II 

117TH CONGRESS 

1ST SESSION S. 2587 

To oppose the provision of assistance to the People’s Republic of China 

by the multilateral development banks. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 3, 2021 

Mr. BARRASSO (for himself, Mr. GRASSLEY, Ms. LUMMIS, Mr. RUBIO, Mr. 

SCOTT of Florida, Mr. LANKFORD, Mr. INHOFE, Mr. COTTON, Mr. 

TILLIS, Mr. BRAUN, Mr. SASSE, Mr. CORNYN, Mr. BOOZMAN, Mrs. 

BLACKBURN, Mr. TUBERVILLE, Mr. MORAN, and Mr. HAWLEY) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations 

A BILL 

To oppose the provision of assistance to the People’s 

Republic of China by the multilateral development banks. 

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

3 SECTION 1. OPPOSITION TO PROVISION OF ASSISTANCE TO 

4 PEOPLE’S REPUBLIC OF CHINA BY MULTI5 LATERAL DEVELOPMENT BANKS. 

6 (a) FINDINGS.—Congress makes the following find7 ings: 


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1 (1) The People’s Republic of China is the 

2 world’s second largest economy and a major global 

3 lender. 

4 (2) In February 2021, the foreign exchange re5 serves of the People’s Republic of China totaled 

6 more than $3,200,000,000,000. 

7 (3) The World Bank classifies the People’s Re8 public of China as having an upper-middle-income 

9 economy. 

10 (4) On February 25, 2021, President Xi 

11 Jinping announced ‘‘complete victory’’ over extreme 

12 poverty in the People’s Republic of China. 

13 (5) The Government of the People’s Republic of 

14 China utilizes state resources to create and promote 

15 the Asian Infrastructure Investment Bank, the New 

16 Development Bank, and the Belt and Road Initia17 tive. 

18 (6) The People’s Republic of China is the 

19 world’s largest official creditor. 

20 (7) Through a multilateral development bank, 

21 countries are eligible to borrow until they can man22 age long-term development and access to capital 

23 markets without financial resources from the bank. 

24 (8) The World Bank reviews the graduation of 

25 a country from eligibility to borrow from the InterVerDate Sep 11 2014 16:13 Aug 04, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S2587.IS S2587

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1 national Bank for Reconstruction and Development 

2 once the country reaches the graduation discussion 

3 income, which is equivalent to the gross national in4 come. For fiscal year 2021, the graduation discus5 sion income is a gross national income per capita ex6 ceeding $7,065. 

7 (9) Many of the other multilateral development 

8 banks, such as the Asian Development Bank, use 

9 the gross national income per capita benchmark 

10 used by the International Bank for Reconstruction 

11 and Development to trigger the graduation process. 

12 (10) The People’s Republic of China exceeded 

13 the graduation discussion income threshold in 2016. 

14 (11) Since 2016, the International Bank for 

15 Reconstruction and Development has approved 

16 projects totaling $8,930,000,000 to the People’s Re17 public of China. 

18 (12) Since 2016, the Asian Development Bank 

19 has continued to approve loans and technical assist20 ance to the People’s Republic of China totaling 

21 $7,600,000,000. The Bank has also approved non22 sovereign commitments in the People’s Republic of 

23 China totaling $1,800,000,000 since 2016. 


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1 (13) The World Bank calculates the People’s 

2 Republic of China’s most recent year (2019) gross 

3 national income per capita as $10,390. 

4 (b) STATEMENT OF POLICY.—It is the policy of the 

5 United States to oppose any additional lending from the 

6 multilateral development banks, including the Inter7 national Bank for Reconstruction and Development and 

8 the Asian Development Bank, to the People’s Republic of 

9 China as a result of the People’s Republic of China’s suc10 cessful graduation from the eligibility requirements for as11 sistance from those banks. 

12 (c) OPPOSITION TO LENDING TO PEOPLE’S REPUB13 LIC OF CHINA.—The Secretary of the Treasury shall in14 struct the United States Executive Director at each multi15 lateral development bank to use the voice, vote, and influ16 ence of the United States— 

17 (1) to oppose any loan or extension of financial 

18 or technical assistance by the bank to the People’s 

19 Republic of China; and 

20 (2) to end lending and assistance to countries 

21 that exceed the graduation discussion income of the 

22 bank. 

23 (d) REPORT REQUIRED.—Not later than one year 

24 after the date of the enactment of this Act, and annually 

25 thereafter, the Secretary of the Treasury shall submit to 


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1 the appropriate congressional committees a report that in2 cludes— 

3 (1) an assessment of the status of borrowing by 

4 the People’s Republic of China from each multilat5 eral development bank; 

6 (2) a description of voting power, shares, and 

7 representation by the People’s Republic of China at 

8 each such bank; 

9 (3) a list of countries that have exceeded the 

10 graduation discussion income at each such bank; 

11 (4) a list of countries that have graduated from 

12 eligibility for assistance from each such bank; and 

13 (5) a full description of the efforts taken by the 

14 United States to graduate countries from such eligi15 bility once they exceed the graduation discussion in16 come at each such bank. 

17 (e) DEFINITIONS.—In this section: 

18 (1) APPROPRIATE CONGRESSIONAL COMMIT19 TEES.—The term ‘‘appropriate congressional com20 mittees’’ means— 

21 (A) the Committee on Foreign Relations of 

22 the Senate; and 

23 (B) the Committee on Financial Services 

24 and the Committee on Foreign Affairs of the 

25 House of Representatives. 


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1 (2) MULTILATERAL DEVELOPMENT BANKS.— 

2 The term ‘‘multilateral development banks’’ has the 

3 meaning given that term in section 1701(c) of the 

4 International Financial Institutions Act (22 U.S.C. 

5 262r(c)). 

Æ 


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