PERFORMANCE MEASURES, EVALUATION, AND LEARNING.

SEC. 8754. PERFORMANCE MEASURES, EVALUATION, AND LEARNING. Section 1442 of the Better Utilization of Investments Leading to Development Act of 2018 (22 U.S.C. 9652) is amended— (1) in subsection (b)— (A) by striking paragraph (1) and inserting the following: “(1) develop a development impact measurement system, to be known as the Corporation’s Impact Quotient, which shall— “(A) serve as a metrics-based measurement system to assess a project’s expected outcomes and development impact on a country, a region, and populations throughout the sourcing, origination, management, monitoring, and evaluation stages of a project’s lifecycle; “(B) enable the Corporation to assess development impact at both the project and portfolio level; “(C) provide guidance on when to take appropriate corrective measures to further development goals throughout a project’s lifecycle; and “(D) inform congressional notification requirements outlining the Corporation’s project development impacts;” ; (B) in paragraph (3), by striking “; and” and inserting a semicolon; (C) in paragraph (4)— (i) in the matter preceding subparagraph (A), by striking “method for ensuring, appropriate development performance” and inserting “method for evaluating and documenting the development impacts”; and (ii) in subparagraph (B), by striking the period at the end and inserting a semicolon; and (D) by adding at the end the following: “(5) develop standards for, and a method for ensuring, appropriate monitoring of the Corporation’s compliance with environmental and social standards consistent with the guidance published by the Corporation following broad consultation with appropriate stakeholders to include civil society; and “(6) develop standards for, and a method for ensuring, appropriate monitoring of the Corporation’s portfolio, including standards for ensuring employees or agents of the Corporation identify and conduct in-person site visits of each high-risk loan, loan guarantee, and equity project, as necessary and appropriate, after the initial disbursement of funds.” ; (2) by redesignating subsections (c) and (d) as subsections (d) and (e), respectively; (3) by inserting the following after subsection (b): “(c) Required Performance Measures Update for Congressional Strategic Advisory Group.—At any meeting of the Congressional Strategic Advisory Group, the Corporation shall be prepared discuss the standards developed in subsection (b) for all ongoing projects.” ; and (4) by inserting at the end the following: “(f) Staffing for Portfolio Oversight and Reporting.— “(1) Requirement to maintain capacity.—The Corporation shall maintain an adequate number of full-time personnel with appropriate expertise to fulfill its obligations under this section and section 1443, including— “(A) monitoring and evaluating the financial performance of the Corporation’s portfolio; “(B) evaluating the development and strategic impact of investments throughout the program lifecycle; “(C) preparing required annual reporting on the Corporation’s portfolio of investments, including the information set forth in section 1443(a)(6); and “(D) monitoring for compliance with all applicable laws and ethics requirements. “(2) Qualifications.—Personnel assigned to carry out the obligations described in paragraph (1) shall possess demonstrable professional experience in relevant areas, such as development finance, financial analysis, investment portfolio management, monitoring and evaluation, impact measurement, or legal and ethics expertise. “(3) Organizational structure.—The Corporation shall maintain such personnel within 1 or more dedicated units or offices, which shall— “(A) be functionally independent from investment origination teams; “(B) be managed by senior staff who report to the Chief Executive Officer or Deputy Chief Executive Officer; and “(C) be allocated resources sufficient to fulfill the Corporation’s obligations under this section and to support transparency and accountability to Congress and to the public. “(4) Insulation from reductions.—The Corporation may not reduce the staffing, funding, or organizational independence of the units or personnel responsible for fulfilling the obligations under this section unless— “(A) the Chief Executive Officer certifies in writing to the appropriate congressional committees that such reductions are necessary due to operational exigency, statutory change, or budgetary shortfall; and “(B) the Corporation includes in its annual report a detailed explanation of the impact of any such changes on its capacity to analyze and report on portfolio performance.” .