Question from Senator Chris Coons to Keith Krach, Under Secretary of State nominee
Nominated to serve as Under Secretary of State for Economic Growth, Energy and the Environment, Keith Krach testifies before the Senate Foreign Relations Committee on March 27, 2019.
Senator Chris Coons asked Krach what recommendations he might make to Secretary Pompeo to make sure State Department policy has, “impact on the ground, and makes a difference in the developing world, vis a vis China.” Krach said that he would recommend a three-pronged strategy.
“The first one, in terms of deploying those funds, is to focus on strategic countries where we could make the most difference,” Krach replied.
“The second would be to leverage the innovation and resources of the private sector. And when I mean private sector, I mean not just the business sector but also the educational sector and the social sector as well.
The third one would be to amplify American values. The question is, ‘how do you make American values come alive?’ I would start off with focusing on the power of entrepreneurship, economic empowerment of women, and also education.”
Senator Coons replied, “I could not agree with you more.”
Read Life & News’ article on Mr. Krach’s nomination – http://www.lifeandnews.com/articles/white-house-nominates-keith-krach-to-under-secretary-of-state-and-other-key-posts/
Mr. Krach was Life & News’ 2018 Transformational Leader of the Year – http://www.lifeandnews.com/articles/life-and-news-names-keith-krach-2018-transformational-leader-of-the-year/
SENATOR COONS. Thank you, Chairman Risch, Ranking Member Menendez, and thank you to the panel for your willingness to step forward and serve and represent our nation in important places around the world.
Mr. Krach, if I might first to you. In your testimony, you mentioned the importance of leveraging the innovation and resources of our private sector. If confirmed as Under Secretary for Economic Growth, Energy, and the Environment, you will need to advise Secretary Pompeo on his role as the chairman of the new International Development Finance Corporation created by the passage of the BUILD Act last year which could deploy up to $60 billion a year of American private capital in the developing world in a way that would allow us to compete with peer competitors like China and others who are much more active now in financing projects in the developing world than we are.
What sorts of recommendations might you make to the Secretary about the use of this new tool, about the role of the IFDC to make sure that it is not just an appealing thing to talk about but it actually has impact on the ground, makes a difference in the developing world, and reengages particularly on the continent of Africa but in other places where we, frankly, have been sadly absent in recent years as China has significantly stepped up its investments?
MR. KRACH. Thank you, Senator. And I think that is a strategic asset for our foreign policy.
I would make a recommendation that really has three prongs to the strategy, Senator.
The first one is in terms of deploying those funds, to focus those on strategic countries where we could make the most difference.
The second would be to leverage the innovation and resources of the private sector. And when I mean private sector, I mean not just the business sector but also the educational sector and the social sector as well.
The third one would be to amplify American values. The question is how do you make American values come alive. I would start off with focusing on the power of entrepreneurship, economic empowerment of women, and also education. If confirmed, I will do everything I can, Senator.
SENATOR COONS. I could not agree with you more that this is a tool that allows both the deployment of capital and the financing of projects in a process that teaches about our values, more transparency, more connectivity to the legitimate development goals of our partner countries, and in ways that should help advance human rights, democracy, governance improvements.