[Congressional Record Volume 169, Number 124 (Wednesday, July 19, 2023)]
[Senate]
[Pages S3432-S3433]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 984. Mr. MURPHY 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 appropriate place, insert the following:

     SEC. ___. FACILITATION OF INCREASED EQUITY INVESTMENTS UNDER 
                   THE BUILD ACT OF 2018.

       (a) United States International Development Finance 
     Corporation.--Section 1412 of the BUILD Act of 2018 (22 
     U.S.C. 9612) is amended by adding at the end the following:
       ``(d) Vital National Security Interests Waiver.--The Chief 
     Executive Officer of the Corporation may waive the 
     requirement under subsection (c)(1) that a project supported 
     by the Corporation occur in a less developed country and the 
     requirements under subsection (c) with respect to a 
     particular project if the President determines that such a 
     waiver is in the vital national security interests of the 
     United States.''.
       (b) Applicability of Federal Credit Reform Act of 1990.--
     Section 1421(c) of such Act (22 U.S.C. 9621(c)) is amended by 
     adding at the end the following:
       ``(7) Applicability of federal credit reform act of 1990.--
       ``(A) In general.--Subject to subparagraphs (B) and (C), 
     support provided under paragraph (1) with respect to a 
     project shall be considered to be a Federal credit program

[[Page S3433]]

     that is subject to the Federal Credit Reform Act of 1990 (2 
     U.S.C. 661 et seq.) for purposes of applying the requirements 
     of such Act to such support.
       ``(B) Determination of cost.--
       ``(i) In general.--For purposes of section 502(5) of the 
     Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5) et seq.) 
     the cost of support provided under paragraph (1) with respect 
     to a project shall be the net present value, at the time when 
     funds are disbursed to provide the support, of the following 
     estimated cash flows:

       ``(I) The purchase price of the support.
       ``(II) Dividends, redemptions, and other shareholder 
     distributions during the term of the support.
       ``(III) Proceeds received upon a sale, redemption, or other 
     liquidation of the support.
       ``(IV) Adjustments for risk of estimated losses, if any.

       ``(ii) Changes in terms included.--The estimated cash flows 
     described in subclauses (I) through (IV) of clause (i) shall 
     include the effects of changes in terms resulting from the 
     exercise of options included in the agreement to provide the 
     support.
       ``(C) Reestimate of cost.--When the estimated cost of 
     support provided under paragraph (1) with respect to a 
     project made in a single fiscal year is reestimated in a 
     subsequent year, the difference between the reestimated cost 
     and the previous cost estimate shall be paid from the 
     balances available in the Corporate Capital Account 
     established under section 1434.''.
       (c) Maximum Contingent Liability.--Section 1433 of such Act 
     (22 U.S.C. 9633) is amended by striking ``$60,000,000,000'' 
     and inserting ``$100,000,000,000''.
       (d) Funding for Corporate Capital Account.--Section 1434(b) 
     of such Act (22 U.S.C. 9634(b)) is amended--
       (1) in paragraph (5), by striking ``and'' at the end;
       (2) by redesignating paragraph (6) as paragraph (7); and
       (3) by inserting after paragraph (5) the following:
       ``(6) receipts of reestimated costs received pursuant to 
     section 1421(c).''.
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