Sponsors (11)
Official title: To authorize the establishment of a Haitian American Enterprise Fund for Haiti, and for other purposes.
Introduced February 7, 2025 by Sheila Cherfilus-McCormick · Last progress February 7, 2025
The bill channels sustained U.S. funding and a mixed public‑private Enterprise Fund to drive Haitian economic recovery and reduce migration pressures, but it increases taxpayer exposure and shifts oversight toward executive and private actors—raising risks of uneven benefits, financial loss, and rights/governance concerns.
Haitian communities and service users will get multi-year U.S. funding (authorized $1 billion/year FY2026–FY2031) that supports reconstruction, basic services, and sustained program delivery.
Haitian small businesses, entrepreneurs, and diaspora ventures gain access to financing, technical assistance, consumer credit, and investment capital to grow businesses and create jobs locally.
U.S. support for rebuilding and humanitarian assistance will fund infrastructure projects and services (roads, ports, water, electricity), humanitarian relief, and security-related programs that can improve local safety and livelihoods in Haiti.
U.S. taxpayers face increased fiscal costs and liabilities—authorized spending up to roughly $6 billion over six years plus potential ongoing aid—raising deficit and budget pressures.
Taxpayers and communities are exposed to financial losses if Fund investments, guarantees, or programs underperform; repayment mandates may push the Fund toward higher‑risk, higher‑return investments over development priorities.
The bill reduces congressional control and increases executive flexibility (including allowing agencies to sidestep certain statutes and permitting the Fund to retain and spend returns without further appropriation), concentrating authority and weakening oversight.
Based on analysis of 13 sections of legislative text.
Establishes a DFC‑operated Haitian Enterprise Fund with up to $1B/year (FY2026–FY2031), investment authorities, oversight, audits, and a Treasury repayment/termination deadline of Dec 31, 2031.
Creates a U.S.-backed Haitian American Enterprise Fund operated by the U.S. International Development Finance Corporation to invest in private‑sector and infrastructure development in Haiti through equity, loans, guarantees, grants, technical assistance, and other financial instruments. It authorizes up to $1 billion per year for FY2026–FY2031, requires annual and special public and congressional reporting, independent audits and GAO reviews, limits on grant and operating-cost use, an Oversight Panel, and a requirement that the Fund repay all U.S. funds and terminate no later than December 31, 2031. The bill sets policy goals emphasizing private‑sector growth (especially micro, small, and medium enterprises), Haitian‑American diaspora engagement, resilient infrastructure, anti‑corruption and human‑rights considerations, and coordination with multilateral institutions; it also shields executive-branch agencies to support the Fund and allows private investment into the Fund while restricting investor oversight roles.