II 118th CONGRESS 2d Session S. 5403 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. Short title This Act may be cited as the Aligning Development and Competition Act of 2024 . 2. Improving USIDFC transparency Not later than 90 days after the date of the enactment of this Act, and annually thereafter, the Chief Executive Officer of the United States International Development Finance Corporation shall submit a report to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives regarding the Development Advisory Council of the Corporation, which— (1) lists any organization or entity that— (A) employs, contracts for services with, or otherwise provides compensation to, any member of the Council; and (B) has received support directly from the Corporation through loans, loan guarantees, grants, or other financial support since the submission of the prior report required under this section; and (2) with respect to each organization or entity referred to in paragraph (1)— (A) identifies the name of the member or members of the Council to which it provides compensation; (B) describes the support provided by the Corporation to the organization or entity since the submission of the prior report required under this section; and (C) describes any actions that were taken to address the existence or appearance of a conflict of interest. 3. Prioritizing projects that advance national security Section 1412 of the BUILD Act of 2018 ( 22 U.S.C. 9612 ) is amended by adding at the end the following: (d) Prioritization of national security interests The Corporation shall prioritize the provision of support under title II in projects that advance core national security interests of the United States with respect to strategic competition with a covered nation (as defined in section 4872(d)(2) of title 10, United States Code), including port infrastructure, rail and other transportation infrastructure, digital and communications infrastructure, and critical minerals mining, production, and processing materials and facilities. . 4. Inclusion of Secretary of Defense in USIDFC Board of Directors Section 1413(b)(2)(B)(i) of the BUILD Act of 2018 ( 22 U.S.C. 9613(b)(2)(B)(i) ) is amended by adding at the end the following: (V) The Secretary of Defense or a designee of the Secretary. . 5. Strategic Advisory Council (a) Establishment Section 1413 of the BUILD Act of 2018 ( 22 U.S.C. 9613 ) is amended— (1) in subsection (g)(2)(F)— (A) by striking established under subsection (i) and inserting and of the Strategic Advisory Council, ; and (B) by striking the Council and inserting each such Council ; (2) in subsection (i)(4), by striking the Federal Advisory Committee Act (5 U.S.C. App.) and inserting chapter 10 of title 5, United States Code (commonly known as the Federal Advisory Committee Act ) ; and (3) by adding at the end the following: (j) Strategic Advisory Council (1) In general There is established a Strategic Advisory Council (referred to in this subsection as the Council ), which shall advise the Board on national security and foreign policy objectives of the Corporation. (2) Membership Members of the Council shall be appointed by the Board, on the recommendation of the Chief Executive Officer, and shall be composed of not more than 9 members broadly representative of governmental or nongovernmental organizations, think tanks, foundations, associations, and other institutions focused on national security, including areas of strategic competition, the defense industrial base, and national and homeland defense. (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 supporting the national security and foreign policy objectives of the United States and provide any suggestions for improvements with respect to supporting such objectives, including opportunities in countries and project development and implementation challenges and opportunities. (4) Federal advisory committee act The Council shall not be subject to chapter 10 of title 5, United States Code (commonly known as the Federal Advisory Committee Act ). . (b) Consultation Section 1442(d) of the BUILD Act of 2018 ( 22 U.S.C. 9652(d) ) is amended by striking established under section 1413(i) and inserting and the Strategic Advisory Council established under subsections (i) and (j) of section 1413 . 6. Vital national security interests waiver Section 1421 of the BUILD Act of 2018 ( 22 U.S.C. 9621 ) is amended by adding at the end the following: (j) Vital national security interests waiver The Chief Executive Officer may waive the requirements of subsection (a)(1) that a project supported by the Corporation occur in a less developed country and the requirements of section 1412(c) for a particular project if the President determines that such a waiver is in the vital national security interests of the United States. .