Letter to Mr. Adam Boehler, Chief Executive Officer, U.S. International Development Finance Corporation

Summary

Letter dated August 4, 2020, to Adam Boehler, Chief Executive Officer of the U.S. International Development Finance Corporation (DFC), from the House Committee on Financial Services, in coordination with other committees, which is investigating DFC's financing program under the Defense Production Act of 1950. It states that on July 28, 2020, Boehler signed a letter of interest to provide $765 million in financing to Eastman Kodak Company. The letter requests records, including communications about DFC's consideration of Kodak and communications with private sector entities from May 1, 2020 through August 4, 2020, by August 31, 2020. It also asks for written acknowledgement within five days. Signature blocks name Maxine Waters, Eliot L. Engel, James E. Clyburn, Carolyn B. Maloney and Al Green.

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Full text

                                  Congress of the United States
                                              Washington, D.C. 20515


                                                    August 4, 2020


Mr. Adam Boehler
Chief Executive Officer
U.S. International Development Finance Corporation
1100 New York Avenue, NW
Washington, D.C. 20527

Dear Mr. Boehler:


       Pursuant to its legislative and oversight authority under House Rule X, 116th Congress, the U.S.
House Committee on Financial Services, in coordination with the Committee on Foreign Affairs,
Committee on Oversight and Reform, and Subcommittee on the Coronavirus Crisis, is investigating
matters related to the U.S. International Development Finance Corporation’s (“DFC”) program for
financing private sector entities in support of the domestic COVID-19 response under the Defense
Production Act of 1950 (“DPA”). On July 28, 2020, you signed a letter of interest to provide $765
million in financing to Eastman Kodak Company (“Kodak”) under DFC’s DPA loan program.
According to DFC, the loan would be DFC’s first use of DPA authority and would support Kodak, an
organization that was on the brink of failure in 20121 and was unsuccessful in its previous foray
into pharmaceutical manufacturing,2 in its efforts to develop the capacity to produce up to 25
percent of domestic pharmaceutical components.3

       In furtherance of this investigation, we request that you produce the following records as soon as
possible, but no later than August 31, 2020:

        1. All Records, including Communications related to DFC’s consideration of Kodak, and any
           component or affiliate thereof, for financing under DFC’s DPA loan program, including but
           not limited to, all Communications between DFC and Kodak from May 1, 2020 through
           August 4, 2020; and

        2. All Communications between DFC and any private sector entity regarding financing under
           DFC’s DPA loan program from May 1, 2020 through August 4, 2020.

        Additionally, please provide your written acknowledgement of this letter within five days of its
receipt. We also ask that you please make your staff available to meet and confer with committee staff
within five days of receipt of this letter to discuss the aforementioned requests and the enclosed definitions
and instructions.


1
  In re Eastman Kodak Company, et al., No. 12-10202 (ALG) (Bankr. S.D.N.Y. 2012), Doc. 1.
2
  Chunka Mui, How Kodak Failed, Forbes (Jan. 18, 2012).
3
  DFC Press Release, DFC to Sign Letter of Interest for Investment in Kodak’s Expansion Into Pharmaceuticals (July 28,
2020).
Mr. Adam Boehler
August 4, 2020
Page 2 of 2

      Please direct any questions regarding this request to David Abramowitz, Kevin Burris, or Bruce
Johnson of Committee on Financial Services staff.

                                          Sincerely,




_________________________                              _________________________
The Honorable Maxine Waters                            The Honorable Eliot L. Engel
Chairwoman                                             Chairman
House Committee on Financial Services                  House Committee on Foreign Affairs




_________________________                                _________________________
The Honorable James E. Clyburn                           The Honorable Carolyn B. Maloney
Chairman                                                 Chairwoman
House Select Subcommittee on                             House Committee on Oversight and Reform
the Coronavirus Crisis




_________________________
The Honorable Al Green
Chairman
Subcommittee on Oversight & Investigations
House Committee on Financial Services

Enclosures

cc: The Honorable Patrick McHenry, Ranking Member, House Committee on Financial Services
    The Honorable Michael McCaul, Ranking Member, House Committee on Foreign Affairs
    The Honorable Steve Scalise, Ranking Member, House Select Subcommittee on the
    Coronavirus Crisis
    The Honorable James Comer, Ranking Member, House Committee on Oversight and Reform
    The Honorable Andy Barr, Ranking Member, Subcommittee on Oversight & Investigations,
    House Committee on Financial Services
    The Honorable Dr. Mark Esper, Secretary, U.S. Department of Defense


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