[Congressional Record Volume 169, Number 123 (Tuesday, July 18, 2023)]
[Senate]
[Pages S3066-S3068]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 889. Mr. RUBIO submitted an amendment intended to be proposed by 
him to the bill S. 2226, to authorize appropriations for fiscal year 
2024 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of title X of division A, add the following:

 Subtitle H--National Development Strategy and Coordination Act of 2023

     SEC. 1091. SHORT TITLE.

       This subtitle may be cited as the ``National Development 
     Strategy and Coordination Act of 2023''.

     SEC. 1092. DEFINITIONS.

       In this subtitle:
       (1) Appropriate congressional committee.--The term 
     ``appropriate congressional committee'' means--
       (A) the Committee on Banking, Housing, and Urban Affairs, 
     the Committee on Finance, the Committee on Commerce, Science, 
     and Transportation, and the Select Committee on Intelligence 
     of the Senate; and
       (B) the Committee on Financial Services, the Committee on 
     Energy and Commerce, and the Permanent Select Committee on 
     Intelligence of the House of Representatives.
       (2) Country of concern.--The term ``country of concern'' 
     means--
       (A) the People's Republic of China and any other foreign 
     government or foreign non-government person determined to be 
     a foreign adversary under section 7.4 of title 15, Code of 
     Federal Regulations, or any successor regulation; or
       (B) any country determined by the Secretary of Commerce, in 
     consultation with the United States Trade Representative, the 
     Secretary of Defense, and the Director of National 
     Intelligence, to have inadequate safeguards in place to 
     protect United States funds (or intellectual property 
     developed using such funds) from theft or transfer to a 
     foreign government or foreign non-government person described 
     in subparagraph (A).
       (3) Entity of concern.--The term ``entity of concern'' 
     means--
       (A) an entity headquartered in a country of concern;
       (B) an entity that is more than 25-percent owned by 
     individuals or entities in countries of concern;
       (C) an entity on the list of specially designated nationals 
     and blocked persons maintained by the Office of Foreign 
     Assets Control of the Department of the Treasury (commonly 
     referred to as the ``SDN list'');
       (D) an entity on the Non-SDN Chinese Military-Industrial 
     Complex Companies List--
       (i) established pursuant to Executive Order 13959 (50 
     U.S.C. 1701 note; relating to addressing the threat from 
     securities investments that finance Communist Chinese 
     military companies), as amended before, on, or after the date 
     of the enactment of this Act; and
       (ii) maintained by the Office of Foreign Assets Control;
       (E) a Chinese military company on the list required by 
     section 1260H of the William M. (Mac) Thornberry National 
     Defense Authorization Act for Fiscal Year 2021 (Public Law 
     116-283; 10 U.S.C. 113 note);
       (F) an entity on the Entity List maintained by the Bureau 
     of Industry and Security of the Department of Commerce and 
     set forth in Supplement No. 4 to part 744 of title 15, Code 
     of Federal Regulations, or any successor regulation;
       (G) an entity that produces equipment or services on the 
     list of communications equipment and services that pose an 
     unacceptable risk to the national security of the United 
     States or the security and safety of United States persons 
     maintained by the Federal Communications Commission under 
     section 2 of the Secure and Trusted Communications Networks 
     Act of 2019 (47 U.S.C. 1601); or
       (H) any entity that is majority owned or controlled by, or 
     under common ownership or control with, an entity described 
     in any of subparagraphs (A) through (G).

     SEC. 1093. ESTABLISHMENT OF THE INTERAGENCY COMMITTEE FOR THE 
                   COORDINATION OF NATIONAL DEVELOPMENT FINANCING 
                   PROGRAMS.

       (a) Establishment.--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 subtitle 
     as the ``Committee'').
       (b) Membership.--
       (1) Composition.--The Committee shall consist of the 
     following members:
       (A) The Secretary of Transportation or a designee of the 
     Secretary.
       (B) The Secretary of Energy or a designee of the Secretary.
       (C) The Secretary of Commerce or a designee of the 
     Secretary.
       (D) The Secretary of Labor or a designee of the Secretary.
       (E) The Secretary of the Treasury or a designee of the 
     Secretary.
       (F) The Administrator of the Small Business Administration 
     or a designee of the Administrator.
       (G) The Secretary of Defense or a designee of the 
     Secretary.
       (H) The Director of National Intelligence or a designee of 
     the Director.
       (I) The Secretary of Agriculture or a designee of the 
     Secretary.
       (J) The United States Trade Representative or their 
     designee.
       (K) The Chair of the Board of Governors of the Federal 
     Reserve or a designee of the Chair, who shall serve as a 
     nonvoting member.
       (L) The Secretary of the Treasury or a designee of the 
     Secretary, who shall serve as the chair of the Committee.
       (2) Tie vote.--In the event of a tie vote, the vote of the 
     chair of the Committee shall serve as the tie-breaker.
       (c) Duties.--The Committee--
       (1) shall submit to Congress the National Development 
     Strategy described in subsection (d);
       (A) not later than 1 year after the date of enactment of 
     this Act; and
       (B) 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
       (2) 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.
       (d) National Development Strategy.--The Committee shall 
     develop a publicly available (except for an allowable 
     classified annex) National Development Strategy, which 
     shall--
       (1) identify and address vulnerabilities in United States 
     supply chains in industries critical to national security;
       (2) 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;
       (3) identify weaknesses and discuss opportunities to 
     strengthen the broad industrial base of the United States, 
     which may include--
       (A) strengthening supply chain resiliency;
       (B) supporting industries critical for the national 
     security;
       (C) developing technologies that provide scientific or 
     commercial value to the United States;
       (D) supporting job growth and development of critical 
     manufacturing capabilities within the United States 
     workforce;
       (E) supporting the development and adoption of innovative 
     resource extraction technologies, including for renewable 
     energy; and
       (F) 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;

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       (4) 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
       (5) outline a strategic plan to promote investment in the 
     industries described in paragraph (4), which shall include--
       (A) 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);
       (B) 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;
       (C) recommendations as to how Federal agencies may, under 
     existing Federal authorities, leverage and attract private 
     investment to accomplish the goals described in this 
     subsection;
       (D) 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;
       (E) directives to the Federal Financing Bank to accomplish 
     the goals of the National Development Strategy; and
       (F) performance metrics to evaluate and monitor projects 
     supported by the Federal Financing Bank in alignment with the 
     National Development Strategy.
       (e) Advice and Input.--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--
       (1) 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
       (2) establishing an Industry Advisory Board of not more 
     than 10 members appointed by the President, which shall 
     include--
       (A) an expert in industry competitiveness and national 
     security;
       (B) a manufacturing trade association representative;
       (C) a representative of small business government 
     contractors;
       (D) a manufacturing worker representative;
       (E) a representative from a private investment firm 
     investing in critical industries and frontier technology; and
       (F) such other representatives as the President may 
     appoint.
       (f) Assessment of National Development Strategy.--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--
       (1) 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;
       (2) the performance of such investments, in accordance with 
     performance metrics established by the Committee;
       (3) 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
       (4) 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.
       (g) Memorandum of Coordination With Federal Agencies 
     Engaged in Investment and Financing Activities.--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--
       (1) establish procedures for--
       (A) aligning their respective investment and financing 
     authorities to ensure maximum efficiency and comply with the 
     goals of the National Development Strategy;
       (B) resolving conflicts in cases of overlapping 
     jurisdiction between their respective agencies; and
       (C) avoiding conflicting or duplicative operation of 
     services.
       (2) be reviewed and updated annually in coordination with 
     the submission of the assessment outlined in subsection (f).
       (h) Meetings.--The Committee shall meet regularly and as 
     required by the President, but not less frequently than 
     annually.
       (i) Strategic Alignment.--Each Federal agency represented 
     on the Committee shall--
       (1) consult on a regular basis the most recently published 
     National Development Strategy described in subsection (d); 
     and
       (2) 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.

     SEC. 1094. REQUIREMENTS OF THE FEDERAL FINANCING BANK 
                   RELATING TO THE NATIONAL DEVELOPMENT STRATEGY.

       (a) In General.--The Federal Financing Bank Act of 1973 (12 
     U.S.C. 2281 et seq.) is amended by adding at the end the 
     following:

     ``SEC. 21. FUNCTIONS WITH RESPECT TO THE COMMITTEE.

       ``(a) In General.--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.
       ``(b) Activities.--Pursuant to subsection (a), the Bank is 
     authorized, upon direction by the Interagency Committee for 
     the Coordination of National Development Financing Programs, 
     to--
       ``(1) issue securities that are backed by financing 
     assistance through any member agency of the Committee;
       ``(2) 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
       ``(3) participate in agency loans or loan guarantees in an 
     amount less than 100 percent of the principal amount of 
     financing.
       ``(c) Purchase Not for Resale.--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).

     ``SEC. 22. SECONDARY MARKET OPERATIONS.

       ``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.

     ``SEC. 23. OMBUDSMAN.

       ``The Board of Directors of the Bank shall designate an 
     official as the Ombudsman who shall--
       ``(1) review investments made by the Bank on projects or 
     partnerships identified by the Interagency Committee for the 
     Coordination of National Development Financing Programs;
       ``(2) review the risk profiles and performance of any such 
     projects or partnerships;
       ``(3) provide oversight relating to any such projects or 
     partnerships; and
       ``(4) 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.''.
       (b) Federal Credit Reform Act.--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.).

     SEC. 1095. AUTHORIZATION OF APPROPRIATIONS FOR THE FEDERAL 
                   FINANCING BANK.

       (a) In General.--There is authorized to be appropriated to 
     the Federal Financing Bank, to remain available for 10 years 
     after the date of distribution, to carry out projects and 
     partnerships selected by the National Development Strategy 
     established under section 1093(d) of this subtitle--
       (1) for fiscal year 2024, $5,000,000,000;
       (2) for fiscal year 2025, $5,000,000,000;
       (3) for fiscal year 2026, $5,000,000,000; and
       (4) for fiscal year 2027, $5,000,000,000;
       (b) Set Aside.--Not more than 2 percent of funds 
     appropriated under this section shall be utilized for 
     administrative costs, including the hiring of new staff to 
     oversee and accomplish the functions of the Federal Financing 
     Bank.
       (c) Sense of Congress.--It is the sense of Congress that 
     the Federal Financing Bank should use amounts appropriated 
     under this section as soon as possible.

     SEC. 1096. PROHIBITIONS AND POLICY.

       (a) Prohibition.--No funding or authorities provided under 
     this subtitle may be used to support projects or partnerships 
     with any entity of concern.
       (b) Policies.--Not later than 180 days after the date of 
     enactment of this Act, the Committee shall establish policies 
     to ensure that any support to projects or partnerships 
     provided by the Federal Financing Bank in accordance with 
     this subtitle--
       (1) includes assurances that no support provided in such 
     project or partnership shall be used to expand operations in 
     a country of concern;
       (2) includes protections to ensure against transfer of 
     intellectual property to countries of concern; and
       (3) includes requirements that any firm participating in a 
     project or partnership

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     funded by this subtitle disclose any affiliate, parent 
     company, or subsidiary located in a country of concern.
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