I 
118TH CONGRESS 
2D SESSION 
H. R. 8926 
To modify and reauthorize the Better Utilization of Investments Leading 
to Development Act of 2018. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 2, 2024 
Mr. MCCAUL (for himself and Mr. MEEKS) introduced the following bill; which 
was referred to the Committee on Foreign Affairs 
A BILL 
To modify and reauthorize the Better Utilization of 
Investments Leading to Development Act of 2018. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘DFC Modernization and Reauthorization Act of 2024’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Sense of Congress. 
TITLE I—DEFINITIONS AND LESS DEVELOPED COUNTRY FOCUS 
Sec. 101. Definitions. 
Sec. 102. Less developed country focus. 
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TITLE II—MANAGEMENT OF CORPORATION 
Sec. 201. Board of Directors. 
Sec. 202. Chief Risk Officer. 
Sec. 203. Chief Development Officer. 
Sec. 204. Pay comparability. 
Sec. 205. Office of Foreign Policy. 
TITLE III—AUTHORITIES RELATING TO PROVISION OF SUPPORT 
Sec. 301. Applicability of Federal Credit Reform Act of 1990. 
Sec. 302. Termination. 
TITLE IV—OTHER MATTERS 
Sec. 401. Corporate powers. 
Sec. 402. Maximum contingent liability. 
Sec. 403. Authorit To use portion of Corporation fees To update information 
technology systems. 
Sec. 404. Repeal of European Energy Security and Diversification Act of 2019. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that the United States 
International Development Finance Corporation should 
seek to responsibly increase its risk tolerance in invest-
ments to ensure that the Corporation is properly pursuing 
its statutory objectives of advancing developmental and 
national security goals, including— 
(1) by accepting a creditor status that is subor-
dinate to that of other creditors; 
(2) by guaranteeing loans up to 100 percent of 
principal as part of projects structured in compli-
ance with the Better Utilization of Investments 
Leading to Development Act of 2018; and 
(3) lending, investing, or offering insurance in 
high-risk countries, regions, or sectors as a means to 
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achieve its mission to mobilize capital in underserved 
markets or segments. 
TITLE I—DEFINITIONS AND LESS 
DEVELOPED COUNTRY FOCUS 
SEC. 101. DEFINITIONS. 
Section 1402 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9601) 
is amended— 
(1) by redesignating paragraphs (2), (3), and 
(4) as paragraphs (3), (4), and (5), respectively; 
(2) by inserting after paragraph (1) the fol-
lowing: 
‘‘(2) HIGH-INCOME COUNTRY.—The term ‘high- 
income country’— 
‘‘(A) means a country with a high-income 
economy, as defined by International Bank for 
Reconstruction and Development and the Inter-
national Development Association (collectively 
referred to as the ‘World Bank’; but 
‘‘(B) does not include a wealthy country.’’; 
(3) in paragraph (3) (as so redesignated) to 
read as follows: 
‘‘(3) LESS DEVELOPED COUNTRY.—The term 
less developed country means, with respect to a fis-
cal year for the Corporation, a country the per cap-
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ita income of which at the start of such fiscal year 
is equal to or less than the then-current World Bank 
threshold for initiating the International Bank for 
Reconstruction and Development graduation proc-
ess.’’; and 
(4) in paragraph (5) (as so redesignated)— 
(A) in subparagraph (A), by striking ‘‘or’’ 
at the end; 
(B) in subparagraph (B), by striking the 
period at the end and inserting ‘‘; or’’; and 
(C) by adding at the end the following: 
‘‘(C) any other similar institution that has 
a purpose that is similar to the purpose of the 
Corporation as described in section 1412(b).’’; 
and 
(5) by adding at the end the following: 
‘‘(6) UPPER-MIDDLE-INCOME
COUNTRY.—The 
term ‘‘upper-middle-income country’’ means, with re-
spect to a fiscal year for the Corporation, a country 
the per capita income of which at the start of such 
fiscal year is greater than the then-current World 
Bank threshold for initiating the International Bank 
for Reconstruction and Development graduation 
process, and is equal to or less than the per capita 
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income threshold defined as a high-income economy 
by the World Bank. 
‘‘(7) WEALTHY COUNTRY.—The term ‘wealthy 
country’ means a country that is among the 40 
countries with the highest gross domestic product 
per capita at purchasing power parity as calculated 
by the World Bank.’’. 
SEC. 102. LESS DEVELOPED COUNTRY FOCUS. 
Section 1412 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9612) 
is amended by striking subsection (c) and inserting the 
following: 
‘‘(c) LESS DEVELOPED COUNTRY FOCUS.— 
‘‘(1) IN
GENERAL.—The Corporation shall 
prioritize the provision of support under title II in 
less developed countries. 
‘‘(2) UPPER-MIDDLE-INCOME
AND
HIGH-IN-
COME COUNTRIES.— 
‘‘(A) 
UPPER-MIDDLE-INCOME
COUN-
TRIES.—The Corporation may provide support 
under title II in an upper-middle-income coun-
try if, prior to providing the support, the Chief 
Executive Officer certifies in writing to the ap-
propriate congressional committees that such 
support— 
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‘‘(i) is designed to produce significant 
developmental outcomes or provide devel-
opmental benefits to the poorest population 
of such country; and 
‘‘(ii) furthers the national economic or 
foreign policy interests of the United 
States. 
‘‘(B) 
HIGH-INCOME
COUNTRIES.—The 
Corporation may provide support under title II 
in a high-income country, subject to following 
conditions: 
‘‘(i) With respect to support for all 
projects in such countries, the aggregate 
amount of such support may not exceed 10 
percent of the maximum contingent liabil-
ity of the Corporation authorized to be 
outstanding pursuant to section 1433. 
‘‘(ii) With respect to support for any 
single project in such a country— 
‘‘(I) the Corporation shall seek to 
minimize its support to a level nec-
essary to achieve the development and 
foreign policy goals of the United 
States; 
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‘‘(II) the Chief Executive Officer 
shall certify to the appropriate con-
gressional committees that the Cor-
poration has made all reasonable ef-
forts to ensure that— 
‘‘(aa) the support is a pre-
ferred alternative to state-di-
rected investments by foreign 
countries of concern or otherwise 
furthers the strategic interest of 
the United States to counter or 
limit the influence of foreign 
countries of concern; 
‘‘(bb) private sector entities 
have been afforded an oppor-
tunity to support the project on 
viable terms in lieu of support by 
the Corporation; and 
‘‘(cc) the support is designed 
to produce significant develop-
mental outcomes or provide de-
velopmental benefits to the poor-
est population of such country. 
‘‘(C) REPORT.—Not later than 120 days 
after the date of the enactment of this sub-
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section, and annually thereafter, the Corpora-
tion shall submit to the appropriate congres-
sional committees a list of all high-income coun-
tries in which the Corporation anticipates pro-
viding support in the subsequent fiscal year, 
and, to the extent practicable, a description of 
the type of projects anticipated. 
‘‘(D) DEFINITION.—In this subsection, the 
term ‘foreign country of concern’ has the mean-
ing given that term in section 231.102 of title 
15, Code of Federal Regulations.’’. 
TITLE II—MANAGEMENT OF 
CORPORATION 
SEC. 201. BOARD OF DIRECTORS. 
Section 1413(b)(2)(A)(iii) of the Better Utilization of 
Investments Leading to Development Act of 2018 (22 
U.S.C. 9613(b)(2)(A)(iii)) is amended by striking ‘‘5 indi-
viduals’’ each place it appears and inserting ‘‘3 individ-
uals’’. 
SEC. 202. CHIEF RISK OFFICER. 
Section 1413(f)(1) of the Better Utilization of Invest-
ments Leading to Development Act of 2018 (22 U.S.C. 
9613(f)(1)) is amended— 
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(1) in the matter preceding subparagraph (A), 
by striking ‘‘who—’’ and inserting ‘‘who shall be re-
movable only by a majority vote of the Board.’’; and 
(2) by striking subparagraphs (A) and (B). 
SEC. 203. CHIEF DEVELOPMENT OFFICER. 
Section 1413(g) of the Better Utilization of Invest-
ments Leading to Development Act of 2018 (22 U.S.C. 
9613(g)) is amended— 
(1) in paragraph (1)— 
(A) in the matter preceding subparagraph 
(A), by striking ‘‘who—’’ and inserting ‘‘who 
shall be removable only by a majority vote of 
the Board.’’; and 
(B) by striking subparagraphs (A) and 
(B); and 
(2) in paragraph (2)(B), by striking ‘‘under the 
guidance of the Chief Executive Officer,’’. 
SEC. 204. PAY COMPARABILITY. 
Section 1413(h)(2) of the Better Utilization of In-
vestments Leading to Development Act of 2018 (22 
U.S.C. 9613(h)(2)) is amended— 
(1) in subparagraph (A), by striking ‘‘50’’ and 
inserting ‘‘100’’; and 
(2) in subparagraph (D)— 
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(A) by inserting ‘‘not to exceed 20 percent 
of its’’ before ‘‘officers and employees’’; and 
(B) by striking ‘‘appointed under subpara-
graph (A)’’. 
SEC. 205. VICE PRESIDENT FOR FOREIGN POLICY AND NA-
TIONAL SECURITY. 
Section 1413 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9613) 
is amended by adding at the end the following: 
‘‘(j) VICE PRESIDENT FOR FOREIGN POLICY AND 
NATIONAL SECURITY.— 
‘‘(1) APPOINTMENT.—The Chief Executive Of-
ficer shall appoint a Vice President for Foreign Pol-
icy and National Security, from among individuals 
with experience in foreign policy or national security 
matters. 
‘‘(2) DUTIES.—The Vice President shall— 
‘‘(A) advise the Chief Executive Officer 
and Deputy Chief Executive Officer on foreign 
policy matters; 
‘‘(B) in addition to the Chief Executive Of-
ficer and the Deputy Chief Executive Officer, 
represent the Corporation in the interagency 
national security and foreign planning process; 
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‘‘(C) work with other relevant Federal 
agencies to identify projects that advance 
United States foreign policy interests; 
‘‘(D) manage employees that are dedicated 
to ensuring that the Corporation’s activities ad-
vance United States foreign policy and national 
security interests and diplomatic strategy, in-
cluding through— 
‘‘(i) long-term strategic planning; 
‘‘(ii) issue and crisis management; 
and 
‘‘(iii) the advancement of foreign pol-
icy initiatives; 
‘‘(E) foster and maintain relationships 
within the Corporation and external to the Cor-
poration that increase the capacity of the Cor-
poration to achieve its mission to advance 
United States foreign policy and national secu-
rity interests; and 
‘‘(F) coordinate within the Corporation to 
ensure United States foreign policy and na-
tional security interests are considered together 
with the Corporation’s development goals.’’. 
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TITLE III—AUTHORITIES RELAT-
ING TO PROVISION OF SUP-
PORT 
SEC. 301. APPLICABILITY OF FEDERAL CREDIT REFORM 
ACT OF 1990. 
Section 1421(c) of the Better Utilization of Invest-
ments Leading to Development Act of 2018 (22 U.S.C. 
9621(c)), as amended by this title, is further amended by 
adding at the end the following: 
‘‘(8) APPLICABILITY OF FEDERAL CREDIT RE-
FORM ACT OF 1990.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graphs (B) and (C), support provided under 
paragraph (1) with respect to a project shall be 
subject to the Federal Credit Reform Act of 
1990 (2 U.S.C. 661 et seq.) for purposes of ap-
plying the requirements of such Act to such 
support. 
‘‘(B) DETERMINATION OF COST.— 
‘‘(i) IN
GENERAL.—For purposes of 
section 502(5) of the Federal Credit Re-
form Act of 1990 (2 U.S.C. 661a(5)) the 
cost of support provided under paragraph 
(1) with respect to a project shall be the 
net present value, at the time when funds 
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are disbursed to provide the support, of the 
following estimated cash flows: 
‘‘(I) The purchase price of the 
support. 
‘‘(II) 
Dividends, 
redemptions, 
and other shareholder distributions 
during the term of the support. 
‘‘(III) Proceeds received upon a 
sale, redemption, or other liquidation 
of the support. 
‘‘(IV) Adjustments for risk of es-
timated losses, if any. 
‘‘(ii) 
CHANGES
IN
TERMS
IN-
CLUDED.—The estimated cash flows de-
scribed in subclauses (I) through (IV) of 
clause (i) shall include the effects of 
changes in terms resulting from the exer-
cise of options included in the agreement 
to provide the support. 
‘‘(C) REESTIMATE
OF
COST.—When the 
estimated cost of support provided under para-
graph (1) with respect to a project made in a 
single fiscal year is reestimated in a subsequent 
year, the difference between the reestimated 
cost and the previous cost estimate shall be 
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paid from, or transferred to, the balances avail-
able in the Corporate Capital Account estab-
lished under section 1434.’’. 
SEC. 302. SUBORDINATION. 
Section 1421 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9621) 
is amended by adding at the end the following: 
‘‘(j) SUBORDINATION.— 
‘‘(1) IN GENERAL.—The Corporation may ac-
cept a creditor status that is subordinate to that of 
other creditors, if the Corporation— 
‘‘(A) has determined that an acceptable 
level of risk of non-payment or under-payment 
has been established; and 
‘‘(B) provides to the appropriate congres-
sional committees— 
‘‘(i) notice of the determination of an 
acceptable level of risk of non-payment or 
under-payment; and 
‘‘(ii) the information required by 
paragraph (2). 
‘‘(2) INFORMATION REQUIRED.—The informa-
tion required by this paragraph includes— 
‘‘(A) the amount of each such financial 
commitment; 
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‘‘(B) an identification of the recipient or 
beneficiary; and 
‘‘(C) a description of the project, activity, 
or asset and the development goal or purpose to 
be achieved by providing support by the Cor-
poration.’’. 
SEC. 303. TERMINATION. 
Section 1424(a) of the Better Utilization of Invest-
ments Leading to Development Act of 2018 (22 U.S.C. 
9624) is amended by striking ‘‘7 years after the date of 
the enactment of this Act’’ and inserting ‘‘7 years after 
the date of the enactment of the DFC Modernization and 
Reauthorization Act of 2024’’. 
TITLE IV—OTHER MATTERS 
SEC. 401. CORPORATE POWERS. 
Section 1432(a) of the Better Utilization of Invest-
ments Leading to Development Act of 2018 (22 U.S.C. 
9632(a)) is amended— 
(1) in paragraph (2), by striking ‘‘division C of 
subtitle I of’’; and 
(2) in paragraph (10), by striking ‘‘until the ex-
piration of the current lease under predecessor au-
thority, as of the day before the date of the enact-
ment of this Act’’. 
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SEC. 402. MAXIMUM CONTINGENT LIABILITY. 
Section 1433 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9633) 
is amended by striking ‘‘$60,000,000,000’’ and inserting 
‘‘$120,000,000,000’’. 
SEC. 403. AUTHORITY TO USE PORTION OF CORPORATION 
FEES 
TO 
UPDATE 
INFORMATION 
TECH-
NOLOGY SYSTEMS. 
Section 1434 of the Better Utilization of Investments 
Leading to Development Act of 2018 (22 U.S.C. 9634) 
is amended— 
(1) in subsection (d)— 
(A) in paragraph (1)— 
(i) in subparagraph (B), by adding 
‘‘and’’ at the end; 
(ii) in subparagraph (C), by striking 
the semicolon at the end and inserting a 
period; and 
(iii) by striking subparagraph (D); 
and 
(B) in paragraph (2)— 
(i) in subparagraph (B), by striking 
‘‘and’’ at the end; 
(ii) in subparagraph (C), by striking 
the period at the end and inserting a semi-
colon; and 
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(iii) by adding at the end the fol-
lowing: 
‘‘(D) project-specific transaction costs; and 
‘‘(E) transfers and additions to such other 
accounts, funds, or reserves as the Corporation 
may establish, at such time and in such 
amounts as the Board may determine.’’; and 
(2) in subsection (k)— 
(A) in paragraph (1), by inserting ‘‘other 
direct costs associated with origination or moni-
toring services, including seminars, conferences, 
and other preinvestment services,’’ after ‘‘legal 
expenses,’’; and 
(B) in paragraph (2), by striking ‘‘does not 
include’’ and inserting ‘‘includes’’. 
SEC. 404. REPEAL OF EUROPEAN ENERGY SECURITY AND 
DIVERSIFICATION ACT OF 2019. 
The European Energy Security and Diversification 
Act of 2019 (title XX of division P of Public Law 116– 
94; 22 U.S.C. 9501 note) is hereby repealed. 
Æ 
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