Sec. 4. Requirements of the Federal Financing Bank relating to the National Development Strategy
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The Federal Financing Bank Act of 1973 ( 12 U.S.C. 2281 et seq. ) is amended by adding at the end the following: The Bank shall carry out any directives made to the Bank by the Interagency Committee for the Coordination of National Development Financing Programs pursuant to subsections (c)(2) and (d)(5)(E) of section 3 of the National Development Strategy and Coordination Act of 2023 . Pursuant to subsection (a), the Bank is authorized, upon direction by the Interagency Committee for the Coordination of National Development Financing Programs, to— issue securities that are backed by financing assistance through any member agency of the Committee; purchase from the private market loans or other debt or equity instruments guaranteed in whole or in part by any member agency of the Committee; and participate in agency loans or loan guarantees in an amount less than 100 percent of the principal amount of financing.
As directed by the Interagency Committee for the Coordination of National Development Financing Programs in accordance with the National Development Strategy established under section 3(d) of the National Development Strategy and Coordination Act of 2023 , the Bank may, as necessary, purchase not for resale to the private market any loans or other debt or equity instruments described in subsection (b)(2). Except as otherwise provided in the National Development Strategy and Coordination Act of 2023 , obligations purchased by the Bank may be resold in the secondary market in a similar manner to secondary market sales of Treasury notes.
The Board of Directors of the Bank shall designate an official as the Ombudsman who shall— review investments made by the Bank on projects or partnerships identified by the Interagency Committee for the Coordination of National Development Financing Programs; review the risk profiles and performance of any such projects or partnerships; provide oversight relating to any such projects or partnerships; and provide annually to the appropriate congressional committees a report detailing investments made by the Bank in projects or partnerships identified by the Committee described in paragraph (1), the performance of such investments, and any new or existing investments that may present cause for concern regarding the potential of repayment or lack of alignment with strategic directives. .
If the Committee determines that a project or partnership receiving financial assistance through any member agency is investing in frontier technologies for which no reasonable market comparison exists, obligations purchased in connection with such project or partnership by the Federal Financing Bank under section 21 of the Federal Financing Bank Act of 1973, as added by subsection
(a)of this section, shall not be subject to the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq. ).
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Sec. 4
Requirements of the Federal Financing Bank relating to the National Development Strategy
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