To direct the President to establish an interagency mechanism to coordinate United States development programs and private sector investment activities, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Economic Growth and Development Act''.
SEC. 2. FINDINGS.
Congress finds the following: (1) The promotion of sustainable economic growth is the only long-term solution to lifting people out of poverty and addressing development challenges such as infectious disease, food security, education, and access to clean water. (2) Several of the greatest development success stories in the last 50 years demonstrate how private sector investment and economic growth are fundamental to lifting populations out of poverty. (3) There has been a dramatic shift in the composition of capital flows to the developing world. Forty years ago more than 70 percent of capital flowing to developing countries was public sector foreign assistance, today 87 percent of capital flowing to the developing world comes from the private sector. (4) Eleven of the 15 largest importers of United States goods and services are countries that graduated from United States foreign assistance, and 12 of the 15 fastest growing markets for United States exports are former United States foreign assistance recipients. (5) With 12 departments, 26 agencies, and more than 60 Federal Government offices all involved in the delivery of United States foreign assistance, it is extremely difficult for United...