McCaul’s H.R. 8926, the DFC Modernization and Reauthorization Act of 2024, Passes Out of Committee

Washington, D.C. – Today, House Foreign Affairs Committee Chairman Michael McCaul issued the following statement praising the committee’s passage of his bipartisan bill, H.R. 8926, the DFC Modernization and Reauthorization Act of 2024. This bill will advance the U.S. International Development Corporation’s (DFC) critical work to advance U.S. national security interests in developing nations while countering the malign influences of China and Russia.

“As our adversaries work to undermine U.S. national security interests around the world, the DFC is a critical tool to counter the malign efforts of the Chinese Communist Party’s Belt and Road Initiative. This bill modernizes the DFC, and maintains its development mandate, while strengthening the corporation’s ability to further American engagement abroad. As great powers race for dominance and our adversaries seek to unseat the United States as a global leader, we must support developing nations and provide a viable alternative to the malign influence of China and Russia.”