I 

118TH CONGRESS 

1ST SESSION H. R. 557 

To promote United States interests at the international financial institutions, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 26, 2023 

Mr. HILL introduced the following bill; which was referred to the Committee 

on Financial Services 

A BILL 

To promote United States interests at the international 

financial institutions, and for other purposes. 

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 Institutions Governance Act of 2023’’. 

6 SEC. 2. SENSE OF CONGRESS. 

7 It is the sense of the Congress that— 

8 (1) directing the use of the voice and vote of 

9 the United States at the international financial instiVerDate Sep 11 2014 04:23 Feb 09, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H557.IH H557

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1 tutions (IFIs) serves an essential role in promoting 

2 the national interest; 

3 (2) despite their importance, such mandates 

4 have grown to represent a significant compliance 

5 burden for United States representatives at the 

6 IFIs, having accumulated to more than 260 pages of 

7 statutory text over the course of decades-long par8 ticipation by the United States in the IFIs; and 

9 (3) while certain mandates provide appropriate 

10 discretion for United States representatives through 

11 waivers and sunset provisions, others may entail in12 flexible requirements that— 

13 (A) prevent the representatives from 

14 achieving maximum effectiveness in the pro15 motion of United States interests; 

16 (B) render the representatives less relevant 

17 in multilateral negotiations at the IFIs, includ18 ing in discussions with United States allies; or 

19 (C) fail to adapt to intervening events and 

20 changing circumstances, thereby undermining 

21 the pursuit of United States interests. 


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1 SEC. 3. PILOT AUTHORITY TO WAIVE VOICE AND VOTE RE2 QUIREMENTS, ON A CASE-BY-CASE BASIS, IN 

3 THE INTERNATIONAL FINANCIAL INSTITU4 TIONS. 

5 (a) IN GENERAL.—The Secretary may waive, on a 

6 case-by-case basis, a statutory requirement that directs 

7 the United States Executive Director at an international 

8 financial institution with respect to the use of the voice 

9 and vote of the United States. 

10 (b) EXCEPTION.—Subsection (a) shall not apply to 

11 a statutory requirement if the provision of law providing 

12 for the requirement provides for— 

13 (1) a waiver of the requirement; or 

14 (2) the termination of the requirement by a 

15 date certain. 

16 (c) DEFINITIONS.—In this section: 

17 (1) INTERNATIONAL FINANCIAL INSTITU18 TION.—The term ‘‘international financial institu19 tion’’ has the meaning given the term in section 

20 1701(c)(2) of the International Financial Institu21 tions Act. 

22 (2) SECRETARY.—The term ‘‘Secretary’’ means 

23 the Secretary of the Treasury. 

24 (d) REPORT DESCRIBED.—Not less frequently than 

25 semiannually, the Secretary shall submit to the Committee 

26 on Financial Services of the House of Representatives and 


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1 the Committee on Foreign Relations of the Senate a writ2 ten report that includes the following: 

3 (1) A list of each waiver issued under sub4 section (a) since the later of the date of the enact5 ment of this section or the date the then most recent 

6 report was submitted under this subsection. 

7 (2) A description of any project, policy, or other 

8 matter to which the waiver involved applied. 

9 (3) A detailed explanation of the reasons for 

10 the waiver involved. 

11 (4) A determination that the waiver involved al12 lowed the Secretary to more effectively advance 

13 United States interests at the international financial 

14 institution involved. 

15 (e) NO RETROACTIVE APPLICATION.—A waiver 

16 issued under this section shall not apply retroactively. 

17 (f) RECOMMENDATIONS BY THE SECRETARY.—With18 in 12 months after the date of the enactment of this Act, 

19 the Secretary shall submit to the committees specified in 

20 subsection (d) any recommendations to revise or sunset 

21 a statutory requirement that directs the United States Ex22 ecutive Director at an international financial institution 

23 with respect to the use of the voice and vote of the United 

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1 ing the following objectives with regard to the inter2 national financial institution: 

3 (1) Strengthening United States leadership in 

4 the design, execution, and evaluation of activities. 

5 (2) Permitting the Secretary to more effectively 

6 support policies, projects, and other initiatives that 

7 advance the national interest of the United States. 

8 (3) Facilitating multilateral cooperation, par9 ticularly between the United States and its allies. 

10 (4) Updating a requirement to appropriately re11 flect changing conditions. 

12 (5) Allowing for all appropriate accountability 

13 to the Congress with respect to United States gov14 ernance at, and participation in, the international fi15 nancial institution. 

16 (g) SUNSET.—The preceding provisions of this sec17 tion shall have no force or effect on and after the date 

18 that is 3 years after the date of the enactment of this 

19 Act. 

Æ 


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