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Sen. Romney wants U.S. to compete better with China – Deseret News
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Romney wants U.S. to compete better with China – Deseret News</title><meta name="description" content="Outgoing Utah Sen. Mitt Romney is cosponsoring legislation with Sen. Dan Sullivan to make U.S. investments more competitive. "/><meta name="twitter:description" content="He introduced a bill to require the U.S. International Development Finance Corporation to prioritize projects that take into account national security needs. "/><meta property="og:description" content="He introduced a bill to require the U.S. International Development Finance Corporation to prioritize projects that take into account national security needs. "/><meta name="keywords" content="news-feed-national,news-division"/><meta property="og:title" content="Sen. Romney wants U.S. to compete better with China on foreign development investments"/><meta name="twitter:title" content="Sen. 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class="article-headline">Sen. Romney wants U.S. to compete better with China on foreign development investments</h1><h2 class="dn-subheadline">The bill would require the U.S. International Development Finance Corporation to prioritize projects that make America competitive</h2><div class="container-wrapper double-column"><div class="container two-column-container"><div class="row"><div class="col-12 col-xl-8 my-auto"><div class="published-updated"><time dateTime="2024-11-22T01:42:35.989Z" class="date-published date-published--iso d-block d-md-inline-block">Published: <!-- -->Nov 21, 2024, 6:42 p.m. MST</time></div></div><div class="col-12 col-xl-4 mt-5 mt-xl-0"><div class="share-buttons pe-0"><div class="share-comments share-cell"><div class="share-button-container"><div class="share-button"><img class="share-icon centered"/><i class="fa-solid fa-circle share-background" aria-hidden="true"></i></div><div class="share-label">View 34 Comments</div></div></div><div class="share-popover share-cell"><div class="share-popover-container"><div class="share-button-container"><div class="share-button"><img class="share-icon centered"/><i class="fa-solid fa-circle share-background" aria-hidden="true"></i></div><div class="share-label">Share</div></div></div></div></div></div></div></div></div></div></div><div class="container two-column-container"><div class="main-content"><div class="dn-featured-media"><div class="carousel-hero" data-width="3000" data-height="2000"><figure class="c-media-item"><img data-chromatic="ignore" alt="" style="aspect-ratio:1.50;background-color:#F3F1F0;cursor:pointer" class="c-image" loading="eager" src="https://www.deseret.com/resizer/v2/EN6JOUCTNBFW7LYPMF7QUX5FBE.JPG?auth=da9ece0f6a8448c247424b7fccd5ba5d820d47b9c7aaf8ac79d097f28a05f42f&focal=0%2C0&width=800&height=533" srcSet="https://www.deseret.com/resizer/v2/EN6JOUCTNBFW7LYPMF7QUX5FBE.JPG?auth=da9ece0f6a8448c247424b7fccd5ba5d820d47b9c7aaf8ac79d097f28a05f42f&focal=0%2C0&width=1600&height=1066 2x" width="800" height="533"/><figcaption class="c-media-item__fig-caption"><span class="c-media-item__caption">Sen. Mitt Romney, R-Utah, meets with business leaders and entrepreneurs at Kiln in Lehi on Tuesday, Oct. 8, 2024. </span><span class="c-media-item__credit"><span class="line"></span>Kristin Murphy, Deseret News </span></figcaption></figure></div></div><div class="dn-article-byline"><div class="d-md-flex py-3 justify-content-between"><div class="d-flex"><div class="byline-image-container d-flex"><div style="z-index:1;margin-left:0"><a href="https://www.deseret.com/authors/hanna-seariac/"><div class="d-flex image-wrapper"><div class="image-cropper"><img data-chromatic="ignore" alt="Hanna Seariac" style="aspect-ratio:1.00" class="c-image" loading="lazy" src="https://www.deseret.com/resizer/v2/https%3A%2F%2Fauthor-service-images-prod-us-east-1.publishing.aws.arc.pub%2Fdeseretnews%2F387342ea-e468-4f4e-8626-328666f1a93c.png?auth=524711ddde62e598fe90691aaf236ef576ed5c4c13b515b011f28f1ff5c33239&focal=0%2C0&width=96&height=96" srcSet="https://www.deseret.com/resizer/v2/https%3A%2F%2Fauthor-service-images-prod-us-east-1.publishing.aws.arc.pub%2Fdeseretnews%2F387342ea-e468-4f4e-8626-328666f1a93c.png?auth=524711ddde62e598fe90691aaf236ef576ed5c4c13b515b011f28f1ff5c33239&focal=0%2C0&width=192&height=192 2x" width="96" height="96"/></div></div></a></div></div><div class="byline-details align-self-center ps-2"><div class="byline-names mb-0">By <a href="https://www.deseret.com/authors/hanna-seariac/">Hanna Seariac</a></div><div class="byline-description">Hanna is a reporter for the Deseret News where she covers courts, politics and faith.</div></div></div></div></div><div class="dn-article-body mt-4"><div class="dn-article-body__key-points-list col-12"><div class="key-points-list-heading"><div class="key-points-list-heading__text col-3 col-md-2">KEY POINTS</div><div class="key-points-list-heading__empty col-9 col-md-10"></div></div><div class="key-points-list-content"><ul><li>Sen. Mitt Romney wants U.S. foreign development investments to better compete with China's Belt and Road Initiative. </li><li>A bill introduced by Romney would add the defense secretary to the board overseeing the institution making these investments.</li><li>Romney said these investments need to take into account American national security interests.</li></ul></div></div><p class="c-paragraph">With just weeks left in his single term in the Senate, Sen. Mitt Romney hopes to help the U.S. do a better job competing with China when it comes to investing in foreign development projects.</p><p class="c-paragraph">He and his Republican colleague from Alaska, Sen. Dan Sullivan, introduced a bill Thursday designed to strengthen the U.S. International Development Finance Corporation, in an effort to compete with China’s massive Belt and Road Initiative.</p><p class="c-paragraph">China has been <a href="https://www.gao.gov/products/gao-24-106866" target="_blank">funding infrastructure projects</a> in developing countries through its Belt and Road Initiative, including rail lines, highways, ports, power plants and telecommunication lines.</p><p class="c-paragraph">Romney and Sullivan want the U.S. to better compete in this space, and say the Development Finance Corporation, which funds projects in other countries in conjunction with private interests, should prioritize national security along with its other interests.</p><p class="c-paragraph">The bill would add the U.S. Defense Secretary to DFC’s governing board, and would require the DFC to “prioritize projects that help the United States compete with China and other covered countries.”</p><p class="c-paragraph">The bill would also require the head of the DFC to report to Congress on how it is achieving foreign policy objectives.</p><p class="c-paragraph">“The Development Finance Corporation was created to respond to global development needs and the Chinese Communist Party’s Belt and Road, but it is currently not living up to its potential,” Romney said in a press release.</p><div class="dn-article-body__related-story dn-article-body__related-story-last"><div class="dn-article-body__related-story-title">Related</div><div class="dn-article-body__related-story-item"><a href="https://www.deseret.com/2023/5/3/23708501/romney-china-policy-biden/">Mitt Romney presses White House for China policy while administration extends olive branch</a></div></div><p class="c-paragraph">Romney said the DFC needs to work for American interests and give other countries an alternative to accepting investment from China.</p><div class="comments-bubble-container"><div class="comments-bubble">34</div><div class="comments-text false">Comments</div></div><p class="c-paragraph">“Our legislation will do that by requiring DFC to prioritize projects that will help the United States better compete with China,” continued Romney.</p><p class="c-paragraph">Sullivan said a review of DFC’s projects will show the organization isn’t strategically focused. He thinks Congress needs to step in so the DFC will have a better focused on American national security interests.</p><p class="c-paragraph">“Sen. Romney and I are putting forward legislation to do just that,” said Sullivan. “I look forward to carrying this initiative forward in the new Congress as part of a larger bipartisan effort to address the threats posed by the Chinese Communist Party.”</p><p class="c-paragraph"><b>Correction:</b> <i>Sen. Dan Sullivan represents Alaska. A previous version of this story listed an incorrect state.</i></p><div style="clear:both"></div></div><div class="htl-ad-block"><div class="HTLAds htlad-article_video_recirculation" data-unit="/deseret/www.deseret.com/politics"></div></div><div id="fusion-static-enter:f0fRMvQ4oViY13J" style="display:none" data-fusion-component="f0fRMvQ4oViY13J"></div><div class="OUTBRAIN" data-src="https://www.deseret.com/politics/2024/11/21/romney-says-investments-should-compete-with-china/" data-widget-id="AR_1"></div><script type="text/plain" class="optanon-category-C0004" async="" src="//widgets.outbrain.com/outbrain.js"></script><div id="fusion-static-exit:f0fRMvQ4oViY13J" style="display:none" data-fusion-component="f0fRMvQ4oViY13J"></div><div class="offcanvas offcanvas-end false" tabindex="-1" id="comments-sidebar" aria-labelledby="offcanvasRightLabel"><div class="offcanvas-header flex-wrap"><div class="comments-heading">Join the Conversation</div><button type="button" class="btn-close text-reset" data-bs-dismiss="offcanvas" aria-label="Close"></button></div><div class="offcanvas-body"><div id="coral_thread"></div></div></div><div id="fusion-static-enter:html-block-f0fnkx25oLea1lf" style="display:none" data-fusion-component="html-block-f0fnkx25oLea1lf"></div><div><style> .htlad-mobile_leaderboard, .htlad-desktop_leaderboard_variable { margin-bottom: 20px; } </style></div><div id="fusion-static-exit:html-block-f0fnkx25oLea1lf" style="display:none" data-fusion-component="html-block-f0fnkx25oLea1lf"></div><div id="comments-notice"><div class="title">Looking for comments?</div><div class="message">Find comments in their new home! 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"},"promoHeadline":"Sen. Romney wants U.S. to compete better with China on foreign development investments","seoDescription":{"plaintext":"Outgoing Utah Sen. Mitt Romney is cosponsoring legislation with Sen. Dan Sullivan to make U.S. investments more competitive. "},"seoHeadline":"Sen. Romney wants U.S. to compete better with China ","socialDescription":{"plaintext":"He introduced a bill to require the U.S. International Development Finance Corporation to prioritize projects that take into account national security needs. "},"socialHeadline":"Sen. Romney wants U.S. to compete better with China on foreign development investments"},"address":{},"canonical_website":"deseretnews","content_elements":[{"_id":"3QVCNAHK45AIRBYQUO7J6V4LOE","additional_properties":{"_id":1732226977726},"embed":{"config":{"homepage_feeds_description":"He introduced a bill to require the U.S. International Development Finance Corporation to prioritize projects that take into account national security needs. ","homepage_feeds_title":"Sen. Romney wants U.S. to compete better with China on foreign development investments","search_description":"Outgoing Utah Sen. Mitt Romney is cosponsoring legislation with Sen. Dan Sullivan to make U.S. investments more competitive. ","search_title":"Sen. Romney wants U.S. to compete better with China ","social_description":"He introduced a bill to require the U.S. International Development Finance Corporation to prioritize projects that take into account national security needs. ","social_title":"Sen. Romney wants U.S. to compete better with China on foreign development investments"},"id":"custom_powerup_1708623327300","url":"/"},"subtype":"Alternate Headlines","type":"custom_embed"},{"_id":"GNFEV2UBBND37JWH5L2CDFEVSM","additional_properties":{"_id":"KNHPSP4BV5FPLIKYXQB6UCPD5Q"},"embed":{"config":{"content":"<ul><li>Sen. Mitt Romney wants U.S. foreign development investments to better compete with China's Belt and Road Initiative. </li><li>A bill introduced by Romney would add the defense secretary to the board overseeing the institution making these investments.</li><li>Romney said these investments need to take into account American national security interests.</li></ul>"},"id":"custom_powerup_1732229854425","url":"/"},"subtype":"Key Points","type":"custom_embed"},{"_id":"3S26TIZAYNFMBEK7NA62AMLTC4","additional_properties":{"_id":1732229982451},"content":"With just weeks left in his single term in the Senate, Sen. Mitt Romney hopes to help the U.S. do a better job competing with China when it comes to investing in foreign development projects.","type":"text"},{"_id":"EW4FHWON3JAQDIFDLAEVOHVWSQ","additional_properties":{"_id":1732289006306},"content":"He and his Republican colleague from Alaska, Sen. Dan Sullivan, introduced a bill Thursday designed to strengthen the U.S. International Development Finance Corporation, in an effort to compete with China’s massive Belt and Road Initiative.","type":"text"},{"_id":"BWNLJTBLKBHX5F3ATLBK4HRXEY","additional_properties":{"_id":1732289006307},"content":"China has been <a href=\"https://www.gao.gov/products/gao-24-106866\" target=\"_blank\">funding infrastructure projects</a> in developing countries through its Belt and Road Initiative, including rail lines, highways, ports, power plants and telecommunication lines.","type":"text"},{"_id":"CCMXY7MQOVESNJ3WHI4ZY4MFEI","additional_properties":{"_id":1732229982452},"content":"Romney and Sullivan want the U.S. to better compete in this space, and say the Development Finance Corporation, which funds projects in other countries in conjunction with private interests, should prioritize national security along with its other interests.","type":"text"},{"_id":"KDXZDRW2GRDKRDO2WLC3G5WQYI","additional_properties":{"_id":1732289006309},"content":"The bill would add the U.S. Defense Secretary to DFC’s governing board, and would require the DFC to “prioritize projects that help the United States compete with China and other covered countries.”","type":"text"},{"_id":"OERQUNR27ZB4TFL6CAERTTB5RU","additional_properties":{"_id":1732289006310},"content":"The bill would also require the head of the DFC to report to Congress on how it is achieving foreign policy objectives.","type":"text"},{"_id":"75TTQ26MRNGTFARUU7DDJDE7KY","additional_properties":{"_id":1732229982453},"content":"“The Development Finance Corporation was created to respond to global development needs and the Chinese Communist Party’s Belt and Road, but it is currently not living up to its potential,” Romney said in a press release.","type":"text"},{"_id":"NALDDW7DJZEIHE3LGO2MMDEKOU","additional_properties":{"_id":"LKHB2MFUCRB4VNNLOC4U3ZVHAQ"},"content":"Mitt Romney presses White House for China policy while administration extends olive branch","type":"interstitial_link","url":"https://www.deseret.com/2023/5/3/23708501/romney-china-policy-biden/"},{"_id":"UONRYRP33BB2JJ2GVVOE2BJ5TU","additional_properties":{"_id":1732229982459},"content":"Romney said the DFC needs to work for American interests and give other countries an alternative to accepting investment from China.","type":"text"},{"_id":"KV3ROR2YYFC6JKB47KOVBWVHRE","additional_properties":{"_id":1732229982460},"content":"“Our legislation will do that by requiring DFC to prioritize projects that will help the United States better compete with China,” continued Romney.","type":"text"},{"_id":"TN4J2LZXONCFXGMT2GEFWV73NQ","additional_properties":{"_id":1732229982461},"content":"Sullivan said a review of DFC’s projects will show the organization isn’t strategically focused. He thinks Congress needs to step in so the DFC will have a better focused on American national security interests.","type":"text"},{"_id":"B5FB5URIPJCWHGFLCTTWLULDZI","additional_properties":{"_id":1732229982462},"content":"“Sen. Romney and I are putting forward legislation to do just that,” said Sullivan. “I look forward to carrying this initiative forward in the new Congress as part of a larger bipartisan effort to address the threats posed by the Chinese Communist Party.”","type":"text"},{"_id":"3LEVWZSMOZAA5FM2UXFTLRLWOM","additional_properties":{},"content":"<b>Correction:</b> <i>Sen. Dan Sullivan represents Alaska. 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