U.S. Congress Must Act To Formally Approve Budget For New DFC, Former OPIC President Writes
Devex: Opinion: We need to get the new U.S. DFC over the finish line. Here’s why.
Rob Mosbacher, co-chair of the Consensus for Development Reform and former president and CEO of the Overseas Private Investment Corporation
“…Having passed this landmark legislation [– called the BUILD Act, or the Better Utilization of Investment Leading to Development Act, to create a new and improved U.S. International Development Finance Corporation –] almost a year ago and established the date of Oct. 1 of this year for many of DFC’s authorities to take effect, Congress now must finish the job. … At the moment, neither the administrative funding for fulfilling the obligations of the corporation nor the authority to use 5% of a $1 billion, or $50 million of direct appropriations to serve as a loan loss reserve for $1 billion of equity investments, has been budgeted by Congress. If that commitment is not made soon, DFC will embark upon its new responsibilities seriously inhibited by these legal and fiscal constraints. The BUILD Act was a great accomplishment that represents the best in bipartisan collaboration. As we approach the effective date of much of the BUILD Act’s provisions, it would be tragic if Congress does not provide the corporation with the ability to meet the high expectations it set…” (10/2).