The U.S. is falling short on a critical part of its economic development toolkit: development finance. For example, the U.S. economy is seven times the size of the United Kingdom economy, yet in 2017 the U.K. proposed quadrupling its development finance portfolio to double the U.S. portfolio.
Currently, the U.S. utilizes multiple federal agencies and development programs to promote sustainable growth across the globe. The BUILD Act will merge these agencies and programs into one, full-service, self-sustaining U.S. International Development Finance Corporation (IDFC). By consolidating these programs and agencies into one, the U.S. will spark economic growth in developing countries while improving its global competitiveness.
- Introduced in the House: February 27, 2018
- Introduced in the Senate: February 27, 2018
- Passed in the House: July 17, 2018
- Passed in the Senate: September 6, 2018
- Became Public Law No. 115-254: October 5, 2018
Borgen Project Efforts
- Emails Sent: 4,227
- Number of Meetings: 245
- BUILD Act Introduced to House Committee on Foreign Affairs
- U.S Representative Ted Yoho’s BUILD Act Gains Support
- Addressing the Importance of the BUILD Act for the Future
- How the BUILD Act Will Benefit the U.S. Economy