the date of distribution, to carry 

6 out projects and partnerships selected by the National De7 velopment Strategy established under section 3(d) of this 

8 Act— 

9 (1) for fiscal year 2023, $5,000,000,000; 

10 (2) for fiscal year 2024, $5,000,000,000; 

11 (3) for fiscal year 2025, $5,000,000,000; and 

12 (4) for fiscal year 2026, $5,000,000,000; 

13 (b) SET ASIDE.—Not more than 2 percent of funds 

14 appropriated under this section shall be utilized for admin15 istrative costs, including the hiring of new staff to oversee 

16 and accomplish the functions of the Federal Financing 

17 Bank. 

18 (c) SENSE OF CONGRESS.—It is the sense of Con19 gress that the Federal Financing Bank should use 

20 amounts appropriated under this section as soon as pos21 sible. 

22 SEC. 6. PROHIBITIONS AND POLICY. 

23 (a) PROHIBITION.—No funding or authorities pro24 vided under this Act may be used to support projects or 

25 partnerships with any entity of concern. 


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1 (b) POLICIES.—Not later than 180 days after the 

2 date of enactment of this Act, the Committee shall estab3 lish policies to ensure that any support to projects or part4 nerships provided by the Federal Financing Bank in ac5 cordance with this Act— 

6 (1) includes assurances that no support pro7 vided in such project or partnership shall be used to 

8 expand operations in a country of concern; 

9 (2) includes protections to ensure against trans10 fer of intellectual property to countries of concern; 

11 and 

12 (3) includes requirements that any firm partici13 pating in a project or partnership funded by this Act 

14 disclose any affiliate, parent company, or subsidiary 

15 located in a country of concern. 

Æ 


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