BUILD Act Must Include American Finance Standards, Values, Traditions To Be Effective
The Hill: BUILD Act must build in US values for global development projects
Kevin P. Gallagher, director of the Global Development Policy Center at Boston University’s Pardee School for Global Studies, and co-chair of T-20 Task Force on an International Financial Architecture for Stability and Development
“…In its current form …, the [Better Utilization of Investments Leading to Development Act of 2018 (BUILD Act)] is inconsistent with America’s development finance standards, traditions, and values. … For decades now, the International Financial Institutions Act and the Foreign Assistance Act govern America’s involvement in international financial institutions such as the World Bank and U.S. institutions like [the Overseas Private Investment Corporation (OPIC)]. Enshrined in these acts and institutions are the principles of transparency, accountability, and strong social and environmental standards. … The BUILD Act transfers few of these provisions from OPIC to the new [international Development Finance Corporation (DFC)]. … What is more, the bill lacks strong human rights provisions that protect those involved in development projects and affected communities. The BUILD Act has to build in these pillars of American values and tradition if it is to truly help host nations and their citizens meet development goals while also advancing U.S. commercial and foreign policy interests…” (5/17).