DFC Modernization and Reauthorization Act of 2024

house

senate

president

Legislation Details

Modifies and reauthorizes the Better Utilization of Investments Leading to Development Act of 2018.
Establishes a new short title: “DFC Modernization and Reauthorization Act of 2024.”
Expresses the sense of Congress that the U.S. International Development Finance Corporation (DFC) should increase its risk tolerance in investments.
Introduces definitions for “high-income country,” “less developed country,” “upper-middle-income country,” and “wealthy country.”
Prioritizes support for less developed countries, with specific conditions for upper-middle-income and high-income countries.
Reduces the number of individuals on the Board of Directors from five to three.
Establishes a Chief Risk Officer and Chief Development Officer, both removable only by a majority vote of the Board.
Introduces a Vice President for Foreign Policy and National Security to advise on foreign policy matters and manage related activities.
Ensures that support provided is subject to the Federal Credit Reform Act of 1990.
Allows the DFC to accept subordinate creditor status under certain conditions.
Extends the maximum contingent liability of the Corporation from $60 billion to $120 billion.
Authorizes the use of Corporation fees for updating information technology systems.
Repeals the European Energy Security and Diversification Act of 2019.

Modifies and reauthorizes the Better Utilization of Investments Leading to Development Act of 2018.
Establishes a new short title: “DFC Modernization and Reauthorization Act of 2024.”
Expresses the sense of Congress that the U.S. International Development Finance Corporation (DFC) should increase its risk tolerance in investments.
Introduces definitions for “high-income country,” “less developed country,” “upper-middle-income country,” and “wealthy country.”
Prioritizes support for less developed countries, with specific conditions for upper-middle-income and high-income countries.
Reduces the number of individuals on the Board of Directors from five to three.
Establishes a Chief Risk Officer and Chief Development Officer, both removable only by a majority vote of the Board.
Introduces a Vice President for Foreign Policy and National Security to advise on foreign policy matters and manage related activities.
Ensures that support provided is subject to the Federal Credit Reform Act of 1990.
Allows the DFC to accept subordinate creditor status under certain conditions.
Extends the maximum contingent liability of the Corporation from $60 billion to $120 billion.
Authorizes the use of Corporation fees for updating information technology systems.
Repeals the European Energy Security and Diversification Act of 2019.