The Aligning Development and Competition Act of 2024 directs the U.S. International Development Finance Corporation (USIDFC) to refocus its development financing toward advancing American national security interests, particularly in competition with strategic rivals like China. The bill requires increased transparency by mandating annual reports on potential conflicts of interest within the corporation's advisory councils and adds the Secretary of Defense to the USIDFC Board of Directors to strengthen military and defense perspectives on financing decisions. It establishes a new Strategic Advisory Council composed of national security experts to advise the board on whether projects serve U.S. security goals, with a focus on infrastructure, critical minerals, and defense-related investments. The legislation prioritizes financing for strategic infrastructure projects including ports, transportation networks, digital communications systems, and critical minerals production facilities. The bill also allows the President to waive USIDFC requirements that projects occur in less-developed countries if deemed vital to national security, giving the corporation more flexibility to invest in strategically important but more developed nations.
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