§ 9613. Management of Corporation

• (a) There shall be in the Corporation a Board of Directors (in this chapter referred to as the “Board”), a Chief Executive Officer, a Deputy Chief Executive Officer, a Chief Risk Officer, a Chief Development Officer, a Chief Strategic Officer, and such other officers as the Board may determine.
• (b)
  • (1) All powers of the Corporation shall vest in and be exercised by or under the authority of the Board. The Board—
    • (A) shall perform the functions specified to be carried out by the Board in this chapter;
    • (B) may prescribe, amend, and repeal bylaws, rules, regulations, policies, and procedures governing the manner in which the business of the Corporation may be conducted and in which the powers granted to the Corporation by law may be exercised; and
    • (C) shall develop, in consultation with stakeholders, other interested parties, and the appropriate congressional committees, a publicly available policy with respect to consultations, hearings, and other forms of engagement in order to provide for meaningful public participation in the Board’s activities.
  • (2)
    • (A) The Board shall consist of—
      • (i) the Chief Executive Officer of the Corporation;
      • (ii) the officers specified in subparagraph (B); and
      • (iii) four other individuals who shall be appointed by the President, by and with the advice and consent of the Senate, of which—
        • (I) one individual should be appointed from among a list of at least 3 individuals submitted by the majority leader of the Senate after consultation with the chairman of the Committee on Foreign Relations of the Senate;
        • (II) one individual should be appointed from among a list of at least 3 individuals submitted by the minority leader of the Senate after consultation with the ranking member of the Committee on Foreign Relations of the Senate;
        • (III) one individual should be appointed from among a list of at least 3 individuals submitted by the Speaker of the House of Representatives after consultation with the chairman of the Committee on Foreign Affairs of the House of Representatives; and
        • (IV) one individual should be appointed from among a list of at least 3 individuals submitted by the minority leader of the House of Representatives after consultation with the ranking member of the Committee on Foreign Affairs of the House of Representatives.
    • (B)
      • (i) The officers specified in this subparagraph are the following:
        • (I) The Secretary of State or a designee of the Secretary.
        • (II) The Administrator of the United States Agency for International Development or a designee of the Administrator.
        • (III) The Secretary of the Treasury or a designee of the Secretary.
        • (IV) The Secretary of Commerce or a designee of the Secretary.
      • (ii) A designee under clause (i) shall be selected from among officers—
        • (I) appointed by the President, by and with the advice and consent of the Senate;
        • (II) whose duties relate to the programs of the Corporation; and
        • (III) who is designated by and serving at the pleasure of the President.
    • (C) A member of the Board described in subparagraph (A)(iii)—
      • (i) may not be an officer or employee of the United States Government;
      • (ii) shall have relevant experience, which may include experience relating to the private sector, the environment, labor organizations, or international development, to carry out the purpose of the Corporation;
      • (iii) shall be appointed for a term of 3 years and may be reappointed for one additional term;
      • (iv) shall serve until the member’s successor is appointed and confirmed;
      • (v) shall be compensated at a rate equivalent to that of level IV of the Executive Schedule under section 5315 of title 5 when engaged in the business of the Corporation; and
      • (vi) may be paid per diem in lieu of subsistence at the applicable rate under the Federal Travel Regulation under subtitle F of title 41, Code of Federal Regulations, from time to time, while away from the home or usual place of business of the member.
  • (3) The Secretary of State, or the designee of the Secretary under paragraph (2)(B)(i)(I), shall serve as the Chairperson of the Board.
  • (4) The Administrator of the United States Agency for International Development, or the designee of the Administrator under paragraph (2)(B)(i)(II), shall serve as the Vice Chairperson of the Board.
  • (5) Five members of the Board shall constitute a quorum for the transaction of business by the Board.
  • (6) Meetings of the Board are subject to section 552b of title 5 (commonly referred to as the “Government in the Sunshine Act”).
• (c) The Board shall—
  • (1) hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether—
    • (A) the Corporation is carrying out its activities in accordance with this chapter; and
    • (B) any support provided by the Corporation under subchapter II of this chapter in any country should be suspended, expanded, or extended;
  • (2) as necessary and appropriate, provide responses to the issues and questions discussed during each such hearing following the conclusion of the hearing;
  • (3) post the minutes from each such hearing on a website of the Corporation and, consistent with applicable laws related to privacy and the protection of proprietary business information, the responses to issues and questions discussed in the hearing; and
  • (4) implement appropriate procedures to ensure the protection from unlawful disclosure of the proprietary information submitted by private sector applicants marked as business confidential information unless—
    • (A) the party submitting the confidential business information waives such protection or consents to the release of the information; or
    • (B) to the extent some form of such protected information may be included in official documents of the Corporation, a nonconfidential form of the information may be provided, in which the business confidential information is summarized or deleted in a manner that provides appropriate protections for the owner of the information.
• (d)
  • (1) There shall be in the Corporation a Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President.
  • (2) The Chief Executive Officer shall be responsible for the management of the Corporation and shall exercise the powers and discharge the duties of the Corporation subject to the bylaws, rules, regulations, and procedures established by the Board.
  • (3) The Chief Executive Officer shall—
    • (A) report to and be under the direct authority of the Board; and
    • (B) take input from the Board when assessing the performance of the Chief Risk Officer, established pursuant to subsection (f), the Chief Development Officer, established pursuant to subsection (g), and the Chief Strategic Officer, established pursuant to subsection (h).
  • (4)
• (e) There shall be in the Corporation a Deputy Chief Executive Officer, who shall be appointed by the President, by and with the advice and consent of the Senate, and who shall serve at the pleasure of the President.
• (f)
  • (1) Subject to the approval of the Board, the Chief Executive Officer of the Corporation shall appoint a Chief Risk Officer, from among individuals with experience at a senior level in financial risk management, who shall be removable only by a majority vote of the Board.
  • (2) The Chief Risk Officer shall—
    • (A) report directly to the Chief Executive Officer;
    • (B) support the risk committee of the Board established under section 9651 of this title in carrying out its responsibilities as set forth in subsection (b) of that section, including by—
      • (i) developing, implementing, and managing a comprehensive framework and process for identifying, assessing, and monitoring risk;
      • (ii) developing a transparent risk management framework designed to evaluate risks to the Corporation’s overall portfolio, giving due consideration to the policy imperatives of ensuring investment and regional diversification of the Corporation’s overall portfolio;
      • (iii) assessing the Corporation’s overall risk tolerance, including recommendations for managing and improving the Corporation’s risk tolerance and regularly advising the Board on recommended steps the Corporation may take to responsibly increase risk tolerance; and
      • (iv) regularly collaborating with the Chief Development Officer and the Chief Strategic Officer to ensure the Corporation’s overall portfolio is appropriately balancing risk tolerance with development and strategic impact.
• (g)
  • (1) The Chief Executive Officer, with the concurrence of the Administrator of the United States Agency for International Development, shall appoint a Chief Development Officer, from among individuals with experience in international development and development finance, who—
    • (A) shall report directly to the Chief Executive Officer; and
    • (B) shall be removable only by a majority vote of the Board.
  • (2) The Chief Development Officer shall—
    • (A) advise the Chief Executive Officer and the Deputy Chief Executive Officer on international development policy matters;
    • (B) in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to international development;
    • (C) be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council;
    • (D) work with other relevant Federal departments and agencies to—
      • (i) identify projects that advance United States international development interests; and
      • (ii) explore investment opportunities that bring evidence-based, cost-effective development innovations to scale in a manner that can be sustained by markets;
    • (E) support—
      • (i) coordination of the Corporation’s development policies and implementation efforts with the United States Agency for International Development, the Millennium Challenge Corporation, and other relevant Federal departments and agencies, including by directly liaising with the relevant members of United States country teams serving overseas, to ensure that such Federal departments, agencies, and country teams have the training and awareness necessary to fully leverage the Corporation’s development tools overseas;
      • (ii) management of employees of the Corporation that are dedicated to structuring, monitoring, and evaluating transactions and projects codesigned with other relevant Federal departments and agencies for development impact;
      • (iii) coordination of funds or other resources transferred to and from such Federal departments, agencies, or overseas country teams, upon concurrence of those institutions, in support of the Corporation’s international development projects or activities;
      • (iv) management of the responsibilities of the Corporation under paragraphs (1) and (4) of section 9652(b) of this title and paragraphs (1)(A) and (3)(A) of section 9653(b) of this title ;
      • (v) coordination and implementation of the activities of the Corporation under section 9655 of this title ; and
      • (vi) implementation of the Corporation’s development impact strategy and work to ensure development impact at the transaction level and portfolio-wide;
    • (F) foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States international development policy and interests; and
    • (G) coordinate within the Corporation to ensure United States international development policy and interests are considered together with the Corporation’s foreign policy and national security goals.
• (h)
  • (1) The Chief Executive Officer shall appoint a Chief Strategic Officer, from among individuals with experience in United States national security matters and foreign investment, who—
    • (A) shall report directly to the Chief Executive Officer; and
    • (B) shall be removable only by a majority vote of the Board.
  • (2) The Chief Strategic Officer shall—
    • (A) advise the Chief Executive Officer and the Deputy Chief Executive Officer on national security and foreign policy matters;
    • (B) in addition to the Chief Executive Officer and the Deputy Chief Executive Officer, represent the Corporation in interagency meetings and processes relating to United States national security and foreign policy;
    • (C) be an ex officio member of the Development Finance Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council;
    • (D) work with other relevant Federal departments and agencies to identify projects that advance United States national security and foreign policy priorities, including by complementing United States domestic investments in critical and emerging technologies;
    • (E) support—
      • (i) coordination of efforts to develop the Corporation’s strategic investment initiatives—
        • (I) to counter predatory state-directed investment and coercive economic practices of adversaries of the United States;
        • (II) to preserve the sovereignty of partner countries; and
        • (III) to advance economic growth and national security through the highest standards of transparency, accessibility, and competition;
      • (ii) the establishment of performance measurement frameworks and reporting on development outcomes of strategic investments, consistent with sections 9652 and 9653 of this title; and
      • (iii) management of employees of the Corporation that are dedicated to ensuring that the Corporation’s activities advance United States national security and foreign policy interests, including through—
        • (I) long-term strategic planning;
        • (II) issue and crisis management;
        • (III) the advancement of strategic initiatives; and
        • (IV) strategic planning on how the Corporation’s foreign investments may complement United States domestic production of critical and emerging technologies;
    • (F) foster and maintain relationships both within and external to the Corporation that enhance the capacity of the Corporation to achieve its mission to advance United States national security and foreign policy interests; and
    • (G) collaborate with the Chief Development Officer to ensure United States national security interests are considered together with the Corporation’s development policy goals.
• (i)
  • (1) Except as otherwise provided in this section, officers, employees, and agents shall be selected and appointed by, or under the authority of, the Chief Executive Officer, and shall be vested with such powers and duties as the Chief Executive Officer may determine.
  • (2)
    • (A) Of officers and employees employed by the Corporation under paragraph (1), not more than 100 may be appointed, compensated, or removed without regard to title 5, and such positions—
      • (i) shall be reserved for individuals meeting the expert qualifications established by the Corporation’s qualification review board; and
      • (ii) should be prioritized for the development of the Corporation’s next generation of talent, particularly for the recruitment of early career financial or legal sector equivalent positions.. 1 1 So in original. Second period probably should not appear.
    • (B) Under such regulations as the President may prescribe, officers and employees appointed to a position under subparagraph (A) may be entitled, upon removal from such position (unless the removal was for cause), to reinstatement to the position occupied at the time of appointment or to a position of comparable grade and salary.
    • (C) Positions authorized by subparagraph (A) shall be in addition to those otherwise authorized by law, including positions authorized under section 5108 of title 5 .
    • (D) The Corporation may set and adjust rates of basic pay for officers and employees appointed under subparagraph (A) without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, relating to classification of positions and General Schedule pay rates, respectively, provided that no such officer or employee may be compensated at a rate exceeding level II of the Executive Schedule.
  • (3)
    • (A) An individual who is a member of the Board or an officer or employee of the Corporation has no liability under this chapter with respect to any claim arising out of or resulting from any act or omission by the individual within the scope of the employment of the individual in connection with any transaction by the Corporation.
    • (B) Subparagraph (A) shall not be construed to limit personal liability of an individual for criminal acts or omissions, willful or malicious misconduct, acts or omissions for private gain, or any other acts or omissions outside the scope of the individual’s employment.
    • (C) The Corporation shall establish and publish procedures for avoiding conflicts of interest on the part of officers and employees of the Corporation and members of the Development Advisory Council established under subsection (j).
    • (D) This paragraph shall not be construed—
      • (i) to affect—
        • (I) any other immunities and protections that may be available to an individual described in subparagraph (A) under applicable law with respect to a transaction described in that subparagraph; or
        • (II) any other right or remedy against the Corporation, against the United States under applicable law, or against any person other than an individual described in subparagraph (A) participating in such a transaction; or
      • (ii) to limit or alter in any way the immunities that are available under applicable law for Federal officers and employees not described in this paragraph.
• (j)
  • (1) There is established a Development Finance Advisory Council (in this subsection referred to as the “Council”) that shall advise the Board and the Congressional Strategic Advisory Group established by subsection (k) on the development priorities and objectives of the Corporation.
  • (2) Members of the Council shall be appointed by the Board, on the recommendation of the Chief Executive Officer, and shall be composed of not more than 9 members broadly representative of nongovernmental organizations, think tanks, advocacy organizations, foundations, private industry, and other institutions engaged in international development and international development finance, of whom not fewer than 5 members shall be experts from the international development sector.
  • (3) The Board shall call upon members of the Council, either collectively or individually, to advise the Board regarding the extent to which the Corporation is meeting its development mandate and any suggestions for improvements in with respect to meeting that mandate, including opportunities in countries and project development and implementation challenges and opportunities.
  • (4) The Board shall meet with the Council at least twice each year and engage directly with the Board on its recommendations to improve the policies and practices of the Corporation to achieve the development priorities and objectives of the Corporation.
  • (5) The Board shall—
    • (A) prioritize maintaining the full membership and composition of the Council;
    • (B) inform the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives when a vacancy of the Council occurs, including the date that the vacancy occurred; and
    • (C) for any vacancy on the Council that remains for 120 days or more, submit a report to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives explaining why a vacancy is not being filled and provide an update on progress made toward filling such vacancy, including a reasonable estimation for when the Board expects to have the vacancy filled.
  • (6) The Council shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.). 2 2 See References in Text note below.
• (k)
  • (1) Not later than 90 days after December 18, 2025 , there shall be established a Congressional Strategic Advisory Group (referred to in this subsection as the “Group”), which shall meet not less frequently than annually, including after the budget of the President submitted under section 1105 of title 31 for a fiscal year.
  • (2) The Group shall be composed of the following:
    • (A) The Chief Executive Officer.
    • (B) Other representatives of the Corporation, as deemed necessary by the Chief Executive Officer.
    • (C) The Strategic Advisors of the Senate, as described in paragraph (3)(A).
    • (D) The Strategic Advisors of the House of Representatives, as described in paragraph (3)(B).
  • (3)
    • (A)
      • (i) There is established a group to be known as the “Strategic Advisors of the Senate”.
      • (ii) The group established by clause (i) shall be composed of the following:
        • (I) The chair of the Committee on Foreign Relations of the Senate, who shall serve as chair of the Strategic Advisors of the Senate.
        • (II) The ranking member of the Committee on Foreign Relations of the Senate, who shall serve as vice-chair of the Strategic Advisors of the Senate.
        • (III) Not more than 6 additional individuals who are members of the Committee on Foreign Relations of the Senate, designated by the chair, with the consent of the ranking member.
    • (B)
      • (i) There is established a group to be known as the “Strategic Advisors of the House of Representatives”.
      • (ii) The group established by clause (i) shall be composed of the following:
        • (I) The chair of the Committee on Foreign Affairs of the House of Representatives, who shall serve as chair of the Strategic Advisors of the House.
        • (II) The ranking member of the Committee on Foreign Affairs of the House of Representatives, who shall serve as vice-chair of the Strategic Advisors of the House.
        • (III) Not more than 6 additional individuals who are members of the Committee on Foreign Affairs of the House of Representatives, designated by the chair, with the consent of the ranking member.
  • (4) The Chief Executive Officer shall consult with the Strategic Advisors of the Senate and the Strategic Advisors of the House of Representatives established under paragraph (3) in order to solicit and receive congressional views and advice on the strategic priorities and investments of the Corporation, including—
    • (A) the challenges presented by adversary countries to the national security interests of the United States and strategic objectives of the Corporation’s investments;
    • (B) priority regions, countries, and sectors that require focused consideration for strategic investment;
    • (C) the priorities and trends pursued by similarly-situated development finance institutions of friendly nations, including opportunities for partnerships, complementarity, or coinvestment;
    • (D) evolving methods of financing projects, including efforts to partner with public sector and private sector institutional investors;
    • (E) institutional or policy changes required to improve efficiencies within the Corporation; and
    • (F) potential legislative changes required to improve the Corporation’s performance in meeting strategic and development imperatives.
  • (5)
    • (A) The chair and the vice-chair of the Strategic Advisors of the Senate and the chair and the vice-chair of the Strategic Advisors of the House of Representatives, in coordination with the Chief Executive Officer, shall determine the meeting times of the Group, which may be arranged separately or on a bicameral basis by agreement.
    • (B) Not later than 7 days before each meeting of the Group, the Chief Executive Officer shall submit a proposed agenda for discussion to the chair and the vice-chair of each strategic advisory group referred to in subparagraph (A).
    • (C) To ensure a robust flow of information, members of the Group may submit questions for consideration before any meeting. A question submitted orally or in writing shall receive a response not later than 15 days after the conclusion of the first meeting convened wherein such question was asked or submitted in writing.
    • (D) At the request of the Chief Executive Officer or the chair and vice-chair of a strategic advisory group established under paragraph (3), business of the Group may be conducted in a classified setting, including for the purpose of protecting business confidential information and to discuss sensitive information with respect to foreign competitors.
• (l)
  • (1) Based upon guidance received from the Group established pursuant to subsection (k) of this section, the Chief Executive Officer shall develop a Strategic Priorities Plan, which shall provide—
    • (A) guidance for the Corporation’s strategic investments portfolio and the identification and engagement of priority strategic investment sectors and regions of importance to the United States; and
    • (B) justifications for the certifications of such investments in accordance with section 9612(c) of this title .
  • (2) The Strategic Priorities Plan should determine the objectives and goals of the Corporation’s strategic investment portfolio by evaluating economic, security, and geopolitical dynamics affecting United States strategic interests, including—
    • (A) determining priority countries, regions, sectors, and related administrative actions;
    • (B) plans for the establishment of regional offices outside of the United States;
    • (C) identifying countries where the Corporation’s support—
      • (i) is necessary;
      • (ii) would be the preferred alternative to state-directed investments by foreign countries of concern; or
      • (iii) otherwise furthers the strategic interests of the United States to counter or limit the influence of foreign countries of concern;
    • (D) evaluating the interest and willingness of potential private finance institutions and private sector project implementers to partner with the Corporation on strategic investment projects; and
    • (E) identifying bilateral and multilateral project finance partnership opportunities for the Corporation to pursue with United States partner and ally countries.
  • (3) At any time during the relevant period, the Chief Executive Officer may request to convene a meeting of the Congressional Strategic Advisory Group for the purpose of discussing revisions to the Strategic Priorities Plan.
  • (4) The Chief Executive Officer shall publish, on a website of the Corporation—
    • (A) procedures for applying for products offered by the Corporation; and
    • (B) any other appropriate guidelines and compliance restrictions with respect to designated strategic priorities.
• (m)
  • (1) Not later than 1 year after December 18, 2025 , the Secretary of State, acting through the Director of the Foreign Service Institute and in collaboration with the Chief Executive Officer of the Corporation, shall conduct a review of and submit to the appropriate congressional committees a report on the utility of establishing elective training classes or programs on development finance within the School of Professional and Area Studies for all levels of the foreign service.
  • (2) The report required by paragraph (1) shall include a description of how a proposed class would be structured to ensure an appropriate level of training in development finance, including descriptions of—
    • (A) the potential benefits and challenges of development finance as a component of United States foreign policy in promoting development outcomes and in promoting United States interests in advocating for the advancement of free-market principles;
    • (B) the operations of the Corporation, generally, and a comparative analysis of similarly situated development finance institutions, both bilateral and multilateral;
    • (C) how development finance can further the foreign policies of the United States, generally;
    • (D) the anticipated foreign service consumers of any proposed classes on development finance;
    • (E) the resources that may be required to establish such training classes, including through the use of detailed staff from the Corporation or temporary fellows brought in from the development finance community; and
    • (F) other relevant issues, as determined by the Secretary of State and the Chief Executive Officer of the Corporation determines appropriate.
• (n)
  • (1) The Chief Executive Officer shall establish the Development Finance Corporation Student Internship Program (referred to in this subsection as the “Program”) to offer internship opportunities at the Corporation to eligible individuals to provide important professional development and work experience opportunities and raise awareness among future development and international finance professionals of the career opportunities at the Corporation and to supply important human capital for the implementation of the Corporation’s critically important development finance tools.
  • (2) An individual is eligible to participate in the Program if the applicant—
    • (A) is a United States citizen;
    • (B) is enrolled at least half-time at—
      • (i) an institution of higher education (as such term is defined in section 1002(a) of this title ); or
      • (ii) an institution of higher education based outside the United States, as determined by the Secretary of State; and
    • (C) satisfies such other qualifications as established by the Chief Executive Officer.
  • (3) The Chief Executive Officer shall establish selection criteria for individuals to be admitted into the Program that includes a demonstrated interest in a career in international relations and international economic development policy.
  • (4)
    • (A) The Chief Executive Officer may provide housing assistance to an eligible individual participating in the Program whose permanent address is within the United States if the location of the internship in which such individual is participating is more than 50 miles away from such individual’s permanent address.
    • (B) The Chief Executive Officer shall provide to an eligible individual participating in the Program, whose permanent address is within the United States, financial assistance that is sufficient to cover the travel costs of a single round trip by air, train, bus, or other appropriate transportation between the eligible individual’s permanent address and the location of the internship in which such eligible individual is participating if such location is—
      • (i) more than 50 miles from the eligible individual’s permanent address; or
      • (ii) outside of the United States.
  • (5)
    • (A) Nothing in this section may be construed to compel any individual who is a participant in an internship program of the Corporation to participate in the collection of the data or divulge any personal information. Such individuals shall be informed that any participation in data collection under this subsection is voluntary.
    • (B) Any data collected under this subsection shall be subject to the relevant privacy protection statutes and regulations applicable to Federal employees.
  • (6) Notwithstanding any other provision of law, the Chief Executive Officer, in consultation with the Director of the Office of Personnel Management, with respect to the number of interns to be hired under this subsection each year, may—
    • (A) select, appoint, and employ individuals for up to 1 year through compensated internships in the excepted service; and
    • (B) remove any compensated intern employed pursuant to subparagraph (A) without regard to the provisions of law governing appointments in the competitive excepted service.
  • (7) Internships offered and compensated by the Corporation under this subsection shall be funded solely by available amounts appropriated after December 18, 2025 , to the Corporate Capital Account established under section 9634 of this title .