Bipartisan BUILD Act Passes House
Washington, D.C. – The bipartisan Better Utilization of Investments Leading to Development Act (BUILD) - H.R. 5105, introduced by Chairman of the House Foreign Affairs Subcommittee on Asia and the Pacific, Ted S. Yoho (R-FL), along with Rep. Adam Smith (D-WA), passed the House today.
The BUILD Act consolidates multiple federal programs into one new Development Finance Corporation (DFC) for higher efficiency. The goals of this critical piece of legislation have broad bipartisan support in the House and Senate and across multiple agencies. It also meets the Administration’s request to reform foreign aid development finance to incentivize the private sector in emerging markets and provide countries with better alternatives to Chinese investment.
Statement from Chairman Yoho:
“The BUILD Act is the most significant reform of America’s development finance system in decades. By streamlining our foreign assistance efforts, the United States will be more efficient and effective in how we target our foreign investments around the globe. By creating a modern, 21st century, development finance system that better utilizes private sector-led development; we will help countries build their economies so that they can transition from needing our assistance – to opening up their markets for our goods.
“Taking countries from aid to trade is the end goal. We want to assist countries in becoming robust trading partners with the United States. There is truth to the saying, 'a rising tide lifts all boats.’ By doing so, we will help create stable, self-sufficient societies around the world and open new markets for U.S. goods and services. I’d like to thank Congressman Smith for his continued support as we take another step closer in signing the BUILD Act into law.”
Statement from Rep. Adam Smith (D-WA):
“Passage of the BUILD Act is an important step to modernizing U.S. international development finance and showing that the United States is committed to leading the international community in supporting less developed countries. I thank Congressman Yoho for his strong leadership moving this legislation forward. This new institution will focus on sustainable, broad-based development programs supporting critically needed projects in communities across the world. It strengthens our ability to support economic growth that ensures people have the opportunity to live healthy lives and achieve their fullest potential.
“Make no mistake; this reform is only part of our commitment to providing help to those most in need around the world. We must take an all-in approach to our foreign assistance that includes robust direct assistance from the United States. I will continue to fight for these essential programs promoting health, peace, and stability that are vital to our national security.”