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House advances bipartisan bill to bring private-sector money into fight against poverty

WASHINGTON — Following today’s vote in the House of Representatives to advance H.R. 5105, the Better Utilization of Investments Leading to Development (BUILD) Act, The ONE Campaign issued the below statement.

Tom Hart, North America executive director at The ONE Campaign:

“The best tool for fighting extreme poverty is a good job. Today, the House voted to advance a smart, bipartisan bill that will help bring tens of billions of private-sector dollars into the fight against extreme poverty by helping American entrepreneurs and investors do business in Africa, building infrastructure projects, creating first-time access to electricity, and expanding their reach in developing countries. This bill takes an innovative approach to helping developing countries and will serve as a valuable complement to the important work that American foreign assistance does to save lives, spur economic growth and lift millions out of poverty.

“We want to thank Representatives Ted Yoho and Adam Smith for sponsoring this bill and for their unwavering commitment to seeing it passed. The ONE Campaign and its 3 million members in the United States hope the Senate will follow the House’s leadership, pass this good bill, and send it to the President’s desk to become law.”

About the BUILD Act

The bill, which is sponsored by Senators Bob Corker (R-TN) and Chris Coons (D-DE), and Representatives Ted Yoho (R-FL-03) and Adam Smith (D-WA-09), would merge several federal programs into a new “development finance corporation” (DFC) whose purpose would be to mobilize private-sector investments to support sustainable economic growth, poverty reduction, and development through partnerships. The new DFC would make loans, invest, and forge partnerships with innovative entrepreneurs who want to do business in developing countries.

Learn more about the BUILD Act here.

To speak with an expert about the BUILD Act, contact Sean Simons at: [email protected].