Brookings scholars Lex Rieffel and James Fox issued a Policy Brief last week considering the fate of the Millennium Challenge Corporation, calling it “one of the outstanding innovations of the eight-year presidency of George W. Bush.”

“No other aid agency,” Rieffel and Fox say, “can match its purposeful mandate, its operational flexibility and its potential muscle.”  And, they conclude:

MCC is moving steadily to fulfill its potential of being the world’s leading “venture capitalist” focused on promoting economic growth in low-income countries. The Obama administration can realize this potential by affirming the MCC’s bold mandate, strengthening its leadership, and boosting its annual appropriations to at least $3 billion beginning in FY 2010.

You can read the Executive Summay here, or download the full report here (PDF).