S.Amdt. 984

SA 984. Mr. MURPHY submitted an amendment intended to be proposed by
him to the bill S. 2226, to authorize appropriations for fiscal year
2024 for military activities of the Department of Defense, for military
construction, and for defense activities of the Department of Energy,
to prescribe military personnel strengths for such fiscal year, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. FACILITATION OF INCREASED EQUITY INVESTMENTS UNDER
THE BUILD ACT OF 2018.

(a) United States International Development Finance
Corporation.--Section 1412 of the BUILD Act of 2018 (22
U.S.C. 9612) is amended by adding at the end the following:
``(d) Vital National Security Interests Waiver.--The Chief
Executive Officer of the Corporation may waive the
requirement under subsection (c)(1) that a project supported
by the Corporation occur in a less developed country and the
requirements under subsection (c) with respect to a
particular project if the President determines that such a
waiver is in the vital national security interests of the
United States.''.
(b) Applicability of Federal Credit Reform Act of 1990.--
Section 1421(c) of such Act (22 U.S.C. 9621(c)) is amended by
adding at the end the following:
``(7) Applicability of federal credit reform act of 1990.--
``(A) In general.--Subject to subparagraphs (B) and (C),
support provided under paragraph (1) with respect to a
project shall be considered to be a Federal credit program

[[Page S3433]]

that is subject to the Federal Credit Reform Act of 1990 (2
U.S.C. 661 et seq.) for purposes of applying the requirements
of such Act to such support.
``(B) Determination of cost.--
``(i) In general.--For purposes of section 502(5) of the
Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5) et seq.)
the cost of support provided under paragraph (1) with respect
to a project shall be the net present value, at the time when
funds are disbursed to provide the support, of the following
estimated cash flows:

``(I) The purchase price of the support.
``(II) Dividends, redemptions, and other shareholder
distributions during the term of the support.
``(III) Proceeds received upon a sale, redemption, or other
liquidation of the support.
``(IV) Adjustments for risk of estimated losses, if any.

``(ii) Changes in terms included.--The estimated cash flows
described in subclauses (I) through (IV) of clause (i) shall
include the effects of changes in terms resulting from the
exercise of options included in the agreement to provide the
support.
``(C) Reestimate of cost.--When the estimated cost of
support provided under paragraph (1) with respect to a
project made in a single fiscal year is reestimated in a
subsequent year, the difference between the reestimated cost
and the previous cost estimate shall be paid from the
balances available in the Corporate Capital Account
established under section 1434.''.
(c) Maximum Contingent Liability.--Section 1433 of such Act
(22 U.S.C. 9633) is amended by striking ``$60,000,000,000''
and inserting ``$100,000,000,000''.
(d) Funding for Corporate Capital Account.--Section 1434(b)
of such Act (22 U.S.C. 9634(b)) is amended--
(1) in paragraph (5), by striking ``and'' at the end;
(2) by redesignating paragraph (6) as paragraph (7); and
(3) by inserting after paragraph (5) the following:
``(6) receipts of reestimated costs received pursuant to
section 1421(c).''.
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