U.S. Rep. Ted Yoho, R-Fla., the chairman of the U.S. House Asia and Pacific Subcommittee, scored a win this week as his proposal reforming how the federal government manages international development finances is headed to President Donald Trump’s desk.
Back in June, the House passed Yoho’s “Better Utilization of Investments Leading to Development Act (BUILD Act)” on a voice vote. Yoho’s proposal streamlines a host of federal programs into a single development finance corporation. The Trump administration made a similar proposal in its FY 2019 budget request. Yoho rounded up more than 40 cosponsors for his bill with U.S. Rep. Adam Smith, D-Wash., as his main ally.
In the Florida delegation, U.S. Rep. Francis Rooney, R-Fla., who took over as vice chairman of the U.S. House Foreign Affairs Committee from Yoho, and U.S. Rep. Dan Webster, R-Fla., cosponsored the proposal.
Over in the Senate, Foreign Relations Committee Chairman Bob Corker, R-Tenn., and U.S. Sen. Chris Coons, D-Del., introduced a similar proposal. Corker’s office insisted the new development finance corporation “will leverage the U.S. private sector’s expertise and investment capital to generate economic growth in the developing world that will support American interests.” U.S. Sen. Marco Rubio, R-Fla., is a cosponsor.
This week, Yoho weighed in after the Senate backed his proposal.
“Today is a historic day for how America will implement foreign aid around the world,” Yoho said on Wednesday. “I applaud the Senate for passing the BUILD Act and sending it to the President’s desk to be signed into law. House and Senate Republicans and Democrats, under the leadership of the administration, came together and did what was best for the country. For the countries receiving development finance, the goal is to transition them from aid recipients to trading partners.
“When the BUILD Act is signed into law, we will begin to reform an outdated development finance system into one that is more suited for the 21st Century. A modernized development finance system that focuses on efficiency, oversight, emerging markets, and benefits our national security is a win for every American,” Yoho added.
“I want to thank again Chairman Ed Royce, Ranking Member Eliot Engle, Congressman Adam Smith, and Senators Corker and Coons for their support of this bipartisan, bicameral bill,” Yoho concluded.