Trump Would Shift Foreign Aid to Wall Street Ally

“President Donald Trump’s advisers have discussed shifting billions in funding from USAID to a government-run agency due to be headed up by the dealmaker son of Apollo Global Management co-founder Leon Black, part of an overhaul of how the US wields economic power internationally,” Bloomberg reports.

“The new approach would see reduced humanitarian assistance and a greater role for private equity groups, hedge funds and other investors in projecting economic might as the US competes for influence and strategic projects overseas with China.”

“Under the proposals, a chunk of money that went to USAID would go to the US International Development Finance Corp., which was created during the first Trump administration and given the authority to use US taxpayer funds to invest in private-sector projects overseas alongside institutional investors.”