,,ii #aagth ,,congress #b;d ,session ,s4 #ebdf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #ac1 #bjbb,mr4 ,rubio introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to establish a ,national ,development ,strategy1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,national ,development ,strategy and ,coordination ,act of #bjbb4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate congressional committee ,the term appropriate congressional committee means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,finance1 the ,committee on ,commerce1 ,science1 and ,transportation1 and the ,select ,committee on ,intelligence of the ,senate2 and 7,b7 the ,committee on ,financial ,services1 the ,committee on ,energy and ,commerce1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives4 7#b7 ,country of concern ,the term country of concern means-- 7,a7 the ,people's ,republic of ,china and any other foreign government or foreign non-government person determined to be a foreign adversary under section #g4d of title #ae1 ,code of ,federal ,regulations1 or any successor regulation2 or 7,b7 any country determined by the ,secretary of ,commerce1 in consultation with the ,united ,states ,trade ,representative1 the ,secretary of ,defense1 and the ,director of ,national ,intelligence1 to have inadequate safeguards in place to protect ,united ,states funds 7or intellectual property developed using such funds7 from theft or transfer to a foreign government or foreign non-government person described in subparagraph 7,a74 7#c7 ,entity of concern ,the term entity of concern means-- 7,a7 an entity headquartered in a country of concern2 7,b7 an entity that is more than #be-percent owned by individuals or entities in countries of concern2 7,c7 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 7commonly referred to as the ,,sdn list72 7,d7 an entity on the ,non-,,sdn ,chinese ,military-,industrial ,complex ,companies ,list-- 7i7 established pursuant to ,executive ,order #aciei 7#ej ,u4,s4,c4 #agja note2 relating to addressing the threat from securities investments that finance ,communist ,chinese military companies71 as amended before1 on1 or after the date of the enactment of this ,act2 and 7ii7 maintained by the ,office of ,foreign ,assets ,control2 7,e7 a ,chinese military company on the list required by section #abfj;,h of the ,william ,m4 7,mac7 ,thornberry ,national ,defense ,authorization ,act for ,fiscal ,year #bjba 7,public ,law #aaf-bhc2 #aj ,u4,s4,c4 #aac note72 7,f7 an entity on the ,entity ,list maintained by the ,bureau of ,industry and ,security of the ,department of ,commerce and set forth in ,supplement ,no4 #d to part #gdd of title #ae1 ,code of ,federal ,regulations1 or any successor regulation2 7,g7 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 #b of the ,secure and ,trusted ,communications ,networks ,act of #bjai 7#dg ,u4,s4,c4 #afja72 or 7,h7 any entity that is majority owned or controlled by1 or under common ownership or control with1 an entity described in any of subparagraphs 7,a7 through 7,g74 #c4 ,establishment of the ,interagency ,committee for the coordination of ,national ,development ,financing ,programs 7a7 ,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 7referred to in this ,act as the ,committee74 7b7 ,membership 7#a7 ,composition ,the ,committee shall consist of the following members3 7,a7 ,the ,secretary of ,transportation or a designee of the ,secretary4 7,b7 ,the ,secretary of ,energy or a designee of the ,secretary4 7,c7 ,the ,secretary of ,commerce or a designee of the ,secretary4 7,d7 ,the ,secretary of ,labor or a designee of the ,secretary4 7,e7 ,the ,secretary of the ,treasury or a designee of the ,secretary4 7,f7 ,the ,administrator of the ,small ,business ,administration or a designee of the ,administrator4 7,g7 ,the ,secretary of ,defense or a designee of the ,secretary4 7,h7 ,the ,director of ,national ,intelligence or a designee of the ,director4 7,i7 ,the ,secretary of ,agriculture or a designee of the ,secretary4 7,j7 ,the ,united ,states ,trade ,representative or their designee4 7,k7 ,the ,chair of the ,board of ,governors of the ,federal ,reserve or a designee of the ,chair1 who shall serve as a nonvoting member4 7,l7 ,the ,secretary of the ,treasury or a designee of the ,secretary1 who shall serve as the chair of the ,committee4 7#b7 ,tie vote ,in the event of a tie vote1 the vote of the chair of the ,committee shall serve as the tie-breaker4 7c7 ,duties ,the ,committee-- 7#a7 shall submit to ,congress the ,national ,development ,strategy described in subsection 7d72 7,a7 not later than #a year after the date of enactment of this ,act2 and 7,b7 not later than #a year after ,january #bj1 #bjbd1 and every #d years thereafter1 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 #aaje7;a7 of title #ca1 ,united ,states ,code1 submit to ,congress the ,national ,development ,strategy described in subsection 7d72 and 7#b7 shall identify economic sectors of the ,united ,states1 regions of the ,united ,states1 and1 as necessary and supported by substantial evidence1 projects or partnerships that advance the goals of the ,national ,development ,strategy described in subsection 7d71 to which financing assistance should be prioritized by member agencies of the ,committee and should be provided or supported by the ,federal ,financing ,bank4 7d7 ,national ,development ,strategy ,the ,committee shall develop a publicly available 7except for an allowable classified annex7 ,national ,development ,strategy1 which shall-- 7#a7 identify and address vulnerabilities in ,united ,states supply chains in industries critical to national security2 7#b7 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 manufacturing2 7#c7 identify weaknesses and discuss opportunities to strengthen the broad industrial base of the ,united ,states1 which may include-- 7,a7 strengthening supply chain resiliency2 7,b7 supporting industries critical for the national security2 7,c7 developing technologies that provide scientific or commercial value to the ,united ,states2 7,d7 supporting job growth and development of critical manufacturing capabilities within the ,united ,states workforce2 7,e7 supporting the development and adoption of innovative resource extraction technologies1 including for renewable energy2 and 7,f7 supporting job growth and economic development in critical industries in communities designated as qualified opportunity zones under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 7#d7 identify industries and regions in the ,united ,states that require assistance in order to address vulnerabilities and advance the goals described in paragraphs 7#a71 7#b71 and 7#c72 and 7#e7 outline a strategic plan to promote investment in the industries described in paragraph 7#d71 which shall include-- 7,a7 an estimate of the amount and nature of public financing needed to achieve the goals and address vulnerabilities described in paragraphs 7#a71 7#b71 and 7#c72 7,b7 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 7,a71 the level of investment from each such ,federal program in the preceding #e-year period1 and a detailed description of how each such program is advancing development goals in the ,united ,states2 7,c7 recommendations as to how ,federal agencies may1 under existing ,federal authorities1 leverage and attract private investment to accomplish the goals described in this subsection2 7,d7 recommendations1 if applicable1 on any changes to ,federal financing programs1 including changes to how financing decisions are prioritized or creation of new financing programs1 that may be needed to advance the goals of the ,national ,development ,strategy2 7,e7 directives to the ,federal ,financing ,bank to accomplish the goals of the ,national ,development ,strategy2 and 7,f7 performance metrics to evaluate and monitor projects supported by the ,federal ,financing ,bank in alignment with the ,national ,development ,strategy4 7e7 ,advice and input ,the ,committee shall seek the advice and input of industry partners1 manufacturing policy experts1 ,state and local development officials1 and manufacturing worker interests when preparing the ,national ,development ,strategy described in subsection 7d71 including by-- 7#a7 holding not less than #d public hearings per year1 either virtually or in-person1 during which industry representatives1 worker groups1 and regional representatives can provide insight into strategic development prioritization2 and 7#b7 establishing an ,industry ,advisory ,board of not more than #aj members appointed by the ,president1 which shall include-- 7,a7 an expert in industry competitiveness and national security2 7,b7 a manufacturing trade association representative2 7,c7 a representative of small business government contractors2 7,d7 a manufacturing worker representative2 7,e7 a representative from a private investment firm investing in critical industries and frontier technology2 and 7,f7 such other representatives as the ,president may appoint4 7f7 ,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 7d71 the ,committee shall submit to the appropriate congressional committees an assessment of the most recently published ,national ,development ,strategy1 which shall include-- 7#a7 an accounting of any new investments made by the ,federal ,financing ,bank or member agencies of the ,committee in the preceding year1 including ,,zip ,code1 ,north ,american ,industry ,classification ,system code1 and financing stage2 7#b7 the performance of such investments1 in accordance with performance metrics established by the ,committee2 7#c7 an assessment of the implementation of the ,national ,development ,strategy1 including an assessment by each agency represented on the ,committee1 supported by sufficient evidence1 of steps taken to align such agencies' financing1 research1 and development activities with the goals of the ,national ,development ,strategy2 and 7#d7 a determination on whether or not an update is needed to the ,national ,development ,strategy as a result of a change in assumptions1 geopolitical dynamics1 or other factors4 7g7 ,memorandum of coordination with ,federal agencies engaged in investment and financing activities ,not later than #a year after the date of enactment of this ,act1 the ,committee shall negotiate a memorandum of understanding among the ,federal agencies represented on the ,committee1 which shall-- 7#a7 establish procedures for-- 7,a7 aligning their respective investment and financing authorities to ensure maximum efficiency and comply with the goals of the ,national ,development ,strategy2 7,b7 resolving conflicts in cases of overlapping jurisdiction between their respective agencies2 and 7,c7 avoiding conflicting or duplicative operation of services4 7#b7 be reviewed and updated annually in coordination with the submission of the assessment outlined in subsection 7f74 7h7 ,meetings ,the ,committee shall meet regularly and as required by the ,president1 but not less frequently than annually4 7i7 ,strategic alignment ,each ,federal agency represented on the ,committee shall-- 7#a7 consult on a regular basis the most recently published ,national ,development ,strategy described in subsection 7d72 and 7#b7 to the extent practicable1 give priority consideration to projects that align with the goals of the ,national ,development ,strategy when engaged in financing1 research1 and development activities4 #d4 ,requirements of the ,federal ,financing ,bank relating to the ,national ,development ,strategy 7a7 ,in general ,the ,federal ,financing ,bank ,act of #aigc 7#ab ,u4,s4,c4 #bbha et seq47 is amended by adding at the end the following3 #ba4 ,functions with respect to the ,committee 7a7 ,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 7c77#b7 and 7d77#e77;,e7 of section #c of the ,national ,development ,strategy and ,coordination ,act of #bjbb4 7b7 ,activities ,pursuant to subsection 7a71 the ,bank is authorized1 upon direction by the ,interagency ,committee for the ,coordination of ,national ,development ,financing ,programs1 to-- 7#a7 issue securities that are backed by financing assistance through any member agency of the ,committee2 7#b7 purchase from the private market loans or other debt or equity instruments guaranteed in whole or in part by any member agency of the ,committee2 and 7#c7 participate in agency loans or loan guarantees in an amount less than #ajj percent of the principal amount of financing4 7c7 ,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 #c7;d7 of the ,national ,development ,strategy and ,coordination ,act of #bjbb1 the ,bank may1 as necessary1 purchase not for resale to the private market any loans or other debt or equity instruments described in subsection 7b77#b74 #bb4 ,secondary market operations ,except as otherwise provided in the ,national ,development ,strategy and ,coordination ,act of #bjbb1 obligations purchased by the ,bank may be resold in the secondary market in a similar manner to secondary market sales of ,treasury notes4 #bc4 ,ombudsman ,the ,board of ,directors of the ,bank shall designate an official as the ,ombudsman who shall-- 7#a7 review investments made by the ,bank on projects or partnerships identified by the ,interagency ,committee for the ,coordination of ,national ,development ,financing ,programs2 7#b7 review the risk profiles and performance of any such projects or partnerships2 7#c7 provide oversight relating to any such projects or partnerships2 and 7#d7 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 7#a71 the performance of such investments1 and any new or existing investments that may present cause for concern regarding the potential of repayment or lack of alignment with strategic directives4 4 7b7 ,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 exists1 obligations purchased in connection with such project or partnership by the ,federal ,financing ,bank under section #ba of the ,federal ,financing ,bank ,act of #aigc1 as added by subsection 7a7 of this section1 shall not be subject to the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa et seq474 #e4 ,authorization of appropriations for the ,federal ,financing ,bank 7a7 ,in general ,there is authorized to be appropriated to the ,federal ,financing ,bank1 to remain available for #aj years after the date of distribution1 to carry out projects and partnerships selected by the ,national ,development ,strategy established under section #c7;d7 of this ,act-- 7#a7 for fiscal year #bjbc1 #e1jjj1jjj1jjj2 7#b7 for fiscal year #bjbd1 #e1jjj1jjj1jjj2 7#c7 for fiscal year #bjbe1 #e1jjj1jjj1jjj2 and 7#d7 for fiscal year #bjbf1 #e1jjj1jjj1jjj2 7b7 ,set aside ,not more than #b percent of funds appropriated under this section shall be utilized for administrative costs1 including the hiring of new staff to oversee and accomplish the functions of the ,federal ,financing ,bank4 7c7 ,sense of ,congress ,it is the sense of ,congress that the ,federal ,financing ,bank should use amounts appropriated under this section as soon as possible4 #f4 ,prohibitions and policy 7a7 ,prohibition ,no funding or authorities provided under this ,act may be used to support projects or partnerships with any entity of concern4 7b7 ,policies ,not later than #ahj days after the date of enactment of this ,act1 the ,committee shall establish policies to ensure that any support to projects or partnerships provided by the ,federal ,financing ,bank in accordance with this ,act-- 7#a7 includes assurances that no support provided in such project or partnership shall be used to expand operations in a country of concern2 7#b7 includes protections to ensure against transfer of intellectual property to countries of concern2 and 7#c7 includes requirements that any firm participating in a project or partnership funded by this ,act disclose any affiliate1 parent company1 or subsidiary located in a country of concern4