WASHINGTON – The USGLC President and CEO, Liz Schrayer, released the following statement on the development finance legislation passed in the House of Representatives today:

Today’s action in the House to pass the BUILD Act by voice vote is yet another strong bipartisan example of Congress prioritizing effective and results-driven global development programs. A new and robust development finance institution will enable our nation’s businesses to be much more competitive in some of today’s fastest growing markets around the world while working to fight global poverty.

The BUILD Act, with the support of the Administration and OPIC President Ray Washburne, would not have passed the House without the leadership of Representatives Yoho and Smith alongside Chairman Royce and Ranking Member Engel, who are building on years of bipartisan leadership on global development.

While development finance is not a replacement for foreign assistance, today’s vote clearly represents a win to strengthen an underutilized and critical part of America’s global economic toolkit. We urge the Senate to consider the BUILD Act as soon as possible.