in 2019On June 20, 2019, Krach was confirmed by the Senate as
under secretary of state for economic growth, energy, and the environment, United States alternate governor of the
European Bank for Reconstruction and Development, and United States alternate governor of the
International Bank for Reconstruction and Development. He served as the country's top economic diplomat for the State Department.
Nomination and confirmation Krach was confirmed by unanimous voice vote in the Senate.
Pandemic response In the spring and summer of 2020, Krach and his State Department team supported efforts to repatriate more than 60,000 Americans who were stranded overseas by the coronavirus pandemic, and also worked to accelerate supply chains for
PPE and other vital supplies to safeguard the lives of healthcare workers, patients, and American families. In March 2020, an article was published by Bloomberg, stating that Krach had made a billion dollars as a result of a runup in DocuSign's stock price, stating that Krach "benefited from a pandemic that's left millions of Americans unemployed." Bloomberg retracted the article and published a letter to the editor from Krach titled "Public Service Is Worth More Than a Billion." In his letter, Krach pointed out that "I divested my entire stake in DocuSign and my other holdings as a condition of joining the federal government, meaning I profited in no way." On May 14, 2020 TSMC announced a plan to build a $12 billion 5 nanometer semiconductor fab in the United States. TSMC represented the largest onshoring in US history.
Taiwan relationship On September 17, 2020, Krach was the first under secretary to visit Taiwan since the United States stopped recognizing the government in Taipei (replacing it instead in favor of the government in Beijing). Krach led the development of an economic collaboration agreement which he named the Lee Economic Prosperity Partnership ("EPP") after Taiwan's "Father of Democracy," former President Lee Teng-hui. A five-year agreement was signed on November 20, 2020. Krach also initiated and presided over a U.S.-Taiwan Science and Technology Cooperation Agreement, signed on December 15, 2020. Krach's team and the State Department also established the first step of the TIFA trade agreement in January 2021. On January 20, 2021, China imposed
sanctions against Krach, outgoing US Secretary of State
Mike Pompeo, former secretary of health and human services
Alex Azar, outgoing US ambassador to the United Nations
Kelly Craft, and 24 other former Trump officials.
The Clean Network Undersecretary of State Krach was responsible for the development and implementation of the
Clean Network Alliance of Democracies which is designed to be a US government-led global effort to address what the State Department describes as "the long-term threat to data privacy, security, human rights and principled collaboration posed to the free world from authoritarian malign actors." Krach coined the term "The Clean Network" to describe what he described in his Senate confirmation hearing as an alliance of democracies and companies that operate by a set of trust principles. On May 15, 2020, The Clean Network commenced with three simultaneous announcements of three related initiatives to put Huawei on the defensive and dubbed the 5G Trifecta; the onshoring of TSMC's semiconductors, the tightening of export controls on Huawei; and the global roll out of the 5G Clean Path. Krach secured commitments to the Clean Network from other EU countries, such as Estonia, Albania, Austria, Germany, Luxembourg, Belgium, Spain, Portugal, Bulgaria, Kosovo, North Macedonia, and Cyprus. In December 2020 and January 2021 Krach onboarded countries including Palau, Ukraine and Georgia.
Capital markets Krach led the State Department's efforts to protect American investors from unknowingly financing what he described as the People's Republic of China's military, security, intelligence apparatus and, human rights abuses. == Post-government activities ==