(7) under the leadership of President Kabbaj, on
June 6, 2001, Standard & Poor’s revised the outlook
on its AA+ long term issuer ratings of the African
Development Bank to stable from negative.
(b) COMMENDATION.—The Congress, on behalf of the
people of the United States, commends President Omar
Kabbaj for his successful reform efforts as President of the
African Development Bank and Fund, and encourages his
continued efforts at reform.
SEC. 10. ACTION BY THE PRESIDENT.
Title XVI of the International Financial Institutions
Act (22 U.S.C. 262p—262p–7) is further amended by add-
ing at the end the following:
‘‘SEC. 1629. ACTION BY THE PRESIDENT.
‘‘If the President determines that a foreign country has
taken or has committed to take actions that either con-
tribute or do not contribute to efforts of the United States
to respond to, deter, or prevent acts of international ter-
rorism, the Secretary of the Treasury may, consistent with
other applicable law, instruct the United States Executive
Director at, or the United States Governor of, the regional
multilateral devlopment bank to take the determination into
account in considering whether to approve an application
of the country for assistance from the institution.’’.
SEC. 11. SENSE OF THE CONGRESS REGARDING PRIVATIZA-
TION PROJECTS.
Title XVI of the International Financial Institutions
Act (22 U.S.C. 262p—262p–7) is further amended by add-
ing at the end the following:
‘‘SEC. 1630. SENSE OF THE CONGRESS REGARDING PRIVAT-
IZATION PROJECTS.
‘‘The Secretary of the Treasury should instruct the
United States Executive Director at the Asian Development
Bank, the African Development Bank, the African Develop-
ment Fund, the International Fund for Agricultural Devel-
opment, the Inter-American Development Bank, and the
European Bank for Reconstruction and Development, and
the United States Governor of the International Fund for
Agricultural Development to use the voice and vote of the
United States to oppose the provision by the respective in-
stitution of assistance for a project that involves privatiza-
tion of a government-held industry or sector if—
‘‘(1) the privatization transaction is not imple-
mented in a transparent manner;
‘‘(2) the privatization transaction is not imple-
mented in a manner that adequately protects the in-
terests of workers, small investors, and vulnerable
groups in society to the extent that they are affected
by the privatization transaction; or
‘‘(3) appropriate regulatory regimes have not
been established to ensure the proper function of com-
petitive markets in the industry or sector.’’.
SEC. 12. OPPOSITION OF UNITED STATES TO REDUCTION
OF MINIMUM WAGE BELOW INTERNATION-
ALLY RECOGNIZED LEVEL OF POVERTY.
Title XVI of the International Financial Institutions
Act (22 U.S.C. 262p—262p–7) is further amended by add-
ing at the end the following:
‘‘SEC. 1631. OPPOSITION OF UNITED STATES TO REDUC-
TION OF MINIMUM WAGE BELOW INTER-
NATIONALLY RECOGNIZED LEVEL OF POV-
ERTY.
‘‘The Secretary of the Treasury shall instruct the
United States Executive Director at the African Develop-
ment Bank, the African Development Fund, the Asian De-
velopment Bank, the Asian Development Fund, a special
fund of the Asian Development Bank, the Inter-American
Development Bank, and the European Bank for Reconstruc-
tion and Development, and the United States Governor of
the International Fund for Agricultural Development to op-
pose any loan, grant, document, or strategy that is subject
to endorsement or approval by the board of directors of any
such institution, which includes any provision that would
recommend or encourage the reduction of a country’s min-
imum wage to a level of less than $2.00 per day.’’.
SEC. 13. SUPPORT FOR ASIAN DEVELOPMENT FUND ASSIST-
ANCE FOR PROJECTS THAT ARE DIRECTED
AT ADDRESSING ARSENIC CONTAMINATION
IN DRINKING WATER IN SOUTH ASIA.
Title XVI of the International Financial Institutions
Act (22 U.S.C. 262p—262p–7) is further amended by add-
ing at the end the following:
‘‘SEC. 1632. SUPPORT FOR PROJECTS THAT ARE DIRECTED
AT ADDRESSING ARSENIC CONTAMINATION
IN DRINKING WATER IN SOUTH ASIA.
‘‘The Secretary of the Treasury shall instruct the
United States Executive Director at the Asian Development
Fund, a special fund of the Asian Development Bank, to
use the voice and vote of the United States to support
projects that are directed at addressing arsenic contamina-
tion in drinking water in South Asia.’’.
Union Calendar No. 177
107TH CONGRESS
1ST SESSION
H. R. 2604
[Report No. 107–291]
A BILL
To authorize the United States to participate in
and contribute to the seventh replenishment of
the resources of the Asian Development Fund
and the fifth replenishment of the resources of
the International Fund for Agricultural Develop-
ment, and to set forth additional policies of the
United States towards the African Development
Bank, the African Development Fund, the Asian
Development Bank, the Inter-American Develop-
ment Bank, and the European Bank for Recon-
struction and Development.
NOVEMBER 15, 2001
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union,
and ordered to be printed