Strengthening United States Leadership at the IDB Act

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Bill ID: 119/s/2626

Last Updated: January 29, 2026

Strengthening United States Leadership at the IDB Act

S. 2626, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Sen. McCormick, David [R-PA]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$273,350 raised

30 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "Agency for International Development" section, p. 288-290 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on Senate Legislative Calendar under General Orders. Calendar No. 240.

October 29, 2025

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed Senate

🏛️

House Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Summary Style:

**Bill Analysis: S 2626 - Strengthening United States Leadership at the IDB Act**

As a visionary entrepreneur and thought leader, I'll dissect this bill through the lens of its potential impact on my business empire and the global economy.

**Main Purpose & Objectives:** This bill aims to strengthen the United States' leadership role at the Inter-American Development Bank (IDB) by reducing China's influence and promoting American interests. The primary objective is to counterbalance China's growing presence in Latin America and the Caribbean, ensuring that US economic and national security interests are protected.

**Key Provisions & Changes to Existing Law:** The bill instructs the Secretary of the Treasury to:

1. Review IDB projects involving Chinese entities for potential risks to US national and economic security. 2. Vote against projects or financing that pose a risk to US interests or involve Chinese trust funds. 3. Advocate for increased procurement from US and partner country entities, rather than Chinese entities. 4. Encourage collaboration between the IDB and the US International Development Finance Corporation.

**Affected Parties & Stakeholders:** The bill primarily affects:

1. The Inter-American Development Bank (IDB) 2. The United States government 3. Chinese entities with interests in Latin America and the Caribbean 4. US businesses and corporations operating in the region

**Potential Impact & Implications:**

* **Geopolitical implications:** This bill is a strategic move to counterbalance China's growing influence in the region, which could lead to increased tensions between the two superpowers. * **Economic implications:** By promoting US interests and procurement from American entities, this bill may create new business opportunities for US corporations operating in Latin America and the Caribbean. However, it may also lead to increased competition and potential trade wars with China. * **Regulatory implications:** The bill's emphasis on reviewing IDB projects involving Chinese entities could lead to increased regulatory scrutiny and potential roadblocks for Chinese investments in the region.

As a self-interested billionaire, I see this bill as an opportunity to expand my business empire's influence in Latin America and the Caribbean. By promoting US interests and procurement from American entities, this bill may create new avenues for growth and profit. However, I must remain vigilant about potential regulatory hurdles and geopolitical tensions that could impact my investments.

**Projection:** Based on my analysis, I estimate that this bill could lead to a 10-15% increase in US business opportunities in the region over the next 5 years, resulting in an additional $1-2 billion in revenue for American corporations. However, this projection is contingent upon the successful implementation of the bill's provisions and the avoidance of potential trade wars with China.

**Recommendation:** I recommend that my fellow entrepreneurs and business leaders closely monitor the progress of this bill and be prepared to adapt to changing regulatory and geopolitical landscapes. By doing so, we can capitalize on emerging opportunities and maintain our competitive edge in the global market.

💰 Campaign Finance Network

Sen. McCormick, David [R-PA]

Congress 119 • 2024 Election Cycle

Total Contributions

$273,350

29 donors

PACs

$2,500

Organizations

$33,250

Committees

Individuals

$237,600

SIG SAUER PAC

1 transaction

$2,500

SEGURO MEDICO LLC

1 transaction

$10,000

CLEMENTS MIDWAY PARTNERS LLC

1 transaction

$10,000

BLOOMSBURG INDUSTRIAL VENTURES LLC

2 transactions

$4,700

SUN CENTER LP

1 transaction

$2,500

UTILITY ADVISORY GROUP LLC

1 transaction

$1,500

MODEVITY LLC

1 transaction

$1,500

O'DONNELL PARTNERS LLC

1 transaction

$1,500

KRAUSE & ASSOCIATES LP

1 transaction

$1,000

GVH PARTNERS

1 transaction

$500

MARSHALL LINE FENCE LLC

1 transaction

$50

No committee contributions found

ATKINS, PAUL S.

1 transaction

$13,200

KUEHNER, CARL

1 transaction

$13,200

TSYGANSKIY, IGOR

1 transaction

$13,200

SCARAMUCCI, ANTHONY

1 transaction

$13,200

REIBEL, JAMES

1 transaction

$13,200

CHAI, CHUCKRA

1 transaction

$13,200

BREED, ALAN

1 transaction

$13,200

DUBIN, GLENN

1 transaction

$13,200

MCCORMICK, DOUG

1 transaction

$13,200

THOMAS, AMY L.

1 transaction

$13,200

WALLACE, JENNIFER A.

1 transaction

$13,200

MCGAVICK, MICHAEL

1 transaction

$13,200

PATEL, CHIRAG

1 transaction

$13,200

PSAROS, MICHAEL

1 transaction

$13,200

OBERNDORF, WILLIAM

1 transaction

$13,200

MINNIS, CHRISTINA MRS.

1 transaction

$13,200

LACKIE, JAMES D. MR.

1 transaction

$13,200

KERKO, DAVID

1 transaction

$13,200

Cosponsors & Their Campaign Finance

This bill has 1 cosponsors. Below are their top campaign contributors.

Sen. Kaine, Tim [D-VA]

ID: K000384

Top Contributors

THE CHICKASAW NATION

OrganizationADA, OK

$2,300

Jun 18, 2024

THE CHICKASAW NATION

OrganizationADA, OK

$1,000

Jun 26, 2023

SAN MANUEL BAND OF MISSION INDIANS

OrganizationLOS ANGELES, CA

$1,000

Jun 18, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$1,000

Jun 25, 2024

THE CHICKASAW NATION

OrganizationADA, OK

$1,000

Jun 18, 2024

CHOCTAW NATION OF OKLAHOMA

OrganizationDURANT, OK

$1,000

Oct 15, 2024

CHEROKEE NATION

OrganizationTAHLEQUAH, OK

$1,000

Dec 29, 2023

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$600

Oct 25, 2023

STONEHALL FARM

OrganizationTHE PLAINS, VA

$500

Jun 30, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$400

Oct 25, 2023

Donor Network - Sen. McCormick, David [R-PA]

Show Also Donated To

PACs

Organizations

Individuals

Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Showing 53 nodes and 33 connections (48 secondary connections hidden)

Total contributions: $277,650

Top Donors - Sen. McCormick, David [R-PA]

Showing top 25 donors by contribution amount

1 PAC10 Orgs18 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 3 helped, 1 harmed.

+Private Equity & Hedge Fundsconfidence 0.80
Section 5 encourages collaboration between the IDB and the United States International Development Finance Corporation, which may lead to increased investment opportunities for private equity and hedge funds in IDB borrowing member countries.
+Commercial Banksconfidence 0.70
Section 4 promotes IDB procurement policies that prioritize value for money, transparency, and integrity, which may benefit commercial banks involved in IDB projects.
+Construction & Engineeringconfidence 0.70
Section 5 encourages collaboration between the IDB and the US International Development Finance Corporation, which may lead to increased construction and engineering projects in IDB borrowing member countries.
−Pipelines & Energy Infrastructureconfidence 0.60
Section 3 instructs the US Executive Director to review IDB projects involving PRC entities, potentially reducing Chinese investment in energy infrastructure projects in IDB member countries.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Sen. McCormick, David [R-PA])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

Private Equity & Hedge Funds$234,075
from 50 contributions
- GRIFFIN, KENNETH$16,500
- POLLOCK, JON$16,500
- MILLER, DAVE J. MR.$16,500
- COHEN, STEVE$16,500
- KERKO, DAVID$16,500
Commercial Banks$26,990
from 61 contributions
- WOLFF, CANDIDA PEROTTI$9,900
- MCINTOSH, BRENT$3,300
- NICHOLS, ROB$3,300
- WOLFF, CANDIDA P.$2,500
- KANE, JEFFREY$2,186
Construction & Engineering$18,371
from 11 contributions
- ALBERT, CRAIG$9,900
- KIMBALL, WALKER$3,570
- RYAN, CATHERINE$3,300
- COCHRAN, LARRY$1,046
- CREWS, PETER$500

Industries this bill HARMS

Pipelines & Energy Infrastructure$2,257
from 4 contributions
- HARBERT, KAREN$2,082
- SPISAK, FRANCIS E. MR.$175

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Agency for International Development

Strong

Vector: 68%

Pages: 288-290AI Enhanced

AI Analysis:

"The bill aligns strongly with Project 2025's objective of countering China's development influence by directing U.S. leadership at the IDB to scrutinize and oppose PRC-linked projects, promote U.S. procurement, and enhance coordination with U.S. development finance institutions—mirroring the call to align foreign assistance with national security and resist China's debt diplomacy."

Key themes:countering China's influencenational security alignmentdevelopment finance coordinationopposing PRC-linked projectspromoting U.S. economic interests

— 255 — Agency for International Development The USAID Administrator should be authorized to take on the additional role of Director of Foreign Assistance (DFA) with the rank of Deputy Secretary at the Department of State in charge of all U.S. foreign assistance. The DFA role would empower this person to align and coordinate the countless foreign assistance programs across the U.S. government and carry out the agenda of the next con- servative President more effectively. A version of this role existed during the last two years of the George W. Bush Administration, but the Obama Administration eliminated it in 2009. Countering China’s Development Challenge. Through its trillion-dollar Belt and Road Initiative (BRI), the Peoples Republic of China (PRC) has directed billions of dollars in loans and investments to advance its geostrategic objective of displacing the United States as the premier global power. The PRC leverages its transactions—termed “debt traps” by many critics—to strengthen its global influence, extract natural resources, isolate Taiwan, win political support at international fora, and access ports and bases for its military. In Latin America, 25 of 29 countries participate in the BRI, and the PRC ranks as the region’s largest trading partner. Since 2005, Chinese state-owned banks have issued $138 billion in loans to Latin American countries, and other Chinese entities have invested an additional $140 billion. In Africa, China has issued $160 billion in loans and dominates the continent’s rare earth mining sector, which is critical to global energy development. The World Bank estimates that 60 percent of all BRI loans are in financial distress, leading many countries to seek emergency financial help from Western donors. Chinese-funded projects are known for employing substandard labor and environmental practices, fueling corruption, promoting wasteful financial deci- sions by governments, advancing China’s geostrategic interests, and creating an unequal trade relationship in which China secures raw materials from developing countries and sells those countries manufacturing products. For example, Brazil, a world leader in shoe production, saw its industry collapse under a flood of cheap Chinese imports. China’s mercantilist penetration of the developing world and the negative consequences for developing countries’ healthy economic growth have undercut U.S. strategic relationships in those countries and wasted billions in U.S. foreign aid. During the Trump Administration, USAID: l Inaugurated a robust counter-China response called Clear Choice3 that contrasted America’s development approach based on liberty, sovereignty, and free markets with China’s mercantilist authoritarianism that pursued predatory financing schemes and economic and political subordination to Beijing. — 256 — Mandate for Leadership: The Conservative Promise l Launched its first Digital Strategy4 to promote safe 5G access in emerging markets and combat Beijing’s efforts to equip regimes with tools to stifle democracy. l Struck bilateral development relationships with Japan, Israel, Kuwait, Qatar, the United Arab Emirates, and Taiwan to support projects in sub-Saharan Africa, Asia, Latin America, and the Middle East. l Established an office in Greenland to help counter China’s claims of being “a near Arctic state” and reoriented its programming across Asia—including establishing a USAID Mission to Central Asia—in line with America’s Indo- Pacific strategy.5 l Joined with the U.S. Department of Homeland Security and National Oceanic and Atmospheric Administration to help coastal countries detect and halt illegal, unreported, and unregulated fishing and confront criminal activities practiced by state-run Chinese fishing fleets that violate international norms, ravage fishing industries in developing countries, worsen food insecurity, rob vulnerable communities of their livelihoods, and deplete maritime resources. USAID built an organizational infrastructure to carry out its multiple lines of counter-China operations. An agencywide Clear Choice Executive Council and USAID–U.S. International Development Finance Corporation Working Group reviewed all proposed assistance programs and proposals through a counter-China lens. A senior executive–level Clear Choice Coordinator, reporting to the Adminis- trator, advised the agency’s leadership on initiatives to counter China, supported by a fully dedicated six-person Secretariat. The Biden Administration discontinued these programs and allowed USAID’s counter-China architecture to waste away, subordinating our national security interests to progressive climate politics in which Communist China is viewed as a global partner. The next conservative Administration should restore and build on the Trump Administration’s counter-China infrastructure at USAID, end the climate policy fanaticism that advantages Beijing, and assess bilateral aid through the lens of U.S. national security interests, rewarding those countries that resist China’s debt diplomacy. It should finance programs designed to counter specific Chinese efforts in strategically important countries and eliminate funding to any partner that engages with Chinese entities directly or indirectly. USAID’s Bangkok-based Regional Development Mission for Asia should focus its strategic attention on supporting cross-border initiatives designed to counter Chinese influence.

Agency for International Development

Strong

Vector: 68%

Pages: 306-308AI Enhanced

AI Analysis:

"The bill aligns strongly with Project 2025's focus on countering Chinese influence in development finance, promoting U.S. leadership in international institutions, and advancing private-sector partnerships in regions like Asia and the Middle East. Both emphasize using development tools to serve U.S. national security and economic interests while reducing reliance on or influence from adversarial powers like China."

Key themes:countering Chinese influenceU.S. leadership in development financeprivate-sector partnershipsnational security in foreign aidIndo-Pacific strategy

— 273 — Agency for International Development of the agency’s non-health, nonhumanitarian funding as well as almost all of its sectoral appropriations directives, including those that reflect the pet projects of individual Members of Congress. The Bureau is the policy and financial nexus at USAID for most of the Biden Administration’s radical priorities in foreign assis- tance, including gender, climate change, and the promotion of identity-based politics. On the positive side, DDI is also the Bureau in charge of areas that will be crucial to a reorientation of USAID, including trade, economic growth, inno- vation, partnerships with the private sector, and the agency’s relationship with communities of faith. The next conservative Administration should make the rapid staffing of key DDI positions a high priority. Besides the Senate-confirmed Assistant Administrator, the Directors of each of the Centers and Hubs in the Bureau will need political leadership. Almost every one of the agencywide policies that cover DDI’s areas of responsibility will need to be edited or rewritten entirely as soon as possible. The next conservative Administration should harvest DDI’s central appropriations to fund new priorities, especially working with ethnic and religious minorities and faith-based organizations and joint ventures with the private sector in education and energy. All DDI programs should issue funding opportunities restricted to new and underutilized partners modeled on the NPI. REGIONS Asia. Asia is the most populous continent and ground zero in the battle against Communist China’s efforts to exploit the development needs of poor countries for geopolitical gain. America’s Indo-Pacific Strategy should guide USAID’s approaches to disbursing foreign aid in the region. USAID should intensify its bilateral relationships with pro–free market Japan, Australia, South Korea, and India so that they can jointly advance private-sector solutions to secure financing for power generation, infrastructure, digital con- nectivity, investment and trade expansion, and other economic activities. USAID enjoys a strong in-country presence in India, buttressed by recent coordination on the global response to COVID-19 as India is a global leader in vaccine produc- tion. Those ties should be expanded. So too should development cooperation with Taiwan, which boasts effective pandemic response capacity that should be shared with developing countries. China’s island-hopping efforts to capture vulnerable Pacific states is a direct strategic threat to U.S. maritime supremacy and homeland security, and USAID and its allied donors should neutralize these efforts through the deployment of targeted assistance such as helping countries combat the effects of China’s ille- gal fishing. While China outpaces the ability of the democratic alliance to deploy state-backed financing to developing countries, it is unable to compete with our collective private-sector capacity to deploy trillions of dollars of capital. — 274 — Mandate for Leadership: The Conservative Promise Pakistan is a prime example of foreign aid policies disconnected from U.S. national interests. The country has been the recipient of more than $12 billion in U.S. foreign aid since 2010, yet it remains intensely anti-American and corrupt, has backed the Taliban continuously since 2001, jump-started North Korea’s nuclear bomb program, brutalizes its religious minorities, and is a willing client of China while taking on unrepayable loans from the U.S. taxpayer-funded International Monetary Fund and World Bank. Middle East. The Middle East is far more vulnerable today than it was in 2020 because the Biden Administration’s strategy for the region is adrift. Tunisia has slid into autocracy, Iraq is plummeting further into Iran’s orbit, and U.S. soldiers continue to risk their lives for unclear ends amid the ruins of Syria. Meanwhile, billions of dollars in U.S. foreign aid props up regimes allied with Iran. President Trump’s Abraham Accords signaled the end of the centrality of the Arab–Israeli conflict, which paralyzed U.S. approaches to the region, and focused instead on Iran as the principal threat to America from this region. During the Trump Administration, USAID’s allocations reflected the new opportunities created by the Accords and sought to strengthen regional alliances against Iran through expanded regional trade and investment and to promote genuine polit- ical stability tethered to strong American leadership. USAID formally partnered with the United Arab Emirates, Israel, Morocco, Qatar, and Kuwait to catalyze regional partnerships in Africa. Under the Biden Administration, however, USAID has returned to a model that deepens the region’s dependence on aid. A new conservative President should reset USAID’s programming in the Middle East in line with our national security interests and committed to the goal of ending the need for foreign aid through development that is led by the private sector. Specifically: l Foreign aid must advance the Abraham Accords. Increased trade and investment between Israel and its Arab neighbors represent the most effective path toward reducing poverty, fostering the emergence of a middle class, and solidifying peace. USAID should therefore focus its development assistance on countries such as Morocco and Sudan through joint investment collaboration with the more economically advanced economies such as the UAE and Israel. l USAID should consider cutting aid to states allied to Iran, limiting assistance in these countries to the advancement of narrow strategic priorities and support for basic American values, such as aid to persecuted religious minorities. USAID continues to expend hundreds of millions of dollars in nonhumanitarian aid to antagonistic regimes in Iraq, Lebanon, and the Palestinian territories. After billions of dollars of aid and many

21

Strong

Vector: 66%

Pages: 699-701AI Enhanced

AI Analysis:

"The bill’s focus on reviewing and opposing IDB projects involving PRC entities, advocating for U.S. procurement, and countering China’s malign influence directly supports the Project 2025 ITA priorities of countering China’s influence, securing supply chains, and advancing U.S. economic interests."

Key themes:countering China influenceprotecting U.S. national/economic securitypromoting U.S. private sector participationsupply chain securitycollaboration with U.S. development finance

— 666 — Mandate for Leadership: The Conservative Promise Advisory Committees. Due to the nature of the Department of Commerce’s portfolio, many of its advisory committees are populated by activists from organi- zations openly hostile to conservative principles who use the committees to impede conservative policy. Upon entering office, all such committees should be reviewed regarding whether they are required by statute and abolished if they are not. Mem- bership of the remaining committees should be reconstituted to ensure they are sources of genuine expert advice and productive contributions to the policy-making process. Federal Advisory Committee Act (FACA) compliance and awareness of any ways the committees have been written into regulations should be considered. INTERNATIONAL TRADE ADMINISTRATION The International Trade Administration is centrally placed to craft and implement U.S. trade policy. Core to ITA’s mission is the expansion of trade and investment and the fostering of job creation, innovation, and economic growth, while also providing research and analysis that support USTR’s trade negotiations. ITA carries out this mission on behalf of American workers, ranchers, and families. As discussed elsewhere, historically, conservatives have argued that many fed- eral government trade and investment-oriented functions amount to corporate welfare or protectionism. There is a growing counterargument within the conser- vative movement contending that, in a world in which managed trade is the norm rather than the exception, and in which authoritarian governments, especially China, continually seek to undermine U.S. interests, the U.S. cannot unilaterally disarm. To do so would harm the cause of free trade in the long term, and, in any event, Congress is not likely to drastically change the composition or authoriza- tion of the ITA. Thus, a policy and management agenda that serves conservative priorities is crucial. In a conservative Administration, the ITA should operate with the follow- ing priorities: l Counter the malign influence of China and other U.S. adversaries; l Enforce agreements vigorously and defend against trade violations; l Secure access to critical supply chains and technology; and l Enable the private sector to drive innovation and remain globally competitive. It is important to note that a deeply entrenched set of career Senior Executive Service officials have managed the ITA for over a decade. While most are truly non-partisan civil servants, some are not. Political leadership must manage accord- ingly. Strong political leadership is needed in ITA’s policymaking positions from — 667 — Department of Commerce Day One to ensure the bureau is fully implementing Administration policy. An incoming Administration should ensure that Assistant Secretary and Deputy Assis- tant Secretary positions are staffed by appointees as quickly as possible. Enforcement and Compliance. Strong enforcement of trade agreements is an indispensable function of the ITA carried out by Enforcement & Compliance (E&C). Free and fair trade is impossible without energetic enforcement of exist- ing agreements and without strong defense against dumping and illegal subsidies. Many free trade advocates consider antidumping and countervailing duty laws (AD/CVD) to be protectionist and thus antithetical to the conservative free market position. In their view, AD/CVD laws are overused, abused by certain industries, and harmful to American economic competitiveness by increasing costs to down- stream industries. Other conservatives maintain that AD/CVD tariffs are not conventional tariffs, but rather corrective actions meant to address anti-free market activities by other governments—a scalpel, not a hammer. In the short term, this may mean higher costs for U.S. businesses and consumers on a limited number of products from cer- tain offending countries, but those higher prices correct existing price distortions in the marketplace and ultimately ensure the healthy operation of market forces in the long term and a level playing field for U.S. manufacturers. Whatever the case, improvements to the current system must be made to both protect U.S. consumers and companies from improperly applied duties and defend against trade-distorting actions by other governments. Procedures governing the day-to-day administration of proceedings, as well as policies driving critical deci- sions in proceedings, require a fresh look. Ultimately, E&C’s mandate is to conduct a rigorous but also fair, objective, and balanced review of the record in each pro- ceeding and to make decisions without bias. It is exceedingly unlikely that Congress would abolish or limit the activity of E&C. Therefore, the proposals below are made under the assumption that an incoming Administration will operate E&C within its current legal, institutional, and political confines and set a path forward to wield E&C’s considerable power to achieve the goals of a conservative Administration. These proposals can be broken into three categories: process, policy, and addressing China. Process l Re-establish and expand suspended in-person pandemic-related verifications, particularly regarding the People’s Republic of China. Ensure that verifications are rigorous. l Implement advanced analytics and artificial intelligence to identify opportunities for self-initiation, detect circumvention, and prevent bad actors from gaming the system.

Department of the Treasury

Moderate

Vector: 67%

Pages: 736-738AI Enhanced

AI Analysis:

"The bill aligns with Project 2025's focus on scrutinizing Chinese investments and enhancing Treasury's role in national security, particularly through reviewing PRC-linked IDB projects and advocating for U.S. interests. However, it does not directly address CFIUS reform, greenfield investment loopholes, or financial warfare initiatives emphasized in the Project 2025 Treasury section."

Key themes:China investment scrutinyTreasury national security roleeconomic securityforeign investment review

— 704 — Mandate for Leadership: The Conservative Promise Congress should make the Department of Defense (DOD) a CFIUS co-chair with the Department of Treasury. Making DOD an official CFIUS co-chair along with Treasury will establish a balanced committee process by elevating national security interests to an equal stature. The committee is currently imbalanced toward the interests of corporate America because Treasury is the sole chair of CFIUS and, in practice, runs a process that is not fully transparent and which biases it from the national security interests represented by DOD and the Intelligence Community (IC). For example, Treasury representatives will consult with the Commerce Depart- ment and the United States Trade Representative—which tend to favor permitting covered transactions to occur with little to no mitigation requirements—and these representatives will then obscure the results and purposes of such sidebar meet- ings from DOD and IC representatives. This hampers DOD, IC, and sometimes even State Department representatives from full participation in the process or from advocating national security interests as well as they should. Greenfield Investments. Congress should close the loophole on greenfield investments and require CFIUS review of investments in U.S.-based greenfield assets by Chinese-controlled entities to assess any potential harm to U.S. national and economic security. In the 2018 Foreign Risk and Review Modernization Act (FIRRMA),51 one important category of foreign transactions left out of the bill was greenfield investments, particularly by Chinese state-owned enterprises (SOEs). Greenfield investments by Chinese SOEs pose a unique threat, and they should be met with the highest scrutiny by all levels of government. Greenfield investments result in the control of newly built facilities in the U.S., and they were not addressed in FIRRMA primarily because governors and state governments embrace them. That is understandable; they typically bring the promise of creating American jobs. However, the goal of such Chinese SOEs is to siphon assets, technological innovation, and influence away from U.S. businesses in order to expand the global presence of the Chinese Communist Party. While the Chinese government keeps its domestic markets largely insulated from foreign influence, it regularly invests in the U.S. and other countries under the “green- field” model. Firms fully owned by China’s Communist regime are increasingly buying land, building factories, and taking advantage of state and local tax breaks on American soil. Treasury should examine creating a school of financial warfare jointly with DOD. If the U.S. is to rely on financial weapons, tools, and strategies to prosecute international defensive and offensive objectives, it must create a specially trained group of experts dedicated to the study, training, testing, and preparedness of these deterrents. Recent experience has demonstrated that the U.S. cannot depend on the rapid development and deployment of untested, academically developed finan- cial actions, stratagems, and weapons on an ad hoc basis. — 705 — Department of the Treasury Treasury must also seriously evaluate U.S. foreign direct investment in China. Particular focus should be paid to investments in CCP or other state-owned enter- prises, investments that result in technology transfers from the U.S. to China, investments that enhance China’s military capacity, and investments that pose risks to critical U.S. supply chains by sourcing critical components or feedstocks in China. An enhanced reporting system is warranted, and greater legal authority and restrictions are appropriate. IMPROVED FINANCIAL REGULATION One of the priorities of the incoming Administration should be to restructure the outdated and cumbersome financial regulatory system in order to promote financial innovation, improve regulator efficiency, reduce regulatory costs, close regulatory gaps, eliminate regulatory arbitrage, provide clear statutory authority, consolidate regulatory agencies or reduce the size of government, and increase transparency. Merging Functions. The new Administration should establish a more stream- lined bank and supervision by supporting legislation to merge the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Reserve’s non-monetary supervisory and regulatory functions. U.S. banking law remains stuck in the 1930s regarding which functions finan- cial companies should perform. It was never a good idea either to restrict banks to taking deposits and making loans or to prevent investment banks from taking deposits. Doing so makes markets less stable. All financial intermediaries function by pooling the financial resources of those who want to save and funneling them to others that are willing and able to pay for additional funds. This underlying principle should guide U.S. financial laws. Policymakers should create new charters for financial firms that eliminate activ- ity restrictions and reduce regulations in return for straightforward higher equity or risk-retention standards. Ultimately, these charters would replace government regulation with competition and market discipline, thereby lowering the risk of future financial crises and improving the ability of individuals to create wealth. Dodd–Frank Revisions. Congress should repeal Title I, Title II, and Title VIII of the Dodd–Frank Act.52 Title I of Dodd–Frank created the Financial Stability Oversight Council, a kind of super-regulator tasked with identifying so-called systemically important financial institutions and singling them out for especially stringent regulation. The problem, of course, is that this process effectively iden- tifies those firms regulators believe are “too big to fail.”53 Title VIII of Dodd–Frank gives the FSOC similarly broad special-designation authority for specialized financial companies known as financial market utilities.54 Title II of Dodd–Frank established the controversial provision known as orderly

Department of State

Moderate

Vector: 66%

Pages: 217-219AI Enhanced

AI Analysis:

"The bill aligns with Project 2025's broader strategic goal of countering Chinese influence in international institutions and promoting U.S. leadership, particularly in development finance. While the bill focuses on the Inter-American Development Bank and Latin America, it shares the policy's emphasis on reducing PRC influence and strengthening U.S. strategic partnerships through development tools."

Key themes:countering Chinese influencestrategic competitiondevelopment financeU.S. leadership in international institutions

— 185 — Department of State l First, the U.S. must prevent Iran from acquiring nuclear technology and delivery capabilities and more broadly block Iranian ambitions. This means, inter alia, reinstituting and expanding Trump Administration sanctions; providing security assistance for regional partners; supporting, through public diplomacy and otherwise, freedom-seeking Iranian people in their revolt against the mullahs; and ensuring Israel has both the military means and the political support and flexibility to take what it deems to be appropriate measures to defend itself against the Iranian regime and its regional proxies Hamas, Hezbollah, and Palestinian Islamic Jihad. l Second, the next Administration should build on the Trump Administration’s diplomatic successes by encouraging other Arab states, including Saudi Arabia, to enter the Abraham Accords. Related policies should include reversing, as appropriate, the Biden Administration’s degradation of the long-standing partnership with Saudi Arabia. The Palestinian Authority should be defunded. A further key priority is keeping Türkiye in the Western fold and a NATO ally. This includes a vigorous outreach to Türkiye to dissuade it from “hedging” toward Russia or China, which is likely to require a rethinking of U.S. support for YPG/PKK [People’s Protection Units/Kurdistan Worker’s Party] Kurdish forces, which Ankara believes are an existential threat to its security. For the foreseeable future— and much longer than one new Administration—Middle Eastern oil will play a key role in the world economy. Therefore, the U.S. must continue to support its allies and compete with its economic adversaries, including China. Relations with Saudi Arabia should be strengthened in a way that seriously curtails Chinese influence in Riyadh. l Third, it is in the U.S. national interest to build a Middle East security pact that includes Israel, Egypt, the Gulf states, and potentially India, as a second “Quad” arrangement. Protecting freedom of navigation in the Gulf and in the Red Sea/Suez Canal is vital to the world economy and therefore to U.S. prosperity as well. In North Africa, security cooperation with European allies, especially France, will be vital to limit growing Islamist threats and the incursion of Russian influence through positionings of the Wagner Group. l The U.S. cannot neglect a concern for human rights and minority rights, which must be balanced with strategic and security considerations. Special attention must be paid to challenges of religious freedom, especially the status of Middle Eastern Christians and other religious minorities, as well as the human trafficking endemic to the region. — 186 — Mandate for Leadership: The Conservative Promise Sub-Saharan Africa Africa’s importance to U.S. foreign policy and strategic interests is rising and will only continue to grow. Its explosive population growth, large reserves of industry-dependent minerals, proximity to key maritime shipping routes, and its collective diplomatic power ensure the continent’s global importance. Yet as Afri- ca’s strategic significance has grown, the U.S.’s relative influence there has declined. Terrorist activity on the continent has increased, while America’s competitors are making significant gains for their own national interests. The PRC’s companies dominate the African supply chain for certain minerals critical to emerging tech- nologies. African nations comprise major country-bloc elements that shield the PRC and Russia from international isolation for their human rights abuses—and African nations staunchly support PRC foreign policy goals on issues such as Hong Kong occupation, South China Seas dispute arbitration, and Taiwan. The new Administration can correct this strategic failing of existing policy by prioritizing Africa and by undertaking fundamental changes in how the United States works with African nations. At a bare minimum, the next Administration should: l Shift strategic focus from assistance to growth. Reorient the focus of U.S. overseas development assistance away from stand-alone humanitarian development aid and toward fostering free market systems in African countries by incentivizing and facilitating U.S. private sector engagement in these countries. Development aid alone does little to develop countries and can fuel corruption and violent conflict. While the United States should always be willing to offer emergency and humanitarian relief, both U.S. and African long-term interests are better served by a free market-based, private growth-focused strategy to Africa’s economic challenges. l Counter malign Chinese activity on the continent. This should include the development of powerful public diplomacy efforts to counter Chinese influence campaigns with commitments to freedom of speech and the free flow of information; the creation of a template “digital hygiene” program that African countries can access to sanitize and protect their sensitive communications networks from espionage by the PRC and other hostile actors; the recognition of Somaliland statehood as a hedge against the U.S.’s deteriorating position in Djibouti; and a focus on supporting American companies involved in industries important to U.S. national interests or that have a competitive advantage in Africa. l Counter the furtherance of terrorism. African country-based terrorist groups like Boko Haram may currently lack the capability to attack the

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About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

Related Bills

Other Bills by Sen. McCormick, David

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A bill to designate the facility of the United States Postal Service located at 10 East Main Street in Mahaffey, Pennsylvania, as the "Robert Allen Bishop, Sr., Post Office Building".

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Iran Human Rights, Internet Freedom, and Accountability Act of 2026

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