Washington, D.C. – The Better Utilization of Investments Leading to Development Act (BUILD), introduced by Chairman of the House Foreign Affairs Subcommittee on Asia and the Pacific, Ted S. Yoho (R-FL), passed in the Senate today. The BUILD Act will consolidate multiple federal programs into one new development finance corporation (DFC) for greater efficiency in how the United States spends its foreign aid dollars.
“Today is a historic day for how America will implement foreign aid around the world. I applaud the Senate for passing the BUILD Act and sending it to the President’s desk to be signed into law. House and Senate Republicans and Democrats, under the leadership of the Administration, came together and did what was best for the country.For the countries receiving development finance, the goal is to transition them from aid recipients to trading partners.
“When the BUILD Act is signed into law, we will begin to reform an outdated development finance system into one that is more suited for the 21st Century. A modernized development finance system that focuses on efficiency, oversight, emerging markets, and benefits our national security is a win for every American.
“I want to thank again Chairman Ed Royce, Ranking Member Eliot Engle, Congressman Adam Smith, and Senators Corker and Coons for their support of this bipartisan, bicameral bill.”