DEVELOPMENT FINANCE ADVISORY COUNCIL.

SEC. 8728. DEVELOPMENT FINANCE ADVISORY COUNCIL. Section 1413(j) of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9613(j)), as so redesignated, is amended— (1) by striking paragraphs (1) and (2) and inserting the following: “(1) In general.—There is established a Development Finance Advisory Council (in this subsection referred to as the ‘Council’) that shall advise the Board and the Congressional Strategic Advisory Group established by subsection (k) on the development priorities and objectives of the Corporation. “(2) Membership.—Members of the Council shall be appointed by the Board, on the recommendation of the Chief Executive Officer, and shall be composed of not more than 9 members broadly representative of nongovernmental organizations, think tanks, advocacy organizations, foundations, private industry, and other institutions engaged in international development and international development finance, of whom not fewer than 5 members shall be experts from the international development sector.” ; (2) by redesignating paragraph (4) as paragraph (6); and (3) by inserting after paragraph (3) the following: “(4) Board meetings.—The Board shall meet with the Council at least twice each year and engage directly with the Board on its recommendations to improve the policies and practices of the Corporation to achieve the development priorities and objectives of the Corporation. “(5) Administration.—The Board shall— “(A) prioritize maintaining the full membership and composition of the Council; “(B) inform the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives when a vacancy of the Council occurs, including the date that the vacancy occurred; and “(C) for any vacancy on the Council that remains for 120 days or more, submit a report to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives explaining why a vacancy is not being filled and provide an update on progress made toward filling such vacancy, including a reasonable estimation for when the Board expects to have the vacancy filled.” .