Yoho Introduces Bipartisan BUILD Act to Enhance America’s Global Competitiveness
Washington, D.C. – Today, Congressman Ted S. Yoho (R-FL), Chairman of the House Foreign Affairs Subcommittee on Asia and the Pacific, along with Congressman Adam Smith (D-WA), and Senators Bob Corker (R-TN), and Chris Coons (D-DE), introduced the Better Utilization of Investments Leading to Development Act (BUILD Act) - H.R. 5105. This bipartisan, bicameral bill will consolidate multiple federal programs into one new development finance corporation for greater efficiency. Chairman Yoho issued the following statement:
“U.S. foreign aid and development money, when properly implemented, are strong tools of diplomacy. When used effectively, these funds help improve our diplomatic, economic, and national security interests around the globe. Today’s introduction of the bipartisan BUILD Act will reform and modernize America’s approach to development finance making it more efficient and effective.
“Right now we have multiple federal agencies distributing foreign aid around the globe. The BUILD Act will consolidate various federal development programs and agencies into one full-service, self-sustaining U.S. International Development Finance Corporation (IDFC). By streamlining our current system, we will not only spark economic growth in developing countries; we will improve America’s global competitiveness.
“Taking countries from aid to trade is the end goal. We want to help countries become robust trading partners with the United States. By doing so, we will be helping create stable, self-sufficient societies around the world and open new markets for U.S. goods and services. There is truth to the saying a rising tide lifts all boats. The BUILD Act will help make this a reality.”