II 

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. 

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 ‘‘Aligning Development 

5 and Competition Act of 2024’’. 

6 SEC. 2. IMPROVING USIDFC TRANSPARENCY. 

7 Not later than 90 days after the date of the enact8 ment of this Act, and annually thereafter, the Chief Exec9 utive Officer of the United States International Develop10 ment Finance Corporation shall submit a report to the 


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1 Committee on Foreign Relations of the Senate and the 

2 Committee on Foreign Affairs of the House of Representa3 tives regarding the Development Advisory Council of the 

4 Corporation, which— 

5 (1) lists any organization or entity that— 

6 (A) employs, contracts for services with, or 

7 otherwise provides compensation to, any mem8 ber of the Council; and 

9 (B) has received support directly from the 

10 Corporation through loans, loan guarantees, 

11 grants, or other financial support since the sub12 mission of the prior report required under this 

13 section; and 

14 (2) with respect to each organization or entity 

15 referred to in paragraph (1)— 

16 (A) identifies the name of the member or 

17 members of the Council to which it provides 

18 compensation; 

19 (B) describes the support provided by the 

20 Corporation to the organization or entity since 

21 the submission of the prior report required 

22 under this section; and 

23 (C) describes any actions that were taken 

24 to address the existence or appearance of a con25 flict of interest. 


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1 SEC. 3. PRIORITIZING PROJECTS THAT ADVANCE NA2 TIONAL SECURITY. 

3 Section 1412 of the BUILD Act of 2018 (22 U.S.C. 

4 9612) is amended by adding at the end the following: 

5 ‘‘(d) PRIORITIZATION OF NATIONAL SECURITY IN6 TERESTS.—The Corporation shall prioritize the provision 

7 of support under title II in projects that advance core na8 tional security interests of the United States with respect 

9 to strategic competition with a covered nation (as defined 

10 in section 4872(d)(2) of title 10, United States Code), in11 cluding port infrastructure, rail and other transportation 

12 infrastructure, digital and communications infrastructure, 

13 and critical minerals mining, production, and processing 

14 materials and facilities.’’. 

15 SEC. 4. INCLUSION OF SECRETARY OF DEFENSE IN USIDFC 

16 BOARD OF DIRECTORS. 

17 Section 1413(b)(2)(B)(i) of the BUILD Act of 2018 

18 (22 U.S.C. 9613(b)(2)(B)(i)) is amended by adding at the 

19 end the following: 

20 ‘‘(V) The Secretary of Defense or 

21 a designee of the Secretary.’’. 

22 SEC. 5. STRATEGIC ADVISORY COUNCIL. 

23 (a) ESTABLISHMENT.—Section 1413 of the BUILD 

24 Act of 2018 (22 U.S.C. 9613) is amended— 

25 (1) in subsection (g)(2)(F)— 


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1 (A) by striking ‘‘established under sub2 section (i)’’ and inserting ‘‘and of the Strategic 

3 Advisory Council,’’; and 

4 (B) by striking ‘‘the Council’’ and insert5 ing ‘‘each such Council’’; 

6 (2) in subsection (i)(4), by striking ‘‘the Fed7 eral Advisory Committee Act (5 U.S.C. App.)’’ and 

8 inserting ‘‘chapter 10 of title 5, United States Code 

9 (commonly known as the ‘Federal Advisory Com10 mittee Act’)’’; and 

11 (3) by adding at the end the following: 

12 ‘‘(j) STRATEGIC ADVISORY COUNCIL.— 

13 ‘‘(1) IN GENERAL.—There is established a Stra14 tegic Advisory Council (referred to in this subsection 

15 as the ‘Council’), which shall advise the Board on 

16 national security and foreign policy objectives of the 

17 Corporation. 

18 ‘‘(2) MEMBERSHIP.—Members of the Council 

19 shall be appointed by the Board, on the rec20 ommendation of the Chief Executive Officer, and 

21 shall be composed of not more than 9 members 

22 broadly representative of governmental or non23 governmental organizations, think tanks, founda24 tions, associations, and other institutions focused on 

25 national security, including areas of strategic comVerDate Sep 11 2014 01:31 Dec 06, 2024 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S5403.IS S5403

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1 petition, the defense industrial base, and national 

2 and homeland defense. 

3 ‘‘(3) FUNCTIONS.—The Board shall call upon 

4 members of the Council, either collectively or indi5 vidually to advise the Board regarding the extent to 

6 which the Corporation is supporting the national se7 curity and foreign policy objectives of the United 

8 States and provide any suggestions for improve9 ments with respect to supporting such objectives, in10 cluding opportunities in countries and project devel11 opment and implementation challenges and opportu12 nities. 

13 ‘‘(4) FEDERAL ADVISORY COMMITTEE ACT.— 

14 The Council shall not be subject to chapter 10 of 

15 title 5, United States Code (commonly known as the 

16 ‘Federal Advisory Committee Act’).’’. 

17 (b) CONSULTATION.—Section 1442(d) of the BUILD 

18 Act of 2018 (22 U.S.C. 9652(d)) is amended by striking 

19 ‘‘established under section 1413(i)’’ and inserting ‘‘and 

20 the Strategic Advisory Council established under sub21 sections (i) and (j) of section 1413’’. 

22 SEC. 6. VITAL NATIONAL SECURITY INTERESTS WAIVER. 

23 Section 1421 of the BUILD Act of 2018 (22 U.S.C. 

24 9621) is amended by adding at the end the following: 


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1 ‘‘(j) VITAL NATIONAL SECURITY INTERESTS WAIV2 ER.—The Chief Executive Officer may waive the require3 ments of subsection (a)(1) that a project supported by the 

4 Corporation occur in a less developed country and the re5 quirements of section 1412(c) for a particular project if 

6 the President determines that such a waiver is in the vital 

7 national security interests of the United States.’’. 

Æ 


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