His remarks, as prepared, can be read below: 

“I am proud to have introduced this legislation with Chairman McCaul to reauthorize the U.S. International Development Finance Corporation for the next seven years. The DFC has been one of our most important development innovations of the last decade, representing a concerted effort by Congress and the Executive Branch to promote and catalyze inclusive and sustainable economic growth around the world, and in areas where it is most urgently needed. This is an investment, not a handout.    

“This bill makes important modifications that will maximize the impact of DFC financing. Chief among those changes is the inclusion of a full equity fix that allows for cost calculations made on a net present value basis, which will allow the DFC to make more equity investments in projects to help get them off the ground. This fix will catalyze private sector investment while also recognizing that equity stakes are expected to return money to the U.S. Treasury. I want to acknowledge the work of Mr. Castro, for leading efforts to address the equity issue across multiple Congresses. This Committee has been strong and consistent in our support for the expansion of DFC equity investments.  

“The bill also updates country eligibility definitions to increase the number of countries that will be able to receive DFC funding without a waiver. And, of critical importance for me and other members of this Committee, the reauthorization for the first time allows certain countries with strong development needs that have been shut out of DFC financing to access it through a waiver process.   

“For example, we know that small Caribbean Island countries have been among the first to experience acute challenges associated with climate change—just look at the rapid destruction from Hurricane Beryl as one example. Climate change requires these countries to adapt and build resilient infrastructure that will keep their citizens safe and prosperous. But because many of them have small populations and a few very wealthy residents, their gross national incomes are distorted, making access to DFC financing out of reach. The adjustments in this bill allow these countries to be considered for DFC funding as long as projects meet certain conditions, including maintaining a strong focus on development impact. This will change people’s lives for the better, and we have an opportunity today to set that change in motion.  

“The bill also increases DFC’s maximum contingency liability from $60 billion to $120 billion, which will allow DFC to continue to take on new projects for years to come. This is a reflection of the importance of DFC’s work to catalyze private sector investment to achieve sustainable development and economic growth.  

“I want to thank the stakeholders from the administration as well as from the advocacy community and think tanks who have helped shape this bipartisan reauthorization. Their work to identify areas for improvement and ways to ensure protection of DFC’s core development mandate have made this a better process.  

“Finally, I want to thank Chairman McCaul and his staff for working with us on this bill. I urge all of my colleagues to support this measure.” 

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