Aligning Development and Competition Act of 2024

The Aligning Development and Competition Act of 2024 (S 5403) modifies the U.S. International Development Finance Corporation (USIDFC) to better align its projects with U.S. national security priorities. It requires the USIDFC to submit annual reports detailing potential conflicts of interest involving its advisory councils, mandates prioritization of infrastructure projects in strategic areas (such as ports, digital networks, transportation, and critical minerals), and adds the Secretary of Defense to the USIDFC Board. The bill also establishes a new Strategic Advisory Council focused on national security and authorizes the USIDFC CEO to waive location requirements for projects if the President deems it vital for national security. These changes directly affect how the USIDFC selects and funds international development projects, emphasizing strategic competition over traditional development goals.