[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3207 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
1st Session
S. 3207
To establish the Foundation for International Food Security to leverage
private sector investments in order to improve agricultural
productivity, build food systems to mitigate food shock, help alleviate
poverty, reduce malnutrition, and drive economic growth in developing
countries, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 2, 2023
Mr. Graham (for himself, Mr. Coons, and Mr. Boozman) introduced the
following bill; which was read twice and referred to the Committee on
Foreign Relations
_______________________________________________________________________
A BILL
To establish the Foundation for International Food Security to leverage
private sector investments in order to improve agricultural
productivity, build food systems to mitigate food shock, help alleviate
poverty, reduce malnutrition, and drive economic growth in developing
countries, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Foundation for
International Food Security Act of 2023''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Foundation for International Food Security.
Sec. 4. Governance of the Foundation.
Sec. 5. Corporate powers and obligations of the Foundation.
Sec. 6. Safeguards and accountability.
Sec. 7. Projects, financing, and grants.
Sec. 8. Prohibition of support in countries that support terrorism or
violate human rights and of support for
sanctioned persons.
Sec. 9. Annual report.
Sec. 10. Authorization of appropriations.
SEC. 2. DEFINITIONS.
In this Act:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Relations of the
Senate;
(B) the Committee on Agriculture, Nutrition, and
Forestry of the Senate;
(C) the Committee on Appropriations of the Senate;
(D) the Committee on Foreign Affairs of the House
of Representatives;
(E) the Committee on Agriculture of the House of
Representatives; and
(F) the Committee on Appropriations of the House of
Representatives.
(2) Board.--The term ``Board'' means the Board of Directors
established pursuant to section 4(a).
(3) Director.--The term ``Director'' means--
(A) an initial member of the Board appointed
pursuant to section 4(a)(2)(B); or
(B) a member of the Board selected to fill a
vacancy pursuant to section 4(a)(3)(B).
(4) Eligible country.--The term ``eligible country'' means
any of the countries described in section 7(b).
(5) Eligible project.--The term ``eligible project'' means
any of the projects described in section 7(a)(2).
(6) Executive director.--The term ``Executive Director''
means the Executive Director of the Foundation hired pursuant
to section 4(c).
(7) Foundation.--The term ``Foundation'' means the
Foundation for International Food Security established pursuant
to section 3(a).
(8) Key stakeholders.--The term ``key stakeholders'' has
the meaning given such term in section 4(6) of the Global Food
Security Act of 2016 (22 U.S.C. 9303(6)).
(9) Less developed country.--The term ``less developed
country'' means a country with a low-income economy, a lower-
middle-income economy, or an upper-middle-income economy (as
defined by the International Bank for Reconstruction and
Development and the International Development Association
(collectively referred to as the ``World Bank'')).
(10) Relevant federal departments and agencies.--The term
``relevant Federal departments and agencies'' means--
(A) the United States Agency for International
Development;
(B) the Department of Agriculture;
(C) the Foundation for Food and Agriculture
Research;
(D) the Department of Commerce;
(E) the Department of State;
(F) the Department of the Treasury;
(G) the Millennium Challenge Corporation;
(H) the United States International Development
Finance Corporation;
(I) the Peace Corps;
(J) the Office of the United States Trade
Representative;
(K) the United States African Development
Foundation;
(L) the United States Geological Survey;
(M) the United States Import-Export Bank; and
(N) any other Federal department or agency
specified by the President for purposes of this Act.
(11) Resilience.--The term ``resilience'' means the ability
of people, households, communities, countries, and systems to
mitigate, adapt to, and recover from shocks and stresses to
food and nutrition security in a manner that reduces chronic
vulnerability and facilitates inclusive and sustainable growth.
SEC. 3. FOUNDATION FOR INTERNATIONAL FOOD SECURITY.
(a) Establishment.--
(1) In general.--Not later than 180 days after the date of
the enactment of this Act, the Secretary of State, in
collaboration with the Secretary of Agriculture, shall
establish the Foundation for International Food Security.
(2) Independence.--The Foundation shall constitute an
independent agency of the United States. Neither the Foundation
nor any of its functions, powers, or duties may be transferred
to, or consolidated with, any other department, agency, or
corporation of the Federal Government absent an Act of Congress
to such effect.
(3) Tax-exempt status.--The Board shall take all necessary
and appropriate steps to ensure that the Foundation is
established as an organization described in subsection (c) of
section 501 of the Internal Revenue Code of 1986, which exempts
the organization from taxation under subsection (a) of such
section.
(b) Purposes.--The purposes of the Foundation are--
(1) to accelerate sustainable agriculture-led investments
that foster food security (both in the crop and livestock
industries) and are focused on building sustainable resilient
food systems by investing in--
(A) infrastructure, such as irrigation,
warehousing, storage, and food processing to prevent
food loss;
(B) applied agricultural research; and
(C) technology deployment that reduces hunger and
malnutrition;
(2) to promote effective and data driven initiatives that
increase agricultural productivity, reduce post-harvest loss,
and increase global market access;
(3) to set specific and measurable goals, benchmarks,
timetables, performance metrics, and monitoring and evaluation
plans that reflect international best practices relating to
transparency, accountability, food and nutrition security, and
sustainable agriculture-led economic growth;
(4) to advocate for, incentivize, accept, and administer
funds (including governmental, nongovernmental, private sector,
and philanthropic organization funds, and earned income from
market-based social enterprises) to increase the availability
and predictability of financing selected food security and
nutrition initiatives;
(5) to deploy and scale technology and innovation to reduce
malnutrition;
(6) to close critical gaps in public international food
security and nutrition funding by--
(A) reducing barriers to private sector funding and
creating a more streamlined mechanism to increase
private sector investment, including investments from
corporate and philanthropic entities;
(B) collaborating with partners providing bilateral
and multilateral financing to support enhanced
coordination;
(C) increasing and supporting domestic resource
mobilization to strengthen national governments'
ability to co-finance or co-contribute to Foundation
efforts; and
(D) taking steps to limit duplication with existing
United States Government programs through consultation
with the Board of Advisors, relevant Federal
departments and agencies, eligible countries, and key
stakeholders;
(7) to identify and financially support implementation-
ready projects that facilitate best agricultural practices,
technology-scaling efforts, infrastructure, and other efforts
to increase farmers productivity and market access, while
recognizing that the greatest benefits are based on an
understanding of local socioeconomic and development
challenges;
(8) to coordinate with, and otherwise support and assist,
foreign governments, private sector entities, local
communities, and other stakeholders to improve food security,
nutrition, and agriculture-led economic growth by supporting
harmonized regulatory frameworks that encourage innovation and
enterprise using an evidence based approach;
(9) to coordinate with the United States Foundation for
International Conservation, once it is established; and
(10) to ensure the effective use of United States taxpayer
dollars to further the objectives described in paragraphs (1)
through (9).
SEC. 4. GOVERNANCE OF THE FOUNDATION.
(a) Board of Directors.--
(1) Governance.--The Foundation shall be governed by a
Board of Directors, who may consult with the Board of Advisors
when making decisions related to the Foundation's work.
(2) Board composition.--
(A) In general.--The Board shall be composed of--
(i) the appointed Directors described in
subparagraph (B); and
(ii) the nonvoting Directors or their
respective appointees, including--
(I) the Secretary of State;
(II) the Administrator of the
United States Agency for International
Development;
(III) the Secretary of Agriculture;
(IV) the Secretary of Commerce; and
(V) the Secretary of the Treasury.
(B) Appointed directors.--Subject to subparagraph
(C), the nonvoting Directors referred to in
subparagraph (A)(ii) shall appoint, by majority vote,
as Directors of the Board--
(i) 2 voting Directors who are independent
experts representing diverse points of view, to
the maximum extent practicable;
(ii) 2 voting Directors who are private
sector donors or designees and have made a
meaningful financial contribution to the
Foundation;
(iii) 3 nonvoting Directors who--
(I) are not employed by a
government;
(II) are recognized experts with
relevant professional experience; and
(III) represent Africa, Latin
America, or Asia; and
(iv) 4 voting Directors, of whom--
(I) 1 shall be appointed by the
majority leader of the Senate;
(II) 1 shall be appointed by the
minority leader of the Senate;
(III) 1 shall be appointed by the
Speaker of the House of
Representatives; and
(IV) 1 shall be appointed by the
minority leader of the House of
Representatives.
(C) Qualifications.--Each individual appointed to
the Board pursuant to subparagraph (B) shall be
knowledgeable and experienced in 1 or more matters
relating to--
(i) agricultural production, livestock,
land management, or forestry;
(ii) agricultural economics, business
development, technology deployment, market
access, agribusinesses (including food
companies), market access, or relevant
commodities groups;
(iii) international finance and
multilateral governance;
(iv) international development and market
access; or
(v) international nutrition and
malnutrition issues.
(D) Limitation on political affiliation.--Both of
the Directors of the Board who are appointed pursuant
to subparagraph (B)(i) may not be members of the same
political party. Both of the Directors of the Board who
are appointed pursuant to subparagraph (B)(ii) may not
be members of the same political party.
(E) Chairperson.--The Board shall elect, from among
the voting Directors appointed pursuant to subparagraph
(B), a Chairperson, who shall serve in such position
for a 2-year term.
(F) Voting.--All voting Directors of the Board
appointed pursuant to subparagraph (B) shall have equal
voting rights.
(3) Terms; vacancies.--
(A) Terms.--
(i) In general.--The term of service of
each Director appointed pursuant to paragraph
(2)(B) may not exceed 5 years.
(ii) Initial appointed directors.--Of the
initial Directors appointed pursuant to
paragraph (3)(B)--
(I) 5 Directors, including not
fewer than 1 independent expert and 1
private sector donor, shall serve for a
4-year term; and
(II) 5 Directors shall serve for a
5-year term, as determined by the
Chairperson of the Board.
(B) Vacancies.--Any vacancy in the membership of
the appointed Directors of the Board--
(i) shall be filled in accordance with the
bylaws of the Foundation established pursuant
to paragraph (8)(A) by an individual who meets
the qualifications represented by the vacating
Director;
(ii) does not affect the power of the
remaining appointed Directors to execute the
duties of the Board; and
(iii) shall be filled by an individual
selected by the Board.
(4) Quorum.--A majority of the membership of the Board
shall constitute a quorum for the transaction of Foundation
business.
(5) Meetings.--
(A) In general.--The Board shall meet not less
frequently than twice per year at the call of the
Chairperson or by the approval of \2/3\ of the voting
members of the Board.
(B) Authority.--The Board shall maintain full
control and decision-making authority of the
Foundation.
(C) Removal.--Any Director who is absent from 3
consecutive regularly scheduled meetings may be removed
from the Board by a majority vote of the Board.
(6) Reimbursement of expenses.--Directors of the Board
shall serve without pay, but may be reimbursed for the actual
and necessary traveling and subsistence expenses incurred by
such members in the performance of their duties on behalf of
the Foundation.
(7) Not federal employees.--Appointment as a Director of
the Board shall not constitute employment by, or the holding of
an office of, the United States Government for purposes of any
Federal law.
(8) Duties.--The Board shall--
(A) establish bylaws for the Foundation in
accordance with paragraph (9);
(B) provide overall direction for the activities of
the Foundation and establish priority activities;
(C) carry out any other necessary activities of the
Foundation;
(D) evaluate the performance of the Executive
Director;
(E) take steps to limit the Foundation's
administrative expenses to the extent practicable; and
(F) not less frequently than annually, consult and
coordinate with key stakeholders qualified to provide
advice, assistance, and information regarding efforts
to strengthen food and nutrition security.
(9) Bylaws.--
(A) In general.--The bylaws established pursuant to
paragraph (8)(A) shall include--
(i) policies for the selection of Directors
of the Board, Members of the Board of Advisors,
and officers, employees, agents, and
contractors of the Foundation, in accordance
with subparagraphs (B) and (C) of paragraph
(2);
(ii) policies, including ethical standards,
for--
(I) the acceptance, solicitation,
and disposition of donations and grants
to the Foundation; and
(II) the disposition of assets of
the Foundation;
(iii) policies that subject all employees,
fellows, trainees, and other agents of the
Foundation (including all of the Directors of
the Board and all of the Members of the Board
of Advisors) to conflict of interest standards;
(iv) the specific duties of the Executive
Director;
(v) policies for winding down the
activities of the Foundation upon its
termination, including a plan--
(I) to return unobligated
appropriations to the Department of the
Treasury; and
(II) to donate unspent private and
philanthropic contributions to projects
that align with the goals and
requirements described in this Act; and
(vi) specific policies and requirements
governing project criteria and eligible
countries.
(B) Requirements.--The Board shall ensure the
bylaws of the Foundation and the activities carried out
under such bylaws do not--
(i) reflect unfavorably on the ability of
the Foundation to carry out activities in a
fair and objective manner; or
(ii) compromise, or appear to compromise,
the integrity of any governmental agency or
program, or any officer or employee employed
by, or involved in, a governmental agency or
program.
(b) Board of Advisors Composition.--
(1) In general.--The Board of Advisors shall be composed
of--
(A) the Advisors designated pursuant to paragraph
(2); and
(B) the Advisors appointed pursuant to paragraph
(3).
(2) Advisors.--The following individuals, or designees of
such individuals, shall serve as members of the Board of
Advisors:
(A) The Chief Executive Officer of the United
States International Development Finance Corporation.
(B) The Chief Executive Officer of the Millennium
Challenge Corporation.
(C) The Ambassador of the Office of the United
States Trade Representative.
(3) Appointed advisors.--The Executive Director, in
consultation with the Directors referred to in subsection
(a)(2) and the Advisors referred to in subsection (b)(2), shall
appoint, as members of the Board of Advisors--
(A) 2 deans or other designated faculty members of
United States land-grant colleges or universities that
have an international agriculture program; and
(B) 3 private sector or nongovernmental
organization advisors who are experts in food systems
or deployment of agricultural technologies.
(4) Qualifications.--Each individual appointed to the Board
of Advisors pursuant to paragraph (3) shall be knowledgeable
and experienced in 1 or more matters relating to the
industries, institutions, or issues described in subsection
(a)(2)(C).
(5) Terms; vacancies.--
(A) Terms.--The term of service for each Advisor
appointed pursuant to paragraph (3) shall be not more
than 5 years.
(B) Vacancies.--Any vacancy in the membership of
the appointed Advisors of the Board of Advisors--
(i) shall be filled in accordance with the
bylaws of the Foundation by a private sector
expert who meets the qualifications described
in subsection (a)(2)(C), as represented by the
vacating Advisor;
(ii) does not affect the power of the
remaining appointed Advisors to execute the
duties of the Board of Advisors; and
(iii) shall be filled by an individual
selected by the Board.
(6) Duties.--The Board of Advisors shall provide advice and
consultation to the Board in accordance with the bylaws
established pursuant to subsection (a)(8)(A).
(7) Removal.--Any Advisor who is absent from 3 consecutive
regularly scheduled meetings may be removed from the Board of
Advisors by a majority vote of the Board of Advisors.
(c) Procedures.--
(1) Initial meeting.--Not later than 90 days after the date
of the enactment of this Act, the Chairperson shall convene a
meeting of the members of the Board designated pursuant to
subsection (a)(2)(A)(ii)--
(A) to appoint the Directors of the Board in
accordance with subsection (a)(2)(B); and
(B) to incorporate the Foundation.
(2) Conflicts of interest.--
(A) In general.--Except as provided in subparagraph
(B), no voting member of the Board may participate in
any decision, action, or recommendation with respect to
any matter that directly and financially benefits such
member or pertains specifically to any public body or
any private or nonprofit firm or organization with
which such member is formally associated or was
formally associated during the most recent 2-year
period.
(B) Exception.--Subparagraph (A) may not be
construed to prohibit a member of the Board from
participating in actions of the Board pertaining
specifically to the public body of which such member is
an officer.
(d) Executive Director; Staff.--
(1) Executive director.--The Board shall hire a qualified
individual to serve, at the pleasure of the Board, as the
Executive Director of the Foundation.
(2) Foundation staff.--Officers and employees of the
Foundation--
(A) may not be employees of, or hold any office in,
the United States Government;
(B) shall be appointed without regard to the
provisions of--
(i) title 5, United States Code, governing
appointments in the competitive service; and
(ii) chapter 51 and subchapter III of
chapter 53 of such title, relating to
classification and General Schedule pay rates;
and
(C) may not receive a salary at a rate in excess of
150 percent of the maximum rate of basic pay authorized
for positions at level I of the Executive Schedule
under section 5312 of title 5, United States Code, for
any fiscal year.
(e) Limitation; Conflicts of Interests.--
(1) Political participation.--The Foundation may not
participate or intervene in any political activities on behalf
of any candidate for public office in any country.
(2) Financial interests.--All Directors of the Board,
Advisors, officers, and employees of the Foundation may not
participate (directly or indirectly) in the consideration or
determination of any question before the Foundation affecting--
(A) the financial interests of such Director,
officer, or employee; and
(B) the interests of any corporation, partnership,
entity, or organization in which such Director,
officer, or employee has any fiduciary obligation or
direct or indirect financial interest.
SEC. 5. CORPORATE POWERS AND OBLIGATIONS OF THE FOUNDATION.
(a) General Authorities.--
(1) In general.--The Foundation--
(A) may conduct business throughout the States,
territories, and possessions of the United States and
in foreign countries;
(B) shall have its principal offices in the
Washington, DC, metropolitan area; and
(C) shall continuously maintain a designated agent
in Washington, DC, who is authorized to accept notice
or service of process on behalf of the Foundation.
(2) Notice and service of process.--The serving of notice
to, or service of process upon, the agent referred to in
paragraph (1)(C), or mailed to the business address of such
agent, shall be deemed as service upon, or notice to, the
Foundation.
(3) Seal.--The Foundation shall have an official seal,
which shall be selected by the Board and judicially noticed.
(b) Authorities.--In addition to powers explicitly authorized under
this Act, the Foundation, in order to carry out the purposes described
in section 3(b), shall have the usual powers of a corporation
headquartered in Washington, DC, including the authority--
(1) to accept, receive, solicit, hold, administer, and use
any gift, devise, or bequest, either absolutely or in trust, or
real or personal property or any income derived from such gift
or property, or other interest in such gift or property;
(2) to acquire by donation, gift, devise, purchase, or
exchange any real or personal property or interest in such
property;
(3) unless otherwise required by the instrument of
transfer, to sell, donate, lease, invest, reinvest, retain, or
otherwise dispose of any property or income derived from such
property;
(4) to borrow money and issue bonds, debentures, or other
debt instruments;
(5) to complain and defend itself in any court of competent
jurisdiction (except that the Directors of the Board shall not
be personally liable, except for gross negligence);
(6) to enter into legal arrangements with public agencies,
private organizations, and persons and to make such payments as
may be necessary to carry out the purposes of such contracts or
arrangements; and
(7) to award funding, which may include project financing,
grants, and concessional lending, for eligible projects, in
accordance with section 7.
(c) Federal Funds.--
(1) In general.--The Foundation may--
(A) hold Federal funds made available, but not
immediately disbursed; and
(B) use any interest or other investment income
earned on such Federal funds to carry out the purposes
of the Foundation under this Act.
(2) Limitation.--Investments made with Federal funds
pursuant to paragraph (1)(B) may only be made in--
(A) interest-bearing obligations of the United
States; or
(B) obligations guaranteed as to both principal and
interest by the United States.
(d) Limitation of Public Liability.--The United States shall not be
liable for any debts, defaults, acts, or omissions of the Foundation.
SEC. 6. SAFEGUARDS AND ACCOUNTABILITY.
(a) Safeguards.--The Foundation shall develop, and incorporate into
any agreement for support provided by the Foundation, appropriate
safeguards, policies, and guidelines, consistent with internationally
recognized best practices and standards for environmental and social
safeguards.
(b) Independent Accountability Mechanism.--
(1) In general.--The Foundation shall establish a
transparent and independent accountability mechanism, which
shall provide--
(A) a compliance review function that assesses
whether Foundation-supported projects adhere to the
requirements developed pursuant to subsection (a);
(B) a dispute resolution function for resolving
concerns between project implementers regarding the
impacts of specific Foundation-supported projects with
respect to such standards; and
(C) an advisory function that reports to the
Foundation on projects, policies, and practices.
(2) Duties.--The accountability mechanism established
pursuant to paragraph (1) shall--
(A) report annually to the Board and to the
appropriate congressional committees regarding the
Foundation's compliance with internationally recognized
best practices and standards in accordance with
paragraph (1)(A);
(B)(i) have permanent staff to conduct compliance
reviews and dispute resolutions; or
(ii) maintain a roster of experts to serve such
roles, to the extent needed; and
(C) hold a public comment period lasting not fewer
than 60 days regarding the initial design of the
accountability mechanism.
SEC. 7. PROJECTS, FINANCING, AND GRANTS.
(a) Project Funding Requirements.--
(1) In general.--The Foundation shall award funding, which
may include project financing, credit risk insurance, grants,
concessional lending, and credit, in accordance with this
section for eligible projects described in paragraph (1) that
will--
(A) increase productivity and incomes; and
(B) improve the livelihoods and nutrition of
producers and communities.
(2) Eligible projects.--A project is an eligible project if
it seeks--
(A) to have cost matching from sources other than
the United States Government and regional multilateral
organizations;
(B) to be implemented in coordination with key
stakeholders;
(C) to incorporate a set of key independently
verified performance metrics at the portfolio level,
including rigorous measurements, such as measuring
attributable increases in agricultural yields,
infrastructure, or any other eligible use;
(D) to not duplicate the work of other institutions
or displace current profit-making ventures;
(E) to leverage existing infrastructure and staff
in eligible countries to allow for the immediate launch
of projects;
(F) to demonstrate--
(i) the ability to sustainably maintain and
build on the outcomes of the project after the
Foundation funding has ended; or
(ii) a plan to strengthen the capacity of,
and transfer skills and technologic tools to,
local enterprises, organizations, or
institutions to manage projects and other
funded entities after the Foundation funding
has been expended;
(G) to consider projects that meet the highest
needs of food insecure populations based on food
security and malnutrition assessments; and
(H) to not duplicate the efforts included in the
comprehensive global food security strategy implemented
pursuant to section 5 of the Global Food Security Act
of 2016 (22 U.S.C. 9304).
(b) Eligible Countries.--
(1) In general.--Before entering into any project agreement
pursuant to this section, the Board shall--
(A) establish criteria to determine country
eligibility for the award period; and
(B) identify not more than 10 countries to receive
support during such award period that--
(i) are committed to make necessary policy
reforms, in accordance with subsection (a)(2),
to help transform food systems;
(ii) have demonstrated leadership to
modernize their agricultural food systems;
(iii) are committed to cofinance and
sustain long-term projects implemented by the
Foundation;
(iv) are committed to collaborate with key
stakeholders to increase agricultural
production, strengthen resilient food systems,
improve food safety or processing, increase
access to safe, affordable, and nutritious
foods, and improve related logistics and supply
chain processes; and
(v) are representatives of geographically
diverse regions.
(2) Identification of eligible countries.--Not later than 5
days after the date on which the Board identifies the eligible
countries for a given fiscal year, the Executive Director
shall--
(A) submit a report to the appropriate
congressional committees that includes--
(i) a list of such eligible countries; and
(ii) justification for such eligibility
determinations; and
(B) publish the information contained in the report
described in subparagraph (A) in the Federal Register.
(c) Funding Authorized.--
(1) In general.--In order to maximize the impact of the
funding authorized under this section, the Foundation should--
(A) coordinate with other international public and
private donors to the extent possible; and
(B) seek additional financial and nonfinancial
contributions and commitments for its projects from
host governments.
(2) Funding criteria.--Funding awarded pursuant to this
section--
(A) shall be provided to countries that demonstrate
progress, during the funding period, in achieving
clearly identified key performance indicators defined
in the project agreement, which may include--
(i) increasing agricultural or food
production through the competitive delivery of
market-based financing, distribution and
extension services, and supporting technology
commercialization and adoption through such
services;
(ii) improving the nutritional status of
the citizens of partner countries by--
(I) increasing the production,
availability, and access of nutritious
foods domestically;
(II) promoting highly nutritious
foods, diet diversification, and
nutritional behaviors that improve
maternal and child health; and
(III) supporting the expansion of
producer market opportunities;
(iii) building resilient food systems to
help mitigate against future food shocks among
vulnerable populations and households; and
(iv) identifying additional revenue sources
or sustainable financing mechanisms to meet the
recurring costs of projects by serving as a
conduit between institutional investors and the
agribusiness sector; and
(B) may be terminated if the Board determines that
the country receiving such funding--
(i) is not meeting applicable requirements
under this Act; or
(ii) is not making progress in achieving
the key performance indicators described in the
project agreement.
SEC. 8. PROHIBITION OF SUPPORT IN COUNTRIES THAT SUPPORT TERRORISM OR
VIOLATE HUMAN RIGHTS AND OF SUPPORT FOR SANCTIONED
PERSONS.
(a) In General.--The Foundation may not provide support for any
government, or any entity owned or controlled by a government, if the
Secretary of State determines that such government--
(1) has repeatedly provided support for acts of
international terrorism, as determined under--
(A) section 1754(c)(1)(A)(i) of the Export Control
Reform Act of 2018 (50 U.S.C. 4813(c)(1)(A)(i));
(B) section 620A(a) of the Foreign Assistance Act
of 1961 (22 U.S.C. 2371(a));
(C) section 40(d) of the Arms Export Control Act
(22 U.S.C. 2780(d)); or
(D) any other relevant provision of law;
(2) has repeatedly engaged with any organizations
designated as foreign terrorist organizations by the Secretary
in accordance with section 219 of the Immigration and
Nationality Act (8 U.S.C. 1189); or
(3) has engaged in a consistent pattern of gross violations
of human rights, as determined under section 116(a) or
502B(a)(2) of the Foreign Assistance Act of 1961 (22 U.S.C.
2151n(a) and 2304(a)(2)) or any other relevant provision of
law.
(b) Prohibition of Support for Sanctioned Persons.--The Foundation
may not engage in any dealing prohibited under United States sanctions
laws or regulations, including dealings with persons on the list of
specially designated persons and blocked persons maintained by the
Office of Foreign Assets Control of the Department of the Treasury,
except to the extent otherwise authorized by the Secretary of State or
the Secretary of the Treasury.
(c) Waiver.--The President may waive the application of subsections
(a) and (b) with respect to any government, or any entity owned or
controlled by a government, by notifying the appropriate congressional
committees of the intention to exercise such waiver not later than 45
days before the waiver is scheduled to take effect.
SEC. 9. ANNUAL REPORT.
Not later than 1 year after the date of the enactment of this Act,
and annually thereafter while the Foundation is operational, the
Executive Director of the Foundation shall submit a report containing
the expectations of the year ahead to the appropriate congressional
committees and make such report available to key stakeholders. Each
such report shall describe--
(1) the goals of the Foundation for the upcoming year;
(2) lessons learned and best practices developed through
projects funded by the Foundation during the prior fiscal year;
(3) the extent to which such projects have contributed to
achieving the purposes of the Foundation;
(4) lessons learned and best practices developed from
investments provided by the Foundation during the prior fiscal
year;
(5) the extent to which such investments have contributed
to achieving the purposes of the Foundation;
(6) the programs, projects, and activities supported by the
Foundation;
(7) the value of private sector assets invested in such
programs, projects, and activities relative to the amount of
support provided by the Foundation and the value of any other
public sector support;
(8) the standardized criteria utilized to determine the
programs and activities supported by the Foundation, including
baselines, targets, desired outcomes, measurable goals, and
extent to which those goals are being achieved for each
project;
(9) the degree to which programs, projects, and activities
of the Foundation are coordinated and aligned with--
(A) existing United States bilateral assistance
programs and foundations;
(B) relevant activities of other key stakeholders;
and
(C) relevant multilateral efforts; and
(10) how the funding and selected projects authorized under
this Act were publicized in the selected country to expand
recognition for the United States.
SEC. 10. AUTHORIZATION OF APPROPRIATIONS.
(a) In General.--There are authorized to be appropriated to the
Foundation $100,000,000 for each of the fiscal years 2024 through 2033
to carry out this Act. Such funding shall be used as an additive
investment vehicle that--
(1) independently leverages private investments; and
(2) does not duplicate existing United States Government
investments.
(b) Cost Matching Requirement.--Amounts appropriated pursuant to
subsection (a) may only be made available to the Foundation to the
extent the Foundation secures funding from sources other than the
United States Government.
(c) Consultation Requirement.--Not later than 180 days after the
date of the enactment of this Act, and before obligating any funds made
available under this Act, the Executive Director, in coordination with
the Secretary, shall consult with the Committee on Appropriations of
the Senate, the Committee on Foreign Relations of the Senate, the
Committee on Appropriations of the House of Representatives, and the
Committee on Foreign Affairs of the House of Representatives regarding
the proposed uses of such funds.
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