Delegating Authority Under the Defense Production Act to the Chief Executive Officer of the United States International Development Finance Corporation To Respond to the COVID-19 Outbreak
Headline: Delegates Loan Authority to U.S. Development Finance Corporation CEO for COVID-19
What it does: The order directs the CEO of the U.S. International Development Finance Corporation to make loans and purchases to strengthen domestic production and supply chains for the COVID-19 response.
- Authorizes loans to create, maintain, or restore domestic industrial capabilities for COVID-19.
- Allows funding to strengthen relevant U.S. supply chains that support response efforts.
- Delegation ends with termination of the CARES Act two-year waiver period.
Summary
This order gives the chief executive of the United States International Development Finance Corporation authority under Title III of the Defense Production Act to make loans, purchase commitments, and take other actions to expand and protect domestic industrial capacity needed to respond to COVID-19.
It affects the development finance agency, other federal officials consulted (Defense, Health and Human Services, Homeland Security), and companies and supply chains that produce strategic resources for the outbreak.
The goal is to boost U.S. production and strengthen supply chains; loans must follow federal credit rules and the delegation ends after the CARES Act two-year waiver.
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