I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘International Financial 

5 Institution Improvements Act of 2024’’. 

6 SEC. 2. TABLE OF CONTENTS. 

7 The table of contents of this Act is as follows: 

Sec. 1. Short title. 

Sec. 2. Table of contents. 


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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. 


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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. 

1 TITLE I—INTERNATIONAL 

2 FINANCIAL INSTITUTIONS 

3 SEC. 101. IMPROVEMENT OF TRANSPARENCY IN HOST NA4 TIONS. 

5 Title XV of the International Financial Institutions 

6 Act (22 U.S.C. 262o–262o–4) is amended by adding at 

7 the end the following: 

8 ‘‘SEC. 1506. IMPROVEMENT OF TRANSPARENCY IN HOST NA9 TIONS. 

10 ‘‘The Secretary of the Treasury shall instruct the 

11 United States Executive Director at each international fi12 nancial institution (as defined in section 1701(c)(2)) to 

13 encourage the respective institution to publicize the nature 

14 and purpose of any project, loan, investment, or other ac15 tivity being pursued by the institution in any country, in 

16 simple terms designed to increase the understanding of the 

17 citizens of the country of the good work conducted by the 

18 institution and better explain who will benefit from the 

19 activity.’’. 


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1 SEC. 102. COLLABORATION WITH CIVIL SOCIETY ORGANI2 ZATIONS. 

3 (a) IN GENERAL.—Title XV of the International Fi4 nancial Institutions Act (22 U.S.C. 262o–262o–4) is fur5 ther amended by adding at the end the following: 

6 ‘‘SEC. 1507. COLLABORATION WITH CIVIL SOCIETY ORGANI7 ZATIONS. 

8 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

9 shall instruct the United States Executive Director at each 

10 international financial institution (as defined in section 

11 1701(c)(2)) to use the voice, vote, and influence of the 

12 United States to work to develop policies, to be approved 

13 by the Board of Executive Directors of the respective insti14 tution following a wide and extensive consultation with 

15 civil society, to require the staff of the institution to en16 gage and consult in meaningful ways with civil society or17 ganizations (which should include women’s rights organi18 zations; organizations working on economic, fiscal justice, 

19 and anti-corruption issues; and worker representatives, in20 cluding care workers). 

21 ‘‘(b) SPECIFIC POLICIES.— 

22 ‘‘(1) IN GENERAL.—The policies developed pur23 suant to subsection (a) should— 

24 ‘‘(A) articulate mechanisms for how to en25 gage in different contexts and should be adapt26 ed to the purpose of the engagement, and set 


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1 clear timelines and dates for consultations, tak2 ing into account project timelines; 

3 ‘‘(B) require mission chiefs to meet with a 

4 wide range of stakeholders from civil society 

5 from conceptualization through completion of 

6 the project or loan involved; 

7 ‘‘(C) should require the institution to set 

8 clear parameters, dates, and mechanisms to 

9 conduct genuine and meaningful consultations 

10 with civil society organization policy in the dif11 ferent review processes, and develop new poli12 cies and strategies. 

13 ‘‘(2) INTERNATIONAL MONETARY FUND.—In 

14 the case of the International Monetary Fund, as the 

15 Fund identifies and builds the work of the Fund on 

16 issues of critical importance to macroeconomic 

17 trends and policies, such as inequality, climate 

18 change, gender, and anti-corruption, the policies de19 veloped pursuant to subsection (a) should also pro20 vide for increasing engagement with civil society or21 ganizations with expertise in those issues. 

22 ‘‘(c) SOLICITATION OF VIEWS OF CIVIL SOCIETY OR23 GANIZATIONS.—The Secretary of the Treasury shall meet 

24 semiannually with a range of civil society organizations to 

25 solicit the views of the organizations on United States parVerDate Sep 11 2014 21:40 Oct 30, 2024 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H10059.IH H10059

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1 ticipation in and policies at the international financial in2 stitutions (as so defined).’’. 

3 (b) REPORT.—Within 1 year after the date of the en4 actment of this Act, the Secretary of the Treasury shall 

5 submit to the Committee on Financial Services of the 

6 House of Representatives and the Committee on Foreign 

7 Relations of the Senate a written report on the steps that 

8 the United States has taken to encourage collaboration 

9 with civil society organizations. 

10 SEC. 103. UNITED STATES LEADERSHIP IN DEBT FORGIVE11 NESS. 

12 (a) REPORT TO THE CONGRESS.—Within 180 days 

13 after the date of the enactment of this Act, the Secretary 

14 of the Treasury shall submit to the Committee on Finan15 cial Services of the House of Representatives and the 

16 Committee on Foreign Relations of the Senate a written 

17 report that contains an assessment of— 

18 (1) the commonalities in successive debt-re19 structuring challenges across the frameworks and fo20 rums in which the United States participates, such 

21 as the types of debt relief that countries are able to 

22 provide, the terms of debt relief, and the reclassifica23 tion of public debt as private debt by certain credi24 tors; 


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1 (2) the options available to provide debt relief 

2 to developing countries with an intransigent creditor 

3 while protecting United States taxpayer resources 

4 and ensuring that United States taxpayer money is 

5 not being used to fund payments to intransigent 

6 creditor nations; 

7 (3) the oversight and policy priorities of the 

8 United States in the negotiations in the debt-nego9 tiation forums in which the United States partici10 pates; 

11 (4) the likelihood that low-income developing 

12 countries can gain or retain access to private capital 

13 markets even if the countries are in default on debt 

14 owed to sovereign creditors, and how to increase 

15 that likelihood; and 

16 (5) the implications for the economic and na17 tional security interests of the United States of the 

18 extent to which the debt of developing countries im19 pedes or prevents the countries from taking on addi20 tional debt to finance future projects. 

21 (b) ADVOCATION FOR INTEGRATION OF CERTAIN

22 ELEMENTS IN THE IMF REVIEW OF THE DEBT SUSTAIN23 ABILITY FRAMEWORK FOR LOW-INCOME COUNTRIES.— 

24 The Secretary of the Treasury shall instruct the United 

25 States Executive Director at the International Monetary 


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1 Fund to use the voice, vote, and influence of the United 

2 States to strongly advocate for the integration of the fol3 lowing elements in the review by the Fund of the Debt 

4 Sustainability Framework for Low-Income Countries: 

5 (1) Making ‘‘informing debt restructuring proc6 esses’’ an explicit purpose of the Framework. 

7 (2) Increasing the transparency of macro8 economic assumptions used to inform sustainability 

9 estimates and the rationale for the assumptions, in10 cluding for projected gross domestic product, ex11 ports, fiscal balance, fiscal balance financing, and 

12 expected debt restructuring. 

13 (3) Including investments identified in national 

14 plans to meet the Sustainable Development Goals 

15 and the Nationally Determined Contributions under 

16 the Paris Climate Agreement in the fiscal balance 

17 projections and the impact of the investments on 

18 economic growth. 

19 (4) Ensuring that when debt restructuring is 

20 needed, it is sufficient to lower such country to no 

21 more than a moderate risk of debt distress even in 

22 medium-term stress scenarios. 

23 (5) Increasing the severity of stress scenarios to 

24 counteract the historical optimism bias of the 

25 Framework. 


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1 (6) Adding the ratio of total (external plus do2 mestic) public debt service to government revenue, 

3 as an indicator of debt sustainability. 

4 TITLE II—MULTILATERAL 

5 DEVELOPMENT BANKS 

6 SEC. 201. AMENDMENT OF THE ARTICLES OF AGREEMENT 

7 OF THE INTERNATIONAL BANK FOR RECON8 STRUCTION AND DEVELOPMENT. 

9 The Bretton Woods Agreements Act (22 U.S.C. 286– 

10 286aaa) is amended— 

11 (1) by redesignating section 73 (as added by 

12 section 1901 of division P of Public Law 116–94) 

13 and section 74 as sections 74 and 75, respectively; 

14 and 

15 (2) by adding at the end the following: 

16 ‘‘SEC. 76. ACCEPTANCE OF AMENDMENT TO THE ARTICLES 

17 OF AGREEMENT OF THE BANK. 

18 ‘‘The United States Governor of the Bank may accept 

19 on behalf of the United States an amendment to Articles 

20 of Agreement of the Bank to delete Article III, Section 

21 3, of the Articles of Agreement of the Bank.’’. 


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1 SEC. 202. ALIGNING REGULATIONS FOR INTERNATIONAL 

2 DEVELOPMENT ASSOCIATION SECURITIES. 

3 (a) IN GENERAL.—The International Development 

4 Association Act (22 U.S.C. 284–284cc) is amended by 

5 adding at the end the following: 

6 ‘‘SEC. 32. EXEMPTION OF SECURITIES OF THE INTER7 NATIONAL DEVELOPMENT ASSOCIATION 

8 FROM THE SECURITIES LAWS. 

9 ‘‘(a) EXEMPTION FROM SECURITIES LAWS; REPORTS

10 TO SECURITIES AND EXCHANGE COMMISSION.—Any secu11 rities issued by the Association (including any guaranty 

12 by the Association, whether or not limited in scope) and 

13 any securities guaranteed by the Association as to both 

14 principal and interest shall be deemed to be exempted se15 curities within the meaning of section 3(a)(2) of the Secu16 rities Act of 1933 (15 U.S.C. 77c(a)(2)) and section 

17 3(a)(12) of the Securities Exchange Act of 1934 (15 

18 U.S.C. 78c(a)(12)). The Association shall file with the Se19 curities and Exchange Commission such annual and other 

20 reports with regard to such securities as the Commission 

21 shall determine to be appropriate in view of the special 

22 character of the Association and its operations and nec23 essary in the public interest or for the protection of inves24 tors. 

25 ‘‘(b) AUTHORITY OF SECURITIES AND EXCHANGE

26 COMMISSION TO SUSPEND EXEMPTION; REPORTS TO


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1 CONGRESS.—The Securities and Exchange Commission, 

2 acting in consultation with the National Advisory Council 

3 on International Monetary and Financial Problems, is au4 thorized to suspend the provisions of subsection (a) of this 

5 section at any time as to any or all securities issued or 

6 guaranteed by the Association during the period of such 

7 suspension. The Commission shall include in its annual 

8 reports to the Congress such information as it shall deem 

9 advisable with regard to the operations and effect of this 

10 section.’’. 

11 (b) EFFECTIVE DATE.—The amendment made by 

12 subsection (a) shall take effect 30 days after the date of 

13 the enactment of this Act. 

14 SEC. 203. UNITED STATES COORDINATION WITH THE 

15 INTERNATIONAL BANK FOR RECONSTRUC16 TION AND DEVELOPMENT ON HUMAN 

17 RIGHTS. 

18 The Secretary of the Treasury shall direct the United 

19 States Executive Director at the International Bank for 

20 Reconstruction and Development— 

21 (1) to use the voice, vote, and influence of the 

22 United States to oppose the provision of support for 

23 any project that has been turned down or withdrawn 

24 from by a department or agency of the United 

25 States due to environmental, social, or human rights 


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1 concerns, unless the head of the department or agen2 cy, as the case may be, verifies to the United States 

3 Executive Director that all such concerns have been 

4 adequately resolved; and 

5 (2) to inform the Committee on Financial Serv6 ices of the House of Representatives and the Com7 mittee on Finance of the Senate whenever the Bank 

8 agrees to provide support for any project that has 

9 been turned down or withdrawn from by such a de10 partment or agency. 

11 SEC. 204. TIMELINESS OF PROJECT PREPARATION AND 

12 EXECUTION BY THE INTERNATIONAL BANK 

13 FOR RECONSTRUCTION AND DEVELOPMENT 

14 AND THE INTERNATIONAL DEVELOPMENT 

15 ASSOCIATION. 

16 (a) USE OF VOICE, VOTE, AND INFLUENCE OF THE

17 UNITED STATES.—The Secretary of the Treasury shall di18 rect the United States Executive Directors at the Inter19 national Bank for Reconstruction and Development and 

20 the International Development Association to use the 

21 voice, vote, and influence of the United States to assess 

22 the cause of bottlenecks and identify potential efficiencies 

23 in project preparation and execution by the Bank and the 

24 Association. 


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1 (b) REPORT ON BOTTLENECKS AND POTENTIAL EF2 FICIENCIES.—Within 180 days after the date of the enact3 ment of this Act, the Secretary of the Treasury shall sub4 mit to the Committee on Financial Services of the House 

5 of Representatives and the Committee on Finance of the 

6 Senate a report that describes the findings of the United 

7 States Executive Directors at the Bank and the Associa8 tion regarding bottlenecks and potential efficiencies re9 ferred to in subsection (a). 

10 (c) REPORT ON ADDRESSING BOTTLENECKS AND

11 CAPITALIZING ON POTENTIAL EFFICIENCIES.—Within 

12 180 days after the date of the submission of the report 

13 required by subsection (b), the Secretary of the Treasury 

14 shall submit to the Committee on Financial Services of 

15 the House of Representatives and the Committee on Fi16 nance of the Senate a report that describes how the Sec17 retary and the United States Executive Directors at the 

18 Bank and the Association are actively working to address 

19 any such bottlenecks and capitalize on any such potential 

20 efficiencies. 

21 SEC. 205. PROTECTIONS FOR HUMAN RIGHTS, INCLUDING 

22 LGBTQ+ PERSONS. 

23 (a) IN GENERAL.—The Secretary of the Treasury 

24 shall direct the United States Executive Directors at the 

25 International Bank for Reconstruction and Development 


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1 and the African Development Bank to use the voice and 

2 vote of the United States to oppose the provision by the 

3 respective bank of financial assistance for a project in any 

4 country that engages in human rights abuses, including 

5 of persons who identify as lesbian, gay, bisexual, 

6 transgender, queer, or questioning, or another diverse gen7 der identity, as reported by the Department of State in 

8 the Annual Country Reports on Human Rights Practices, 

9 unless the bank makes public the details of how the project 

10 would be widely inclusive for the groups that the report 

11 has identified as marginalized. 

12 (b) NATIONAL INTEREST WAIVER.—The Secretary of 

13 the Treasury may waive the requirement of subsection (a) 

14 if the Secretary determines that it is in the national inter15 est of the United States to do so. 

16 SEC. 206. IDA PRIVATE SECTOR LENDING WINDOW. 

17 The Secretary of the Treasury shall direct the United 

18 States Executive Director at the International Develop19 ment Association to use the voice and vote of the United 

20 States to oppose the provision by the International Devel21 opment Association of any additional funding for the Pri22 vate Sector Window in any replenishment round. 


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1 SEC. 207. WORLD BANK SUPPORT FOR HAITI DEVELOP2 MENT. 

3 The Secretary of the Treasury shall direct the United 

4 States Executive Directors at the International Bank for 

5 Reconstruction and Development and at the Inter-Amer6 ican Development Bank to use the voice, vote, and influ7 ence of the United States to advocate that the Bank create 

8 a long-term strategy and plan for economic development 

9 in Haiti, and, within 180 days after the date of the enact10 ment of this Act, the Secretary shall submit to the Con11 gress a written report analyzing Bank support for Haiti 

12 and how to strengthen the support. 

13 SEC. 208. WORLD BANK FEASIBILITY STUDY ON A CONSOR14 TIUM BANK IN THE CARIBBEAN REGION. 

15 The Secretary of the Treasury shall direct the United 

16 States Executive Director at the International Develop17 ment Association to use the voice, vote, and influence of 

18 the United States to advocate that the Bank conduct a 

19 feasibility study on the development of a consortium bank 

20 model in the Caribbean region, with goals including man21 aging issues related to financial access and correspondent 

22 banking services and reversing the trend of regional bank 

23 de-risking, and to complete the study within 180 days 

24 after the date of the enactment of this Act. 


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1 SEC. 209. TREASURY REPORT ON ACCOUNTABILITY OF THE 

2 INTERNATIONAL FINANCE CORPORATION RE3 GARDING BRIDGE ACADEMIES. 

4 (a) IN GENERAL.—The Secretary of the Treasury 

5 shall submit to the Congress quarterly reports, in writing, 

6 on actions completed by the World Bank to compensate 

7 survivors of child sexual abuse with financial compensa8 tion and other relief, and on actions to hold accountable 

9 any entity involved in the Bridge Academies project. Each 

10 such report shall include details of any steps taken by the 

11 Corporation or the staff of the Corporation to block the 

12 Department of the Treasury from sharing with the Con13 gress any information about the report or the Bridge 

14 Academies case. 

15 (b) SUNSET.—Subsection (a) shall have no force or 

16 effect beginning 3 years after the date of the enactment 

17 of this section. 

18 SEC. 210. SHIPPING TRANSPARENCY RISK MITIGATION. 

19 The Secretary of the Treasury shall direct the United 

20 States Executive Director at the International Bank for 

21 Reconstruction and Development to use the voice, vote, 

22 and influence of the United States to encourage the Bank 

23 to require that the provision of financing for a shipping 

24 or port project include risk mitigation plans to minimize 

25 corruption and crime, including— 


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1 (1) dedicated port security personnel plans 

2 which identify— 

3 (A) specialized compliance officers trained 

4 in international shipping regulations and sanc5 tions compliance; 

6 (B) risk assessment teams responsible for 

7 evaluating potential threats and suspicious ac8 tivities; and 

9 (C) on-site legal advisors to provide imme10 diate guidance on compliance and legal issues; 

11 (2) enhanced vessel tracking systems, such as 

12 long-range identification and tracking systems, to 

13 provide continuous monitoring of vessel positions; 

14 (3) integrated information management sys15 tems, such as centralized data management plat16 forms for real-time sharing of vessel and cargo infor17 mation among port authorities, customs, and secu18 rity agencies; 

19 (4) plans for regular compliance audits and in20 spections, including— 

21 (A) scheduled and random audits of ship22 ping documentation, cargo, and vessel oper23 ations to ensure adherence to regulations; 


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1 (B) comprehensive inspection protocols for 

2 high-risk shipments, including physical checks 

3 and verification of cargo manifests; and 

4 (C) personnel trained in verifying the ori5 gin of petroleum and petroleum products and 

6 their blends and grades, and in corroborating 

7 certificates of origin for oil cargos; 

8 (5) community and stakeholder engagement 

9 plans, including— 

10 (A) public awareness campaigns to educate 

11 local communities and port workers about the 

12 importance of shipping transparency and com13 pliance; and 

14 (B) collaboration with industry stake15 holders to develop and implement best practices 

16 for risk mitigation and compliance; 

17 (6) technology-driven surveillance capacity, in18 cluding satellite imagery for remote monitoring of 

19 port activities and vessel movements; and 

20 (7) robust reporting and whistleblower pro21 grams, including— 

22 (A) confidential reporting channels for em23 ployees and stakeholders to report suspicious 

24 activities without fear of retaliation; and 


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1 (B) incentive programs to encourage the 

2 reporting of compliance breaches and illicit ac3 tivities. 

4 SEC. 211. WORLD BANK SUPPORT FOR EFFORTS TO DENY 

5 SAFE HAVENS FOR STOLEN ASSETS. 

6 The Secretary of the Treasury shall direct the United 

7 States Executive Director at the International Bank for 

8 Reconstruction and Development to use the voice and vote 

9 of the United States to advocate that the Bank work inter10 nally and with partner organizations to support inter11 national efforts to deny safe havens for stolen assets and 

12 promote asset recovery to return assets to their legitimate 

13 owners. 

14 SEC. 212. CONTINUATION OF PAUSE ON WORLD BANK DIS15 BURSEMENTS AND COMMITMENTS TO 

16 BURMA. 

17 The Secretary of the Treasury shall direct the United 

18 States Executive Director at the International Bank for 

19 Reconstruction and Development to use the voice and vote 

20 of the United States to continue the pause by the Bank 

21 on disbursements and the making of new financing com22 mitments to the Government of Burma, which was initi23 ated after a military coup overthrew the democratically 

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1 retary of the Treasury determines that it is not in the 

2 public interest to do so. 

3 SEC. 213. DIGITAL PUBLIC INFRASTRUCTURE SAFEGUARDS 

4 FOR INTERNATIONAL FINANCIAL INSTITU5 TIONS PROJECTS AND FINANCING. 

6 (a) DETERMINATION OF APPLICABILITY OF SAFE7 GUARDS.—The Secretary of the Treasury shall convene 

8 meetings of the heads of such Federal agencies, and such 

9 representatives of private sector organizations and civil so10 ciety, as the Secretary deems appropriate, for the purpose 

11 of determining which digital public infrastructure safe12 guards should be applied to projects of, and financing pro13 vided by, the international financial institutions (as de14 fined in section 1701(c)(2) of the International Financial 

15 Institutions Act). At the meetings, the participants should 

16 consider the minimum safeguards proposed in version 1.0 

17 of the United Nations (UN) Universal DPI Safeguards 

18 Framework, and measures to protect privacy, ensure pri19 vate sector participation, and deter and detect fraud, fi20 nancial crime, and corruption. 

21 (b) REPORT TO THE CONGRESS.—Within 1 year after 

22 the date of the enactment of this Act, the Secretary of 

23 the Treasury shall submit to the Committee on Financial 

24 Services of the House of Representatives and the Com25 mittee on Foreign Relations of the Senate a written report 


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1 on any determinations and recommendations made pursu2 ant to subsection (a). 

3 SEC. 214. INDEPENDENT ACCOUNTABILITY MECHANISMS. 

4 (a) IN GENERAL.—The Secretary of the Treasury 

5 shall instruct the United States Executive Director at each 

6 multilateral development bank (as defined in section 

7 1701(c)(4) of the International Financial Institutions Act) 

8 to use the voice, vote, and influence of the United States 

9 to support and increase the effectiveness of the inde10 pendent accountability mechanisms (in this section re11 ferred to as ‘‘IAM’’) of the respective bank, through en12 gagement with bank management and other executive di13 rectors at the bank. 

14 (b) RESPONSIBLE EXIT POLICIES.—The Secretary of 

15 the Treasury shall instruct the United States Executive 

16 Director at each multilateral development bank (as so de17 fined) to use the voice, vote, and influence of the United 

18 States to advocate for the adoption by the respective bank 

19 of responsible exit policies for projects that require reme20 diation before exit, and to support the prohibition of 

21 project exit during the accountability process without the 

22 consent of complainants. 

23 (c) REPORT TO CONGRESS.—The Secretary of the 

24 Treasury shall submit to the Committee on Financial 

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1 mittee on Foreign Relations of the Senate annual written 

2 reports on— 

3 (1) all IAM cases that have been opened in the 

4 year covered by the report or remain open; and 

5 (2) provision of information on the engagement 

6 by each such bank in the IAM cases including imple7 mentation of Management Action Plans developed in 

8 response to IAM cases, noting when any such bank 

9 has not sufficiently implemented a Management Ac10 tion Plan in a timely manner. 

11 SEC. 215. SEXUAL EXPLOITATION AND ASSAULT PREVEN12 TION. 

13 (a) IN GENERAL.—The Secretary of the Treasury 

14 shall instruct the United States Executive Director at each 

15 multilateral development bank (as defined in section 

16 1701(c)(4) of the International Financial Institutions Act) 

17 to use the voice, vote, and influence of the United States 

18 to improve the implementation of the policies of the re19 spective bank on preventing sexual exploitation and as20 sault (in this section referred to as ‘‘SEA’’). 

21 (b) OPERATIONALIZATION OF POLICIES.—The Sec22 retary of the Treasury shall instruct the United States Ex23 ecutive Director at each multilateral development bank (as 

24 so defined) to use the voice, vote, and influence of the 

25 United States to consult with the multilateral development 


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1 banks on how they are operationalizing their policies and 

2 guidance on preventing SEA, and to require the bank to 

3 provide ways to improve policies and guidance. 

4 (c) REPORT TO CONGRESS.—Within 1 year after the 

5 date of the enactment of this Act, the Secretary of the 

6 Treasury shall submit to the Committee on Financial 

7 Services of the House of Representatives and the Com8 mittee on Foreign Relations of the Senate a written report 

9 on how the multilateral development banks (as so defined) 

10 are operationalizing their commitments to prevent SEA, 

11 which shall include information on how many SEA cases 

12 were reported to each such bank by civil society organiza13 tions and other entities, and information on the number 

14 of the cases that involved minors. 

15 SEC. 216. PUBLICATION OF LOAN AGREEMENTS. 

16 The Secretary of the Treasury shall instruct the 

17 United States Executive Director at each multilateral de18 velopment bank (as defined in section 1701(c)(4) of the 

19 International Financial Institutions Act) to use the voice, 

20 vote, and influence of the United States to advocate that 

21 any loan agreement entered into by the respective bank, 

22 whether for a public or private sector project, be made 

23 public. 


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1 SEC. 217. ENHANCING TRANSPARENCY TO COMBAT COR2 RUPTION. 

3 (a) IN GENERAL.—The Secretary of the Treasury 

4 shall instruct the United States Executive Director at each 

5 multilateral development bank (as defined in section 

6 1701(c)(4) of the International Financial Institutions Act) 

7 to use the voice, vote, and influence of the United States 

8 to ensure that all support for public-private partnerships 

9 to deliver infrastructure and services, whether through the 

10 public or private sector arm of the respective bank, follows 

11 best practice approaches, including competitive bidding 

12 and contracting transparency, to provide full details of 

13 terms, pricing, and financial obligations of the State in14 volved, including through State-owned enterprises. 

15 (b) OPPOSITION TO SUBSIDIES FOR CERTAIN PRI16 VATE SECTOR INVESTMENTS.—The Secretary of the 

17 Treasury shall instruct the United States Executive Direc18 tor at each multilateral development bank (as so defined) 

19 to use the voice, vote, and influence of the United States 

20 to oppose subsidization of private sector investments that 

21 are not offered on competitive or open-offer terms. 

22 (c) PUBLICATION OF DATA ON INVESTMENTS.—The 

23 Secretary of the Treasury shall instruct the United States 

24 Executive Director at each multilateral development bank 

25 (as so defined) to use the voice, vote, and influence of the 

26 United States to require that, with respect to private secVerDate Sep 11 2014 21:40 Oct 30, 2024 Jkt 059200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H10059.IH H10059

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1 tor investments, the respective bank consistently publish 

2 investment data including sub-national location, domicile 

3 of investee, total investment cost, funding source, currency 

4 of investment, co-financing, mobilization, updated dis5 bursement and instrument-specific disclosure (share of eq6 uity, interest rate, and loan tenor) indicators, and project 

7 level rate of return on investment at exit. 

8 SEC. 218. ADOPTION OF ANTI-REPRISAL STANDARDS. 

9 The Secretary of the Treasury shall instruct the 

10 United States Executive Director at each multilateral de11 velopment bank (as defined in section 1701(c)(4) of the 

12 International Financial Institutions Act) to use the voice, 

13 vote, and influence of the United States to encourage the 

14 respective bank to adopt anti-reprisal and retaliation 

15 standards in the safeguards policies and loan agreements 

16 of the bank to enhance accountability when reprisals 

17 occur. 

18 SEC. 219. REPORTING ON HUMAN RIGHTS ABUSES IN FOR19 PROFIT HEALTHCARE INVESTMENTS. 

20 (a) REPORT TO CONGRESS.—The Secretary of the 

21 Treasury shall biennially submit to the Congress written 

22 reports on any known accusations, made by community 

23 groups, civil society organizations, media, or other credible 

24 actors, of human rights abuses at hospitals funded by the 

25 private sector arm of the respective bank or the InterVerDate Sep 11 2014 21:40 Oct 30, 2024 Jkt 059200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\H10059.IH H10059

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1 national Finance Corporation, and on actions completed 

2 by the private sector arm of any multilateral development 

3 bank (as defined in section 1701(c)(4) of the International 

4 Financial Institutions Act) to investigate and adequately 

5 address or remedy the human rights abuses, and the de6 tails of any reforms adopted by the International Finance 

7 Corporation to prevent human rights abuses at such a hos8 pital. 

9 (b) ADVOCACY FOR INDEPENDENT EVALUATIONS.— 

10 The Secretary of the Treasury shall instruct the United 

11 States Executive Director at each multilateral develop12 ment bank (as so defined) to use the voice, vote, and influ13 ence of the United States to advocate for the independent 

14 evaluation groups of the respective bank to undertake 

15 independent evaluation of the active and historic invest16 ments of the bank in healthcare to determine contribution 

17 to universal health coverage, national health system 

18 strengthening, and reducing health inequities. 

19 SEC. 220. COMBATTING CLIMATE CHANGE. 

20 The Secretary of the Treasury shall instruct the 

21 United States Executive Director at each multilateral de22 velopment bank (as defined in section 1701(c)(4) of the 

23 International Financial Institutions Act) to use the voice, 

24 vote, and influence of the United States to support the 

25 public disclosure by the respective bank of— 


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1 (1) the internal methodologies of the bank for 

2 calculating the extent to which projects financed by 

3 the bank affect climate change; and 

4 (2) an explanation of the processes and prac5 tices of the bank for making these calculations. 

6 SEC. 221. UNITED STATES ADVOCACY FOR INVESTMENT IN 

7 PROJECTS THAT DECREASE RELIANCE ON 

8 RUSSIA FOR AGRICULTURAL COMMODITIES. 

9 (a) IN GENERAL.—Title XIV of the International Fi10 nancial Institutions Act (22 U.S.C. 262n–262n–3) is 

11 amended by adding at the end the following: 

12 ‘‘SEC. 1405. ADVOCACY FOR INVESTMENT IN PROJECTS 

13 THAT DECREASE RELIANCE ON RUSSIA FOR 

14 AGRICULTURAL COMMODITIES. 

15 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

16 shall instruct the United States Executive Director at each 

17 international financial institution (as defined in section 

18 1701(c)(2)) to use the voice, vote, and influence of the 

19 United States, to the maximum extent practicable, to en20 courage the respective institution to— 

21 ‘‘(1) support projects that decrease the reliance 

22 of countries on Russia for agricultural commodities, 

23 particularly fertilizer and grain; 

24 ‘‘(2) ensure the resilience of global grain sup25 plies; and 


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1 ‘‘(3) stimulate private investment in the 

2 projects. 

3 ‘‘(b) WAIVER AUTHORITY.—The Secretary of the 

4 Treasury may waive subsection (a) in the national interest 

5 of the United States.’’. 

6 (b) REPEAL.—Section 1405 of such Act, as added by 

7 this section, is repealed effective on the earlier of— 

8 (1) the date that is 5 years after the date of the 

9 enactment of this Act; or 

10 (2) the date that is 30 days after the date the 

11 President reports to the Congress that the termi12 nation of such section 1405 is important to the na13 tional interest of the United States, with an expla14 nation of the reasons therefor. 

15 SEC. 222. URGING THE WORLD BANK TO ELIMINATE HARM16 FUL LABOR INDICATORS FROM ITS BUSINESS 

17 READY REPORT. 

18 The Secretary of the Treasury shall direct the United 

19 States Executive Director at the International Bank for 

20 Reconstruction and Development to use the voice, vote, 

21 and influence of the United States to strongly urge the 

22 Bank to eliminate the indicators with respect to the Min23 imum Wage Rate, which is a labor indicator that penalizes 

24 countries for having high minimum wages, and the Finan25 cial Burden on Firms, which is a labor indicator that peVerDate Sep 11 2014 21:40 Oct 30, 2024 Jkt 059200 PO 00000 Frm 00028 Fmt 6652 Sfmt 6201 E:\BILLS\H10059.IH H10059

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1 nalizes countries with higher corporate taxes, from the 

2 Business Ready Report of the Bank. 

3 TITLE III—INTERNATIONAL 

4 MONETARY FUND 

5 SEC. 301. UNITED STATES ADVOCACY OF DEBT SUSPEN6 SION BY INTERNATIONAL MONETARY FUND 

7 FOR LOW-INCOME AND SMALL COUNTRIES 

8 THAT EXPERIENCE A CLIMATE-RELATED DIS9 ASTER. 

10 Title XIII of the International Financial Institutions 

11 Act (22 U.S.C. 262m–262m–8) is amended by adding at 

12 the end the following: 

13 ‘‘SEC. 1309. ADVOCACY OF DEBT SUSPENSION BY THE 

14 INTERNATIONAL MONETARY FUND FOR LOW15 INCOME AND SMALL COUNTRIES THAT EXPE16 RIENCE SIGNIFICANT CLIMATE-RELATED 

17 EVENTS. 

18 ‘‘The Secretary of the Treasury shall instruct the 

19 United States Executive Director at the International 

20 Monetary Fund to use the voice and vote of the United 

21 States to advocate for a program that allows any country 

22 that is eligible for assistance from the International Devel23 opment Association or that the Fund considers a small 

24 state, and that experiences a climate-related disaster (as 

25 defined by the Fund), to suspend all debt repayments to 


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1 the Fund and the accrual of any additional interest on 

2 debt to the Fund, for 5 years or until the gross domestic 

3 product of the country is at least 80 percent of the gross 

4 domestic product of the country before the disaster, which5 ever is later.’’. 

6 SEC. 302. LOAN CONDITIONALITY. 

7 Title XVI of the International Financial Institutions 

8 Act (22 U.S.C. 262p–262p–18) is amended by adding at 

9 the end the following: 

10 ‘‘SEC. 1634. LOAN CONDITIONALITY. 

11 ‘‘The Secretary of the Treasury shall instruct the 

12 United States Executive Director at the International 

13 Monetary Fund to use the voice and vote of the United 

14 States to encourage the Fund to reduce or eliminate condi15 tions on loans made by the Fund that— 

16 ‘‘(1) limit spending on key social needs such as 

17 health, education, or climate action; 

18 ‘‘(2) weaken environmental, labor, public health 

19 regulations; or 

20 ‘‘(3) increase taxes or reduce subsidies in such 

21 a way that falls regressively on recipient country 

22 populations.’’. 


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1 SEC. 303. ANTI-CORRUPTION MEASURES IN LENDING 

2 AGREEMENTS. 

3 Title XV of the International Financial Institutions 

4 Act (22 U.S.C. 262o–262o–4) is further amended by add5 ing at the end the following: 

6 ‘‘SEC. 1508. ANTI-CORRUPTION MEASURES IN LENDING 

7 AGREEMENTS. 

8 ‘‘The Secretary of the Treasury shall instruct the 

9 United States Executive Director at the International 

10 Monetary Fund to use the voice and vote of the United 

11 States to encourage— 

12 ‘‘(1) the incorporation into Fund lending agree13 ments of anti-corruption measures, including by en14 suring that governments receiving loans make spe15 cific, measurable, and time-bound commitments as 

16 part of the loan agreements with consequences for 

17 noncompliance, which commitments should be tai18 lored to the needs of each country, made in consulta19 tion with local civil society organizations, and made 

20 in consideration with baselines for proper governance 

21 worldwide, such as through beneficial ownership reg22 istries, transparent and competitive public con23 tracting, asset declarations for public officials, a 

24 strong anti-money laundering and combating ter25 rorist financing regime, robust oversight by indeVerDate Sep 11 2014 21:40 Oct 30, 2024 Jkt 059200 PO 00000 Frm 00031 Fmt 6652 Sfmt 6201 E:\BILLS\H10059.IH H10059

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1 pendent government entities and civil society organi2 zations, and independent judiciaries; 

3 ‘‘(2) the production of more governance 

4 diagnostics as part of loan programs, the urging of 

5 governments to agree to the exercise, incorporating 

6 recommendations of the diagnostics as commitments, 

7 and the continuation of leveraging Article IV con8 sultations and Financial Sector Assessment Pro9 grams to elevate anticorruption and financial integ10 rity issues among their broader economic and policy 

11 analysis; 

12 ‘‘(3) the engagement of in-country civil society 

13 organizations (CSOs) and local experts throughout 

14 loan programs, including by— 

15 ‘‘(A) consulting CSOs at the outset of ne16 gotiations to help inform Fund staff assess17 ments of loan program priorities; 

18 ‘‘(B) providing updates to and request 

19 input from CSOs during the program develop20 ment process, and 

21 ‘‘(C) ensuring sufficient access to informa22 tion and resources for CSO monitoring of com23 mitment implementation, without threats or 

24 other retaliation by governments if there are 

25 honest critiques raised by a CSO; 


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1 ‘‘(4) the improvement of transparency by in2 cluding on the Funds country pages, on the website 

3 of the Fund, a list of the ‘prior actions’ and ‘struc4 tural benchmarks’ included in loan programs, and 

5 pursuing a consistent cross-country approach to as6 sessing government implementation and linking find7 ings to surveillance and lending transparency; 

8 ‘‘(5) the holding of governments accountable to 

9 their commitments, by— 

10 ‘‘(A) ensuring that governments credibly 

11 carry out commitments; 

12 ‘‘(B) refraining from issuing waivers of 

13 non-observance for benchmarks related to gov14 ernance and financial integrity due to lack of 

15 political will; and 

16 ‘‘(C) promptly publishing audits; and 

17 ‘‘(6) the public reporting of the progress of im18 plementing the governance commitments that gov19 ernments make as part of the loan agreements.’’. 

20 SEC. 304. FIFTH DEPUTY MANAGING DIRECTOR. 

21 The Bretton Woods Agreements Act (22 U.S.C. 286– 

22 286aaa) is further amended— 

23 (1) by redesignating section 73 (as added by 

24 section 1901 of division P of Public Law 116–94) 


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1 and section 74 as sections 74 and 75, respectively; 

2 and 

3 (2) by adding at the end the following: 

4 ‘‘SEC. 77. FIFTH DEPUTY MANAGING DIRECTOR OF THE 

5 IMF. 

6 ‘‘The Secretary of the Treasury shall instruct the 

7 United States Executive Director at the Fund to advocate 

8 that the Fund have a Fifth Deputy Managing Director 

9 who is a national of a low- or middle-income country and 

10 who represents all low- or middle-income countries other 

11 than the People’s Republic of China.’’. 

12 SEC. 305. RESILIENCE AND SUSTAINABILITY TRUST FI13 NANCING. 

14 (a) IN GENERAL.—Title XVI of the International Fi15 nancial Institutions Act (22 U.S.C. 262p–262p–18) is fur16 ther amended by adding at the end the following: 

17 ‘‘SEC. 1635. RESILIENCE AND SUSTAINABILITY TRUST FI18 NANCING. 

19 ‘‘The Secretary of the Treasury shall instruct the 

20 United States Executive Director at the International 

21 Monetary Fund to use the voice and vote of the United 

22 States to advocate for the Fund to support the Resilience 

23 and Sustainability Trust and the Poverty Reduction and 

24 Growth Trust with Fund resources.’’. 


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1 (b) AVAILABILITY OF FUNDS.—Section 7071(c) of 

2 the Department of State, Foreign Operations, and Related 

3 Programs Appropriations Act, 2024 (division F of Public 

4 Law 118–47) is amended— 

5 (1) by striking all that precedes ‘‘of the Treas6 ury’’ and inserting the following: 

7 ‘‘(c) ENERGY SECURITY AND IMF ACCOUNT8 ABILITY.—The Secretary’’; 

9 (2) by striking ‘‘(in this subsection referred to 

10 as the ‘PRGT’) of the International Monetary Fund 

11 (in this subsection referred to as the ‘IMF’)’’ and in12 serting ‘‘or the Resilience and Sustainability Trust 

13 of the International Monetary Fund’’; 

14 (3) by striking ‘‘to the PRGT, subject to para15 graph (2)’’; and 

16 (4) by striking paragraph (2). 

17 SEC. 306. QUOTA INCREASE. 

18 The Bretton Woods Agreements Act (22 U.S.C. 286– 

19 286aaa) is further amended by adding at the end the fol20 lowing: 

21 ‘‘SEC. 78. QUOTA INCREASE. 

22 ‘‘(a) IN GENERAL.—The United States Governor of 

23 the Fund may consent to an increase in the United States 

24 quota in the Fund equivalent to 41,497,100,000 Special 

25 Drawing Rights. 


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1 ‘‘(b) SUBJECT TO APPROPRIATIONS.—The authority 

2 provided by subsection (a) shall be effective only to such 

3 extent and in such amounts as are provided in advance 

4 in appropriations Acts.’’. 

5 SEC. 307. NEW ARRANGEMENTS TO BORROW. 

6 Section 17(a)(3) of the Bretton Woods Agreements 

7 Act (22 U.S.C. 286e–2(a)(3)) is amended by inserting ‘‘, 

8 and, of the amounts authorized under this paragraph, the 

9 authorization for the dollar equivalent of 9,186,740,000 

10 Special Drawing Rights shall expire as of the date when 

11 the rollback of the United States credit arrangement in 

12 the New Arrangements to Borrow of the International 

13 Monetary Fund is effective, but no earlier than when the 

14 increase of the United States quota authorized in section 

15 77 of the Bretton Woods Agreements Act becomes effec16 tive’’ before the period. 

17 SEC. 308. ANNUAL REPORT ON SURCHARGES. 

18 (a) IN GENERAL.—The Secretary of the Treasury 

19 shall submit to the Committee on Financial Services of 

20 the House of Representatives and the Committee on For21 eign Relations of the Senate an annual report on— 

22 (1) the surcharges imposed by the International 

23 Monetary Fund on member countries of the Fund; 

24 and 


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1 (2) whether the surcharges harm the ability of 

2 the member countries to pay loans provided by the 

3 Fund. 

4 (b) SUNSET.—Subsection (a) shall have no force or 

5 effect 1 year after the date that the Secretary determines 

6 that the International Monetary Fund has eliminated the 

7 imposition of surcharges with respect to loans provided by 

8 the Fund. 

9 TITLE IV—MULTILATERAL DE10 VELOPMENT BANK CAPITAL 

11 INCREASES 

12 SEC. 401. AFRICAN DEVELOPMENT FUND REPLENISHMENT. 

13 The African Development Fund Act (22 U.S.C. 

14 290g–290g–26) is amended by adding at the end the fol15 lowing: 

16 ‘‘SEC. 228. SIXTEENTH REPLENISHMENT. 

17 ‘‘(a) IN GENERAL.—The United States Governor of 

18 the Fund is authorized to contribute on behalf of the 

19 United States $591,000,000 to the sixteenth replenish20 ment of the resources of the Fund, subject to obtaining 

21 the necessary appropriations. 

22 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—In 

23 order to pay for the United States contribution provided 

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1 priated, without fiscal year limitation, $591,000,000 for 

2 payment by the Secretary of the Treasury.’’. 

3 SEC. 402. AFRICAN DEVELOPMENT BANK GENERAL CALL4 ABLE CAPITAL INCREASE. 

5 The African Development Bank Act (22 U.S.C. 290i– 

6 290i–12) is amended by inserting at the end the following: 

7 ‘‘SEC. 1346. GENERAL CALLABLE CAPITAL INCREASE. 

8 ‘‘(a) SUBSCRIPTION AUTHORIZED.— 

9 ‘‘(1) IN GENERAL.—The United States Gov10 ernor of the Bank may subscribe on behalf of the 

11 United States to 800,000 additional shares of the 

12 capital stock of the Bank. 

13 ‘‘(2) LIMITATION.—Any subscription by the 

14 United States to the capital stock of the Bank shall 

15 be effective only to such extent and in such amounts 

16 as are provided in advance in appropriations Acts. 

17 ‘‘(b) AUTHORIZATION OF APPROPRIATIONS.—For the 

18 increase in the United States subscription to the Bank 

19 under subsection (a), there is authorized to be appro20 priated, without fiscal year limitation, $7,800,000,000, for 

21 payment by the Secretary of the Treasury for callable 

22 shares of the Bank.’’. 


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1 SEC. 403. EUROPEAN BANK FOR RECONSTRUCTION AND 

2 DEVELOPMENT GENERAL CAPITAL IN3 CREASE. 

4 The European Bank for Reconstruction and Develop5 ment Act (22 U.S.C. 290l–290l–9) is amended by adding 

6 at the end the following: 

7 ‘‘(13) CAPITAL INCREASE.— 

8 ‘‘(A) SUBSCRIPTION AUTHORIZED.— 

9 ‘‘(i) ‘‘The United States Governor of 

10 the Bank is authorized to subscribe on be11 half of the United States to 40,000 addi12 tional shares of the paid-in capital stock of 

13 the Bank. 

14 ‘‘(ii) Any subscription by the United 

15 States to additional paid-in capital stock of 

16 the Bank shall be effective only to such ex17 tent and in such amounts as are provided 

18 in advance in appropriations Acts. 

19 ‘‘(B) AUTHORIZATION OF APPROPRIA20 TIONS.—In order to pay for the increase in the 

21 United States subscription to the Bank under 

22 subparagraph (A), there are authorized to be 

23 appropriated, without fiscal year limitation, 

24 $439,100,000, for payment by the Secretary of 

25 the Treasury.’’. 

Æ 


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