The Department of Defense (DoD) and the U.S. International Development Finance Corporation (DFC) have signed a joint memorandum of agreement to spend $100 million of the department's CARES Act money to provide additional support for pandemic relief, the DoD reported last week.
Hon. Ellen Lord, undersecretary of defense for acquisition and sustainment and four-time Wash100 Award recipient, and Adam Boehler, the DFC's CEO, signed the memorandum to help subsidize federal loans to create, maintain, protect, expand and restore domestic industrial-based capabilities to support the national COVID-19 response.
“Since January, the department’s top priorities has been to protect our three million service members and their family members and all of our civilian and defense personnel, while continuing our national security initiatives and helping the American people confront this crisis,” Lord stated.
She added that President Trump signed an executive order that has authorized the DFC to execute loans using the Defense Production Act Title III authorities in support of the COVID-19 response. The two-year authorization is in conjunction with the Defense Production Act.
“DFC will bring decades of federal credit experience to the partnership, which will advance national objectives and address domestic challenges, such as in response to the current outbreak,” Lord said.
The company will address the pandemic with a global perspective, coordinating their international efforts with the domestic effort. Boehler said DFC will continue to support DoD and its initiatives. DFC has modernized and reformed the government's development finance capabilities.
"After fighting two world wars that required unprecedented economic mobilization, the country recognized that America's strength against any enemy is derived from our people, a workforce that built the greatest economy in the world. They understand that our country's freedom cannot be separated from the strength of our economy," Boehler stated.
Lord will be featured as a keynote speaker at the 5G Summit. She will discuss emerging programs, priorities and challenges within the integration process of the new 5G framework. As emerging technologies continue to become an integral part of business and innovation, leaders across all divisions must stay ahead of the curve to tackle national and global issues.
5G wireless technology is anticipated to unleash unprecedented levels of connectivity between millions of new internet of things devices and there are already a range of deployments making their way across the U.S. and in a few federal agencies.
Join Potomac Officers Club for its 5G Summit on Oct. 27, 2020 to learn about the impact that innovative technologies and 5G integration have on the private and public sectors, the steps the federal agencies have taken to remain up to speed with the rapid advancement of technology, and the future programs, plans and priorities as the nation aligns with emerging technology.