Interior Alaska News

U.S. Senators Dan Sullivan and Mitt Romney have introduced new legislation aimed at redirecting U.S. foreign development investments to better compete with China. The Aligning Development and Competition Act of 2024 seeks to enhance the strategic focus of the U.S. International Development Finance Corporation (DFC), which was established by the BUILD Act of 2018 to advance global development and U.S. foreign policy objectives through investment.

Senator Sullivan expressed concerns about China's influence, stating, "The Chinese Communist Party, its government and military are clearly the most comprehensive, long-term threat to the United States and our allies." He emphasized that despite America's economic power, China is outpacing the U.S. in strategic investments globally. Sullivan noted that Congress needs to give DFC a greater strategic focus on national security interests.

Senator Romney highlighted the need for DFC to align more closely with American strategic interests, saying, "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 stressed that DFC should promote national security and provide countries an alternative to China's Belt and Road Initiative (BRI).

The BRI has been a significant challenge for U.S. influence worldwide, with over 150 countries signing Memorandums of Understanding with China. This initiative has raised concerns over issues like corruption, authoritarianism, surveillance, propaganda, and disruption of democratic processes.

The proposed legislation aims to require DFC to prioritize projects that will help the United States compete more effectively with China.