Today, Congress passed the Federal Aviation Administration (FAA) Reauthorization Act of 2018 (the Act), which is a critical 5-year reauthorization of FAA programs that invests in airport infrastructure, promotes safety and American leadership in aviation including the efficient integration of unmanned aircraft systems, and strengthens consumer service.
Also included with this Act is the Better Utilization of Investments Leading to Development (BUILD) Act of 2018. With passage of the bipartisan BUILD Act, Congress has taken an important step toward fulfilling the commitment President Trump made to reform the United States’ development finance institutions so that they better incentivize private sector investment in emerging economies and provide strong alternatives to state-directed initiatives that come with hidden strings attached.
The BUILD Act codifies the proposal in the President’s Fiscal Year 2019 Budget Request and government reorganization and reform plan to create a consolidated, reformed Development Finance Institution with strong linkages to the Department of State and the United States Agency for International Development.
The legislation furthers the Administration’s goals to align United States Government development finance with broader foreign policy and development goals, minimize risk to the United States taxpayer, ensure development finance catalyzes (rather than replaces) private-sector resources, and increase efficiency in development finance programs.