Gallagher Publishes Op-ed about U.S. Development Bank Legislation

GDPC Director Kevin Gallagher published an Op-Ed in the Hill on May 17, 2018 titled “BUILD Act must build in US values for global development projects.“ Gallagher comments on the lack of accountability and transparency in new legislation to create a development bank in the U.S.

From the text of the Op-Ed:

In a welcome move, the U.S. is now looking to put its money where its mouth is in the Better Utilization of Investments Leading to Development Act of 2018 (BUILD Act) proposal that is rapidly moving through Congress. In its current form however, the BUILD Act is inconsistent with America’s development finance standards, traditions and values.

Stemming from an idea originally proposed by President Trump, the BUILD Act would consolidate the Overseas Private Investment Corporation (OPIC) with the U.S. Agency for International Development’s Development Credit Authority, Enterprise Funds and Office of Private Capital and Microenterprise into a new “International Development Finance Corporation” (DFC). […]

A DFC could help developing countries meet their development goals while at the same time create business opportunities for U.S. companies and advance America’s broader image and foreign policy goals.

In order for the BUILD Act to be able to achieve these goals, it needs to be made consistent with U.S. standards and traditions for development finance.

Kevin Gallagher is the director of the Global Development Policy Center at Boston University and currently co-chairs the T-20 Task Force on International Financial Architecture for Stability and Development.

You can follow him on Twitter @KevinPGallagher.