Collapse to view only § 9612. United States International Development Finance Corporation
- § 9611. Statement of policy
- § 9612. United States International Development Finance Corporation
- § 9613. Management of Corporation
- § 9614. Independent accountability mechanism
§ 9611. Statement of policy
It is the policy of the United States to facilitate market-based private sector development and inclusive economic growth in less developed countries through the provision of credit, capital, and other financial support—
(1) to mobilize private capital in support of sustainable, broad-based economic growth, poverty reduction, and development through demand-driven partnerships with the private sector that further the foreign policy interests of the United States;
(2) to finance development that builds and strengthens civic institutions, promotes competition, and provides for public accountability and transparency;
(3) to help private sector actors overcome identifiable market gaps and inefficiencies without distorting markets;
(4) to achieve clearly defined economic and social development outcomes;
(5) to coordinate with institutions with purposes similar to the purposes of the Corporation to leverage resources of those institutions to produce the greatest impact;
(6) to provide countries a robust alternative to state-directed investments by authoritarian governments and United States strategic competitors using best practices with respect to transparency and environmental and social safeguards, and which take into account the debt sustainability of partner countries;
(7) to leverage private sector capabilities and innovative development tools to help countries transition from recipients of bilateral development assistance toward increased self-reliance; and
(8) to complement and be guided by overall United States foreign policy, development, and national security objectives, taking into account the priorities and needs of countries receiving support.
(Pub. L. 115–254, div. F, title I, § 1411, Oct. 5, 2018, 132 Stat. 3486.)
§ 9612. United States International Development Finance Corporation
(a) Establishment
(b) Purpose
(c) Less developed country focus
(1) In general
(2) Support in upper-middle-income countries
The Corporation shall restrict the provision of support under subchapter II of this chapter in a less developed country with an upper-middle-income economy unless—
(A) the President certifies to the appropriate congressional committees that such support furthers the national economic or foreign policy interests of the United States; and
(B) such support is designed to produce significant developmental outcomes or provide developmental benefits to the poorest population of that country.
(Pub. L. 115–254, div. F, title I, § 1412, Oct. 5, 2018, 132 Stat. 3486.)
§ 9613. Management of Corporation
(a) Structure of Corporation
(b) Board of Directors
(1) DutiesAll powers of the Corporation shall vest in and be exercised by or under the authority of the Board. The Board—
(A) shall perform the functions specified to be carried out by the Board in this chapter;
(B) may prescribe, amend, and repeal bylaws, rules, regulations, policies, and procedures governing the manner in which the business of the Corporation may be conducted and in which the powers granted to the Corporation by law may be exercised; and
(C) shall develop, in consultation with stakeholders, other interested parties, and the appropriate congressional committees, a publicly available policy with respect to consultations, hearings, and other forms of engagement in order to provide for meaningful public participation in the Board’s activities.
(2) Membership of Board
(A) In generalThe Board shall consist of—
(i) the Chief Executive Officer of the Corporation;
(ii) the officers specified in subparagraph (B); and
(iii) four other individuals who shall be appointed by the President, by and with the advice and consent of the Senate, of which—(I) one individual should be appointed from among a list of at least 5 individuals submitted by the majority leader of the Senate after consultation with the chairman of the Committee on Foreign Relations of the Senate;(II) one individual should be appointed from among a list of at least 5 individuals submitted by the minority leader of the Senate after consultation with the ranking member of the Committee on Foreign Relations of the Senate;(III) one individual should be appointed from among a list of at least 5 individuals submitted by the Speaker of the House of Representatives after consultation with the chairman of the Committee on Foreign Affairs of the House of Representatives; and(IV) one individual should be appointed from among a list of at least 5 individuals submitted by the minority leader of the House of Representatives after consultation with the ranking member of the Committee on Foreign Affairs of the House of Representatives.
(B) Officers specified
(i) In generalThe officers specified in this subparagraph are the following:(I) The Secretary of State or a designee of the Secretary.(II) The Administrator of the United States Agency for International Development or a designee of the Administrator.(III) The Secretary of the Treasury or a designee of the Secretary.(IV) The Secretary of Commerce or a designee of the Secretary.
(ii) Requirements for designeesA designee under clause (i) shall be selected from among officers—(I) appointed by the President, by and with the advice and consent of the Senate;(II) whose duties relate to the programs of the Corporation; and(III) who is designated by and serving at the pleasure of the President.
(C) Requirements for nongovernment membersA member of the Board described in subparagraph (A)(iii)—
(i) may not be an officer or employee of the United States Government;
(ii) shall have relevant experience, which may include experience relating to the private sector, the environment, labor organizations, or international development, to carry out the purpose of the Corporation;
(iii) shall be appointed for a term of 3 years and may be reappointed for one additional term;
(iv) shall serve until the member’s successor is appointed and confirmed;
(v) shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5 when engaged in the business of the Corporation; and
(vi) may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member.
(3) Chairperson
(4) Vice chairperson
(5) Quorum
(c) Public hearingsThe Board shall hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether—
(1) the Corporation is carrying out its activities in accordance with this chapter; and
(2) any support provided by the Corporation under subchapter II of this chapter in any country should be suspended, expanded, or extended.
(d) Chief Executive Officer
(1) Appointment
(2) Authorities and duties
(3) Relationship to Board
(4) Omitted
(e) Deputy Chief Executive Officer
(f) Chief Risk Officer
(1) AppointmentSubject to the approval of the Board, the Chief Executive Officer of the Corporation shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who—
(A) shall report directly to the Board; and
(B) shall be removable only by a majority vote of the Board.
(2) Duties
(g) Chief Development Officer
(1) AppointmentSubject to the approval of the Board, the Chief Executive Officer, with the concurrence of the Administrator of the United States Agency for International Development, shall appoint a Chief Development Officer, from among individuals with experience in development, who—
(A) shall report directly to the Board; and
(B) shall be removable only by a majority vote of the Board.
(2) DutiesThe Chief Development Officer shall—
(A) coordinate the Corporation’s development policies and implementation efforts with the United States Agency for International Development, the Millennium Challenge Corporation, and other relevant United States Government departments and agencies, including directly liaising with missions of the United States Agency for International Development, to ensure that departments, agencies, and missions have training, awareness, and access to the Corporation’s tools in relation to development policy and projects in countries;
(B) under the guidance of the Chief Executive Officer, manage employees of the Corporation that are dedicated to structuring, monitoring, and evaluating transactions and projects co-designed with the United States Agency for International Development and other relevant United States Government departments and agencies;
(C) authorize and coordinate transfers of funds or other resources to and from such agencies, departments, or missions upon the concurrence of those institutions in support of the Corporation’s projects or activities;
(D) manage the responsibilities of the Corporation under paragraphs (1) and (4) of section 9652(b) of this title and paragraphs (1)(A) and (3)(A) of section 9653(b) of this title;
(E) coordinate and implement the activities of the Corporation under section 9655 of this title; and
(F) be an ex officio member of the Development Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council.
(h) Officers and employees
(1) In general
(2) Administratively determined employees
(A) Appointment; compensation; removal
(B) Reinstatement
(C) Additional positions
(D) Rates of pay for officers and employees
(3) Liability of employees
(A) In general
(B) Rule of construction
(C) Conflicts of interest
(D) Savings provisionThis paragraph shall not be construed—
(i) to affect—(I) any other immunities and protections that may be available to an individual described in subparagraph (A) under applicable law with respect to a transaction described in that subparagraph; or(II) any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph (A) participating in such a transaction; or
(ii) to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph.
(i) Development Advisory Council
(1) In general
(2) Membership
(3) Functions
(4) Federal Advisory Committee Act
(Pub. L. 115–254, div. F, title I, § 1413, Oct. 5, 2018, 132 Stat. 3487.)
§ 9614. Independent accountability mechanism
(a) In general
(b) Functions
The independent accountability mechanism established pursuant to subsection (a) shall—
(1) annually evaluate and report to the Board and Congress regarding compliance with environmental, social, labor, human rights, and transparency standards, consistent with Corporation statutory mandates;
(2) provide a forum for resolving concerns regarding the impacts of specific Corporation-supported projects with respect to such standards; and
(3) provide advice regarding Corporation projects, policies, and practices.
(Pub. L. 115–254, div. F, title I, § 1415, Oct. 5, 2018, 132 Stat. 3492.)