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National Development Strategy and Coordination Act of 2023

Source: Congress.gov  ·  3,709 words in original text
What This Bill Does
This bill establishes a National Development Strategy to strengthen America's economy and manufacturing capabilities. The bill creates a committee of federal agencies that will work together to identify industries needing support and direct government financing to priority projects. It also gives the Federal Financing Bank (a government lending agency) new authority to invest in these approved projects.
Who It Affects
Federal agencies involved in financing and development (Treasury, Commerce, Energy, Transportation, Defense, Labor, Agriculture, Small Business Administration, Federal Reserve, and intelligence agencies). Private companies and manufacturers seeking federal financing assistance. State and local development officials. Manufacturing workers and trade associations. Foreign entities and companies labeled as "entities of concern" will be excluded from receiving support.
Key Provisions
• The Committee meets at least once yearly and must submit a National Development Strategy within one year of the bill becoming law, then every four years after. The strategy identifies vulnerable supply chains, manufacturing gaps, and industries needing support. (Sec. 3(c)) • The Committee must hold at least four public hearings annually where industry representatives, workers, and regional leaders can provide input on development priorities. The President appoints an Industry Advisory Board with up to 10 members. (Sec. 3(e)) • The Federal Financing Bank is authorized to issue securities, purchase loans and debt instruments, and participate in agency loans based on directives from the Committee to support approved projects. (Sec. 4) • No funding under this bill may support any "entity of concern," which includes China and entities with inadequate safeguards against theft of U.S. intellectual property. (Sec. 6(a)) • The Committee must establish policies within 180 days ensuring that supported projects cannot expand operations in countries of concern and must disclose any foreign affiliates or subsidiaries. (Sec. 6(b))
What Changes
If this bill becomes law, a new interagency committee will coordinate how the federal government invests in domestic manufacturing and industries. The Federal Financing Bank gains expanded powers to support projects identified by this committee using new funding. Federal agencies must align their financing decisions with the National Development Strategy. American companies seeking federal support must prove they have no ties to "countries of concern" like China. The government will publicly report annually on investments made and their performance.
Important Definitions
"Country of concern" means China or any foreign government determined to be a foreign adversary, plus any country with inadequate safeguards protecting U.S. funds and intellectual property from theft. "Entity of concern" means any company headquartered in a country of concern, more than 25 percent owned by entities in countries of concern, on government blacklists for national security reasons, or majority owned or controlled by any such entity. "Appropriate congressional committee" means specific House and Senate committees on banking, finance, commerce, energy, and intelligence.
Effective Date
Not specified in bill text. The bill states various deadlines for actions (such as submitting the strategy within one year of enactment), but does not specify when the bill itself takes effect.
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.