II 

118TH CONGRESS 

1ST SESSION S. 3005 

To amend the Better Utilization of Investments Leading to Development 

Act of 2018 to enhance the economic and strategic competitiveness of 

the United States, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 3, 2023 

Mr. COONS (for himself and Mr. CORNYN) introduced the following bill; which 

was read twice and referred to the Committee on Foreign Relations 

A BILL 

To amend the Better Utilization of Investments Leading 

to Development Act of 2018 to enhance the economic 

and strategic competitiveness of the United States, 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 ‘‘Enhancing American 

5 Competitiveness Act of 2023’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 


rfrederick on LAP8M3WLY3PROD with BILLS
2 

•S 3005 IS

1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means— 

4 (A) the Committee on Foreign Relations, 

5 the Committee on Appropriations, and the 

6 Committee on the Budget of the Senate; and 

7 (B) the Committee on Foreign Affairs, the 

8 Committee on Appropriations, and the Com9 mittee on the Budget of the House of Rep10 resentatives. 

11 (2) CORPORATION.—The term ‘‘Corporation’’ 

12 means the United States International Development 

13 Finance Corporation. 

14 SEC. 3. FINDINGS. 

15 Congress finds the following: 

16 (1) The mission of the Corporation is to mobi17 lize investment to advance global development, for18 eign policy objectives of the United States, and tax19 payer interests. 

20 (2) Congress established the Corporation to le21 verage private sector capabilities and to serve as a 

22 robust alternative to state-directed investments by 

23 authoritarian governments and strategic competitors 

24 of the United States. 

25 (3) Congress authorized the Corporation— 


rfrederick on LAP8M3WLY3PROD with BILLS
3 

•S 3005 IS

1 (A) to provide equity financing in order to 

2 provide the Corporation with greater flexibility 

3 to invest in early- and growth-stage companies, 

4 partner with other financial institutions, and 

5 enable investees to scale operations more effec6 tively to create greater impact on developments; 

7 (B) under section 1421(d) of the BUILD 

8 Act of 2018 (22 U.S.C. 9621(d))— 

9 (i) to provide insurance and reinsur10 ance of debt for the purposes of furthering 

11 United States foreign policy, development, 

12 and national security objectives; and 

13 (ii) to insure debt investments; 

14 (C) to collect insurance and reinsurance 

15 premiums and pay insurance and reinsurance 

16 claims; and 

17 (D) to make loans or guaranties upon such 

18 terms and conditions as the Corporation may 

19 determine under section 1421(b) of the BUILD 

20 Act of 2018 (22 U.S.C. 9621(b)) for the pur21 poses of furthering foreign policy, development, 

22 and national security objectives of the United 

23 States. 

24 (4) Under section 1422(b)(3) of that Act (22 

25 U.S.C. 9621(b)(3)), Congress limited the authority 


rfrederick on LAP8M3WLY3PROD with BILLS
4 

•S 3005 IS

1 described in paragraph (3)(D) by requiring that for 

2 any loan or guaranty to a project, the parties to the 

3 project bear the risk of loss in an amount equal to 

4 at least 20 percent of the guaranteed support by the 

5 Corporation in the project. 

6 (5) Congress authorized the Corporation to 

7 guaranty 100 percent of an obligation, including a 

8 loan, a bond issuance, or a tranche of any such loan 

9 or bond in which other parties to the project bear 

10 the risk of loss in an amount equal to at least 20 

11 percent of the guaranteed support by the Corpora12 tion in the project. 

13 (6) Obstacles to the implementation of the au14 thorities described in paragraph (3) have con15 strained the ability of the Corporation to leverage its 

16 full capacity to enhance the economic and strategic 

17 competitiveness of the United States and to cooper18 ate effectively with foreign partners and the private 

19 sector. 

20 SEC. 4. SENSE OF CONGRESS. 

21 It is the sense of Congress that— 

22 (1) the proper budgetary treatment of the in23 surance and reinsurance authorities of the Corpora24 tion, including insurance and reinsurance of debt, is 

25 not subject to budgetary treatment under the reVerDate Sep 11 2014 02:37 Oct 25, 2023 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S3005.IS S3005

rfrederick on LAP8M3WLY3PROD with BILLS
5 

•S 3005 IS

1 quirements of Federal Credit Reform Act of 1990 (2 

2 U.S.C. 661 et seq.); and 

3 (2) guaranties provided by the Corporation in 

4 excess of 80 percent of an obligation are exempt 

5 from applicable provisions of the Office of Manage6 ment and Budget Circular A-129. 

7 SEC. 5. MODIFICATION OF ELIGIBILITY DEFINITIONS. 

8 The Build Act of 2018 (22 U.S.C. 9601 et seq.) is 

9 amended— 

10 (1) in section 1402— 

11 (A) by redesignating paragraphs (2), (3), 

12 and (4) as paragraphs (3), (4), and (5), respec13 tively; and 

14 (B) by inserting after paragraph (1) the 

15 following: 

16 ‘‘(2) FRAGILE AND CONFLICT-AFFECTED

17 STATE.—The term ‘fragile and conflict-affected 

18 state’ means a country that— 

19 ‘‘(A) is on the List of Fragile and Conflict20 affected Situations maintained by the Fragility, 

21 Conflict and Violence Group of the World 

22 Bank; or 

23 ‘‘(B) the Corporation, after consultation 

24 with the Secretary of State and the Adminis25 trator of the United States Agency for InterVerDate Sep 11 2014 02:37 Oct 25, 2023 Jkt 049200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S3005.IS S3005

rfrederick on LAP8M3WLY3PROD with BILLS
6 

•S 3005 IS

1 national Development, designates as fragile or 

2 conflict-affected.’’; and 

3 (2) in section 1412(c), by striking paragraph 

4 (2) and inserting the following: 

5 ‘‘(2) ELIGIBLE COUNTRIES.—The Corporation 

6 may provide support under title II in a country that 

7 is— 

8 ‘‘(A) eligible to receive development lending 

9 from the World Bank; and 

10 ‘‘(B) a fragile and conflict-affected state.’’. 

11 SEC. 6. BUDGETARY TREATMENT OF EQUITY INVESTMENTS 

12 BY THE CORPORATION. 

13 Section 1421(c) of the BUILD Act of 2018 (22 

14 U.S.C. 9521 (c)) is amended by adding at the end the 

15 following: 

16 ‘‘(7) PRESENT VALUE OF EQUITY ACCOUNT.— 

17 There is established as a subaccount within the Cor18 porate Capital Account a fund to be known as the 

19 ‘Corporate Equity Account’ to carry out this sub20 section. 

21 ‘‘(8) BUDGETARY TREATMENT OF EQUITY IN22 VESTMENTS.— 

23 ‘‘(A) CALCULATION OF THE COSTS OF IN24 VESTMENT.— 


rfrederick on LAP8M3WLY3PROD with BILLS
7 

•S 3005 IS

1 ‘‘(i) IN GENERAL.—The cost of sup2 port provided under paragraph (1) with re3 spect to a project shall be the net present 

4 value, at the time when funds are dis5 bursed to provide the support, excluding 

6 administrative costs and any incidental ef7 fects on governmental receipts or outlays, 

8 of the following estimated cash flows: 

9 ‘‘(I) The purchase price of the in10 vestment. 

11 ‘‘(II) Dividends, redemptions, 

12 and other shareholder distributions 

13 during the term of the support. 

14 ‘‘(III) Proceeds received upon a 

15 sale, redemption, or other liquidation 

16 of the investment. 

17 ‘‘(IV) Foreign currency fluctua18 tions, for support denominated in for19 eign currencies. 

20 ‘‘(V) Any other relevant cashflow. 

21 ‘‘(ii) CHANGES IN TERMS IN22 CLUDED.—The estimated cash flows de23 scribed in subclauses (I) through (V) of 

24 clause (i) shall include the effects of 

25 changes in terms resulting from the exerVerDate Sep 11 2014 02:37 Oct 25, 2023 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\S3005.IS S3005

rfrederick on LAP8M3WLY3PROD with BILLS
8 

•S 3005 IS

1 cise of options included in the agreement 

2 to provide the support. 

3 ‘‘(iii) DISCOUNT RATE.—The discount 

4 rate shall be the average interest rate on 

5 marketable Treasury securities of similar 

6 maturity to the support provided under 

7 paragraph (1). 

8 ‘‘(B) TRANSFER.—Subject to the avail9 ability of appropriations, an amount equal to 

10 the cost of support determined under subpara11 graph (A) shall be transferred from the Cor12 porate Capital Account to the Corporate Equity 

13 Account. 

14 ‘‘(C) DIFFERENTIAL AMOUNT.— 

15 ‘‘(i) APPROPRIATION.—For any fiscal 

16 year, upon the transfer of an amount pur17 suant to subparagraph (B), an amount 

18 equal to the differential amount shall be 

19 appropriated, out of any money in the 

20 Treasury not otherwise appropriated, to 

21 the Corporate Equity Account. 

22 ‘‘(ii) TREATMENT AS DIRECT SPEND23 ING.—An amount appropriated pursuant 

24 to clause (i) shall be recorded as direct 

25 spending (as defined by section 250(c)(8) 


rfrederick on LAP8M3WLY3PROD with BILLS
9 

•S 3005 IS

1 of the Balanced Budget and Emergency 

2 Deficit Control Act of 1985 (2 U.S.C. 

3 900(c)(8)). 

4 ‘‘(iii) BUDGETARY EFFECTS.—The 

5 following shall apply to budget enforcement 

6 under the Congressional Budget Act of 

7 1974 (2 U.S.C. 601 et seq.), the Balanced 

8 Budget and Emergency Deficit Control Act 

9 of 1985 (2 U.S.C. 900 et seq.), and the 

10 Statutory Pay-As-You-Go Act of 2010 (2 

11 U.S.C. 931 et seq.): 

12 ‘‘(I) FUTURE APPROPRIA13 TIONS.—Any amount appropriated 

14 pursuant to clause (i) shall not be re15 corded as budget authority or outlays 

16 for purposes of any estimate under 

17 the Congressional Budget Act of 1974 

18 or the Balanced Budget and Emer19 gency Deficit Control Act of 1985. 

20 ‘‘(II) STATUTORY PAYGO SCORE21 CARDS.—The budgetary effects of any 

22 amounts appropriated pursuant to 

23 clause (i) shall not be entered on ei24 ther PAYGO scorecard maintained 

25 pursuant to section 4(d) of the StatuVerDate Sep 11 2014 02:37 Oct 25, 2023 Jkt 049200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S3005.IS S3005

rfrederick on LAP8M3WLY3PROD with BILLS
10 

•S 3005 IS

1 tory Pay As-You-Go Act of 2010 (2 

2 U.S.C. 933(d)). 

3 ‘‘(III) SENATE PAYGO SCORE4 CARDS.—The budgetary effects of any 

5 amounts appropriated pursuant to 

6 clause (i) shall not be entered on any 

7 PAYGO scorecard maintained for pur8 poses of section 4106 of H. Con. Res. 

9 71 (115th Congress). 

10 ‘‘(IV) ELIMINATION OF CREDIT

11 FOR CANCELLATION OR RESCISSION

12 OF DIFFERENTIAL.—If there is en13 acted into law an Act that rescinds or 

14 reduces an amount appropriated pur15 suant to clause (i), the amount of any 

16 such rescission or reduction shall not 

17 be— 

18 ‘‘(aa) estimated as a reduc19 tion in direct spending under the 

20 Congressional Budget Act of 

21 1974 or the Balanced Budget 

22 and Emergency Deficit Control 

23 Act of 1985; or 

24 ‘‘(bb) entered on either 

25 PAYGO scorecard maintained 


rfrederick on LAP8M3WLY3PROD with BILLS
11 

•S 3005 IS

1 pursuant to section 4(d) of the 

2 Statutory Pay As-You-Go Act of 

3 2010 or any PAYGO scorecard 

4 maintained for purposes of sec5 tion 4106 of H. Con. Res. 71 

6 (115th Congress). 

7 ‘‘(iv) DIFFERENTIAL AMOUNT DE8 FINED.—In this subparagraph, the term 

9 ‘differential amount’ means the difference 

10 between the cost of support provided under 

11 paragraph (1), as determined under sub12 paragraph (A), and the purchase price of 

13 the equity investment involved. 

14 ‘‘(D) COORDINATION.— 

15 ‘‘(i) IN GENERAL.—The Director of 

16 the Office of Management and Budget, in 

17 consultation with the Corporation, shall be 

18 responsible for coordinating the cost esti19 mates required by this paragraph. 

20 ‘‘(ii) RULE OF CONSTRUCTION.— 

21 Nothing in this subparagraph shall be con22 strued to change the authority or responsi23 bility of the Corporation to determine the 

24 terms and conditions of eligibility for, or 


rfrederick on LAP8M3WLY3PROD with BILLS
12 

•S 3005 IS

1 the amount of support provided by, the 

2 Corporation.’’. 

3 SEC. 7. MAXIMUM CONTINGENT LIABILITY. 

4 Section 1433 of the BUILD Act of 2018 (22 U.S.C. 

5 9633) is amended by striking ‘‘$60,000,000,000’’ and in6 serting ‘‘$100,000,000,000’’. 

7 SEC. 8. REPORTING REQUIREMENT. 

8 Not later than 180 days after the date of the enact9 ment of this Act, the Chief Executive Officer of the Cor10 poration shall submit to the appropriate congressional 

11 committees a plan to expand the financing of the Corpora12 tion to support national security and development prior13 ities of the United States in critical regions, including— 

14 (1) a description of the budgetary, staffing, and 

15 programmatic resources necessary to carry out the 

16 plan; and 

17 (2) the effective date and the basis used, in 

18 consultation with the Director of the Office of Man19 agement and Budget, to calculate the net present 

20 value of funds appropriated for use under section 

21 1421(c) of the Build Act of 2018 (22 U.S.C. 

22 9621(c)). 

Æ 


rfrederick on LAP8M3WLY3PROD with BILLS