Biden sets acting-leadership order for the Development Finance Corporation

President Joe Biden issued a January 3, 2025 memorandum setting who could act as chief executive officer of the U.S. International Development Finance Corporation if the CEO could not serve. The order placed the deputy CEO first, followed by investment, operations, legal, management, and finance officials. The memo relied on the Federal Vacancies Reform Act and revoked a January 8, 2021 DFC succession memorandum. The action mattered because DFC finances overseas development and strategic investment projects, and acting-CEO rules determine who can legally make continuity decisions during a vacancy.