Sec. 30113. Supporting economic independence from the People’s Republic of China
816 words·~4 min read·
/bill/117/hr/4521/pcs/section-30113·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is in the national interest of the United States to establish a coordinated interagency strategy to marshal the resources of the United States Government to provide foreign countries with financing that strengthens independent economic capacity and therefore reduces a foreign government’s need to enter into agreements with the People’s Republic of China (PRC), including to obtain support from its Belt and Road Initiative. Not later than 180 days after the date of the enactment of this Act, the President shall develop and submit a strategy to the relevant congressional committees to use the resources of Federal agencies to counteract offers of assistance and financing from the PRC to foreign governments that are of strategic importance to the United States.
The strategy shall— identify primary sectors where the United States could provide a competitive advantage to increase a country’s economic independence; select countries with corresponding economic needs, with priority given to those who are vulnerable to Chinese economic influence; identify any corresponding existing financing available from United States Government entities to prioritize and devise specific financing tailored to the needs of such foreign governments if none are currently available; identify any cooperative and complementary assistance and financing from friendly foreign governments, including coordinated assistance and co-financing; create a streamlined decision-making process, directed by the National Security Council, to devise financing and make agency decisions and commitments on a timely basis to support United States competitive offers; establish a formal G7+European Commission Working Group to develop a comprehensive strategy to develop alternatives to the PRC’s Belt and Road Initiative for development finance; and integrate existing efforts into the strategy, including efforts to address the Government of the PRC’s use of the United Nations to advance the Belt and Road Initiative, including the proliferation of memoranda of understanding between the PRC and United Nations funds and programs regarding the implementation of the Belt and Road Initiative.
Participating Federal agencies should include the Department of State, Department of the Treasury, United States Agency for International Development (USAID), United States International Development Finance Corporation, Millennium Challenge Corporation, United States Trade and Development Agency, Department of Commerce, the Office of the Director of National Intelligence, and other Federal departments and agencies as appropriate. The President should issue an Executive order to implement the strategy and make such changes in agency regulations and procedures as are necessary to put the strategy into effect.
In this section, the term relevant congressional committees means— the Committee on Appropriations, the Committee on Foreign Affairs, the Committee on Financial Services, and the Permanent Select Committee on Intelligence of the House of Representatives; and the Committee on Appropriations, the Committee on Foreign Relations, the Committee on Banking, Housing, and Urban Affairs, and the Select Committee on Intelligence of the Senate. The Secretary of State, in coordination with the Administrator of the USAID, is authorized to establish or continue an initiative, to be known as the Infrastructure Transaction and Assistance Network , under which the Secretary of State, in consultation with other relevant Federal agencies, including those represented on the Global Infrastructure Coordinating Committee, may carry out various programs to advance the development of sustainable, transparent, and high-quality infrastructure worldwide in the Indo-Pacific region by— strengthening capacity-building programs to improve project evaluation processes, regulatory and procurement environments, and project preparation capacity of countries that are partners of the United States in such development; providing transaction advisory services and project preparation assistance to support sustainable infrastructure; and coordinating the provision of United States assistance for the development of infrastructure, including infrastructure that uses United States manufactured goods and services, and catalyzing investment led by the private sector.
As part of the Infrastructure Transaction and Assistance Network described under subsection (c), the Secretary of State is authorized to provide support, including through the Transaction Advisory Fund, for advisory services to help boost the capacity of partner countries to evaluate contracts and assess the financial and environmental impacts of potential infrastructure projects, including through providing services such as— legal services; project preparation and feasibility studies; debt sustainability analyses; bid or proposal evaluation; and other services relevant to advancing the development of sustainable, transparent, and high-quality infrastructure.
As part of the Infrastructure Transaction and Assistance Network described under subsection (c), the Secretary of State is authorized to provide support, including through the Strategic Infrastructure Fund, for technical assistance, project preparation, pipeline development, and other infrastructure project support. Funds authorized for the Strategic Infrastructure Fund should be used in coordination with the Department of Defense, the International Development Finance Corporation, like-minded donor partners, and multilateral banks, as appropriate, to support joint infrastructure projects that are in the national security interest of the United States and vulnerable to strategic competitors.
There is authorized to be appropriated, for each of fiscal years 2022 to 2026, $75,000,000 to the Infrastructure Transaction and Assistance Network, of which $20,000,000 should be made available for the Transaction Advisory Fund.