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National Development Strategy and Coordination Act of 2023

Source: Congress.gov  ·  3,660 words in original text
What This Bill Does
This bill creates a new committee inside the President's office called the Interagency Committee for the Coordination of National Development Financing Programs. The committee will develop a National Development Strategy to guide government investment in American industries and fix weaknesses in supply chains and manufacturing. The bill also gives the Federal Financing Bank (a government lending agency) new powers to direct money toward projects that support this strategy.
Who It Affects
Federal agencies involved in lending and investment, including the Departments of Transportation, Energy, Commerce, Labor, Treasury, Defense and Agriculture. The Small Business Administration, Federal Reserve, and U.S. Trade Representative also participate. Private companies and businesses that seek federal financing for development projects. Industries critical to national security and manufacturing sectors.
Key Provisions
• A new interagency committee must develop a National Development Strategy within one year of the bill becoming law, then update it every four years. The strategy must identify vulnerable supply chains and manufacturing gaps that affect national security (Sec. 3(d)). • The Federal Financing Bank can issue securities, purchase loans and debt instruments, and participate in loan guarantees as directed by the committee to support projects aligned with the National Development Strategy (Sec. 4). • Congress authorizes $5,000,000,000 per year for fiscal years 2024 through 2027 for the Federal Financing Bank to carry out projects selected by the National Development Strategy (Sec. 5). • No federal funding or authority under this bill may support projects with any entity of concern, including the People's Republic of China or entities owned more than 25 percent by individuals in countries of concern (Sec. 6). • The committee must establish policies within 180 days ensuring that projects do not expand operations in countries of concern and that intellectual property is protected from transfer to countries of concern (Sec. 6).
What Changes
The Federal Financing Bank gains new authority to buy loans, debt instruments and equity from private markets when directed by the interagency committee. Federal agencies must now consult the National Development Strategy and give priority to projects that align with it. A new Industry Advisory Board of up to 10 members will provide input on development priorities. The government establishes a requirement to hold at least four public hearings per year where industry and worker representatives can provide input on development strategy. A new Ombudsman position at the Federal Financing Bank will review and report annually on investments in strategy-aligned projects.
Important Definitions
"Country of Concern" means the People's Republic of China and any other government designated as a foreign adversary under federal regulations, or any country determined to have inadequate safeguards to protect U.S. funds and intellectual property from theft or transfer to foreign governments. "Entity of Concern" means companies headquartered in countries of concern, companies more than 25 percent owned by individuals or entities in countries of concern, companies on the Treasury Department's specially designated nationals list, Chinese military companies, companies on the Commerce Department's Entity List, companies producing communications equipment that poses risks to national security, or any company majority owned by or under common control with these described entities.
Effective Date
Not specified in bill text
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.