(C) recommendations as to how Federal 
agencies may, under existing Federal authori-
ties, leverage and attract private investment to 
accomplish the goals described in this sub-
section; 
(D) recommendations, if applicable, on any 
changes to Federal financing programs, includ-
ing changes to how financing decisions are 
prioritized or creation of new financing pro-
grams, that may be needed to advance the goals 
of the National Development Strategy; 
(E) directives to the Federal Financing 
Bank to accomplish the goals of the National 
Development Strategy; and 
(F) performance metrics to evaluate and 
monitor projects supported by the Federal Fi-
nancing Bank in alignment with the National 
Development Strategy. 
(e) ADVICE AND INPUT.—The Committee shall seek 
the advice and input of industry partners, manufacturing 
policy experts, State and local development officials, and 
manufacturing worker interests when preparing the Na-
tional Development Strategy described in subsection (d), 
including by— 
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(1) holding not less than 4 public hearings per 
year, either virtually or in person, during which in-
dustry representatives, worker groups, and regional 
representatives can provide insight into strategic de-
velopment prioritization; and 
(2) establishing an Industry Advisory Board of 
not more than 10 members appointed by the Presi-
dent, which shall include— 
(A) an expert in industry competitiveness 
and national security; 
(B) a manufacturing trade association rep-
resentative; 
(C) a representative of small business gov-
ernment contractors; 
(D) a manufacturing worker representa-
tive; 
(E) a representative from a private invest-
ment firm investing in critical industries and 
frontier technology; and 
(F) such other representatives as the 
President may appoint. 
(f) ASSESSMENT
OF
NATIONAL
DEVELOPMENT 
STRATEGY.—In January of each year in which the Com-
mittee does not submit a new National Development 
Strategy as required under subsection (d), the Committee 
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shall submit to the appropriate congressional committees 
an assessment of the most recently published National De-
velopment Strategy, which shall include— 
(1) an accounting of any new investments made 
by the Federal Financing Bank or member agencies 
of the Committee in the preceding year, including 
ZIP Code, North American Industry Classification 
System code, and financing stage; 
(2) the performance of such investments, in ac-
cordance with performance metrics established by 
the Committee; 
(3) an assessment of the implementation of the 
National Development Strategy, including an assess-
ment by each agency represented on the Committee, 
supported by sufficient evidence, of steps taken to 
align such agencies’ financing, research, and devel-
opment activities with the goals of the National De-
velopment Strategy; and 
(4) a determination on whether or not an up-
date is needed to the National Development Strategy 
as a result of a change in assumptions, geopolitical 
dynamics, or other factors. 
(g) MEMORANDUM OF COORDINATION WITH FED-
ERAL AGENCIES ENGAGED IN INVESTMENT AND FINANC-
ING ACTIVITIES.—Not later than 1 year after the date of 
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enactment of this Act, the Committee shall negotiate a 
memorandum of understanding among the Federal agen-
cies represented on the Committee, which shall— 
(1) establish procedures for— 
(A) aligning their respective investment 
and financing authorities to ensure maximum 
efficiency and comply with the goals of the Na-
tional Development Strategy; 
(B) resolving conflicts in cases of overlap-
ping jurisdiction between their respective agen-
cies; and 
(C) avoiding conflicting or duplicative op-
eration of services; and 
(2) be reviewed and updated annually in coordi-
nation with the submission of the assessment out-
lined in subsection (f). 
(h) MEETINGS.—The Committee shall meet regularly 
and as required by the President, but not less frequently 
than annually. 
(i) STRATEGIC ALIGNMENT.—Each Federal agency 
represented on the Committee shall— 
(1) consult on a regular basis the most recently 
published National Development Strategy described 
in subsection (d); and 
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(2) to the extent practicable, give priority con-
sideration to projects that align with the goals of the 
National Development Strategy when engaged in fi-
nancing, research, and development activities. 
SEC. 4. REQUIREMENTS OF THE FEDERAL FINANCING 
BANK RELATING TO THE NATIONAL DEVEL-
OPMENT STRATEGY. 
(a) IN GENERAL.—The Federal Financing Bank Act 
of 1973 (12 U.S.C. 2281 et seq.) is amended by adding 
at the end the following: 
‘‘SEC. 21. FUNCTIONS WITH RESPECT TO THE COMMITTEE. 
‘‘(a) IN GENERAL.—The Bank shall carry out any 
directives made to the Bank by the Interagency Com-
mittee for the Coordination of National Development Fi-
nancing Programs pursuant to subsections (c)(2) and 
(d)(5)(E) of section 3 of the National Development Strat-
egy and Coordination Act of 2022. 
‘‘(b) ACTIVITIES.—Pursuant to subsection (a), the 
Bank is authorized, upon direction by the Interagency 
Committee for the Coordination of National Development 
Financing Programs, to— 
‘‘(1) issue securities that are backed by financ-
ing assistance through any member agency of the 
Committee; 
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