```

[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>
```