Trump Nominates Financier Benjamin Black as CEO of U.S. Development Finance Corporation

President Donald Trump has nominated Benjamin Black, a financier with a background in private equity and corporate law, to serve as Chief Executive Officer of the U.S. International Development Finance Corporation (DFC). If confirmed by the Senate, Black would succeed Scott A. Nathan, who resigned earlier this year.

The DFC, established in 2019 through the merger of the Overseas Private Investment Corporation (OPIC) and USAID's Development Credit Authority, partners with the private sector to fund development projects abroad. Its mission is to promote economic growth, advance U.S. interests, and generate returns for American taxpayers.

Black, 40, is the son of Leon Black, co-founder of Apollo Global Management. He holds a Bachelor of Arts in history from the University of Pennsylvania, a Juris Doctor and Master of Business Administration from Harvard University, and a Master of Laws in Taxation from New York University School of Law. His professional experience includes roles at Goldman Sachs, Apollo Global Management, and Sullivan & Cromwell. In 2020, he founded Fortinbras Enterprises, a New York-based credit investment fund managing $122 million in assets. He also serves as CEO and director of Osiris Acquisition Corp., a special purpose acquisition company (SPAC).

In January 2025, Black co-authored an essay with entrepreneur Joe Lonsdale, criticizing the U.S. Agency for International Development (USAID) for "mission drift" and advocating for reallocating portions of USAID's budget to the DFC to support pro-market foreign investments aligned with U.S. strategic interests. During his Senate confirmation hearing on June 10, 2025, Black emphasized the DFC's dual mandate of advancing economic development and strategic foreign policy priorities, stating that he does not view the two objectives as conflicting.

Black's nomination has drawn attention due to his limited experience in foreign policy and legislative affairs. His policy views, particularly the critique of USAID and the proposal to reallocate its budget to the DFC, suggest a potential shift in U.S. development finance strategy towards investment-driven models that align with U.S. strategic interests. This approach may influence the future direction of U.S. foreign aid and development initiatives.

The nomination is currently pending Senate confirmation.