[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3207 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  1st Session
                                S. 3207

To establish the Foundation for International Food Security to leverage 
      private sector investments in order to improve agricultural 
productivity, build food systems to mitigate food shock, help alleviate 
 poverty, reduce malnutrition, and drive economic growth in developing 
                   countries, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 2, 2023

  Mr. Graham (for himself, Mr. Coons, and Mr. Boozman) introduced the 
 following bill; which was read twice and referred to the Committee on 
                           Foreign Relations

_______________________________________________________________________

                                 A BILL


 
To establish the Foundation for International Food Security to leverage 
      private sector investments in order to improve agricultural 
productivity, build food systems to mitigate food shock, help alleviate 
 poverty, reduce malnutrition, and drive economic growth in developing 
                   countries, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Foundation for 
International Food Security Act of 2023''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Foundation for International Food Security.
Sec. 4. Governance of the Foundation.
Sec. 5. Corporate powers and obligations of the Foundation.
Sec. 6. Safeguards and accountability.
Sec. 7. Projects, financing, and grants.
Sec. 8. Prohibition of support in countries that support terrorism or 
                            violate human rights and of support for 
                            sanctioned persons.
Sec. 9. Annual report.
Sec. 10. Authorization of appropriations.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Relations of the 
                Senate;
                    (B) the Committee on Agriculture, Nutrition, and 
                Forestry of the Senate;
                    (C) the Committee on Appropriations of the Senate;
                    (D) the Committee on Foreign Affairs of the House 
                of Representatives;
                    (E) the Committee on Agriculture of the House of 
                Representatives; and
                    (F) the Committee on Appropriations of the House of 
                Representatives.
            (2) Board.--The term ``Board'' means the Board of Directors 
        established pursuant to section 4(a).
            (3) Director.--The term ``Director'' means--
                    (A) an initial member of the Board appointed 
                pursuant to section 4(a)(2)(B); or
                    (B) a member of the Board selected to fill a 
                vacancy pursuant to section 4(a)(3)(B).
            (4) Eligible country.--The term ``eligible country'' means 
        any of the countries described in section 7(b).
            (5) Eligible project.--The term ``eligible project'' means 
        any of the projects described in section 7(a)(2).
            (6) Executive director.--The term ``Executive Director'' 
        means the Executive Director of the Foundation hired pursuant 
        to section 4(c).
            (7) Foundation.--The term ``Foundation'' means the 
        Foundation for International Food Security established pursuant 
        to section 3(a).
            (8) Key stakeholders.--The term ``key stakeholders'' has 
        the meaning given such term in section 4(6) of the Global Food 
        Security Act of 2016 (22 U.S.C. 9303(6)).
            (9) Less developed country.--The term ``less developed 
        country'' means a country with a low-income economy, a lower-
        middle-income economy, or an upper-middle-income economy (as 
        defined by the International Bank for Reconstruction and 
        Development and the International Development Association 
        (collectively referred to as the ``World Bank'')).
            (10) Relevant federal departments and agencies.--The term 
        ``relevant Federal departments and agencies'' means--
                    (A) the United States Agency for International 
                Development;
                    (B) the Department of Agriculture;
                    (C) the Foundation for Food and Agriculture 
                Research;
                    (D) the Department of Commerce;
                    (E) the Department of State;
                    (F) the Department of the Treasury;
                    (G) the Millennium Challenge Corporation;
                    (H) the United States International Development 
                Finance Corporation;
                    (I) the Peace Corps;
                    (J) the Office of the United States Trade 
                Representative;
                    (K) the United States African Development 
                Foundation;
                    (L) the United States Geological Survey;
                    (M) the United States Import-Export Bank; and
                    (N) any other Federal department or agency 
                specified by the President for purposes of this Act.
            (11) Resilience.--The term ``resilience'' means the ability 
        of people, households, communities, countries, and systems to 
        mitigate, adapt to, and recover from shocks and stresses to 
        food and nutrition security in a manner that reduces chronic 
        vulnerability and facilitates inclusive and sustainable growth.

SEC. 3. FOUNDATION FOR INTERNATIONAL FOOD SECURITY.

    (a) Establishment.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of this Act, the Secretary of State, in 
        collaboration with the Secretary of Agriculture, shall 
        establish the Foundation for International Food Security.
            (2) Independence.--The Foundation shall constitute an 
        independent agency of the United States. Neither the Foundation 
        nor any of its functions, powers, or duties may be transferred 
        to, or consolidated with, any other department, agency, or 
        corporation of the Federal Government absent an Act of Congress 
        to such effect.
            (3) Tax-exempt status.--The Board shall take all necessary 
        and appropriate steps to ensure that the Foundation is 
        established as an organization described in subsection (c) of 
        section 501 of the Internal Revenue Code of 1986, which exempts 
        the organization from taxation under subsection (a) of such 
        section.
    (b) Purposes.--The purposes of the Foundation are--
            (1) to accelerate sustainable agriculture-led investments 
        that foster food security (both in the crop and livestock 
        industries) and are focused on building sustainable resilient 
        food systems by investing in--
                    (A) infrastructure, such as irrigation, 
                warehousing, storage, and food processing to prevent 
                food loss;
                    (B) applied agricultural research; and
                    (C) technology deployment that reduces hunger and 
                malnutrition;
            (2) to promote effective and data driven initiatives that 
        increase agricultural productivity, reduce post-harvest loss, 
        and increase global market access;
            (3) to set specific and measurable goals, benchmarks, 
        timetables, performance metrics, and monitoring and evaluation 
        plans that reflect international best practices relating to 
        transparency, accountability, food and nutrition security, and 
        sustainable agriculture-led economic growth;
            (4) to advocate for, incentivize, accept, and administer 
        funds (including governmental, nongovernmental, private sector, 
        and philanthropic organization funds, and earned income from 
        market-based social enterprises) to increase the availability 
        and predictability of financing selected food security and 
        nutrition initiatives;
            (5) to deploy and scale technology and innovation to reduce 
        malnutrition;
            (6) to close critical gaps in public international food 
        security and nutrition funding by--
                    (A) reducing barriers to private sector funding and 
                creating a more streamlined mechanism to increase 
                private sector investment, including investments from 
                corporate and philanthropic entities;
                    (B) collaborating with partners providing bilateral 
                and multilateral financing to support enhanced 
                coordination;
                    (C) increasing and supporting domestic resource 
                mobilization to strengthen national governments' 
                ability to co-finance or co-contribute to Foundation 
                efforts; and
                    (D) taking steps to limit duplication with existing 
                United States Government programs through consultation 
                with the Board of Advisors, relevant Federal 
                departments and agencies, eligible countries, and key 
                stakeholders;
            (7) to identify and financially support implementation-
        ready projects that facilitate best agricultural practices, 
        technology-scaling efforts, infrastructure, and other efforts 
        to increase farmers productivity and market access, while 
        recognizing that the greatest benefits are based on an 
        understanding of local socioeconomic and development 
        challenges;
            (8) to coordinate with, and otherwise support and assist, 
        foreign governments, private sector entities, local 
        communities, and other stakeholders to improve food security, 
        nutrition, and agriculture-led economic growth by supporting 
        harmonized regulatory frameworks that encourage innovation and 
        enterprise using an evidence based approach;
            (9) to coordinate with the United States Foundation for 
        International Conservation, once it is established; and
            (10) to ensure the effective use of United States taxpayer 
        dollars to further the objectives described in paragraphs (1) 
        through (9).

SEC. 4. GOVERNANCE OF THE FOUNDATION.

    (a) Board of Directors.--
            (1) Governance.--The Foundation shall be governed by a 
        Board of Directors, who may consult with the Board of Advisors 
        when making decisions related to the Foundation's work.
            (2) Board composition.--
                    (A) In general.--The Board shall be composed of--
                            (i) the appointed Directors described in 
                        subparagraph (B); and
                            (ii) the nonvoting Directors or their 
                        respective appointees, including--
                                    (I) the Secretary of State;
                                    (II) the Administrator of the 
                                United States Agency for International 
                                Development;
                                    (III) the Secretary of Agriculture;
                                    (IV) the Secretary of Commerce; and
                                    (V) the Secretary of the Treasury.
                    (B) Appointed directors.--Subject to subparagraph 
                (C), the nonvoting Directors referred to in 
                subparagraph (A)(ii) shall appoint, by majority vote, 
                as Directors of the Board--
                            (i) 2 voting Directors who are independent 
                        experts representing diverse points of view, to 
                        the maximum extent practicable;
                            (ii) 2 voting Directors who are private 
                        sector donors or designees and have made a 
                        meaningful financial contribution to the 
                        Foundation;
                            (iii) 3 nonvoting Directors who--
                                    (I) are not employed by a 
                                government;
                                    (II) are recognized experts with 
                                relevant professional experience; and
                                    (III) represent Africa, Latin 
                                America, or Asia; and
                            (iv) 4 voting Directors, of whom--
                                    (I) 1 shall be appointed by the 
                                majority leader of the Senate;
                                    (II) 1 shall be appointed by the 
                                minority leader of the Senate;
                                    (III) 1 shall be appointed by the 
                                Speaker of the House of 
                                Representatives; and
                                    (IV) 1 shall be appointed by the 
                                minority leader of the House of 
                                Representatives.
                    (C) Qualifications.--Each individual appointed to 
                the Board pursuant to subparagraph (B) shall be 
                knowledgeable and experienced in 1 or more matters 
                relating to--
                            (i) agricultural production, livestock, 
                        land management, or forestry;
                            (ii) agricultural economics, business 
                        development, technology deployment, market 
                        access, agribusinesses (including food 
                        companies), market access, or relevant 
                        commodities groups;
                            (iii) international finance and 
                        multilateral governance;
                            (iv) international development and market 
                        access; or
                            (v) international nutrition and 
                        malnutrition issues.
                    (D) Limitation on political affiliation.--Both of 
                the Directors of the Board who are appointed pursuant 
                to subparagraph (B)(i) may not be members of the same 
                political party. Both of the Directors of the Board who 
                are appointed pursuant to subparagraph (B)(ii) may not 
                be members of the same political party.
                    (E) Chairperson.--The Board shall elect, from among 
                the voting Directors appointed pursuant to subparagraph 
                (B), a Chairperson, who shall serve in such position 
                for a 2-year term.
                    (F) Voting.--All voting Directors of the Board 
                appointed pursuant to subparagraph (B) shall have equal 
                voting rights.
            (3) Terms; vacancies.--
                    (A) Terms.--
                            (i) In general.--The term of service of 
                        each Director appointed pursuant to paragraph 
                        (2)(B) may not exceed 5 years.
                            (ii) Initial appointed directors.--Of the 
                        initial Directors appointed pursuant to 
                        paragraph (3)(B)--
                                    (I) 5 Directors, including not 
                                fewer than 1 independent expert and 1 
                                private sector donor, shall serve for a 
                                4-year term; and
                                    (II) 5 Directors shall serve for a 
                                5-year term, as determined by the 
                                Chairperson of the Board.
                    (B) Vacancies.--Any vacancy in the membership of 
                the appointed Directors of the Board--
                            (i) shall be filled in accordance with the 
                        bylaws of the Foundation established pursuant 
                        to paragraph (8)(A) by an individual who meets 
                        the qualifications represented by the vacating 
                        Director;
                            (ii) does not affect the power of the 
                        remaining appointed Directors to execute the 
                        duties of the Board; and
                            (iii) shall be filled by an individual 
                        selected by the Board.
            (4) Quorum.--A majority of the membership of the Board 
        shall constitute a quorum for the transaction of Foundation 
        business.
            (5) Meetings.--
                    (A) In general.--The Board shall meet not less 
                frequently than twice per year at the call of the 
                Chairperson or by the approval of \2/3\ of the voting 
                members of the Board.
                    (B) Authority.--The Board shall maintain full 
                control and decision-making authority of the 
                Foundation.
                    (C) Removal.--Any Director who is absent from 3 
                consecutive regularly scheduled meetings may be removed 
                from the Board by a majority vote of the Board.
            (6) Reimbursement of expenses.--Directors of the Board 
        shall serve without pay, but may be reimbursed for the actual 
        and necessary traveling and subsistence expenses incurred by 
        such members in the performance of their duties on behalf of 
        the Foundation.
            (7) Not federal employees.--Appointment as a Director of 
        the Board shall not constitute employment by, or the holding of 
        an office of, the United States Government for purposes of any 
        Federal law.
            (8) Duties.--The Board shall--
                    (A) establish bylaws for the Foundation in 
                accordance with paragraph (9);
                    (B) provide overall direction for the activities of 
                the Foundation and establish priority activities;
                    (C) carry out any other necessary activities of the 
                Foundation;
                    (D) evaluate the performance of the Executive 
                Director;
                    (E) take steps to limit the Foundation's 
                administrative expenses to the extent practicable; and
                    (F) not less frequently than annually, consult and 
                coordinate with key stakeholders qualified to provide 
                advice, assistance, and information regarding efforts 
                to strengthen food and nutrition security.
            (9) Bylaws.--
                    (A) In general.--The bylaws established pursuant to 
                paragraph (8)(A) shall include--
                            (i) policies for the selection of Directors 
                        of the Board, Members of the Board of Advisors, 
                        and officers, employees, agents, and 
                        contractors of the Foundation, in accordance 
                        with subparagraphs (B) and (C) of paragraph 
                        (2);
                            (ii) policies, including ethical standards, 
                        for--
                                    (I) the acceptance, solicitation, 
                                and disposition of donations and grants 
                                to the Foundation; and
                                    (II) the disposition of assets of 
                                the Foundation;
                            (iii) policies that subject all employees, 
                        fellows, trainees, and other agents of the 
                        Foundation (including all of the Directors of 
                        the Board and all of the Members of the Board 
                        of Advisors) to conflict of interest standards;
                            (iv) the specific duties of the Executive 
                        Director;
                            (v) policies for winding down the 
                        activities of the Foundation upon its 
                        termination, including a plan--
                                    (I) to return unobligated 
                                appropriations to the Department of the 
                                Treasury; and
                                    (II) to donate unspent private and 
                                philanthropic contributions to projects 
                                that align with the goals and 
                                requirements described in this Act; and
                            (vi) specific policies and requirements 
                        governing project criteria and eligible 
                        countries.
                    (B) Requirements.--The Board shall ensure the 
                bylaws of the Foundation and the activities carried out 
                under such bylaws do not--
                            (i) reflect unfavorably on the ability of 
                        the Foundation to carry out activities in a 
                        fair and objective manner; or
                            (ii) compromise, or appear to compromise, 
                        the integrity of any governmental agency or 
                        program, or any officer or employee employed 
                        by, or involved in, a governmental agency or 
                        program.
    (b) Board of Advisors Composition.--
            (1) In general.--The Board of Advisors shall be composed 
        of--
                    (A) the Advisors designated pursuant to paragraph 
                (2); and
                    (B) the Advisors appointed pursuant to paragraph 
                (3).
            (2) Advisors.--The following individuals, or designees of 
        such individuals, shall serve as members of the Board of 
        Advisors:
                    (A) The Chief Executive Officer of the United 
                States International Development Finance Corporation.
                    (B) The Chief Executive Officer of the Millennium 
                Challenge Corporation.
                    (C) The Ambassador of the Office of the United 
                States Trade Representative.
            (3) Appointed advisors.--The Executive Director, in 
        consultation with the Directors referred to in subsection 
        (a)(2) and the Advisors referred to in subsection (b)(2), shall 
        appoint, as members of the Board of Advisors--
                    (A) 2 deans or other designated faculty members of 
                United States land-grant colleges or universities that 
                have an international agriculture program; and
                    (B) 3 private sector or nongovernmental 
                organization advisors who are experts in food systems 
                or deployment of agricultural technologies.
            (4) Qualifications.--Each individual appointed to the Board 
        of Advisors pursuant to paragraph (3) shall be knowledgeable 
        and experienced in 1 or more matters relating to the 
        industries, institutions, or issues described in subsection 
        (a)(2)(C).
            (5) Terms; vacancies.--
                    (A) Terms.--The term of service for each Advisor 
                appointed pursuant to paragraph (3) shall be not more 
                than 5 years.
                    (B) Vacancies.--Any vacancy in the membership of 
                the appointed Advisors of the Board of Advisors--
                            (i) shall be filled in accordance with the 
                        bylaws of the Foundation by a private sector 
                        expert who meets the qualifications described 
                        in subsection (a)(2)(C), as represented by the 
                        vacating Advisor;
                            (ii) does not affect the power of the 
                        remaining appointed Advisors to execute the 
                        duties of the Board of Advisors; and
                            (iii) shall be filled by an individual 
                        selected by the Board.
            (6) Duties.--The Board of Advisors shall provide advice and 
        consultation to the Board in accordance with the bylaws 
        established pursuant to subsection (a)(8)(A).
            (7) Removal.--Any Advisor who is absent from 3 consecutive 
        regularly scheduled meetings may be removed from the Board of 
        Advisors by a majority vote of the Board of Advisors.
    (c) Procedures.--
            (1) Initial meeting.--Not later than 90 days after the date 
        of the enactment of this Act, the Chairperson shall convene a 
        meeting of the members of the Board designated pursuant to 
        subsection (a)(2)(A)(ii)--
                    (A) to appoint the Directors of the Board in 
                accordance with subsection (a)(2)(B); and
                    (B) to incorporate the Foundation.
            (2) Conflicts of interest.--
                    (A) In general.--Except as provided in subparagraph 
                (B), no voting member of the Board may participate in 
                any decision, action, or recommendation with respect to 
                any matter that directly and financially benefits such 
                member or pertains specifically to any public body or 
                any private or nonprofit firm or organization with 
                which such member is formally associated or was 
                formally associated during the most recent 2-year 
                period.
                    (B) Exception.--Subparagraph (A) may not be 
                construed to prohibit a member of the Board from 
                participating in actions of the Board pertaining 
                specifically to the public body of which such member is 
                an officer.
    (d) Executive Director; Staff.--
            (1) Executive director.--The Board shall hire a qualified 
        individual to serve, at the pleasure of the Board, as the 
        Executive Director of the Foundation.
            (2) Foundation staff.--Officers and employees of the 
        Foundation--
                    (A) may not be employees of, or hold any office in, 
                the United States Government;
                    (B) shall be appointed without regard to the 
                provisions of--
                            (i) title 5, United States Code, governing 
                        appointments in the competitive service; and
                            (ii) chapter 51 and subchapter III of 
                        chapter 53 of such title, relating to 
                        classification and General Schedule pay rates; 
                        and
                    (C) may not receive a salary at a rate in excess of 
                150 percent of the maximum rate of basic pay authorized 
                for positions at level I of the Executive Schedule 
                under section 5312 of title 5, United States Code, for 
                any fiscal year.
    (e) Limitation; Conflicts of Interests.--
            (1) Political participation.--The Foundation may not 
        participate or intervene in any political activities on behalf 
        of any candidate for public office in any country.
            (2) Financial interests.--All Directors of the Board, 
        Advisors, officers, and employees of the Foundation may not 
        participate (directly or indirectly) in the consideration or 
        determination of any question before the Foundation affecting--
                    (A) the financial interests of such Director, 
                officer, or employee; and
                    (B) the interests of any corporation, partnership, 
                entity, or organization in which such Director, 
                officer, or employee has any fiduciary obligation or 
                direct or indirect financial interest.

SEC. 5. CORPORATE POWERS AND OBLIGATIONS OF THE FOUNDATION.

    (a) General Authorities.--
            (1) In general.--The Foundation--
                    (A) may conduct business throughout the States, 
                territories, and possessions of the United States and 
                in foreign countries;
                    (B) shall have its principal offices in the 
                Washington, DC, metropolitan area; and
                    (C) shall continuously maintain a designated agent 
                in Washington, DC, who is authorized to accept notice 
                or service of process on behalf of the Foundation.
            (2) Notice and service of process.--The serving of notice 
        to, or service of process upon, the agent referred to in 
        paragraph (1)(C), or mailed to the business address of such 
        agent, shall be deemed as service upon, or notice to, the 
        Foundation.
            (3) Seal.--The Foundation shall have an official seal, 
        which shall be selected by the Board and judicially noticed.
    (b) Authorities.--In addition to powers explicitly authorized under 
this Act, the Foundation, in order to carry out the purposes described 
in section 3(b), shall have the usual powers of a corporation 
headquartered in Washington, DC, including the authority--
            (1) to accept, receive, solicit, hold, administer, and use 
        any gift, devise, or bequest, either absolutely or in trust, or 
        real or personal property or any income derived from such gift 
        or property, or other interest in such gift or property;
            (2) to acquire by donation, gift, devise, purchase, or 
        exchange any real or personal property or interest in such 
        property;
            (3) unless otherwise required by the instrument of 
        transfer, to sell, donate, lease, invest, reinvest, retain, or 
        otherwise dispose of any property or income derived from such 
        property;
            (4) to borrow money and issue bonds, debentures, or other 
        debt instruments;
            (5) to complain and defend itself in any court of competent 
        jurisdiction (except that the Directors of the Board shall not 
        be personally liable, except for gross negligence);
            (6) to enter into legal arrangements with public agencies, 
        private organizations, and persons and to make such payments as 
        may be necessary to carry out the purposes of such contracts or 
        arrangements; and
            (7) to award funding, which may include project financing, 
        grants, and concessional lending, for eligible projects, in 
        accordance with section 7.
    (c) Federal Funds.--
            (1) In general.--The Foundation may--
                    (A) hold Federal funds made available, but not 
                immediately disbursed; and
                    (B) use any interest or other investment income 
                earned on such Federal funds to carry out the purposes 
                of the Foundation under this Act.
            (2) Limitation.--Investments made with Federal funds 
        pursuant to paragraph (1)(B) may only be made in--
                    (A) interest-bearing obligations of the United 
                States; or
                    (B) obligations guaranteed as to both principal and 
                interest by the United States.
    (d) Limitation of Public Liability.--The United States shall not be 
liable for any debts, defaults, acts, or omissions of the Foundation.

SEC. 6. SAFEGUARDS AND ACCOUNTABILITY.

    (a) Safeguards.--The Foundation shall develop, and incorporate into 
any agreement for support provided by the Foundation, appropriate 
safeguards, policies, and guidelines, consistent with internationally 
recognized best practices and standards for environmental and social 
safeguards.
    (b) Independent Accountability Mechanism.--
            (1) In general.--The Foundation shall establish a 
        transparent and independent accountability mechanism, which 
        shall provide--
                    (A) a compliance review function that assesses 
                whether Foundation-supported projects adhere to the 
                requirements developed pursuant to subsection (a);
                    (B) a dispute resolution function for resolving 
                concerns between project implementers regarding the 
                impacts of specific Foundation-supported projects with 
                respect to such standards; and
                    (C) an advisory function that reports to the 
                Foundation on projects, policies, and practices.
            (2) Duties.--The accountability mechanism established 
        pursuant to paragraph (1) shall--
                    (A) report annually to the Board and to the 
                appropriate congressional committees regarding the 
                Foundation's compliance with internationally recognized 
                best practices and standards in accordance with 
                paragraph (1)(A);
                    (B)(i) have permanent staff to conduct compliance 
                reviews and dispute resolutions; or
                    (ii) maintain a roster of experts to serve such 
                roles, to the extent needed; and
                    (C) hold a public comment period lasting not fewer 
                than 60 days regarding the initial design of the 
                accountability mechanism.

SEC. 7. PROJECTS, FINANCING, AND GRANTS.

    (a) Project Funding Requirements.--
            (1) In general.--The Foundation shall award funding, which 
        may include project financing, credit risk insurance, grants, 
        concessional lending, and credit, in accordance with this 
        section for eligible projects described in paragraph (1) that 
        will--
                    (A) increase productivity and incomes; and
                    (B) improve the livelihoods and nutrition of 
                producers and communities.
            (2) Eligible projects.--A project is an eligible project if 
        it seeks--
                    (A) to have cost matching from sources other than 
                the United States Government and regional multilateral 
                organizations;
                    (B) to be implemented in coordination with key 
                stakeholders;
                    (C) to incorporate a set of key independently 
                verified performance metrics at the portfolio level, 
                including rigorous measurements, such as measuring 
                attributable increases in agricultural yields, 
                infrastructure, or any other eligible use;
                    (D) to not duplicate the work of other institutions 
                or displace current profit-making ventures;
                    (E) to leverage existing infrastructure and staff 
                in eligible countries to allow for the immediate launch 
                of projects;
                    (F) to demonstrate--
                            (i) the ability to sustainably maintain and 
                        build on the outcomes of the project after the 
                        Foundation funding has ended; or
                            (ii) a plan to strengthen the capacity of, 
                        and transfer skills and technologic tools to, 
                        local enterprises, organizations, or 
                        institutions to manage projects and other 
                        funded entities after the Foundation funding 
                        has been expended;
                    (G) to consider projects that meet the highest 
                needs of food insecure populations based on food 
                security and malnutrition assessments; and
                    (H) to not duplicate the efforts included in the 
                comprehensive global food security strategy implemented 
                pursuant to section 5 of the Global Food Security Act 
                of 2016 (22 U.S.C. 9304).
    (b) Eligible Countries.--
            (1) In general.--Before entering into any project agreement 
        pursuant to this section, the Board shall--
                    (A) establish criteria to determine country 
                eligibility for the award period; and
                    (B) identify not more than 10 countries to receive 
                support during such award period that--
                            (i) are committed to make necessary policy 
                        reforms, in accordance with subsection (a)(2), 
                        to help transform food systems;
                            (ii) have demonstrated leadership to 
                        modernize their agricultural food systems;
                            (iii) are committed to cofinance and 
                        sustain long-term projects implemented by the 
                        Foundation;
                            (iv) are committed to collaborate with key 
                        stakeholders to increase agricultural 
                        production, strengthen resilient food systems, 
                        improve food safety or processing, increase 
                        access to safe, affordable, and nutritious 
                        foods, and improve related logistics and supply 
                        chain processes; and
                            (v) are representatives of geographically 
                        diverse regions.
            (2) Identification of eligible countries.--Not later than 5 
        days after the date on which the Board identifies the eligible 
        countries for a given fiscal year, the Executive Director 
        shall--
                    (A) submit a report to the appropriate 
                congressional committees that includes--
                            (i) a list of such eligible countries; and
                            (ii) justification for such eligibility 
                        determinations; and
                    (B) publish the information contained in the report 
                described in subparagraph (A) in the Federal Register.
    (c) Funding Authorized.--
            (1) In general.--In order to maximize the impact of the 
        funding authorized under this section, the Foundation should--
                    (A) coordinate with other international public and 
                private donors to the extent possible; and
                    (B) seek additional financial and nonfinancial 
                contributions and commitments for its projects from 
                host governments.
            (2) Funding criteria.--Funding awarded pursuant to this 
        section--
                    (A) shall be provided to countries that demonstrate 
                progress, during the funding period, in achieving 
                clearly identified key performance indicators defined 
                in the project agreement, which may include--
                            (i) increasing agricultural or food 
                        production through the competitive delivery of 
                        market-based financing, distribution and 
                        extension services, and supporting technology 
                        commercialization and adoption through such 
                        services;
                            (ii) improving the nutritional status of 
                        the citizens of partner countries by--
                                    (I) increasing the production, 
                                availability, and access of nutritious 
                                foods domestically;
                                    (II) promoting highly nutritious 
                                foods, diet diversification, and 
                                nutritional behaviors that improve 
                                maternal and child health; and
                                    (III) supporting the expansion of 
                                producer market opportunities;
                            (iii) building resilient food systems to 
                        help mitigate against future food shocks among 
                        vulnerable populations and households; and
                            (iv) identifying additional revenue sources 
                        or sustainable financing mechanisms to meet the 
                        recurring costs of projects by serving as a 
                        conduit between institutional investors and the 
                        agribusiness sector; and
                    (B) may be terminated if the Board determines that 
                the country receiving such funding--
                            (i) is not meeting applicable requirements 
                        under this Act; or
                            (ii) is not making progress in achieving 
                        the key performance indicators described in the 
                        project agreement.

SEC. 8. PROHIBITION OF SUPPORT IN COUNTRIES THAT SUPPORT TERRORISM OR 
              VIOLATE HUMAN RIGHTS AND OF SUPPORT FOR SANCTIONED 
              PERSONS.

    (a) In General.--The Foundation may not provide support for any 
government, or any entity owned or controlled by a government, if the 
Secretary of State determines that such government--
            (1) has repeatedly provided support for acts of 
        international terrorism, as determined under--
                    (A) section 1754(c)(1)(A)(i) of the Export Control 
                Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
                    (B) section 620A(a) of the Foreign Assistance Act 
                of 1961 (22 U.S.C. 2371(a));
                    (C) section 40(d) of the Arms Export Control Act 
                (22 U.S.C. 2780(d)); or
                    (D) any other relevant provision of law;
            (2) has repeatedly engaged with any organizations 
        designated as foreign terrorist organizations by the Secretary 
        in accordance with section 219 of the Immigration and 
        Nationality Act (8 U.S.C. 1189); or
            (3) has engaged in a consistent pattern of gross violations 
        of human rights, as determined under section 116(a) or 
        502B(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C. 
        2151n(a) and 2304(a)(2)) or any other relevant provision of 
        law.
    (b) Prohibition of Support for Sanctioned Persons.--The Foundation 
may not engage in any dealing prohibited under United States sanctions 
laws or regulations, including dealings with persons on the list of 
specially designated persons and blocked persons maintained by the 
Office of Foreign Assets Control of the Department of the Treasury, 
except to the extent otherwise authorized by the Secretary of State or 
the Secretary of the Treasury.
    (c) Waiver.--The President may waive the application of subsections 
(a) and (b) with respect to any government, or any entity owned or 
controlled by a government, by notifying the appropriate congressional 
committees of the intention to exercise such waiver not later than 45 
days before the waiver is scheduled to take effect.

SEC. 9. ANNUAL REPORT.

    Not later than 1 year after the date of the enactment of this Act, 
and annually thereafter while the Foundation is operational, the 
Executive Director of the Foundation shall submit a report containing 
the expectations of the year ahead to the appropriate congressional 
committees and make such report available to key stakeholders. Each 
such report shall describe--
            (1) the goals of the Foundation for the upcoming year;
            (2) lessons learned and best practices developed through 
        projects funded by the Foundation during the prior fiscal year;
            (3) the extent to which such projects have contributed to 
        achieving the purposes of the Foundation;
            (4) lessons learned and best practices developed from 
        investments provided by the Foundation during the prior fiscal 
        year;
            (5) the extent to which such investments have contributed 
        to achieving the purposes of the Foundation;
            (6) the programs, projects, and activities supported by the 
        Foundation;
            (7) the value of private sector assets invested in such 
        programs, projects, and activities relative to the amount of 
        support provided by the Foundation and the value of any other 
        public sector support;
            (8) the standardized criteria utilized to determine the 
        programs and activities supported by the Foundation, including 
        baselines, targets, desired outcomes, measurable goals, and 
        extent to which those goals are being achieved for each 
        project;
            (9) the degree to which programs, projects, and activities 
        of the Foundation are coordinated and aligned with--
                    (A) existing United States bilateral assistance 
                programs and foundations;
                    (B) relevant activities of other key stakeholders; 
                and
                    (C) relevant multilateral efforts; and
            (10) how the funding and selected projects authorized under 
        this Act were publicized in the selected country to expand 
        recognition for the United States.

SEC. 10. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There are authorized to be appropriated to the 
Foundation $100,000,000 for each of the fiscal years 2024 through 2033 
to carry out this Act. Such funding shall be used as an additive 
investment vehicle that--
            (1) independently leverages private investments; and
            (2) does not duplicate existing United States Government 
        investments.
    (b) Cost Matching Requirement.--Amounts appropriated pursuant to 
subsection (a) may only be made available to the Foundation to the 
extent the Foundation secures funding from sources other than the 
United States Government.
    (c) Consultation Requirement.--Not later than 180 days after the 
date of the enactment of this Act, and before obligating any funds made 
available under this Act, the Executive Director, in coordination with 
the Secretary, shall consult with the Committee on Appropriations of 
the Senate, the Committee on Foreign Relations of the Senate, the 
Committee on Appropriations of the House of Representatives, and the 
Committee on Foreign Affairs of the House of Representatives regarding 
the proposed uses of such funds.
                                 <all>