To increase effectiveness in the pursuit of United States interests and multilateral cooperation at the international financial institutions, and for other purposes.

To increase effectiveness in the pursuit of United States interests and multilateral cooperation at the international financial institutions, and for other purposes. 1. Pilot authority to waive voice and vote requirements, on a case-by-case basis, in the international financial institutions (a) In general The Secretary may waive, on a case-by-case basis, a statutory requirement that directs the United States Executive Director at an international financial institution with respect to the use of the voice and vote of the United States. (b) Definitions In this section: (1) International financial institution The term international financial institution (2) Secretary The term Secretary (c) Report described Within 30 days after issuing a waiver under subsection (a), the Secretary 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 includes the following: (1) A description of any project, policy, or other matter to which the waiver would apply. (2) An explanation of the reasons for the waiver. (3) A certification that— (A) the United States Executive Director continues to promote the objectives of the requirement at the international financial institution; (B) the waiver does not undermine the ability of the United States to promote the objectives; and (C) the waiver allows for the United States to more effectively advance multilateral cooperation at the international financial institution. (d) No retroactive application A waiver under this section shall not apply retroactively. (e) Recommendations by the Secretary Within 12 months after the date of the enactment of this Act, the Secretary shall submit to the committees specified in subsection (c) any recommendations to revise or sunset a statutory requirement that directs the United States Executive Director at an international financial institution with respect to the use of the voice and vote of the United States. The recommendations should be aimed at achieving the following objectives with regard to the international financial institution: (1) Strengthening United States leadership in the design, execution, and evaluation of activities. (2) Facilitating multilateral cooperation, particularly between the United States and its allies. (3) Updating a requirement to appropriately reflect changing conditions. (4) Permitting the United States Executive Director to more effectively support policies, projects, and other initiatives that advance the national interest of the United States. (5) Allowing for all appropriate accountability to the Congress with respect to United States governance and participation. (f) Sunset The preceding provisions of this section shall have no force or effect on and after the date that is 2 years after the date of the enactment of this Act.

Summary: This bill temporarily authorizes the Department of the Treasury to waive, on a case-by-case basis, statutory mandates that govern the U.S. Executive Directors at international financial institutions with respect to their use of the voice and vote of the United States. For each such waiver, Treasury must issue a report that (1) describes the project or policy to which the waiver would apply, (2) explains the reasons for the waiver, and (3) certifies that the waiver does not undermine the ability of the United States to promote the mandate's policy objectives. Treasury must review existing statutory mandates and submit any recommendations to revise or sunset the mandates with the objectives of strengthening U.S. leadership, facilitating multilateral cooperation, reflecting changing conditions, and advancing the U.S. national interest.