MIAMI — The ONE Campaign today applauded Senator Marco Rubio for cosponsoring a new bipartisan bill that would bring tens of billions of dollars in new private-sector investment into the fight against extreme global poverty by helping innovative American entrepreneurs build infrastructure projects, create first-time access to electricity, start businesses, and expand their reach in developing markets.
Earlier this year, a group of Floridians traveled to Washington to meet with Senator Rubio to urge him to cosponsor the Better Utilization of Investments Leading to Development (BUILD) Act (S.2463) and continue the United States’ leadership in the fight against extreme global poverty.
Paula Dinaro, a Miami-based volunteer with The ONE Campaign:
“Earlier this year, I traveled to Washington to meet with Senator Rubio to tell him that Floridians strongly support the BUILD Act and care deeply about continuing the United States’ leadership in the fight against extreme global poverty.
“The BUILD Act would leverage new private-sector capital to build infrastructure, create first-time access to electricity, start businesses, create jobs, and ultimately work alongside American foreign aid to reduce extreme poverty in developing countries. It will give the U.S. government new tools for partnering with entrepreneurs and leveraging non-taxpayer dollars, while making it easier for American businesses to operate in emerging markets.
“I’m excited that Senator Rubio has decided to champion the BUILD Act, just as he did the READ Act last year. Senator Rubio should be applauded for his leadership in cosponsoring this bipartisan bill that would accelerate the modernization of America’s engagement with the private sector in developing countries while reforming federal government programs to make them more efficient. The bill is a smart idea, and the type of proposal all legislators should be eager to support. I hope the rest of the Florida delegation, including Senator Bill Nelson, will join Senator Rubio in supporting this bill and help shepherd it through the Congress. ONE and its 134,000 members in Florida care deeply about this legislation, and we will stand behind our leaders if they help advance it forward.”
About the BUILD Act
The bill, which is sponsored by Senators Corker (R-TN) and Coons (D-DE), and Congressmen Yoho (R-FL-03) and Smith (D-WA-09), will establish a full-service, self-sustaining U.S. International Development Finance Corporation, reforming and streamlining the tools of OPIC, USAID’s Development Credit Authority, Enterprise Funds and office of Private Capital and Microenterprise. It will have a full suite of tools including the authority to:
- Issue direct loans, including local currency loans
- Issue guarantees, including local currency guarantees
- Provide political risk insurance
- Fund first losses
- Participate in equity investments
- Provide technical assistance
- Make limited grants to unlock larger investments
- Do feasibility studies for prospective investments
For additional information about the bill or to speak with an expert, contact Sean Simons at: [email protected].