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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10059 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                               H. R. 10059

To enhance the operations and accountability of international financial 
institutions, strengthen support for low-income countries, and promote 
 human rights and environmental standards in global financial projects.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 25, 2024

Ms. Waters (for herself and Mrs. Beatty) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To enhance the operations and accountability of international financial 
institutions, strengthen support for low-income countries, and promote 
 human rights and environmental standards in global financial projects.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Financial Institution 
Improvements Act of 2024''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
             TITLE I--INTERNATIONAL FINANCIAL INSTITUTIONS

Sec. 101. Improvement of transparency in host nations.
Sec. 102. Collaboration with civil society organizations.
Sec. 103. United States leadership in debt forgiveness.
                TITLE II--MULTILATERAL DEVELOPMENT BANKS

Sec. 201. Amendment of the Articles of Agreement of the International 
                            Bank for Reconstruction and Development.
Sec. 202. Aligning regulations for International Development 
                            Association securities.
Sec. 203. United States coordination with the International Bank for 
                            Reconstruction and Development on human 
                            rights.
Sec. 204. Timeliness of project preparation and execution by the 
                            International Bank for Reconstruction and 
                            Development and the International 
                            Development Association.
Sec. 205. Protections for human rights, including LGBTQ+ persons.
Sec. 206. IDA private sector lending window.
Sec. 207. World Bank support for Haiti development.
Sec. 208. World Bank feasibility study on a consortium bank in the 
                            Caribbean region.
Sec. 209. Treasury report on accountability of the International 
                            Finance Corporation regarding Bridge 
                            Academies.
Sec. 210. Shipping transparency risk mitigation.
Sec. 211. World Bank support for efforts to deny safe havens for stolen 
                            assets.
Sec. 212. Continuation of pause on World Bank disbursements and 
                            commitments to Burma.
Sec. 213. Digital public infrastructure safeguards for international 
                            financial institutions projects and 
                            financing.
Sec. 214. Independent accountability mechanisms.
Sec. 215. Sexual exploitation and assault prevention.
Sec. 216. Publication of loan agreements.
Sec. 217. Enhancing transparency to combat corruption.
Sec. 218. Adoption of anti-reprisal standards.
Sec. 219. Reporting on human rights abuses in for-profit healthcare 
                            investments.
Sec. 220. Combatting climate change.
Sec. 221. United States advocacy for investment in projects that 
                            decrease reliance on Russia for 
                            agricultural commodities.
Sec. 222. Urging the World Bank to eliminate harmful labor indicators 
                            from its Business Ready Report.
                 TITLE III--INTERNATIONAL MONETARY FUND

Sec. 301. United States advocacy of debt suspension by International 
                            Monetary Fund for low-income and small 
                            countries that experience a climate-related 
                            disaster.
Sec. 302. Loan conditionality.
Sec. 303. Anti-corruption measures in lending agreements.
Sec. 304. Fifth Deputy Managing Director.
Sec. 305. Resilience and Sustainability Trust financing.
Sec. 306. Quota increase.
Sec. 307. New Arrangements to Borrow.
Sec. 308. Annual report on surcharges.
       TITLE IV--MULTILATERAL DEVELOPMENT BANK CAPITAL INCREASES

Sec. 401. African Development Fund replenishment.
Sec. 402. African Development Bank general callable capital increase.
Sec. 403. European Bank for Reconstruction and Development general 
                            capital increase.

             TITLE I--INTERNATIONAL FINANCIAL INSTITUTIONS

SEC. 101. IMPROVEMENT OF TRANSPARENCY IN HOST NATIONS.

    Title XV of the International Financial Institutions Act (22 U.S.C. 
262o-262o-4) is amended by adding at the end the following:

``SEC. 1506. IMPROVEMENT OF TRANSPARENCY IN HOST NATIONS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at each international financial institution (as 
defined in section 1701(c)(2)) to encourage the respective institution 
to publicize the nature and purpose of any project, loan, investment, 
or other activity being pursued by the institution in any country, in 
simple terms designed to increase the understanding of the citizens of 
the country of the good work conducted by the institution and better 
explain who will benefit from the activity.''.

SEC. 102. COLLABORATION WITH CIVIL SOCIETY ORGANIZATIONS.

    (a) In General.--Title XV of the International Financial 
Institutions Act (22 U.S.C. 262o-262o-4) is further amended by adding 
at the end the following:

``SEC. 1507. COLLABORATION WITH CIVIL SOCIETY ORGANIZATIONS.

    ``(a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each international financial 
institution (as defined in section 1701(c)(2)) to use the voice, vote, 
and influence of the United States to work to develop policies, to be 
approved by the Board of Executive Directors of the respective 
institution following a wide and extensive consultation with civil 
society, to require the staff of the institution to engage and consult 
in meaningful ways with civil society organizations (which should 
include women's rights organizations; organizations working on 
economic, fiscal justice, and anti-corruption issues; and worker 
representatives, including care workers).
    ``(b) Specific Policies.--
            ``(1) In general.--The policies developed pursuant to 
        subsection (a) should--
                    ``(A) articulate mechanisms for how to engage in 
                different contexts and should be adapted to the purpose 
                of the engagement, and set clear timelines and dates 
                for consultations, taking into account project 
                timelines;
                    ``(B) require mission chiefs to meet with a wide 
                range of stakeholders from civil society from 
                conceptualization through completion of the project or 
                loan involved;
                    ``(C) should require the institution to set clear 
                parameters, dates, and mechanisms to conduct genuine 
                and meaningful consultations with civil society 
                organization policy in the different review processes, 
                and develop new policies and strategies.
            ``(2) International monetary fund.--In the case of the 
        International Monetary Fund, as the Fund identifies and builds 
        the work of the Fund on issues of critical importance to 
        macroeconomic trends and policies, such as inequality, climate 
        change, gender, and anti-corruption, the policies developed 
        pursuant to subsection (a) should also provide for increasing 
        engagement with civil society organizations with expertise in 
        those issues.
    ``(c) Solicitation of Views of Civil Society Organizations.--The 
Secretary of the Treasury shall meet semiannually with a range of civil 
society organizations to solicit the views of the organizations on 
United States participation in and policies at the international 
financial institutions (as so defined).''.
    (b) Report.--Within 1 year after the date of the enactment of this 
Act, the Secretary of the Treasury shall submit to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Foreign Relations of the Senate a written report on the steps that the 
United States has taken to encourage collaboration with civil society 
organizations.

SEC. 103. UNITED STATES LEADERSHIP IN DEBT FORGIVENESS.

    (a) Report to the Congress.--Within 180 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall submit to 
the Committee on Financial Services of the House of Representatives and 
the Committee on Foreign Relations of the Senate a written report that 
contains an assessment of--
            (1) the commonalities in successive debt-restructuring 
        challenges across the frameworks and forums in which the United 
        States participates, such as the types of debt relief that 
        countries are able to provide, the terms of debt relief, and 
        the reclassification of public debt as private debt by certain 
        creditors;
            (2) the options available to provide debt relief to 
        developing countries with an intransigent creditor while 
        protecting United States taxpayer resources and ensuring that 
        United States taxpayer money is not being used to fund payments 
        to intransigent creditor nations;
            (3) the oversight and policy priorities of the United 
        States in the negotiations in the debt-negotiation forums in 
        which the United States participates;
            (4) the likelihood that low-income developing countries can 
        gain or retain access to private capital markets even if the 
        countries are in default on debt owed to sovereign creditors, 
        and how to increase that likelihood; and
            (5) the implications for the economic and national security 
        interests of the United States of the extent to which the debt 
        of developing countries impedes or prevents the countries from 
        taking on additional debt to finance future projects.
    (b) Advocation for Integration of Certain Elements in the IMF 
Review of the Debt Sustainability Framework for Low-Income Countries.--
The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice, 
vote, and influence of the United States to strongly advocate for the 
integration of the following elements in the review by the Fund of the 
Debt Sustainability Framework for Low-Income Countries:
            (1) Making ``informing debt restructuring processes'' an 
        explicit purpose of the Framework.
            (2) Increasing the transparency of macroeconomic 
        assumptions used to inform sustainability estimates and the 
        rationale for the assumptions, including for projected gross 
        domestic product, exports, fiscal balance, fiscal balance 
        financing, and expected debt restructuring.
            (3) Including investments identified in national plans to 
        meet the Sustainable Development Goals and the Nationally 
        Determined Contributions under the Paris Climate Agreement in 
        the fiscal balance projections and the impact of the 
        investments on economic growth.
            (4) Ensuring that when debt restructuring is needed, it is 
        sufficient to lower such country to no more than a moderate 
        risk of debt distress even in medium-term stress scenarios.
            (5) Increasing the severity of stress scenarios to 
        counteract the historical optimism bias of the Framework.
            (6) Adding the ratio of total (external plus domestic) 
        public debt service to government revenue, as an indicator of 
        debt sustainability.

                TITLE II--MULTILATERAL DEVELOPMENT BANKS

SEC. 201. AMENDMENT OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL 
              BANK FOR RECONSTRUCTION AND DEVELOPMENT.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is 
amended--
            (1) by redesignating section 73 (as added by section 1901 
        of division P of Public Law 116-94) and section 74 as sections 
        74 and 75, respectively; and
            (2) by adding at the end the following:

``SEC. 76. ACCEPTANCE OF AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE 
              BANK.

    ``The United States Governor of the Bank may accept on behalf of 
the United States an amendment to Articles of Agreement of the Bank to 
delete Article III, Section 3, of the Articles of Agreement of the 
Bank.''.

SEC. 202. ALIGNING REGULATIONS FOR INTERNATIONAL DEVELOPMENT 
              ASSOCIATION SECURITIES.

    (a) In General.--The International Development Association Act (22 
U.S.C. 284-284cc) is amended by adding at the end the following:

``SEC. 32. EXEMPTION OF SECURITIES OF THE INTERNATIONAL DEVELOPMENT 
              ASSOCIATION FROM THE SECURITIES LAWS.

    ``(a) Exemption From Securities Laws; Reports to Securities and 
Exchange Commission.--Any securities issued by the Association 
(including any guaranty by the Association, whether or not limited in 
scope) and any securities guaranteed by the Association as to both 
principal and interest shall be deemed to be exempted securities within 
the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 
77c(a)(2)) and section 3(a)(12) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)(12)). The Association shall file with the Securities 
and Exchange Commission such annual and other reports with regard to 
such securities as the Commission shall determine to be appropriate in 
view of the special character of the Association and its operations and 
necessary in the public interest or for the protection of investors.
    ``(b) Authority of Securities and Exchange Commission To Suspend 
Exemption; Reports to Congress.--The Securities and Exchange 
Commission, acting in consultation with the National Advisory Council 
on International Monetary and Financial Problems, is authorized to 
suspend the provisions of subsection (a) of this section at any time as 
to any or all securities issued or guaranteed by the Association during 
the period of such suspension. The Commission shall include in its 
annual reports to the Congress such information as it shall deem 
advisable with regard to the operations and effect of this section.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect 30 days after the date of the enactment of this Act.

SEC. 203. UNITED STATES COORDINATION WITH THE INTERNATIONAL BANK FOR 
              RECONSTRUCTION AND DEVELOPMENT ON HUMAN RIGHTS.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Bank for Reconstruction and 
Development--
            (1) to use the voice, vote, and influence of the United 
        States to oppose the provision of support for any project that 
        has been turned down or withdrawn from by a department or 
        agency of the United States due to environmental, social, or 
        human rights concerns, unless the head of the department or 
        agency, as the case may be, verifies to the United States 
        Executive Director that all such concerns have been adequately 
        resolved; and
            (2) to inform the Committee on Financial Services of the 
        House of Representatives and the Committee on Finance of the 
        Senate whenever the Bank agrees to provide support for any 
        project that has been turned down or withdrawn from by such a 
        department or agency.

SEC. 204. TIMELINESS OF PROJECT PREPARATION AND EXECUTION BY THE 
              INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND 
              THE INTERNATIONAL DEVELOPMENT ASSOCIATION.

    (a) Use of Voice, Vote, and Influence of the United States.--The 
Secretary of the Treasury shall direct the United States Executive 
Directors at the International Bank for Reconstruction and Development 
and the International Development Association to use the voice, vote, 
and influence of the United States to assess the cause of bottlenecks 
and identify potential efficiencies in project preparation and 
execution by the Bank and the Association.
    (b) Report on Bottlenecks and Potential Efficiencies.--Within 180 
days after the date of the enactment of this Act, the Secretary of the 
Treasury shall submit to the Committee on Financial Services of the 
House of Representatives and the Committee on Finance of the Senate a 
report that describes the findings of the United States Executive 
Directors at the Bank and the Association regarding bottlenecks and 
potential efficiencies referred to in subsection (a).
    (c) Report on Addressing Bottlenecks and Capitalizing on Potential 
Efficiencies.--Within 180 days after the date of the submission of the 
report required by subsection (b), the Secretary of the Treasury shall 
submit to the Committee on Financial Services of the House of 
Representatives and the Committee on Finance of the Senate a report 
that describes how the Secretary and the United States Executive 
Directors at the Bank and the Association are actively working to 
address any such bottlenecks and capitalize on any such potential 
efficiencies.

SEC. 205. PROTECTIONS FOR HUMAN RIGHTS, INCLUDING LGBTQ+ PERSONS.

    (a) In General.--The Secretary of the Treasury shall direct the 
United States Executive Directors at the International Bank for 
Reconstruction and Development and the African Development Bank to use 
the voice and vote of the United States to oppose the provision by the 
respective bank of financial assistance for a project in any country 
that engages in human rights abuses, including of persons who identify 
as lesbian, gay, bisexual, transgender, queer, or questioning, or 
another diverse gender identity, as reported by the Department of State 
in the Annual Country Reports on Human Rights Practices, unless the 
bank makes public the details of how the project would be widely 
inclusive for the groups that the report has identified as 
marginalized.
    (b) National Interest Waiver.--The Secretary of the Treasury may 
waive the requirement of subsection (a) if the Secretary determines 
that it is in the national interest of the United States to do so.

SEC. 206. IDA PRIVATE SECTOR LENDING WINDOW.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Development Association to use 
the voice and vote of the United States to oppose the provision by the 
International Development Association of any additional funding for the 
Private Sector Window in any replenishment round.

SEC. 207. WORLD BANK SUPPORT FOR HAITI DEVELOPMENT.

    The Secretary of the Treasury shall direct the United States 
Executive Directors at the International Bank for Reconstruction and 
Development and at the Inter-American Development Bank to use the 
voice, vote, and influence of the United States to advocate that the 
Bank create a long-term strategy and plan for economic development in 
Haiti, and, within 180 days after the date of the enactment of this 
Act, the Secretary shall submit to the Congress a written report 
analyzing Bank support for Haiti and how to strengthen the support.

SEC. 208. WORLD BANK FEASIBILITY STUDY ON A CONSORTIUM BANK IN THE 
              CARIBBEAN REGION.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Development Association to use 
the voice, vote, and influence of the United States to advocate that 
the Bank conduct a feasibility study on the development of a consortium 
bank model in the Caribbean region, with goals including managing 
issues related to financial access and correspondent banking services 
and reversing the trend of regional bank de-risking, and to complete 
the study within 180 days after the date of the enactment of this Act.

SEC. 209. TREASURY REPORT ON ACCOUNTABILITY OF THE INTERNATIONAL 
              FINANCE CORPORATION REGARDING BRIDGE ACADEMIES.

    (a) In General.--The Secretary of the Treasury shall submit to the 
Congress quarterly reports, in writing, on actions completed by the 
World Bank to compensate survivors of child sexual abuse with financial 
compensation and other relief, and on actions to hold accountable any 
entity involved in the Bridge Academies project. Each such report shall 
include details of any steps taken by the Corporation or the staff of 
the Corporation to block the Department of the Treasury from sharing 
with the Congress any information about the report or the Bridge 
Academies case.
    (b) Sunset.--Subsection (a) shall have no force or effect beginning 
3 years after the date of the enactment of this section.

SEC. 210. SHIPPING TRANSPARENCY RISK MITIGATION.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Bank for Reconstruction and 
Development to use the voice, vote, and influence of the United States 
to encourage the Bank to require that the provision of financing for a 
shipping or port project include risk mitigation plans to minimize 
corruption and crime, including--
            (1) dedicated port security personnel plans which 
        identify--
                    (A) specialized compliance officers trained in 
                international shipping regulations and sanctions 
                compliance;
                    (B) risk assessment teams responsible for 
                evaluating potential threats and suspicious activities; 
                and
                    (C) on-site legal advisors to provide immediate 
                guidance on compliance and legal issues;
            (2) enhanced vessel tracking systems, such as long-range 
        identification and tracking systems, to provide continuous 
        monitoring of vessel positions;
            (3) integrated information management systems, such as 
        centralized data management platforms for real-time sharing of 
        vessel and cargo information among port authorities, customs, 
        and security agencies;
            (4) plans for regular compliance audits and inspections, 
        including--
                    (A) scheduled and random audits of shipping 
                documentation, cargo, and vessel operations to ensure 
                adherence to regulations;
                    (B) comprehensive inspection protocols for high-
                risk shipments, including physical checks and 
                verification of cargo manifests; and
                    (C) personnel trained in verifying the origin of 
                petroleum and petroleum products and their blends and 
                grades, and in corroborating certificates of origin for 
                oil cargos;
            (5) community and stakeholder engagement plans, including--
                    (A) public awareness campaigns to educate local 
                communities and port workers about the importance of 
                shipping transparency and compliance; and
                    (B) collaboration with industry stakeholders to 
                develop and implement best practices for risk 
                mitigation and compliance;
            (6) technology-driven surveillance capacity, including 
        satellite imagery for remote monitoring of port activities and 
        vessel movements; and
            (7) robust reporting and whistleblower programs, 
        including--
                    (A) confidential reporting channels for employees 
                and stakeholders to report suspicious activities 
                without fear of retaliation; and
                    (B) incentive programs to encourage the reporting 
                of compliance breaches and illicit activities.

SEC. 211. WORLD BANK SUPPORT FOR EFFORTS TO DENY SAFE HAVENS FOR STOLEN 
              ASSETS.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Bank for Reconstruction and 
Development to use the voice and vote of the United States to advocate 
that the Bank work internally and with partner organizations to support 
international efforts to deny safe havens for stolen assets and promote 
asset recovery to return assets to their legitimate owners.

SEC. 212. CONTINUATION OF PAUSE ON WORLD BANK DISBURSEMENTS AND 
              COMMITMENTS TO BURMA.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Bank for Reconstruction and 
Development to use the voice and vote of the United States to continue 
the pause by the Bank on disbursements and the making of new financing 
commitments to the Government of Burma, which was initiated after a 
military coup overthrew the democratically elected Government of Burma 
in 2021, unless the Secretary of the Treasury determines that it is not 
in the public interest to do so.

SEC. 213. DIGITAL PUBLIC INFRASTRUCTURE SAFEGUARDS FOR INTERNATIONAL 
              FINANCIAL INSTITUTIONS PROJECTS AND FINANCING.

    (a) Determination of Applicability of Safeguards.--The Secretary of 
the Treasury shall convene meetings of the heads of such Federal 
agencies, and such representatives of private sector organizations and 
civil society, as the Secretary deems appropriate, for the purpose of 
determining which digital public infrastructure safeguards should be 
applied to projects of, and financing provided by, the international 
financial institutions (as defined in section 1701(c)(2) of the 
International Financial Institutions Act). At the meetings, the 
participants should consider the minimum safeguards proposed in version 
1.0 of the United Nations (UN) Universal DPI Safeguards Framework, and 
measures to protect privacy, ensure private sector participation, and 
deter and detect fraud, financial crime, and corruption.
    (b) Report to the Congress.--Within 1 year after the date of the 
enactment of this Act, the Secretary of the Treasury shall submit to 
the Committee on Financial Services of the House of Representatives and 
the Committee on Foreign Relations of the Senate a written report on 
any determinations and recommendations made pursuant to subsection (a).

SEC. 214. INDEPENDENT ACCOUNTABILITY MECHANISMS.

    (a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each multilateral development bank 
(as defined in section 1701(c)(4) of the International Financial 
Institutions Act) to use the voice, vote, and influence of the United 
States to support and increase the effectiveness of the independent 
accountability mechanisms (in this section referred to as ``IAM'') of 
the respective bank, through engagement with bank management and other 
executive directors at the bank.
    (b) Responsible Exit Policies.--The Secretary of the Treasury shall 
instruct the United States Executive Director at each multilateral 
development bank (as so defined) to use the voice, vote, and influence 
of the United States to advocate for the adoption by the respective 
bank of responsible exit policies for projects that require remediation 
before exit, and to support the prohibition of project exit during the 
accountability process without the consent of complainants.
    (c) Report to Congress.--The Secretary of the Treasury shall submit 
to the Committee on Financial Services of the House of Representatives 
and the Committee on Foreign Relations of the Senate annual written 
reports on--
            (1) all IAM cases that have been opened in the year covered 
        by the report or remain open; and
            (2) provision of information on the engagement by each such 
        bank in the IAM cases including implementation of Management 
        Action Plans developed in response to IAM cases, noting when 
        any such bank has not sufficiently implemented a Management 
        Action Plan in a timely manner.

SEC. 215. SEXUAL EXPLOITATION AND ASSAULT PREVENTION.

    (a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each multilateral development bank 
(as defined in section 1701(c)(4) of the International Financial 
Institutions Act) to use the voice, vote, and influence of the United 
States to improve the implementation of the policies of the respective 
bank on preventing sexual exploitation and assault (in this section 
referred to as ``SEA'').
    (b) Operationalization of Policies.--The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
multilateral development bank (as so defined) to use the voice, vote, 
and influence of the United States to consult with the multilateral 
development banks on how they are operationalizing their policies and 
guidance on preventing SEA, and to require the bank to provide ways to 
improve policies and guidance.
    (c) Report to Congress.--Within 1 year after the date of the 
enactment of this Act, the Secretary of the Treasury shall submit to 
the Committee on Financial Services of the House of Representatives and 
the Committee on Foreign Relations of the Senate a written report on 
how the multilateral development banks (as so defined) are 
operationalizing their commitments to prevent SEA, which shall include 
information on how many SEA cases were reported to each such bank by 
civil society organizations and other entities, and information on the 
number of the cases that involved minors.

SEC. 216. PUBLICATION OF LOAN AGREEMENTS.

    The Secretary of the Treasury shall instruct the United States 
Executive Director at each multilateral development bank (as defined in 
section 1701(c)(4) of the International Financial Institutions Act) to 
use the voice, vote, and influence of the United States to advocate 
that any loan agreement entered into by the respective bank, whether 
for a public or private sector project, be made public.

SEC. 217. ENHANCING TRANSPARENCY TO COMBAT CORRUPTION.

    (a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each multilateral development bank 
(as defined in section 1701(c)(4) of the International Financial 
Institutions Act) to use the voice, vote, and influence of the United 
States to ensure that all support for public-private partnerships to 
deliver infrastructure and services, whether through the public or 
private sector arm of the respective bank, follows best practice 
approaches, including competitive bidding and contracting transparency, 
to provide full details of terms, pricing, and financial obligations of 
the State involved, including through State-owned enterprises.
    (b) Opposition To Subsidies for Certain Private Sector 
Investments.--The Secretary of the Treasury shall instruct the United 
States Executive Director at each multilateral development bank (as so 
defined) to use the voice, vote, and influence of the United States to 
oppose subsidization of private sector investments that are not offered 
on competitive or open-offer terms.
    (c) Publication of Data on Investments.--The Secretary of the 
Treasury shall instruct the United States Executive Director at each 
multilateral development bank (as so defined) to use the voice, vote, 
and influence of the United States to require that, with respect to 
private sector investments, the respective bank consistently publish 
investment data including sub-national location, domicile of investee, 
total investment cost, funding source, currency of investment, co-
financing, mobilization, updated disbursement and instrument-specific 
disclosure (share of equity, interest rate, and loan tenor) indicators, 
and project level rate of return on investment at exit.

SEC. 218. ADOPTION OF ANTI-REPRISAL STANDARDS.

    The Secretary of the Treasury shall instruct the United States 
Executive Director at each multilateral development bank (as defined in 
section 1701(c)(4) of the International Financial Institutions Act) to 
use the voice, vote, and influence of the United States to encourage 
the respective bank to adopt anti-reprisal and retaliation standards in 
the safeguards policies and loan agreements of the bank to enhance 
accountability when reprisals occur.

SEC. 219. REPORTING ON HUMAN RIGHTS ABUSES IN FOR-PROFIT HEALTHCARE 
              INVESTMENTS.

    (a) Report to Congress.--The Secretary of the Treasury shall 
biennially submit to the Congress written reports on any known 
accusations, made by community groups, civil society organizations, 
media, or other credible actors, of human rights abuses at hospitals 
funded by the private sector arm of the respective bank or the 
International Finance Corporation, and on actions completed by the 
private sector arm of any multilateral development bank (as defined in 
section 1701(c)(4) of the International Financial Institutions Act) to 
investigate and adequately address or remedy the human rights abuses, 
and the details of any reforms adopted by the International Finance 
Corporation to prevent human rights abuses at such a hospital.
    (b) Advocacy for Independent Evaluations.--The Secretary of the 
Treasury shall instruct the United States Executive Director at each 
multilateral development bank (as so defined) to use the voice, vote, 
and influence of the United States to advocate for the independent 
evaluation groups of the respective bank to undertake independent 
evaluation of the active and historic investments of the bank in 
healthcare to determine contribution to universal health coverage, 
national health system strengthening, and reducing health inequities.

SEC. 220. COMBATTING CLIMATE CHANGE.

    The Secretary of the Treasury shall instruct the United States 
Executive Director at each multilateral development bank (as defined in 
section 1701(c)(4) of the International Financial Institutions Act) to 
use the voice, vote, and influence of the United States to support the 
public disclosure by the respective bank of--
            (1) the internal methodologies of the bank for calculating 
        the extent to which projects financed by the bank affect 
        climate change; and
            (2) an explanation of the processes and practices of the 
        bank for making these calculations.

SEC. 221. UNITED STATES ADVOCACY FOR INVESTMENT IN PROJECTS THAT 
              DECREASE RELIANCE ON RUSSIA FOR AGRICULTURAL COMMODITIES.

    (a) In General.--Title XIV of the International Financial 
Institutions Act (22 U.S.C. 262n-262n-3) is amended by adding at the 
end the following:

``SEC. 1405. ADVOCACY FOR INVESTMENT IN PROJECTS THAT DECREASE RELIANCE 
              ON RUSSIA FOR AGRICULTURAL COMMODITIES.

    ``(a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at each international financial 
institution (as defined in section 1701(c)(2)) to use the voice, vote, 
and influence of the United States, to the maximum extent practicable, 
to encourage the respective institution to--
            ``(1) support projects that decrease the reliance of 
        countries on Russia for agricultural commodities, particularly 
        fertilizer and grain;
            ``(2) ensure the resilience of global grain supplies; and
            ``(3) stimulate private investment in the projects.
    ``(b) Waiver Authority.--The Secretary of the Treasury may waive 
subsection (a) in the national interest of the United States.''.
    (b) Repeal.--Section 1405 of such Act, as added by this section, is 
repealed effective on the earlier of--
            (1) the date that is 5 years after the date of the 
        enactment of this Act; or
            (2) the date that is 30 days after the date the President 
        reports to the Congress that the termination of such section 
        1405 is important to the national interest of the United 
        States, with an explanation of the reasons therefor.

SEC. 222. URGING THE WORLD BANK TO ELIMINATE HARMFUL LABOR INDICATORS 
              FROM ITS BUSINESS READY REPORT.

    The Secretary of the Treasury shall direct the United States 
Executive Director at the International Bank for Reconstruction and 
Development to use the voice, vote, and influence of the United States 
to strongly urge the Bank to eliminate the indicators with respect to 
the Minimum Wage Rate, which is a labor indicator that penalizes 
countries for having high minimum wages, and the Financial Burden on 
Firms, which is a labor indicator that penalizes countries with higher 
corporate taxes, from the Business Ready Report of the Bank.

                 TITLE III--INTERNATIONAL MONETARY FUND

SEC. 301. UNITED STATES ADVOCACY OF DEBT SUSPENSION BY INTERNATIONAL 
              MONETARY FUND FOR LOW-INCOME AND SMALL COUNTRIES THAT 
              EXPERIENCE A CLIMATE-RELATED DISASTER.

    Title XIII of the International Financial Institutions Act (22 
U.S.C. 262m-262m-8) is amended by adding at the end the following:

``SEC. 1309. ADVOCACY OF DEBT SUSPENSION BY THE INTERNATIONAL MONETARY 
              FUND FOR LOW-INCOME AND SMALL COUNTRIES THAT EXPERIENCE 
              SIGNIFICANT CLIMATE-RELATED EVENTS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice 
and vote of the United States to advocate for a program that allows any 
country that is eligible for assistance from the International 
Development Association or that the Fund considers a small state, and 
that experiences a climate-related disaster (as defined by the Fund), 
to suspend all debt repayments to the Fund and the accrual of any 
additional interest on debt to the Fund, for 5 years or until the gross 
domestic product of the country is at least 80 percent of the gross 
domestic product of the country before the disaster, whichever is 
later.''.

SEC. 302. LOAN CONDITIONALITY.

    Title XVI of the International Financial Institutions Act (22 
U.S.C. 262p-262p-18) is amended by adding at the end the following:

``SEC. 1634. LOAN CONDITIONALITY.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice 
and vote of the United States to encourage the Fund to reduce or 
eliminate conditions on loans made by the Fund that--
            ``(1) limit spending on key social needs such as health, 
        education, or climate action;
            ``(2) weaken environmental, labor, public health 
        regulations; or
            ``(3) increase taxes or reduce subsidies in such a way that 
        falls regressively on recipient country populations.''.

SEC. 303. ANTI-CORRUPTION MEASURES IN LENDING AGREEMENTS.

    Title XV of the International Financial Institutions Act (22 U.S.C. 
262o-262o-4) is further amended by adding at the end the following:

``SEC. 1508. ANTI-CORRUPTION MEASURES IN LENDING AGREEMENTS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice 
and vote of the United States to encourage--
            ``(1) the incorporation into Fund lending agreements of 
        anti-corruption measures, including by ensuring that 
        governments receiving loans make specific, measurable, and 
        time-bound commitments as part of the loan agreements with 
        consequences for noncompliance, which commitments should be 
        tailored to the needs of each country, made in consultation 
        with local civil society organizations, and made in 
        consideration with baselines for proper governance worldwide, 
        such as through beneficial ownership registries, transparent 
        and competitive public contracting, asset declarations for 
        public officials, a strong anti-money laundering and combating 
        terrorist financing regime, robust oversight by independent 
        government entities and civil society organizations, and 
        independent judiciaries;
            ``(2) the production of more governance diagnostics as part 
        of loan programs, the urging of governments to agree to the 
        exercise, incorporating recommendations of the diagnostics as 
        commitments, and the continuation of leveraging Article IV 
        consultations and Financial Sector Assessment Programs to 
        elevate anticorruption and financial integrity issues among 
        their broader economic and policy analysis;
            ``(3) the engagement of in-country civil society 
        organizations (CSOs) and local experts throughout loan 
        programs, including by--
                    ``(A) consulting CSOs at the outset of negotiations 
                to help inform Fund staff assessments of loan program 
                priorities;
                    ``(B) providing updates to and request input from 
                CSOs during the program development process, and
                    ``(C) ensuring sufficient access to information and 
                resources for CSO monitoring of commitment 
                implementation, without threats or other retaliation by 
                governments if there are honest critiques raised by a 
                CSO;
            ``(4) the improvement of transparency by including on the 
        Funds country pages, on the website of the Fund, a list of the 
        `prior actions' and `structural benchmarks' included in loan 
        programs, and pursuing a consistent cross-country approach to 
        assessing government implementation and linking findings to 
        surveillance and lending transparency;
            ``(5) the holding of governments accountable to their 
        commitments, by--
                    ``(A) ensuring that governments credibly carry out 
                commitments;
                    ``(B) refraining from issuing waivers of non-
                observance for benchmarks related to governance and 
                financial integrity due to lack of political will; and
                    ``(C) promptly publishing audits; and
            ``(6) the public reporting of the progress of implementing 
        the governance commitments that governments make as part of the 
        loan agreements.''.

SEC. 304. FIFTH DEPUTY MANAGING DIRECTOR.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is further 
amended--
            (1) by redesignating section 73 (as added by section 1901 
        of division P of Public Law 116-94) and section 74 as sections 
        74 and 75, respectively; and
            (2) by adding at the end the following:

``SEC. 77. FIFTH DEPUTY MANAGING DIRECTOR OF THE IMF.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the Fund to advocate that the Fund have a Fifth 
Deputy Managing Director who is a national of a low- or middle-income 
country and who represents all low- or middle-income countries other 
than the People's Republic of China.''.

SEC. 305. RESILIENCE AND SUSTAINABILITY TRUST FINANCING.

    (a) In General.--Title XVI of the International Financial 
Institutions Act (22 U.S.C. 262p-262p-18) is further amended by adding 
at the end the following:

``SEC. 1635. RESILIENCE AND SUSTAINABILITY TRUST FINANCING.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice 
and vote of the United States to advocate for the Fund to support the 
Resilience and Sustainability Trust and the Poverty Reduction and 
Growth Trust with Fund resources.''.
    (b) Availability of Funds.--Section 7071(c) of the Department of 
State, Foreign Operations, and Related Programs Appropriations Act, 
2024 (division F of Public Law 118-47) is amended--
            (1) by striking all that precedes ``of the Treasury'' and 
        inserting the following:
    ``(c) Energy Security and IMF Accountability.--The Secretary'';
            (2) by striking ``(in this subsection referred to as the 
        `PRGT') of the International Monetary Fund (in this subsection 
        referred to as the `IMF')'' and inserting ``or the Resilience 
        and Sustainability Trust of the International Monetary Fund'';
            (3) by striking ``to the PRGT, subject to paragraph (2)''; 
        and
            (4) by striking paragraph (2).

SEC. 306. QUOTA INCREASE.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is further 
amended by adding at the end the following:

``SEC. 78. QUOTA INCREASE.

    ``(a) In General.--The United States Governor of the Fund may 
consent to an increase in the United States quota in the Fund 
equivalent to 41,497,100,000 Special Drawing Rights.
    ``(b) Subject to Appropriations.--The authority provided by 
subsection (a) shall be effective only to such extent and in such 
amounts as are provided in advance in appropriations Acts.''.

SEC. 307. NEW ARRANGEMENTS TO BORROW.

    Section 17(a)(3) of the Bretton Woods Agreements Act (22 U.S.C. 
286e-2(a)(3)) is amended by inserting ``, and, of the amounts 
authorized under this paragraph, the authorization for the dollar 
equivalent of 9,186,740,000 Special Drawing Rights shall expire as of 
the date when the rollback of the United States credit arrangement in 
the New Arrangements to Borrow of the International Monetary Fund is 
effective, but no earlier than when the increase of the United States 
quota authorized in section 77 of the Bretton Woods Agreements Act 
becomes effective'' before the period.

SEC. 308. ANNUAL REPORT ON SURCHARGES.

    (a) In General.--The Secretary of the Treasury shall submit to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Foreign Relations of the Senate an annual report on--
            (1) the surcharges imposed by the International Monetary 
        Fund on member countries of the Fund; and
            (2) whether the surcharges harm the ability of the member 
        countries to pay loans provided by the Fund.
    (b) Sunset.--Subsection (a) shall have no force or effect 1 year 
after the date that the Secretary determines that the International 
Monetary Fund has eliminated the imposition of surcharges with respect 
to loans provided by the Fund.

       TITLE IV--MULTILATERAL DEVELOPMENT BANK CAPITAL INCREASES

SEC. 401. AFRICAN DEVELOPMENT FUND REPLENISHMENT.

    The African Development Fund Act (22 U.S.C. 290g-290g-26) is 
amended by adding at the end the following:

``SEC. 228. SIXTEENTH REPLENISHMENT.

    ``(a) In General.--The United States Governor of the Fund is 
authorized to contribute on behalf of the United States $591,000,000 to 
the sixteenth replenishment of the resources of the Fund, subject to 
obtaining the necessary appropriations.
    ``(b) Authorization of Appropriations.--In order to pay for the 
United States contribution provided for in subsection (a), there are 
authorized to be appropriated, without fiscal year limitation, 
$591,000,000 for payment by the Secretary of the Treasury.''.

SEC. 402. AFRICAN DEVELOPMENT BANK GENERAL CALLABLE CAPITAL INCREASE.

    The African Development Bank Act (22 U.S.C. 290i-290i-12) is 
amended by inserting at the end the following:

``SEC. 1346. GENERAL CALLABLE CAPITAL INCREASE.

    ``(a) Subscription Authorized.--
            ``(1) In general.--The United States Governor of the Bank 
        may subscribe on behalf of the United States to 800,000 
        additional shares of the capital stock of the Bank.
            ``(2) Limitation.--Any subscription by the United States to 
        the capital stock of the Bank shall be effective only to such 
        extent and in such amounts as are provided in advance in 
        appropriations Acts.
    ``(b) Authorization of Appropriations.--For the increase in the 
United States subscription to the Bank under subsection (a), there is 
authorized to be appropriated, without fiscal year limitation, 
$7,800,000,000, for payment by the Secretary of the Treasury for 
callable shares of the Bank.''.

SEC. 403. EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT GENERAL 
              CAPITAL INCREASE.

    The European Bank for Reconstruction and Development Act (22 U.S.C. 
290l-290l-9) is amended by adding at the end the following:
            ``(13) Capital increase.--
                    ``(A) Subscription authorized.--
                            ``(i) ``The United States Governor of the 
                        Bank is authorized to subscribe on behalf of 
                        the United States to 40,000 additional shares 
                        of the paid-in capital stock of the Bank.
                            ``(ii) Any subscription by the United 
                        States to additional paid-in capital stock of 
                        the Bank shall be effective only to such extent 
                        and in such amounts as are provided in advance 
                        in appropriations Acts.
                    ``(B) Authorization of appropriations.--In order to 
                pay for the increase in the United States subscription 
                to the Bank under subparagraph (A), there are 
                authorized to be appropriated, without fiscal year 
                limitation, $439,100,000, for payment by the Secretary 
                of the Treasury.''.
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