Sec. 3. Establishment of the Interagency Committee for the coordination of National Development Financing Programs
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There is established in the Executive Office of the President a Committee to be known as the Interagency Committee for the Coordination of National Development Financing Programs (referred to in this Act as the Committee ). The Committee shall consist of the following members: The Secretary of Transportation or a designee of the Secretary. The Secretary of Energy or a designee of the Secretary. The Secretary of Commerce or a designee of the Secretary. The Secretary of Labor or a designee of the Secretary.
The Secretary of the Treasury or a designee of the Secretary. The Administrator of the Small Business Administration or a designee of the Administrator. The Secretary of Defense or a designee of the Secretary. The Director of National Intelligence or a designee of the Director. The Secretary of Agriculture or a designee of the Secretary. The United States Trade Representative or their designee. The Chair of the Board of Governors of the Federal Reserve or a designee of the Chair, who shall serve as a nonvoting member.
The Secretary of the Treasury or a designee of the Secretary, who shall serve as the chair of the Committee. In the event of a tie vote, the vote of the chair of the Committee shall serve as the tie-breaker. The Committee— shall submit to Congress the National Development Strategy described in subsection (d); not later than 1 year after the date of enactment of this Act; and not later than 1 year after January 20, 2025, and every 4 years thereafter, and in each such year not earlier than the latest date on which the budget of the President may be submitted to Congress under section 1105(a) of title 31, United States Code, submit to Congress the National Development Strategy described in subsection (d); and shall identify economic sectors of the United States, regions of the United States, and, as necessary and supported by substantial evidence, projects or partnerships that advance the goals of the National Development Strategy described in subsection (d), to which financing assistance should be prioritized by member agencies of the Committee and should be provided or supported by the Federal Financing Bank.
The Committee shall develop a publicly available (except for an allowable classified annex) National Development Strategy, which shall— identify and address vulnerabilities in United States supply chains in industries critical to national security; identify and address vulnerabilities and shortfalls in domestic manufacturing capabilities that threaten the ability of the United States to maintain a global advantage in innovation and manufacturing; identify weaknesses and discuss opportunities to strengthen the broad industrial base of the United States, which may include— strengthening supply chain resiliency; supporting industries critical for the national security; developing technologies that provide scientific or commercial value to the United States; supporting job growth and development of critical manufacturing capabilities within the United States workforce; supporting the development and adoption of innovative resource extraction technologies, including for renewable energy; and supporting job growth and economic development in critical industries in communities designated as qualified opportunity zones under section 1400Z–1 of the Internal Revenue Code of 1986; identify industries and regions in the United States that require assistance in order to address vulnerabilities and advance the goals described in paragraphs (1), (2), and (3); and outline a strategic plan to promote investment in the industries described in paragraph (4), which shall include— an estimate of the amount and nature of public financing needed to achieve the goals and address vulnerabilities described in paragraphs (1), (2), and (3); an inventory of all Federal programs in existence as of the date of the National Development Strategy that are capable of providing the financing described in subparagraph (A), the level of investment from each such Federal program in the preceding 5-year period, and a detailed description of how each such program is advancing development goals in the United States; recommendations as to how Federal agencies may, under existing Federal authorities, leverage and attract private investment to accomplish the goals described in this subsection; recommendations, if applicable, on any changes to Federal financing programs, including changes to how financing decisions are prioritized or creation of new financing programs, that may be needed to advance the goals of the National Development Strategy; directives to the Federal Financing Bank to accomplish the goals of the National Development Strategy; and performance metrics to evaluate and monitor projects supported by the Federal Financing Bank in alignment with the National Development Strategy.
The Committee shall seek the advice and input of industry partners, manufacturing policy experts, State and local development officials, and manufacturing worker interests when preparing the National Development Strategy described in subsection (d), including by— holding not less than 4 public hearings per year, either virtually or in-person, during which industry representatives, worker groups, and regional representatives can provide insight into strategic development prioritization; and establishing an Industry Advisory Board of not more than 10 members appointed by the President, which shall include— an expert in industry competitiveness and national security; a manufacturing trade association representative; a representative of small business government contractors; a manufacturing worker representative; a representative from a private investment firm investing in critical industries and frontier technology; and such other representatives as the President may appoint.
In January of each year in which the Committee does not submit a new National Development Strategy as required under subsection (d), the Committee shall submit to the appropriate congressional committees an assessment of the most recently published National Development Strategy, which shall include— an accounting of any new investments made by the Federal Financing Bank or member agencies of the Committee in the preceding year, including ZIP Code, North American Industry Classification System code, and financing stage; the performance of such investments, in accordance with performance metrics established by the Committee; an assessment of the implementation of the National Development Strategy, including an assessment by each agency represented on the Committee, supported by sufficient evidence, of steps taken to align such agencies’ financing, research, and development activities with the goals of the National Development Strategy; and a determination on whether or not an update is needed to the National Development Strategy as a result of a change in assumptions, geopolitical dynamics, or other factors.
Not later than 1 year after the date of enactment of this Act, the Committee shall negotiate a memorandum of understanding among the Federal agencies represented on the Committee, which shall— establish procedures for— aligning their respective investment and financing authorities to ensure maximum efficiency and comply with the goals of the National Development Strategy; resolving conflicts in cases of overlapping jurisdiction between their respective agencies; and avoiding conflicting or duplicative operation of services. be reviewed and updated annually in coordination with the submission of the assessment outlined in subsection (f).
The Committee shall meet regularly and as required by the President, but not less frequently than annually. Each Federal agency represented on the Committee shall— consult on a regular basis the most recently published National Development Strategy described in subsection (d); and to the extent practicable, give priority consideration to projects that align with the goals of the National Development Strategy when engaged in financing, research, and development activities.