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View Full Version : Congress, eying China, votes to overhaul development finance




Swordsmyth
10-04-2018, 09:55 PM
The U.S. Senate on Wednesday passed legislation overhauling the way the federal government lends money for foreign development, creating a $60 billion agency intended largely to respond to China's growing influence.The Senate passed the Better Utilization of Investments Leading to Development (BUILD) Act as part of a bill to reauthorize the Federal Aviation Administration, which passed by 93 to 6. The entire package, which had already been approved by the House of Representatives, will now be sent to President Donald Trump, who is expected to sign it into law.
The measure creates a new agency, the U.S. International Development Finance Corp, that consolidates the Overseas Private Investment Corp (OPIC) and other government development organizations.
Those institutions lend money for projects such as energy, ports and water infrastructure in developing countries.


OPIC, which aims to advance U.S. interests by lending to overseas business ventures and makes money for the U.S. Treasury, had come under fire from critics who say private banks are best suited to make investment decisions.
Ray Washburne, OPIC's president, told Reuters last week that the bill would allow the new development agency to take an equity stake in projects rather than just lend money. It also will let the agency provide political risk insurance to help foster private investment in emerging markets, an area where competition from Chinese enterprises has become particularly fierce.
Trump last year proposed cutting funding for any new OPIC projects. However, the Trump administration this year has supported creation of the new entity.

More at: https://www.yahoo.com/news/congress-eying-china-votes-overhaul-development-finance-184223393--business.html

AZJoe
10-05-2018, 05:11 AM
creating a $60 billion agency ... The measure creates a new agency ... OPIC, which aims to advance U.S. interests by lending to overseas business ventures ... the bill would allow the new development agency to take an equity stake in projects ...

More at: https://www.yahoo.com/news/congress-eying-china-votes-overhaul-development-finance-184223393--business.html

Yes, another government bureaucratic boondoggle is exactly what the US needs to become more competitive - more government spending, a new $60 billion agency to distort the market decisions, influence and oversee private comerce, and even taking direct government ownership in private industry ("take an equity stake") with bureaucratic and government parasites making investment and industry decisions. Yup that's the way to become more competitive. [Sarc]

Rather than eliminate government impediments and obstacles, the statist Republicrats and Demolicans both offer more government as the solution to government failures and government caused problems.

You want to see the U.S. become the most competitive nation on the planet - end the income tax!

Swordsmyth
10-05-2018, 03:54 PM
Yes, another government bureaucratic boondoggle is exactly what the US needs to become more competitive - more government spending, a new $60 billion agency to distort the market decisions, influence and oversee private comerce, and even taking direct government ownership in private industry ("take an equity stake") with bureaucratic and government parasites making investment and industry decisions. Yup that's the way to become more competitive. [Sarc]

Rather than eliminate government impediments and obstacles, the statist Republicrats and Demolicans both offer more government as the solution to government failures and government caused problems.

You want to see the U.S. become the most competitive nation on the planet - end the income tax!
I would have preferred a complete elimination but it is a consolidation of multiple agencies not a brand new one:


that consolidates the Overseas Private Investment Corp (OPIC) and other government development organizations.