DFC CEO Ben Black Outlines Vision for U.S. Economic Statecraft Revival

Revitalizing American Economic Influence: DFC CEO Ben Black's Vision

In a keynote speech at the Council on Foreign Relations’ 2026 Endless Frontiers forum in Austin, Texas, DFC CEO Ben Black outlined a comprehensive plan to reinvigorate America's economic statecraft. Highlighting historical successes and acknowledging past failures, Black emphasized DFC's strategy to bolster U.S. influence through strategic investments and partnerships. His full address is available for viewing on YouTube here.

Remarks as delivered:

According to Black, America's financial prowess has been a cornerstone of its global standing since the nation's inception. He referenced Alexander Hamilton's vision, stating, “power without revenue is a bubble.” This philosophy propelled the U.S. to become a global industrial power by the 20th century, notably through accomplishments like the Panama Canal. The canal not only showcased America's industrial capability but also integrated U.S. production into global trade, boosting exports significantly.

Black emphasized the influential thoughts of Alfred Thayer Mahan, who linked trade revenue to military strength, advocating that economic security is paramount to national security. This ideology paved the way for initiatives like the Marshall Plan post-World War II, which rebuilt Europe using U.S. goods and services, thus fostering economic alliances and reducing communist threats.

However, Black acknowledged a pivotal misstep in the post-Cold War era, where reliance on international institutions and engagement with China led to strategic vulnerabilities, particularly in supply chains. He highlighted the current challenges faced by the U.S. in sectors where China has gained significant control, such as pharmaceuticals and critical minerals.

President Trump has directed DFC to address these challenges by rejuvenating American economic statecraft. The agency now boasts $205 billion in investment capacity, allowing it to make impactful investments globally. DFC aims to create robust economic ecosystems aligned with U.S. interests by leveraging private capital and focusing on strategic regions like the Western Hemisphere and Eastern Europe.

Black underscored the importance of industrialization, supported by energy advancements, in lifting populations from poverty. The U.S., now a leading producer of natural gas and oil, sees opportunities to build energy infrastructure that aligns with strategic objectives. This includes alternatives to Russian gas in Europe and shale development in Argentina.

Moreover, DFC is set to dismantle bottlenecks, promoting logistical infrastructure for effective material transportation. The agency will also push for digital infrastructure that supports advanced American technologies in the global market, countering efforts by China in the tech space.

Financial services, a crucial frontier in global competition, are central to DFC’s strategy. The agency seeks to promote systems that align with American values, supporting transparency and reliability in transactions.

By mobilizing private capital and derisking investments, DFC distinguishes its approach from adversaries, aiming to build dynamic markets through collaboration. The goal is to ensure that U.S. investments foster sustainable economic futures for partner countries. “The U.S.'s greatest export is the American free market system,” Black concluded, emphasizing its role in fostering global prosperity.

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The U.S. International Development Finance Corporation (DFC) is the international investment arm of the United States Government, central to U.S. economic statecraft. DFC mobilizes private capital to advance U.S. foreign policy and economic development. Our investments deliver strong returns for American taxpayers, drive meaningful economic development for our allies and partners, and secure supply chains to counter and outcompete our adversaries.