Utah Valley Times

U.S. Senators Mitt Romney and Dan Sullivan have introduced the Aligning Development and Competition Act of 2024, a legislative proposal aimed at enhancing U.S. foreign development investments to better compete with China. The legislation seeks to realign the focus of the U.S. International Development Finance Corporation (DFC), an entity established by the BUILD Act of 2018, which has a dual mandate to promote global development and advance U.S. foreign policy objectives through both public and private investment.

Senator Romney emphasized the need for DFC to fulfill its potential in addressing global development needs while also countering China's Belt and Road Initiative (BRI). "The Development Finance Corporation was created to respond to global development needs and the Chinese Communist Party’s Belt and Road, but it is currently not living up to its potential," he stated. He further added that DFC should act in America's strategic interest by providing countries with alternatives to Chinese investments through BRI.

Senator Sullivan highlighted the challenge posed by China as a long-term threat, noting that despite America's economic power, China is outpacing the U.S. in strategic investments globally. "In spite of America’s unmatched economic power and network of allies—astonishingly—the CCP is outcompeting us in terms of strategic investments in the developing world," he remarked. Sullivan expressed his intent to push this initiative forward as part of a broader bipartisan effort against threats from China.

China's BRI poses significant challenges to U.S. influence worldwide, with over 150 countries having signed related agreements with China, resulting in substantial financial obligations estimated at $1 trillion. The initiative allows China to secure infrastructure and materials for dual-use purposes, spread authoritarianism, extend surveillance capabilities, disrupt democratic processes, and expand its global influence.

The proposed legislation aims to ensure that DFC prioritizes projects aligned with U.S. national security interests as an alternative strategy against China's approach.

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