H. R. 302—301 
TITLE I—ESTABLISHMENT 
SEC. 1411. STATEMENT OF POLICY. 
It is the policy of the United States to facilitate market-based 
private sector development and inclusive economic growth in less 
developed countries through the provision of credit, capital, and 
other financial support— 
(1) to mobilize private capital in support of sustainable, 
broad-based economic growth, poverty reduction, and develop-
ment through demand-driven partnerships with the private 
sector that further the foreign policy interests of the United 
States; 
(2) to finance development that builds and strengthens 
civic institutions, promotes competition, and provides for public 
accountability and transparency; 
(3) to help private sector actors overcome identifiable 
market gaps and inefficiencies without distorting markets; 
(4) to achieve clearly defined economic and social develop-
ment outcomes; 
(5) to coordinate with institutions with purposes similar 
to the purposes of the Corporation to leverage resources of 
those institutions to produce the greatest impact; 
(6) to provide countries a robust alternative to state- 
directed investments by authoritarian governments and United 
States strategic competitors using best practices with respect 
to transparency and environmental and social safeguards, and 
which take into account the debt sustainability of partner coun-
tries; 
(7) to leverage private sector capabilities and innovative 
development tools to help countries transition from recipients 
of bilateral development assistance toward increased self-reli-
ance; and 
(8) to complement and be guided by overall United States 
foreign policy, development, and national security objectives, 
taking into account the priorities and needs of countries 
receiving support. 
SEC. 1412. UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE 
CORPORATION. 
(a) ESTABLISHMENT.—There is established in the executive 
branch the United States International Development Finance Cor-
poration (in this division referred to as the ‘‘Corporation’’), which 
shall be a wholly owned Government corporation for purposes of 
chapter 91 of title 31, United States Code, under the foreign policy 
guidance of the Secretary of State. 
(b) PURPOSE.—The purpose of the Corporation shall be to 
mobilize and facilitate the participation of private sector capital 
and skills in the economic development of less developed countries, 
as described in subsection (c), and countries in transition from 
nonmarket to market economies, in order to complement the 
development assistance objectives, and advance the foreign policy 
interests, of the United States. In carrying out its purpose, the 
Corporation, utilizing broad criteria, shall take into account in 
its financing operations the economic and financial soundness and 
development objectives of projects for which it provides support 
under title II.
H. R. 302—302 
(c) LESS DEVELOPED COUNTRY FOCUS.— 
(1) IN GENERAL.—The Corporation shall prioritize the provi-
sion of support under title II in less developed countries with 
a low-income economy or a lower-middle-income economy. 
(2) SUPPORT
IN
UPPER-MIDDLE-INCOME
COUNTRIES.—The 
Corporation shall restrict the provision of support under title 
II in a less developed country with an upper-middle-income 
economy unless— 
(A) the President certifies to the appropriate congres-
sional committees that such support furthers the national 
economic or foreign policy interests of the United States; 
and 
(B) such support is designed to produce significant 
developmental outcomes or provide developmental benefits 
to the poorest population of that country. 
SEC. 1413. MANAGEMENT OF CORPORATION. 
(a) STRUCTURE OF CORPORATION.—There shall be in the Cor-
poration a Board of Directors (in this division referred to as the 
‘‘Board’’), a Chief Executive Officer, a Deputy Chief Executive 
Officer, a Chief Risk Officer, a Chief Development Officer, and 
such other officers as the Board may determine. 
(b) BOARD OF DIRECTORS.— 
(1) DUTIES.—All powers of the Corporation shall vest in 
and be exercised by or under the authority of the Board. The 
Board— 
(A) shall perform the functions specified to be carried 
out by the Board in this division; 
(B) may prescribe, amend, and repeal bylaws, rules, 
regulations, policies, and procedures governing the manner 
in which the business of the Corporation may be conducted 
and in which the powers granted to the Corporation by 
law may be exercised; and 
(C) shall develop, in consultation with stakeholders, 
other interested parties, and the appropriate congressional 
committees, a publicly available policy with respect to con-
sultations, hearings, and other forms of engagement in 
order to provide for meaningful public participation in the 
Board’s activities. 
(2) MEMBERSHIP OF BOARD.— 
(A) IN GENERAL.—The Board shall consist of— 
(i) the Chief Executive Officer of the Corporation; 
(ii) the officers specified in subparagraph (B); and 
(iii) four other individuals who shall be appointed 
by the President, by and with the advice and consent 
of the Senate, of which— 
(I) one individual should be appointed from 
among a list of at least 5 individuals submitted 
by the majority leader of the Senate after consulta-
tion with the chairman of the Committee on For-
eign Relations of the Senate; 
(II) one individual should be appointed from 
among a list of at least 5 individuals submitted 
by the minority leader of the Senate after consulta-
tion with the ranking member of the Committee 
on Foreign Relations of the Senate;
H. R. 302—303 
(III) one individual should be appointed from 
among a list of at least 5 individuals submitted 
by the Speaker of the House of Representatives 
after consultation with the chairman of the Com-
mittee on Foreign Affairs of the House of Rep-
resentatives; and 
(IV) one individual should be appointed from 
among a list of at least 5 individuals submitted 
by the minority leader of the House of Representa-
tives after consultation with the ranking member 
of the Committee on Foreign Affairs of the House 
of Representatives. 
(B) OFFICERS SPECIFIED.— 
(i) IN
GENERAL.—The officers specified in this 
subparagraph are the following: 
(I) The Secretary of State or a designee of 
the Secretary. 
(II) The Administrator of the United States 
Agency for International Development or a des-
ignee of the Administrator. 
(III) The Secretary of the Treasury or a des-
ignee of the Secretary. 
(IV) The Secretary of Commerce or a designee 
of the Secretary. 
(ii) REQUIREMENTS
FOR
DESIGNEES.—A designee 
under clause (i) shall be selected from among officers— 
(I) appointed by the President, by and with 
the advice and consent of the Senate; 
(II) whose duties relate to the programs of 
the Corporation; and 
(III) who is designated by and serving at the 
pleasure of the President. 
(C) REQUIREMENTS FOR NONGOVERNMENT MEMBERS.— 
A member of the Board described in subparagraph (A)(iii)— 
(i) may not be an officer or employee of the United 
States Government; 
(ii) shall have relevant experience, which may 
include experience relating to the private sector, the 
environment, labor organizations, or international 
development, to carry out the purpose of the Corpora-
tion; 
(iii) shall be appointed for a term of 3 years and 
may be reappointed for one additional term; 
(iv) shall serve until the member’s successor is 
appointed and confirmed; 
(v) shall be compensated at a rate equivalent to 
that of level IV of the Executive Schedule under section 
5315 of title 5, United States Code, when engaged 
in the business of the Corporation; and 
(vi) may be paid per diem in lieu of subsistence 
at the applicable rate under the Federal Travel Regula-
tion under subtitle F of title 41, Code of Federal Regu-
lations, from time to time, while away from the home 
or usual place of business of the member. 
(3) CHAIRPERSON.—The Secretary of State, or the designee 
of the Secretary under paragraph (2)(B)(i)(I), shall serve as 
the Chairperson of the Board.
H. R. 302—304 
(4) VICE CHAIRPERSON.—The Administrator of the United 
States Agency for International Development, or the designee 
of the Administrator under paragraph (2)(B)(i)(II), shall serve 
as the Vice Chairperson of the Board. 
(5) QUORUM.—Five members of the Board shall constitute 
a quorum for the transaction of business by the Board. 
(c) PUBLIC HEARINGS.—The Board shall hold at least 2 public 
hearings each year in order to afford an opportunity for any person 
to present views with respect to whether— 
(1) the Corporation is carrying out its activities in accord-
ance with this division; and 
(2) any support provided by the Corporation under title 
II in any country should be suspended, expanded, or extended. 
(d) CHIEF EXECUTIVE OFFICER.— 
(1) APPOINTMENT.—There shall be in the Corporation a 
Chief Executive Officer, who shall be appointed by the Presi-
dent, by and with the advice and consent of the Senate, and 
who shall serve at the pleasure of the President. 
(2) AUTHORITIES AND DUTIES.—The Chief Executive Officer 
shall be responsible for the management of the Corporation 
and shall exercise the powers and discharge the duties of the 
Corporation subject to the bylaws, rules, regulations, and proce-
dures established by the Board. 
(3) RELATIONSHIP TO BOARD.—The Chief Executive Officer 
shall report to and be under the direct authority of the Board. 
(4) COMPENSATION.—Section 5313 of title 5, United States 
Code, is amended by adding at the end the following: 
‘‘Chief Executive Officer, United States International 
Development Finance Corporation.’’. 
(e) DEPUTY CHIEF EXECUTIVE OFFICER.—There shall be in the 
Corporation a Deputy Chief Executive Officer, who shall be 
appointed by the President, by and with the advice and consent 
of the Senate, and who shall serve at the pleasure of the President. 
(f) CHIEF RISK OFFICER.— 
(1) APPOINTMENT.—Subject to the approval of the Board, 
the Chief Executive Officer of the Corporation shall appoint 
a Chief Risk Officer, from among individuals with experience 
at a senior level in financial risk management, who— 
(A) shall report directly to the Board; and 
(B) shall be removable only by a majority vote of the 
Board. 
(2) DUTIES.—The Chief Risk Officer shall, in coordination 
with the audit committee of the Board established under section 
1441, develop, implement, and manage a comprehensive process 
for identifying, assessing, monitoring, and limiting risks to 
the Corporation, including the overall portfolio diversification 
of the Corporation. 
(g) CHIEF DEVELOPMENT OFFICER.— 
(1) APPOINTMENT.—Subject to the approval of the Board, 
the Chief Executive Officer, with the concurrence of the 
Administrator of the United States Agency for International 
Development, shall appoint a Chief Development Officer, from 
among individuals with experience in development, who— 
(A) shall report directly to the Board; and 
(B) shall be removable only by a majority vote of the 
Board. 
(2) DUTIES.—The Chief Development Officer shall—
H. R. 302—305 
(A) coordinate the Corporation’s development policies 
and implementation efforts with the United States Agency 
for International Development, the Millennium Challenge 
Corporation, and other relevant United States Government 
departments and agencies, including directly liaising with 
missions of the United States Agency for International 
Development, to ensure that departments, agencies, and 
missions have training, awareness, and access to the Cor-
poration’s tools in relation to development policy and 
projects in countries; 
(B) under the guidance of the Chief Executive Officer, 
manage employees of the Corporation that are dedicated 
to structuring, monitoring, and evaluating transactions and 
projects co-designed with the United States Agency for 
International Development and other relevant United 
States Government departments and agencies; 
(C) authorize and coordinate transfers of funds or other 
resources to and from such agencies, departments, or mis-
sions upon the concurrence of those institutions in support 
of the Corporation’s projects or activities; 
(D) manage the responsibilities of the Corporation 
under paragraphs (1) and (4) of section 1442(b) and para-
graphs (1)(A) and (3)(A) of section 1443(b); 
(E) coordinate and implement the activities of the Cor-
poration under section 1445; and 
(F) be an ex officio member of the Development 
Advisory Council established under subsection (i) and 
participate in or send a representative to each meeting 
of the Council. 
(h) OFFICERS AND EMPLOYEES.— 
(1) IN GENERAL.—Except as otherwise provided in this sec-
tion, officers, employees, and agents shall be selected and 
appointed by the Corporation, and shall be vested with such 
powers and duties as the Corporation may determine. 
(2) ADMINISTRATIVELY DETERMINED EMPLOYEES.— 
(A) APPOINTMENT; COMPENSATION; REMOVAL.—Of offi-
cers and employees employed by the Corporation under 
paragraph (1), not more than 50 may be appointed, com-
pensated, or removed without regard to title 5, United 
States Code. 
(B) REINSTATEMENT.—Under such regulations as the 
President may prescribe, officers and employees appointed 
to a position under subparagraph (A) may be entitled, 
upon removal from such position (unless the removal was 
for cause), to reinstatement to the position occupied at 
the time of appointment or to a position of comparable 
grade and salary. 
(C) ADDITIONAL
POSITIONS.—Positions authorized by 
subparagraph (A) shall be in addition to those otherwise 
authorized by law, including positions authorized under 
section 5108 of title 5, United States Code. 
(D) RATES OF PAY FOR OFFICERS AND EMPLOYEES.— 
The Corporation may set and adjust rates of basic pay 
for officers and employees appointed under subparagraph 
(A) without regard to the provisions of chapter 51 or sub-
chapter III of chapter 53 of title 5, United States Code,
H. R. 302—306 
relating to classification of positions and General Schedule 
pay rates, respectively. 
(3) LIABILITY OF EMPLOYEES.— 
(A) IN GENERAL.—An individual who is a member of 
the Board or an officer or employee of the Corporation 
has no liability under this division with respect to any 
claim arising out of or resulting from any act or omission 
by the individual within the scope of the employment of 
the individual in connection with any transaction by the 
Corporation. 
(B) RULE OF CONSTRUCTION.—Subparagraph (A) shall 
not be construed to limit personal liability of an individual 
for criminal acts or omissions, willful or malicious mis-
conduct, acts or omissions for private gain, or any other 
acts or omissions outside the scope of the individual’s 
employment. 
(C) CONFLICTS OF INTEREST.—The Corporation shall 
establish and publish procedures for avoiding conflicts of 
interest on the part of officers and employees of the Cor-
poration and members of the Development Advisory 
Council established under subsection (i). 
(D) SAVINGS PROVISION.—This paragraph shall not be 
construed— 
(i) to affect— 
(I) any other immunities and protections that 
may be available to an individual described in 
subparagraph (A) under applicable law with 
respect to a transaction described in that subpara-
graph; or 
(II) any other right or remedy against the 
Corporation, against the United States under 
applicable law, or against any person other than 
an individual described in subparagraph (A) 
participating in such a transaction; or 
(ii) to limit or alter in any way the immunities 
that are available under applicable law for Federal 
officers and employees not described in this paragraph. 
(i) DEVELOPMENT ADVISORY COUNCIL.— 
(1) IN
GENERAL.—There is established a Development 
Advisory Council (in this subsection referred to as the ‘‘Council’’) 
to advise the Board on development objectives of the Corpora-
tion. 
(2) MEMBERSHIP.—Members of the Council shall be 
appointed by the Board, on the recommendation of the Chief 
Executive Officer and the Chief Development Officer, and shall 
be composed of not more than 9 members broadly representative 
of nongovernmental organizations, think tanks, advocacy 
organizations, foundations, and other institutions engaged in 
international development. 
(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 meeting 
its development mandate and any suggestions for improvements 
in with respect to meeting that mandate, including opportuni-
ties in countries and project development and implementation 
challenges and opportunities.
H. R. 302—307 
(4) FEDERAL ADVISORY COMMITTEE ACT.—The Council shall 
not be subject to the Federal Advisory Committee Act (5 U.S.C. 
App.). 
SEC. 1414. INSPECTOR GENERAL OF THE CORPORATION. 
(a) IN GENERAL.—Section 8G(a)(2) of the Inspector General 
Act of 1978 (5 U.S.C. App.) is amended by inserting ‘‘the United 
States International Development Finance Corporation,’’ after ‘‘the 
Smithsonian Institution,’’. 
(b) 
OVERSIGHT
INDEPENDENCE.—Section 
8G(a)(4) 
of 
the 
Inspector General Act of 1978 (5 U.S.C. App.) is amended— 
(1) in subparagraph (H), by striking ‘‘; and’’ and inserting 
a semicolon; 
(2) in subparagraph (I), by striking the semicolon and 
inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(J) with respect to the United States International 
Development Finance Corporation, such term means the 
Board of Directors of the United States International 
Development Finance Corporation;’’. 
SEC. 1415. INDEPENDENT ACCOUNTABILITY MECHANISM. 
(a) IN GENERAL.—The Board shall establish a transparent and 
independent accountability mechanism. 
(b) FUNCTIONS.—The independent accountability mechanism 
established pursuant to subsection (a) shall— 
(1) annually evaluate and report to the Board and Congress 
regarding compliance with environmental, social, labor, human 
rights, and transparency standards, consistent with Corporation 
statutory mandates; 
(2) provide a forum for resolving concerns regarding the 
impacts of specific Corporation-supported projects with respect 
to such standards; and 
(3) provide advice regarding Corporation projects, policies, 
and practices. 
TITLE II—AUTHORITIES 
SEC. 1421. AUTHORITIES RELATING TO PROVISION OF SUPPORT. 
(a) IN GENERAL.—The authorities in this title shall only be 
exercised to— 
(1) carry out of the policy of the United States in section 
1411 and the purpose of the Corporation in section 1412; 
(2) mitigate risks to United States taxpayers by sharing 
risks with the private sector and qualifying sovereign entities 
through co-financing and structuring of tools; and 
(3) ensure that support provided under this title is addi-
tional to private sector resources by mobilizing private capital 
that would otherwise not be deployed without such support. 
(b) LENDING AND GUARANTIES.— 
(1) IN
GENERAL.—The Corporation may make loans or 
guaranties upon such terms and conditions as the Corporation 
may determine. 
(2) DENOMINATION.—Loans and guaranties issued under 
paragraph (1) may be denominated and repayable in United 
States dollars or foreign currencies. Foreign currency denomi-
nated loans and guaranties should only be provided if the
H. R. 302—308 
Board determines there is a substantive policy rationale for 
such loans and guaranties. 
(3) APPLICABILITY
OF
FEDERAL
CREDIT
REFORM
ACT
OF 
1990.—Loans and guaranties issued under paragraph (1) shall 
be subject to the requirements of the Federal Credit Reform 
Act of 1990 (2 U.S.C. 661 et seq.). 
(c) EQUITY INVESTMENTS.— 
(1) IN
GENERAL.—The Corporation may, as a minority 
investor, support projects with funds or use other mechanisms 
for the purpose of purchasing, and may make and fund commit-
ments to purchase, invest in, make pledges in respect of, or 
otherwise acquire, equity or quasi-equity securities or shares 
or financial interests of any entity, including as a limited 
partner or other investor in investment funds, upon such terms 
and conditions as the Corporation may determine. 
(2) DENOMINATION.—Support provided under paragraph (1) 
may be denominated and repayable in United States dollars 
or foreign currency. Foreign currency denominated support pro-
vided by paragraph (1) should only be provided if the Board 
determines there is a substantive policy rationale for such 
support. 
(3) GUIDELINES
AND
CRITERIA.—The Corporation shall 
develop guidelines and criteria to require that the use of the 
authority provided by paragraph (1) with respect to a project 
has a clearly defined development and foreign policy purpose, 
taking into account the following objectives: 
(A) The support for the project would be more likely 
than not to substantially reduce or overcome the effect 
of an identified market failure in the country in which 
the project is carried out. 
(B) The project would not have proceeded or would 
have been substantially delayed without the support. 
(C) The support would meaningfully contribute to 
transforming local conditions to promote the development 
of markets. 
(D) The support can be shown to be aligned with 
commercial partner incentives. 
(E) The support can be shown to have significant 
developmental impact and will contribute to long-term 
commercial sustainability. 
(F) The support furthers the policy of the United States 
described in section 1411. 
(4) LIMITATIONS ON EQUITY INVESTMENTS.— 
(A) PER PROJECT LIMIT.—The aggregate amount of sup-
port provided under this subsection with respect to any 
project shall not exceed 30 percent of the aggregate amount 
of all equity investment made to the project at the time 
that the Corporation approves support of the project. 
(B) TOTAL LIMIT.—Support provided pursuant to this 
subsection shall be limited to not more than 35 percent 
of the Corporation’s aggregate exposure on the date that 
such support is provided. 
(5) SALES AND LIQUIDATION OF POSITION.—The Corporation 
shall seek to sell and liquidate any support for a project pro-
vided under this subsection as soon as commercially feasible, 
commensurate with other similar investors in the project and
H. R. 302—309 
taking into consideration the national security interests of the 
United States. 
(6) TIMETABLE.—The Corporation shall create a project- 
specific timetable for support provided under paragraph (1). 
(d) INSURANCE AND REINSURANCE.—The Corporation may issue 
insurance or reinsurance, upon such terms and conditions as the 
Corporation may determine, to private sector entities and qualifying 
sovereign entities assuring protection of their investments in whole 
or in part against any or all political risks such as currency 
inconvertibility and transfer restrictions, expropriation, war, ter-
rorism, civil disturbance, breach of contract, or nonhonoring of 
financial obligations. 
(e) PROMOTION
OF
AND SUPPORT
FOR PRIVATE INVESTMENT 
OPPORTUNITIES.— 
(1) IN
GENERAL.—In order to carry out the purpose of 
the Corporation described in section 1412(b), the Corporation 
may initiate and support, through financial participation, incen-
tive grant, or otherwise, and on such terms and conditions 
as the Corporation may determine, feasibility studies for the 
planning, development, and management of, and procurement 
for, potential bilateral and multilateral development projects 
eligible for support under this title, including training activities 
undertaken in connection with such projects, for the purpose 
of promoting investment in such projects and the identification, 
assessment, surveying, and promotion of private investment 
opportunities, utilizing wherever feasible and effective, the 
facilities of private investors. 
(2) CONTRIBUTIONS TO COSTS.—The Corporation shall, to 
the maximum extent practicable, require any person receiving 
funds under the authorities of this subsection to— 
(A) share the costs of feasibility studies and other 
project planning services funded under this subsection; and 
(B) reimburse the Corporation those funds provided 
under this section, if the person succeeds in project 
implementation. 
(f) SPECIAL PROJECTS AND PROGRAMS.—The Corporation may 
administer and manage special projects and programs in support 
of specific transactions undertaken by the Corporation, including 
programs of financial and advisory support that provide private 
technical, professional, or managerial assistance in the development 
of human resources, skills, technology, capital savings, or inter-
mediate financial and investment institutions or cooperatives, and 
including the initiation of incentives, grants, or studies for energy, 
women’s economic empowerment, microenterprise households, or 
other small business activities. 
(g) ENTERPRISE FUNDS.— 
(1) IN GENERAL.—The Corporation may, following consulta-
tion with the Secretary of State, the Administrator of the 
United States Agency for International Development, and the 
heads of other relevant departments or agencies, establish and 
operate enterprise funds in accordance with this subsection. 
(2) PRIVATE CHARACTER OF FUNDS.—Nothing in this section 
shall be construed to make an enterprise fund an agency or 
establishment of the United States Government, or to make 
the officers, employees, or members of the Board of Directors 
of an enterprise fund officers or employees of the United States 
for purposes of title 5, United States Code.