“To strengthen the development mandate of the United States International Development Finance Corporation, and for other purposes.”
No CRS summary available for this bill.
This section revises the appointment process, qualifications, reporting structure, and duties of the Chief Development Officer (CDO) of the U.S. International Development Finance Corporation (DFC), which mobilizes private-sector investment for sustainable development projects in lower-income countries to advance U.S. foreign policy goals. Specifically, it (1) eliminates the requirement for Board approval of the CDO appointment; (2) expands the CDO's required expertise to international development and development finance (from development); (3) requires the CDO to report to the Chief Executive Officer (instead of the Board); and (4) expands the CDO's duties to include advising the CEO and Deputy CEO on international development policy; representing the DFC in interagency processes; serving as an ex officio member of the Development Finance Advisory Council; identifying development projects and investment opportunities with other federal agencies; supporting coordination with federal departments, agencies, and U.S. country teams overseas; managing certain DFC employees, resources, and statutory responsibilities related to development impact; implementing the DFC's development impact strategy; fostering relationships to enhance the DFC's mission; and ensuring coordination of development policy with foreign policy and national security goals. (Thus, the changes enhance the CDO's independence, interagency role, and focus on development impact within the DFC.)