---
kind: "section"
citation: "22 U.S.C. § 9613"
title: "22"
title_heading: "Foreign Relations and Intercourse"
number: "9613"
heading: "Management of Corporation"
release: "119-102"
url: "https://uscodex.org/usc/22/9613"
units:
  - "Chapter 103 — Better Utilization of Investments Leading to Development"
  - "Subchapter I — Establishment"
---

# §9613. Management of Corporation

- (a) **Structure of Corporation—** There shall be in the [Corporation](/usc/22/7702.md?p=6) a [Board](/usc/22/2431a.md?p=4) of Directors (in this chapter referred to as the “[Board](/usc/22/2431a.md?p=4)”), a [Chief Executive Officer](/usc/22/7702.md?p=4), a Deputy [Chief Executive Officer](/usc/22/7702.md?p=4), a Chief Risk Officer, a Chief Development Officer, a Chief Strategic Officer, and such other officers as the [Board](/usc/22/2431a.md?p=4) may determine.
- (b) **Board of Directors—**
  - (1) **Duties—** All powers of the [Corporation](/usc/22/7702.md?p=6) shall vest in and be exercised by or under the authority of the [Board](/usc/22/2431a.md?p=4). The [Board](/usc/22/2431a.md?p=4)—
    - (A) shall perform the functions specified to be carried out by the [Board](/usc/22/2431a.md?p=4) 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](/usc/22/7702.md?p=6) may be conducted and in which the powers granted to the [Corporation](/usc/22/7702.md?p=6) by law may be exercised; and
    - (C) shall develop, in consultation with [stakeholders](/usc/22/2152j–4.md?p=3), other interested parties, and the [appropriate congressional committees](/usc/22/9601.md?p=2), 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](/usc/22/2431a.md?p=4)’s activities.
  - (2) **Membership of Board—**
    - (A) **In general—** The [Board](/usc/22/2431a.md?p=4) shall consist of—
      - (i) the [Chief Executive Officer](/usc/22/7702.md?p=4) of the [Corporation](/usc/22/7702.md?p=6);
      - (ii) the officers specified in [subparagraph (B)](#b-2-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](/usc/22/262r.md?p=c-1) of the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) 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](/usc/22/262r.md?p=c-1) of the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) Affairs of the House of Representatives.
    - (B) **Officers specified—**
      - (i) **In general—** The officers specified in this subparagraph are the following:
        - (I) The Secretary of State or a designee of the [Secretary](/usc/22/277d–43.md?p=5).
        - (II) The [Administrator](/usc/22/277d–43.md?p=1) of the [United States](/usc/22/1395.md?p=a-1) Agency for International Development or a designee of the [Administrator](/usc/22/277d–43.md?p=1).
        - (III) The [Secretary](/usc/22/277d–43.md?p=5) of the Treasury or a designee of the [Secretary](/usc/22/277d–43.md?p=5).
        - (IV) The [Secretary](/usc/22/277d–43.md?p=5) of Commerce or a designee of the [Secretary](/usc/22/277d–43.md?p=5).
      - (ii) **Requirements for designees—** A designee under [clause (i)](#b-2-B-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](/usc/22/3383.md?p=6) of the [Corporation](/usc/22/7702.md?p=6); and
        - (III) who is designated by and serving at the pleasure of the President.
    - (C) **Requirements for nongovernment members—** A member of the [Board](/usc/22/2431a.md?p=4) described in [subparagraph (A)(iii)](#b-2-A-iii)—
      - (i) may not be an officer or [employee](/usc/22/4341.md?p=1) of the [United States](/usc/22/1395.md?p=a-1) Government;
      - (ii) shall have relevant experience, which may include experience relating to the private sector, the environment, [labor organizations](/usc/22/4102.md?p=11), or international development, to carry out the purpose of the [Corporation](/usc/22/7702.md?p=6);
      - (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](/usc/5/5315.md) when engaged in the business of the [Corporation](/usc/22/7702.md?p=6); 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](/cfr/41.md), from time to time, while away from the home or usual place of business of the member.
  - (3) **Chairperson—** The Secretary of State, or the designee of the [Secretary](/usc/22/277d–43.md?p=5) under [paragraph (2)(B)(i)(I)](#b-2-B-i-I), shall serve as the Chairperson of the [Board](/usc/22/2431a.md?p=4).
  - (4) **Vice chairperson—** The [Administrator](/usc/22/277d–43.md?p=1) of the [United States](/usc/22/1395.md?p=a-1) Agency for International Development, or the designee of the [Administrator](/usc/22/277d–43.md?p=1) under [paragraph (2)(B)(i)(II)](#b-2-B-i-II), shall serve as the Vice Chairperson of the [Board](/usc/22/2431a.md?p=4).
  - (5) **Quorum—** Five members of the [Board](/usc/22/2431a.md?p=4) shall constitute a quorum for the transaction of business by the [Board](/usc/22/2431a.md?p=4).
  - (6) **Sunshine act compliance—** Meetings of the [Board](/usc/22/2431a.md?p=4) are subject to [section 552b of title 5](/usc/5/552b.md) (commonly referred to as the “Government in the Sunshine Act”).
- (c) **Public hearings—** The [Board](/usc/22/2431a.md?p=4) 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](/usc/22/7702.md?p=6) is carrying out its activities in accordance with this chapter; and
    - (B) any support provided by the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=6), 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) **Chief Executive Officer—**
  - (1) **Appointment—** There shall be in the [Corporation](/usc/22/7702.md?p=6) a [Chief Executive Officer](/usc/22/7702.md?p=4), 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) **Authorities and duties—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall be responsible for the management of the [Corporation](/usc/22/7702.md?p=6) and shall exercise the powers and discharge the duties of the [Corporation](/usc/22/7702.md?p=6) subject to the bylaws, rules, regulations, and procedures established by the [Board](/usc/22/2431a.md?p=4).
  - (3) **Relationship to board—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall—
    - (A) report to and be under the direct authority of the [Board](/usc/22/2431a.md?p=4); and
    - (B) take input from the [Board](/usc/22/2431a.md?p=4) when assessing the performance of the Chief Risk Officer, established pursuant to [subsection (f)](#f), the Chief Development Officer, established pursuant to [subsection (g)](#g), and the Chief Strategic Officer, established pursuant to [subsection (h)](#h).
  - (4) **Omitted—**
- (e) **Deputy Chief Executive Officer—** There shall be in the [Corporation](/usc/22/7702.md?p=6) a Deputy [Chief Executive Officer](/usc/22/7702.md?p=4), 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) **Chief Risk Officer—**
  - (1) **Appointment—** Subject to the approval of the [Board](/usc/22/2431a.md?p=4), the [Chief Executive Officer](/usc/22/7702.md?p=4) of the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/2431a.md?p=4).
  - (2) **Duties and responsibilities—** The Chief Risk Officer shall—
    - (A) report directly to the [Chief Executive Officer](/usc/22/7702.md?p=4);
    - (B) support the risk committee of the [Board](/usc/22/2431a.md?p=4) established under [section 9651 of this title](/usc/22/9651.md) in carrying out its responsibilities as set forth in [subsection (b)](/usc/22/9651.md?p=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](/usc/22/7702.md?p=6)’s overall portfolio, giving due consideration to the policy imperatives of ensuring investment and regional diversification of the [Corporation](/usc/22/7702.md?p=6)’s overall portfolio;
      - (iii) assessing the [Corporation](/usc/22/7702.md?p=6)’s overall risk tolerance, including recommendations for managing and improving the [Corporation](/usc/22/7702.md?p=6)’s risk tolerance and regularly advising the [Board](/usc/22/2431a.md?p=4) on recommended steps the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=6)’s overall portfolio is appropriately balancing risk tolerance with development and strategic impact.
- (g) **Chief Development Officer—**
  - (1) **Appointment—** The [Chief Executive Officer](/usc/22/7702.md?p=4), with the concurrence of the [Administrator](/usc/22/277d–43.md?p=1) of the [United States](/usc/22/1395.md?p=a-1) 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](/usc/22/7702.md?p=4); and
    - (B) shall be removable only by a majority vote of the [Board](/usc/22/2431a.md?p=4).
  - (2) **Duties and responsibilities—** The Chief Development Officer shall—
    - (A) advise the [Chief Executive Officer](/usc/22/7702.md?p=4) and the Deputy [Chief Executive Officer](/usc/22/7702.md?p=4) on international development policy matters;
    - (B) in addition to the [Chief Executive Officer](/usc/22/7702.md?p=4) and the Deputy [Chief Executive Officer](/usc/22/7702.md?p=4), represent the [Corporation](/usc/22/7702.md?p=6) 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)](#i) and participate in or send a representative to each meeting of the Council;
    - (D) work with other [relevant Federal departments and agencies](/usc/22/2152j–4.md?p=2) to—
      - (i) identify projects that advance [United States](/usc/22/1395.md?p=a-1) 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](/usc/22/7702.md?p=6)’s development policies and implementation efforts with the [United States](/usc/22/1395.md?p=a-1) Agency for International Development, the Millennium Challenge [Corporation](/usc/22/7702.md?p=6), and other [relevant Federal departments and agencies](/usc/22/2152j–4.md?p=2), including by directly liaising with the relevant members of [United States](/usc/22/1395.md?p=a-1) country teams serving overseas, to ensure that such Federal departments, agencies, and country teams have the [training](/usc/22/8921.md?p=3) and awareness necessary to fully leverage the [Corporation](/usc/22/7702.md?p=6)’s development tools overseas;
      - (ii) management of [employees](/usc/22/4341.md?p=1) of the [Corporation](/usc/22/7702.md?p=6) that are dedicated to structuring, monitoring, and evaluating transactions and projects codesigned with other [relevant Federal departments and agencies](/usc/22/2152j–4.md?p=2) for development impact;
      - (iii) coordination of [funds](/usc/22/2431a.md?p=9) 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](/usc/22/7702.md?p=6)’s international development projects or activities;
      - (iv) management of the responsibilities of the [Corporation](/usc/22/7702.md?p=6) under paragraphs (1) and (4) of [section 9652(b) of this title](/usc/22/9652.md?p=b) and paragraphs (1)(A) and (3)(A) of [section 9653(b) of this title](/usc/22/9653.md?p=b);
      - (v) coordination and implementation of the activities of the [Corporation](/usc/22/7702.md?p=6) under [section 9655 of this title](/usc/22/9655.md); and
      - (vi) implementation of the [Corporation](/usc/22/7702.md?p=6)’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](/usc/22/7702.md?p=6) that enhance the capacity of the [Corporation](/usc/22/7702.md?p=6) to achieve its mission to advance [United States](/usc/22/1395.md?p=a-1) international development policy and interests; and
    - (G) coordinate within the [Corporation](/usc/22/7702.md?p=6) to ensure [United States](/usc/22/1395.md?p=a-1) international development policy and interests are considered together with the [Corporation](/usc/22/7702.md?p=6)’s [foreign](/usc/22/3146.md?p=1) policy and national security goals.
- (h) **Chief Strategic Officer—**
  - (1) **Appointment—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall appoint a Chief Strategic Officer, from among individuals with experience in [United States](/usc/22/1395.md?p=a-1) national security matters and [foreign](/usc/22/3146.md?p=1) investment, who—
    - (A) shall report directly to the [Chief Executive Officer](/usc/22/7702.md?p=4); and
    - (B) shall be removable only by a majority vote of the [Board](/usc/22/2431a.md?p=4).
  - (2) **Duties and responsibilities—** The Chief Strategic Officer shall—
    - (A) advise the [Chief Executive Officer](/usc/22/7702.md?p=4) and the Deputy [Chief Executive Officer](/usc/22/7702.md?p=4) on national security and [foreign](/usc/22/3146.md?p=1) policy matters;
    - (B) in addition to the [Chief Executive Officer](/usc/22/7702.md?p=4) and the Deputy [Chief Executive Officer](/usc/22/7702.md?p=4), represent the [Corporation](/usc/22/7702.md?p=6) in interagency meetings and processes relating to [United States](/usc/22/1395.md?p=a-1) national security and [foreign](/usc/22/3146.md?p=1) policy;
    - (C) be an ex officio member of the Development Finance Advisory Council established under [subsection (i)](#i) and participate in or send a representative to each meeting of the Council;
    - (D) work with other [relevant Federal departments and agencies](/usc/22/2152j–4.md?p=2) to identify projects that advance [United States](/usc/22/1395.md?p=a-1) national security and [foreign](/usc/22/3146.md?p=1) policy priorities, including by complementing [United States](/usc/22/1395.md?p=a-1) domestic investments in critical and emerging technologies;
    - (E) support—
      - (i) coordination of efforts to develop the [Corporation](/usc/22/7702.md?p=6)’s strategic investment initiatives—
        - (I) to counter predatory state-directed investment and coercive economic practices of adversaries of the [United States](/usc/22/1395.md?p=a-1);
        - (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](/usc/22/9652.md) and [9653](/usc/22/9653.md) of this title; and
      - (iii) management of [employees](/usc/22/4341.md?p=1) of the [Corporation](/usc/22/7702.md?p=6) that are dedicated to ensuring that the [Corporation](/usc/22/7702.md?p=6)’s activities advance [United States](/usc/22/1395.md?p=a-1) national security and [foreign](/usc/22/3146.md?p=1) 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](/usc/22/7702.md?p=6)’s [foreign](/usc/22/3146.md?p=1) investments may complement [United States](/usc/22/1395.md?p=a-1) domestic production of critical and emerging technologies;
    - (F) foster and maintain relationships both within and external to the [Corporation](/usc/22/7702.md?p=6) that enhance the capacity of the [Corporation](/usc/22/7702.md?p=6) to achieve its mission to advance [United States](/usc/22/1395.md?p=a-1) national security and [foreign](/usc/22/3146.md?p=1) policy interests; and
    - (G) collaborate with the Chief Development Officer to ensure [United States](/usc/22/1395.md?p=a-1) national security interests are considered together with the [Corporation](/usc/22/7702.md?p=6)’s development policy goals.
- (i) **Officers and employees—**
  - (1) **In general—** Except as otherwise provided in this section, officers, [employees](/usc/22/4341.md?p=1), and agents shall be selected and appointed by, or under the authority of, the [Chief Executive Officer](/usc/22/7702.md?p=4), and shall be vested with such powers and duties as the [Chief Executive Officer](/usc/22/7702.md?p=4) may determine.
  - (2) **Administratively determined employees—**
    - (A) **Appointment; compensation; removal—** Of officers and [employees](/usc/22/4341.md?p=1) employed by the [Corporation](/usc/22/7702.md?p=6) under [paragraph (1)](#i-1), not more than 100 may be appointed, compensated, or removed without regard to [title 5](/usc/5.md), and such positions—
      - (i) shall be reserved for individuals meeting the expert qualifications established by the [Corporation](/usc/22/7702.md?p=6)’s qualification review [board](/usc/22/2431a.md?p=4); and
      - (ii) should be prioritized for the development of the [Corporation](/usc/22/7702.md?p=6)’s next generation of talent, particularly for the recruitment of early career financial or legal sector equivalent positions..[^1]
    - (B) **Reinstatement—** Under such regulations as the President may prescribe, officers and [employees](/usc/22/4341.md?p=1) appointed to a position under [subparagraph (A)](#i-2-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) **Additional positions—** Positions authorized by [subparagraph (A)](#i-2-A) shall be in addition to those otherwise authorized by law, including positions authorized under [section 5108 of title 5](/usc/5/5108.md).
    - (D) **Rates of pay for officers and employees—** The [Corporation](/usc/22/7702.md?p=6) may set and adjust rates of basic pay for officers and [employees](/usc/22/4341.md?p=1) appointed under [subparagraph (A)](#i-2-A) without regard to the provisions of [chapter 51](/usc/22/ch51.md) or subchapter III of [chapter 53](/usc/5/chptIII-sptD-ch53.md) of title 5, relating to classification of positions and General Schedule pay rates, respectively, provided that no such officer or [employee](/usc/22/4341.md?p=1) may be compensated at a rate exceeding level II of the Executive Schedule.
  - (3) **Liability of employees—**
    - (A) **In general—** An individual who is a member of the [Board](/usc/22/2431a.md?p=4) or an officer or [employee](/usc/22/4341.md?p=1) of the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=6).
    - (B) **Rule of construction—** [Subparagraph (A)](#i-3-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) **Conflicts of interest—** The [Corporation](/usc/22/7702.md?p=6) shall establish and publish procedures for avoiding conflicts of interest on the part of officers and [employees](/usc/22/4341.md?p=1) of the [Corporation](/usc/22/7702.md?p=6) and members of the Development Advisory Council established under [subsection (j)](#j).
    - (D) **Savings provision—** 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)](#i-3-A) under applicable law with respect to a transaction described in that subparagraph; or
        - (II) any other right or remedy against the [Corporation](/usc/22/7702.md?p=6), against the [United States](/usc/22/1395.md?p=a-1) under applicable law, or against any person other than an individual described in [subparagraph (A)](#i-3-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](/usc/22/4341.md?p=1) not described in this paragraph.
- (j) **Development Advisory Council—**
  - (1) **In general—** There is established a Development Finance Advisory Council (in this subsection referred to as the “Council”) that shall advise the [Board](/usc/22/2431a.md?p=4) and the Congressional Strategic Advisory Group established by [subsection (k)](#k) on the development priorities and objectives of the [Corporation](/usc/22/7702.md?p=6).
  - (2) **Membership—** Members of the Council shall be appointed by the [Board](/usc/22/2431a.md?p=4), on the recommendation of the [Chief Executive Officer](/usc/22/7702.md?p=4), and shall be composed of not more than 9 members broadly representative of nongovernmental organizations, think tanks, advocacy organizations, [foundations](/usc/22/10601.md?p=6), 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) **Functions—** The [Board](/usc/22/2431a.md?p=4) shall call upon members of the Council, either collectively or individually, to advise the [Board](/usc/22/2431a.md?p=4) regarding the extent to which the [Corporation](/usc/22/7702.md?p=6) 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) **Board meetings—** The [Board](/usc/22/2431a.md?p=4) shall meet with the Council at least twice each year and engage directly with the [Board](/usc/22/2431a.md?p=4) on its recommendations to improve the policies and practices of the [Corporation](/usc/22/7702.md?p=6) to achieve the development priorities and objectives of the [Corporation](/usc/22/7702.md?p=6).
  - (5) **Administration—** The [Board](/usc/22/2431a.md?p=4) shall—
    - (A) prioritize maintaining the full membership and composition of the Council;
    - (B) inform the Committee on [Foreign](/usc/22/3146.md?p=1) Relations of the Senate and the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) Relations of the Senate and the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/2431a.md?p=4) expects to have the vacancy filled.
  - (6) **Federal Advisory Committee Act—** The Council shall not be subject to the Federal Advisory Committee Act (5 U.S.C. App.).[^2]
- (k) **Congressional Strategic Advisory Group—**
  - (1) **Establishment—** 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](/usc/31/1105.md) for a fiscal year.
  - (2) **Composition—** The Group shall be composed of the following:
    - (A) The [Chief Executive Officer](/usc/22/7702.md?p=4).
    - (B) Other representatives of the [Corporation](/usc/22/7702.md?p=6), as deemed necessary by the [Chief Executive Officer](/usc/22/7702.md?p=4).
    - (C) The Strategic Advisors of the Senate, as described in [paragraph (3)(A)](#k-3-A).
    - (D) The Strategic Advisors of the House of Representatives, as described in [paragraph (3)(B)](#k-3-B).
  - (3) **Strategic Advisors of the Senate and the House of Representatives—**
    - (A) **Strategic Advisors of the Senate—**
      - (i) **Establishment—** There is established a group to be known as the “Strategic Advisors of the Senate”.
      - (ii) **Composition—** The group established by [clause (i)](#k-3-A-i) shall be composed of the following:
        - (I) The chair of the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) Relations of the Senate, designated by the chair, with the consent of the ranking member.
    - (B) **Strategic Advisors of the House of Representatives—**
      - (i) **Establishment—** There is established a group to be known as the “Strategic Advisors of the House of Representatives”.
      - (ii) **Composition—** The group established by [clause (i)](#k-3-B-i) shall be composed of the following:
        - (I) The chair of the Committee on [Foreign](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) 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](/usc/22/3146.md?p=1) Affairs of the House of Representatives, designated by the chair, with the consent of the ranking member.
  - (4) **Objectives—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall consult with the Strategic Advisors of the Senate and the Strategic Advisors of the House of Representatives established under [paragraph (3)](#k-3) in order to solicit and receive congressional views and advice on the strategic priorities and investments of the [Corporation](/usc/22/7702.md?p=6), including—
    - (A) the challenges presented by adversary countries to the national security interests of the [United States](/usc/22/1395.md?p=a-1) and strategic objectives of the [Corporation](/usc/22/7702.md?p=6)’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](/usc/22/7702.md?p=6); and
    - (F) potential legislative changes required to improve the [Corporation](/usc/22/7702.md?p=6)’s performance in meeting strategic and development imperatives.
  - (5) **Meetings—**
    - (A) **Times—** 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](/usc/22/7702.md?p=4), shall determine the meeting times of the Group, which may be arranged separately or on a bicameral basis by [agreement](/usc/22/2431a.md?p=7).
    - (B) **Agenda—** Not later than 7 days before each meeting of the Group, the [Chief Executive Officer](/usc/22/7702.md?p=4) shall submit a proposed agenda for discussion to the chair and the vice-chair of each strategic advisory group referred to in [subparagraph (A)](#k-5-A).
    - (C) **Questions—** 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) **Classified setting—** At the request of the [Chief Executive Officer](/usc/22/7702.md?p=4) or the chair and vice-chair of a strategic advisory group established under [paragraph (3)](#k-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](/usc/22/3146.md?p=1) competitors.
- (l) **Strategic priorities plan—**
  - (1) **Plan required—** Based upon guidance received from the Group established pursuant to [subsection (k)](#k) of this section, the [Chief Executive Officer](/usc/22/7702.md?p=4) shall develop a Strategic Priorities Plan, which shall provide—
    - (A) guidance for the [Corporation](/usc/22/7702.md?p=6)’s strategic investments portfolio and the identification and engagement of priority strategic investment sectors and regions of importance to the [United States](/usc/22/1395.md?p=a-1); and
    - (B) justifications for the certifications of such investments in accordance with [section 9612(c) of this title](/usc/22/9612.md?p=c).
  - (2) **Evaluations—** The Strategic Priorities Plan should determine the objectives and goals of the [Corporation](/usc/22/7702.md?p=6)’s strategic investment portfolio by evaluating economic, security, and geopolitical dynamics affecting [United States](/usc/22/1395.md?p=a-1) strategic interests, including—
    - (A) determining priority countries, regions, sectors, and related administrative actions;
    - (B) plans for the establishment of regional [offices](/usc/22/2214a.md?p=9) outside of the [United States](/usc/22/1395.md?p=a-1);
    - (C) identifying countries where the [Corporation](/usc/22/7702.md?p=6)’s support—
      - (i) is necessary;
      - (ii) would be the preferred alternative to state-directed investments by [foreign countries](/usc/22/2321c.md?p=2) of concern; or
      - (iii) otherwise furthers the strategic interests of the [United States](/usc/22/1395.md?p=a-1) to counter or limit the influence of [foreign countries](/usc/22/2321c.md?p=2) of concern;
    - (D) evaluating the interest and willingness of potential private finance institutions and private sector project implementers to partner with the [Corporation](/usc/22/7702.md?p=6) on strategic investment projects; and
    - (E) identifying bilateral and multilateral project finance partnership opportunities for the [Corporation](/usc/22/7702.md?p=6) to pursue with [United States](/usc/22/1395.md?p=a-1) partner and ally countries.
  - (3) **Revisions—** At any time during the relevant period, the [Chief Executive Officer](/usc/22/7702.md?p=4) may request to convene a meeting of the Congressional Strategic Advisory Group for the purpose of discussing revisions to the Strategic Priorities Plan.
  - (4) **Transparency—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall publish, on a website of the [Corporation](/usc/22/7702.md?p=6)—
    - (A) procedures for applying for products offered by the [Corporation](/usc/22/7702.md?p=6); and
    - (B) any other appropriate guidelines and compliance restrictions with respect to designated strategic priorities.
- (m) **Report on the feasibility of establishing a development finance education program at the Foreign Service Institute—**
  - (1) **In general—** Not later than 1 year after December 18, 2025, the Secretary of State, acting through the Director of the [Foreign](/usc/22/3146.md?p=1) Service Institute and in collaboration with the [Chief Executive Officer](/usc/22/7702.md?p=4) of the [Corporation](/usc/22/7702.md?p=6), shall conduct a review of and submit to the [appropriate congressional committees](/usc/22/9601.md?p=2) a report on the utility of establishing elective [training](/usc/22/8921.md?p=3) classes or [programs](/usc/22/3383.md?p=6) on development finance within the School of Professional and Area Studies for all levels of the [foreign](/usc/22/3146.md?p=1) service.
  - (2) **Elements—** The report required by [paragraph (1)](#m-1) shall include a description of how a proposed class would be structured to ensure an appropriate level of [training](/usc/22/8921.md?p=3) in development finance, including descriptions of—
    - (A) the potential benefits and challenges of development finance as a component of [United States](/usc/22/1395.md?p=a-1) [foreign](/usc/22/3146.md?p=1) policy in promoting development outcomes and in promoting [United States](/usc/22/1395.md?p=a-1) interests in advocating for the advancement of free-market principles;
    - (B) the operations of the [Corporation](/usc/22/7702.md?p=6), generally, and a comparative analysis of similarly situated development finance institutions, both bilateral and multilateral;
    - (C) how development finance can further the [foreign](/usc/22/3146.md?p=1) policies of the [United States](/usc/22/1395.md?p=a-1), generally;
    - (D) the anticipated [foreign](/usc/22/3146.md?p=1) service consumers of any proposed classes on development finance;
    - (E) the resources that may be required to establish such [training](/usc/22/8921.md?p=3) classes, including through the use of detailed staff from the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=4) of the [Corporation](/usc/22/7702.md?p=6) determines appropriate.
- (n) **Internships—**
  - (1) **In general—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall establish the Development Finance [Corporation](/usc/22/7702.md?p=6) Student Internship [Program](/usc/22/3383.md?p=6) (referred to in this subsection as the “[Program](/usc/22/3383.md?p=6)”) to offer internship opportunities at the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/7702.md?p=6) and to supply important human capital for the implementation of the [Corporation](/usc/22/7702.md?p=6)’s critically important development finance tools.
  - (2) **Eligibility—** An individual is eligible to participate in the [Program](/usc/22/3383.md?p=6) if the applicant—
    - (A) is a [United States](/usc/22/1395.md?p=a-1) 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](/usc/22/1002.md)); or
      - (ii) an institution of higher education based outside the [United States](/usc/22/1395.md?p=a-1), as determined by the Secretary of State; and
    - (C) satisfies such other qualifications as established by the [Chief Executive Officer](/usc/22/7702.md?p=4).
  - (3) **Selection—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall establish selection criteria for individuals to be admitted into the [Program](/usc/22/3383.md?p=6) that includes a demonstrated interest in a career in international relations and international economic development policy.
  - (4) **Compensation—**
    - (A) **Housing assistance—** The [Chief Executive Officer](/usc/22/7702.md?p=4) may provide housing assistance to an eligible individual participating in the [Program](/usc/22/3383.md?p=6) whose permanent address is within the [United States](/usc/22/1395.md?p=a-1) 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) **Travel assistance—** The [Chief Executive Officer](/usc/22/7702.md?p=4) shall provide to an eligible individual participating in the [Program](/usc/22/3383.md?p=6), whose permanent address is within the [United States](/usc/22/1395.md?p=a-1), 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](/usc/22/1395.md?p=a-1).
  - (5) **Voluntary participation—**
    - (A) **In general—** Nothing in this section may be construed to compel any individual who is a participant in an internship [program](/usc/22/3383.md?p=6) of the [Corporation](/usc/22/7702.md?p=6) 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) **Privacy protection—** Any data collected under this subsection shall be subject to the relevant privacy protection statutes and regulations applicable to Federal [employees](/usc/22/4341.md?p=1).
  - (6) **Special hiring authority—** Notwithstanding any other provision of law, the [Chief Executive Officer](/usc/22/7702.md?p=4), in consultation with the Director of the [Office](/usc/22/2214a.md?p=9) 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)](#n-6-A) without regard to the provisions of law governing appointments in the competitive excepted service.
  - (7) **Availability of appropriations—** Internships offered and compensated by the [Corporation](/usc/22/7702.md?p=6) 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](/usc/22/9634.md).

## Footnotes

[^1]: So in original. Second period probably should not appear.
[^2]: See References in Text note below.

## Source credit

(Pub. L. 115–254, div. F, title I, § 1413, Oct. 5, 2018, 132 Stat. 3487; Pub. L. 119–60, div. H, title LXXXVII, §§ 8721—8730(a), 8731, 8732, Dec. 18, 2025, 139 Stat. 1949—1959.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in subsecs. (a), (b)(1)(A), and (c)(1)(A), was in the original “this division”, meaning division F of Pub. L. 115–254, Oct. 5, 2018, 132 Stat. 3485, which is classified principally to this chapter. For complete classification of division F to the Code, see Short Title note set out under section 9601 of this title and Tables.

The Federal Advisory Committee Act, referred to in subsec. (j)(6), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, which was set out in the Appendix to Title 5, Government Organization and Employees, and was substantially repealed and restated in chapter 10 (§ 1001 et seq.) of Title 5 by Pub. L. 117–286, §§ 3(a), 7, Dec. 27, 2022, 136 Stat. 4197, 4361. For disposition of sections of the Act into chapter 10 of Title 5, see Disposition Table preceding section 101 of Title 5.

### Codification

Section is comprised of section 1413 of Pub. L. 115–254. Par. (4) of subsec. (d) of section 1413 of Pub. L. 115–254 amended section 5313 of Title 5, Government Organization and Employees.

### Amendments

2025—Subsec. (a). Pub. L. 119–60, § 8721, inserted “a Chief Strategic Officer,” after “Chief Development Officer,”.

Subsec. (b)(2)(A)(iii). Pub. L. 119–60, § 8722(1)(A), substituted “3 individuals” for “5 individuals” wherever appearing.

Subsec. (b)(6). Pub. L. 119–60, § 8722(1)(B), added par. (6).

Subsec. (c). Pub. L. 119–60, § 8722(2), added subsec. (c) and struck out former subsec. (c). Prior to amendment, text read as follows: “The Board shall hold at least 2 public hearings each year in order to afford an opportunity for any person to present views with respect to whether—

“(1) the Corporation is carrying out its activities in accordance with this chapter; and

“(2) any support provided by the Corporation under subchapter II of this chapter in any country should be suspended, expanded, or extended.”

Subsec. (d)(3). Pub. L. 119–60, § 8723, amended subsec. (d)(3) generally. Prior to amendment, text read as follows: “The Chief Executive Officer shall report to and be under the direct authority of the Board.”

Subsec. (f)(1). Pub. L. 119–60, § 8724(1), substituted “who shall be removable only by a majority vote of the Board.” for “who—” and struck out former subpars. (A) and (B) which read as follows:

“(A) shall report directly to the Board; and

“(B) shall be removable only by a majority vote of the Board.”

Subsec. (f)(2). Pub. L. 119–60, § 8724(2), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: “The Chief Risk Officer shall, in coordination with the audit committee of the Board established under section 9651 of this title, develop, implement, and manage a comprehensive process for identifying, assessing, monitoring, and limiting risks to the Corporation, including the overall portfolio diversification of the Corporation.”

Subsec. (g)(1). Pub. L. 119–60, § 8725(1)(A), substituted “The” for “Subject to the approval of the Board, the” and “in international development and development finance” for “in development” in introductory provisions.

Subsec. (g)(1)(A). Pub. L. 119–60, § 8725(1)(B), substituted “the Chief Executive Officer” for “the Board”.

Subsec. (g)(2). Pub. L. 119–60, § 8725(2)(A), inserted “and responsibilities” after “Duties” in heading.

Subsec. (g)(2)(A) to (D). Pub. L. 119–60, § 8725(2)(B), (C), added subpars. (A) to (D), redesignated former subpar. (A) as (E), and struck out former subpars. (B) to (D) which read as follows:

“(B) under the guidance of the Chief Executive Officer, manage employees of the Corporation that are dedicated to structuring, monitoring, and evaluating transactions and projects co-designed with the United States Agency for International Development and other relevant United States Government departments and agencies;

“(C) authorize and coordinate transfers of funds or other resources to and from such agencies, departments, or missions upon the concurrence of those institutions in support of the Corporation’s projects or activities;

“(D) manage 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;”.

Subsec. (g)(2)(E). Pub. L. 119–60, § 8725(2)(D), substituted “support—” for “coordinate” and “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;” for “United States Government departments and agencies, including directly liaising with missions of the United States Agency for International Development, to ensure that departments, agencies, and missions have training, awareness, and access to the Corporation’s tools in relation to development policy and projects in countries;”, inserted cl. (i) designation and “coordination of” before “the Corporation’s”, and added cls. (ii) to (iv).

Pub. L. 119–60, § 8725(2)(B), (C), redesignated subpar. (A) as (E) and struck out former subpar. (E) which read as follows: “coordinate and implement the activities of the Corporation under section 9655 of this title; and”.

Subsec. (g)(2)(F), (G). Pub. L. 119–60, § 8725(2)(C), (E), added subpars. (F) and (G) and struck out former subpar. (F) which read as follows: “be an ex officio member of the Development Advisory Council established under subsection (i) and participate in or send a representative to each meeting of the Council.”

Subsec. (h). Pub. L. 119–60, § 8726, added subsec. (h). Former subsec. (h) redesignated (i).

Subsec. (i). Pub. L. 119–60, § 8726, redesignated subsec. (h) as (i). Former subsec. (i) redesignated (j).

Subsec. (i)(1). Pub. L. 119–60, § 8727(1), added par. (1) and struck out former par. (1). Prior to amendment, text read as follows: “Except as otherwise provided in this section, officers, employees, and agents shall be selected and appointed by the Corporation, and shall be vested with such powers and duties as the Corporation may determine.”

Subsec. (i)(2)(A). Pub. L. 119–60, § 8727(2)(A), substituted “100” for “50” and “title 5, and such positions—” for “title 5,”, and added cls. (i) and (ii).

Subsec. (i)(2)(D). Pub. L. 119–60, § 8727(2)(B), inserted “, provided that no such officer or employee may be compensated at a rate exceeding level II of the Executive Schedule” after “respectively”.

Subsec. (i)(3)(C). Pub. L. 119–60, § 8727(3), substituted “subsection (j)” for “subsection (i)”.

Subsec. (j). Pub. L. 119–60, § 8726(1), redesignated subsec. (i) as (j).

Subsec. (j)(1), (2). Pub. L. 119–60, § 8728(1), added pars. (1) and (2) and struck out former pars. (1) and (2). Prior to amendment, pars. (1) and (2) established Development Finance Advisory Council and related to appointment of members of the Council, respectively.

Subsec. (j)(4) to (6). Pub. L. 119–60, § 8728(2), (3), added pars. (4) and (5) and redesignated former par. (4) as (6).

Subsec. (k). Pub. L. 119–60, § 8729, added subsec. (k).

Subsec. (l). Pub. L. 119–60, § 8730(a), added subsec. (l).

Subsec. (m). Pub. L. 119–60, § 8731, added subsec. (n).

Subsec. (n). Pub. L. 119–60, § 8732, added subsec. (n).