Congressional hearing signals support for new development finance corporation

Devex, Apr 12, 2018
by Adva Saldinger

WASHINGTON — The prospect of a new U.S. development finance institution is closer to reality, after a promising House Foreign Affairs Committee hearing on the subject Wednesday and a Trump administration statement in support of the BUILD Act, which proposed the creation of a new U.S. development finance institution.

Wednesday’s hearing was far from the tense affair down the hall, where lawmakers grilled Facebook CEO Mark Zuckerberg. Ray Washburne, the CEO of the Overseas Private Investment Corporation, responded to mostly friendly questions about the new BUILD Act legislation from members of the committee, all of whom expressed support for a new development finance corporation.

The atmosphere was so positive that Rep. Brad Sherman, a Democrat from California, joked that his colleagues who are used to him asking tough questions would be shocked as he struggled to come up with challenging questions for Washburne.

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