The new US International Development Finance Corporation has barely opened its doors—and its original mandate is already under siege.
CGD Policy Blogs
In a flurry of activity, Congress completed its work on Fiscal Year (FY) 2020 spending bills just ahead of the holiday break. For the third year running, lawmakers rejected the steep cuts to foreign assistance proposed by the Trump administration, providing a modest increase in funding for development and diplomacy compared to FY19.
Last week, the House Foreign Affairs Committee advanced the Keeping Girls in School Act, a bill that would authorize USAID to pursue innovative approaches to reduce barriers that keep adolescent girls from receiving a quality education. The act specifically identifies a list of fourteen barriers, reflecting the growing body of research on obstacles that keep adolescent girls from attending and completing secondary school—and from realizing future economic benefits and opportunities. Here are the highlights from the legislation.
USDFC Monitor: Three Things We Hope to Hear from Adam Boehler, the White House’s Nominee to Lead the DFC
President Trump’s pick to lead the new US International Development Finance Corporation (DFC), Adam Boehler, is slated to appear before the Senate Foreign Relations Committee tomorrow. The nomination hearing is an important step toward Senate-confirmed leadership for the new agency, which is scheduled to open its doors October 1.
USDFC Monitor: Why Is the White House Scuttling its Biggest Development Win? Four Hidden Daggers Pointed at the Heart of the New USDFC
The BUILD Act is a remarkable bipartisan effort to modernize the US development finance toolkit. So why is the White House gutting the most important features of the new agency?
President Trump’s FY2020 budget request landed with a thud on Capitol Hill Monday. Once again, the administration is proposing deep cuts to the international affairs budget and, once again, members of Congress on both sides of the aisle have pledged to reject the proposed reductions in US development and diplomacy spending.
In the biggest step forward in US development policy since the creation of the Millennium Challenge Corporation and PEPFAR, Congress approved legislation to establish a new, modernized US development finance agency.
Sarah Bermeo, political economist and author of Targeted Development: Industrialized Country Strategy in a Globalizing World, on how rich countries’ motivations for development have evolved, what they mean for developing countries, and where we are now.
The United States needs a bigger and better development finance institution. The Overseas Private Investment Corporation (OPIC) is an overperforming federal agency, but is currently far too small and outdated to fulfill its mandate of catalyzing private investment in strategic emerging and frontier markets. We’ve been pushing for years to modernize US development finance, while the timing for a new agency is ideal right now. The bipartisan BUILD Act creating a new US International Development Finance Corporation (USIDFC) was introduced in both houses a few months back and the administration has signaled support.
Last week, Congress completed work on a spending package that funds the federal government through the remainder of the fiscal year. As far as development and diplomacy are concerned, the bill is an unmistakable rejection of the deep cuts proposed by the Trump administration. Here are a few standouts from CGD’s most-watched list.