I 
118TH CONGRESS 
2D SESSION H. R. 10059 
To enhance the operations and accountability of international financial institu-
tions, 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘International Financial 
Institution Improvements Act of 2024’’. 
SEC. 2. TABLE OF CONTENTS. 
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 secu-
rities. 
Sec. 203. United States coordination with the International Bank for Recon-
struction and Development on human rights. 
Sec. 204. Timeliness of project preparation and execution by the International 
Bank for Reconstruction and Development and the Inter-
national 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 Cor-
poration 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 commit-
ments to Burma. 
Sec. 213. Digital public infrastructure safeguards for international financial in-
stitutions 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 invest-
ments. 
Sec. 220. Combatting climate change. 
Sec. 221. United States advocacy for investment in projects that decrease reli-
ance 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 cli-
mate-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. 
TITLE I—INTERNATIONAL 
FINANCIAL INSTITUTIONS 
SEC. 101. IMPROVEMENT OF TRANSPARENCY IN HOST NA-
TIONS. 
Title XV of the International Financial Institutions 
Act (22 U.S.C. 262o–262o–4) is amended by adding at 
the end the following: 
‘‘SEC. 1506. IMPROVEMENT OF TRANSPARENCY IN HOST NA-
TIONS. 
‘‘The Secretary of the Treasury shall instruct the 
United States Executive Director at each international fi-
nancial institution (as defined in section 1701(c)(2)) to 
encourage the respective institution to publicize the nature 
and purpose of any project, loan, investment, or other ac-
tivity being pursued by the institution in any country, in 
simple terms designed to increase the understanding of the 
citizens of the country of the good work conducted by the 
institution and better explain who will benefit from the 
activity.’’. 
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SEC. 102. COLLABORATION WITH CIVIL SOCIETY ORGANI-
ZATIONS. 
(a) IN GENERAL.—Title XV of the International Fi-
nancial Institutions Act (22 U.S.C. 262o–262o–4) is fur-
ther amended by adding at the end the following: 
‘‘SEC. 1507. COLLABORATION WITH CIVIL SOCIETY ORGANI-
ZATIONS. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
international financial institution (as defined in section 
1701(c)(2)) to use the voice, vote, and influence of the 
United States to work to develop policies, to be approved 
by the Board of Executive Directors of the respective insti-
tution following a wide and extensive consultation with 
civil society, to require the staff of the institution to en-
gage and consult in meaningful ways with civil society or-
ganizations (which should include women’s rights organi-
zations; organizations working on economic, fiscal justice, 
and anti-corruption issues; and worker representatives, in-
cluding care workers). 
‘‘(b) SPECIFIC POLICIES.— 
‘‘(1) IN GENERAL.—The policies developed pur-
suant to subsection (a) should— 
‘‘(A) articulate mechanisms for how to en-
gage in different contexts and should be adapt-
ed to the purpose of the engagement, and set 
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clear timelines and dates for consultations, tak-
ing into account project timelines; 
‘‘(B) require mission chiefs to meet with a 
wide range of stakeholders from civil society 
from conceptualization through completion of 
the project or loan involved; 
‘‘(C) should require the institution to set 
clear parameters, dates, and mechanisms to 
conduct genuine and meaningful consultations 
with civil society organization policy in the dif-
ferent review processes, and develop new poli-
cies and strategies. 
‘‘(2) INTERNATIONAL
MONETARY
FUND.—In 
the case of the International Monetary Fund, as the 
Fund identifies and builds the work of the Fund on 
issues of critical importance to macroeconomic 
trends and policies, such as inequality, climate 
change, gender, and anti-corruption, the policies de-
veloped pursuant to subsection (a) should also pro-
vide for increasing engagement with civil society or-
ganizations with expertise in those issues. 
‘‘(c) SOLICITATION OF VIEWS OF CIVIL SOCIETY OR-
GANIZATIONS.—The Secretary of the Treasury shall meet 
semiannually with a range of civil society organizations to 
solicit the views of the organizations on United States par-
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ticipation in and policies at the international financial in-
stitutions (as so defined).’’. 
(b) REPORT.—Within 1 year after the date of the en-
actment of this Act, the Secretary of the Treasury 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 on the steps that 
the United States has taken to encourage collaboration 
with civil society organizations. 
SEC. 103. UNITED STATES LEADERSHIP IN DEBT FORGIVE-
NESS. 
(a) REPORT TO THE CONGRESS.—Within 180 days 
after the date of the enactment of this Act, the Secretary 
of the Treasury shall submit to the Committee on Finan-
cial Services of the House of Representatives and the 
Committee on Foreign Relations of the Senate a written 
report that contains an assessment of— 
(1) the commonalities in successive debt-re-
structuring challenges across the frameworks and fo-
rums in which the United States participates, such 
as the types of debt relief that countries are able to 
provide, the terms of debt relief, and the reclassifica-
tion of public debt as private debt by certain credi-
tors; 
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(2) the options available to provide debt relief 
to developing countries with an intransigent creditor 
while protecting United States taxpayer resources 
and ensuring that United States taxpayer money is 
not being used to fund payments to intransigent 
creditor nations; 
(3) the oversight and policy priorities of the 
United States in the negotiations in the debt-nego-
tiation forums in which the United States partici-
pates; 
(4) the likelihood that low-income developing 
countries can gain or retain access to private capital 
markets even if the countries are in default on debt 
owed to sovereign creditors, and how to increase 
that likelihood; and 
(5) the implications for the economic and na-
tional security interests of the United States of the 
extent to which the debt of developing countries im-
pedes or prevents the countries from taking on addi-
tional debt to finance future projects. 
(b) ADVOCATION
FOR INTEGRATION
OF CERTAIN 
ELEMENTS IN THE IMF REVIEW OF THE DEBT SUSTAIN-
ABILITY FRAMEWORK FOR LOW-INCOME COUNTRIES.— 
The Secretary of the Treasury shall instruct the United 
States Executive Director at the International Monetary 
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Fund to use the voice, vote, and influence of the United 
States to strongly advocate for the integration of the fol-
lowing elements in the review by the Fund of the Debt 
Sustainability Framework for Low-Income Countries: 
(1) Making ‘‘informing debt restructuring proc-
esses’’ an explicit purpose of the Framework. 
(2) Increasing the transparency of macro-
economic assumptions used to inform sustainability 
estimates and the rationale for the assumptions, in-
cluding for projected gross domestic product, ex-
ports, fiscal balance, fiscal balance financing, and 
expected debt restructuring. 
(3) Including investments identified in national 
plans to meet the Sustainable Development Goals 
and the Nationally Determined Contributions under 
the Paris Climate Agreement in the fiscal balance 
projections and the impact of the investments on 
economic growth. 
(4) Ensuring that when debt restructuring is 
needed, it is sufficient to lower such country to no 
more than a moderate risk of debt distress even in 
medium-term stress scenarios. 
(5) Increasing the severity of stress scenarios to 
counteract the historical optimism bias of the 
Framework. 
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SEC. 202. ALIGNING REGULATIONS FOR INTERNATIONAL 
DEVELOPMENT ASSOCIATION SECURITIES. 
(a) IN GENERAL.—The International Development 
Association Act (22 U.S.C. 284–284cc) is amended by 
adding at the end the following: 
‘‘SEC. 32. EXEMPTION OF SECURITIES OF THE INTER-
NATIONAL 
DEVELOPMENT 
ASSOCIATION 
FROM THE SECURITIES LAWS. 
‘‘(a) EXEMPTION FROM SECURITIES LAWS; REPORTS 
TO SECURITIES AND EXCHANGE COMMISSION.—Any secu-
rities issued by the Association (including any guaranty 
by the Association, whether or not limited in scope) and 
any securities guaranteed by the Association as to both 
principal and interest shall be deemed to be exempted se-
curities within the meaning of section 3(a)(2) of the Secu-
rities Act of 1933 (15 U.S.C. 77c(a)(2)) and section 
3(a)(12) of the Securities Exchange Act of 1934 (15 
U.S.C. 78c(a)(12)). The Association shall file with the Se-
curities and Exchange Commission such annual and other 
reports with regard to such securities as the Commission 
shall determine to be appropriate in view of the special 
character of the Association and its operations and nec-
essary in the public interest or for the protection of inves-
tors. 
‘‘(b) AUTHORITY OF SECURITIES AND EXCHANGE 
COMMISSION TO SUSPEND EXEMPTION; REPORTS
TO 
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CONGRESS.—The Securities and Exchange Commission, 
acting in consultation with the National Advisory Council 
on International Monetary and Financial Problems, is au-
thorized to suspend the provisions of subsection (a) of this 
section at any time as to any or all securities issued or 
guaranteed by the Association during the period of such 
suspension. The Commission shall include in its annual 
reports to the Congress such information as it shall deem 
advisable with regard to the operations and effect of this 
section.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect 30 days after the date of 
the enactment of this Act. 
SEC. 203. UNITED STATES COORDINATION WITH THE 
INTERNATIONAL BANK FOR RECONSTRUC-
TION 
AND 
DEVELOPMENT 
ON 
HUMAN 
RIGHTS. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Bank for 
Reconstruction and Development— 
(1) to use the voice, vote, and influence of the 
United States to oppose the provision of support for 
any project that has been turned down or withdrawn 
from by a department or agency of the United 
States due to environmental, social, or human rights 
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concerns, unless the head of the department or agen-
cy, as the case may be, verifies to the United States 
Executive Director that all such concerns have been 
adequately resolved; and 
(2) to inform the Committee on Financial Serv-
ices of the House of Representatives and the Com-
mittee on Finance of the Senate whenever the Bank 
agrees to provide support for any project that has 
been turned down or withdrawn from by such a de-
partment or agency. 
SEC. 204. TIMELINESS OF PROJECT PREPARATION AND 
EXECUTION BY THE INTERNATIONAL BANK 
FOR RECONSTRUCTION AND DEVELOPMENT 
AND THE INTERNATIONAL DEVELOPMENT 
ASSOCIATION. 
(a) USE OF VOICE, VOTE, AND INFLUENCE OF THE 
UNITED STATES.—The Secretary of the Treasury shall di-
rect the United States Executive Directors at the Inter-
national Bank for Reconstruction and Development and 
the International Development Association to use the 
voice, vote, and influence of the United States to assess 
the cause of bottlenecks and identify potential efficiencies 
in project preparation and execution by the Bank and the 
Association. 
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(b) REPORT ON BOTTLENECKS AND POTENTIAL EF-
FICIENCIES.—Within 180 days after the date of the enact-
ment of this Act, the Secretary of the Treasury shall sub-
mit to the Committee on Financial Services of the House 
of Representatives and the Committee on Finance of the 
Senate a report that describes the findings of the United 
States Executive Directors at the Bank and the Associa-
tion regarding bottlenecks and potential efficiencies re-
ferred to in subsection (a). 
(c) REPORT
ON ADDRESSING BOTTLENECKS
AND 
CAPITALIZING
ON POTENTIAL EFFICIENCIES.—Within 
180 days after the date of the submission of the report 
required by subsection (b), the Secretary of the Treasury 
shall submit to the Committee on Financial Services of 
the House of Representatives and the Committee on Fi-
nance of the Senate a report that describes how the Sec-
retary and the United States Executive Directors at the 
Bank and the Association are actively working to address 
any such bottlenecks and capitalize on any such potential 
efficiencies. 
SEC. 205. PROTECTIONS FOR HUMAN RIGHTS, INCLUDING 
LGBTQ+ PERSONS. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall direct the United States Executive Directors at the 
International Bank for Reconstruction and Development 
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and the African Development Bank to use the voice and 
vote of the United States to oppose the provision by the 
respective bank of financial assistance for a project in any 
country that engages in human rights abuses, including 
of persons who identify as lesbian, gay, bisexual, 
transgender, queer, or questioning, or another diverse gen-
der identity, as reported by the Department of State in 
the Annual Country Reports on Human Rights Practices, 
unless the bank makes public the details of how the project 
would be widely inclusive for the groups that the report 
has identified as marginalized. 
(b) NATIONAL INTEREST WAIVER.—The Secretary of 
the Treasury may waive the requirement of subsection (a) 
if the Secretary determines that it is in the national inter-
est of the United States to do so. 
SEC. 206. IDA PRIVATE SECTOR LENDING WINDOW. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Develop-
ment Association to use the voice and vote of the United 
States to oppose the provision by the International Devel-
opment Association of any additional funding for the Pri-
vate Sector Window in any replenishment round. 
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SEC. 207. WORLD BANK SUPPORT FOR HAITI DEVELOP-
MENT. 
The Secretary of the Treasury shall direct the United 
States Executive Directors at the International Bank for 
Reconstruction and Development and at the Inter-Amer-
ican Development Bank to use the voice, vote, and influ-
ence of the United States to advocate that the Bank create 
a long-term strategy and plan for economic development 
in Haiti, and, within 180 days after the date of the enact-
ment of this Act, the Secretary shall submit to the Con-
gress a written report analyzing Bank support for Haiti 
and how to strengthen the support. 
SEC. 208. WORLD BANK FEASIBILITY STUDY ON A CONSOR-
TIUM BANK IN THE CARIBBEAN REGION. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Develop-
ment Association to use the voice, vote, and influence of 
the United States to advocate that the Bank conduct a 
feasibility study on the development of a consortium bank 
model in the Caribbean region, with goals including man-
aging issues related to financial access and correspondent 
banking services and reversing the trend of regional bank 
de-risking, and to complete the study within 180 days 
after the date of the enactment of this Act. 
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SEC. 209. TREASURY REPORT ON ACCOUNTABILITY OF THE 
INTERNATIONAL FINANCE CORPORATION RE-
GARDING BRIDGE ACADEMIES. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall submit to the Congress quarterly reports, in writing, 
on actions completed by the World Bank to compensate 
survivors of child sexual abuse with financial compensa-
tion and other relief, and on actions to hold accountable 
any entity involved in the Bridge Academies project. Each 
such report shall include details of any steps taken by the 
Corporation or the staff of the Corporation to block the 
Department of the Treasury from sharing with the Con-
gress any information about the report or the Bridge 
Academies case. 
(b) SUNSET.—Subsection (a) shall have no force or 
effect beginning 3 years after the date of the enactment 
of this section. 
SEC. 210. SHIPPING TRANSPARENCY RISK MITIGATION. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Bank for 
Reconstruction and Development to use the voice, vote, 
and influence of the United States to encourage the Bank 
to require that the provision of financing for a shipping 
or port project include risk mitigation plans to minimize 
corruption and crime, including— 
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(1) dedicated port security personnel plans 
which identify— 
(A) specialized compliance officers trained 
in international shipping regulations and sanc-
tions compliance; 
(B) risk assessment teams responsible for 
evaluating potential threats and suspicious ac-
tivities; and 
(C) on-site legal advisors to provide imme-
diate guidance on compliance and legal issues; 
(2) enhanced vessel tracking systems, such as 
long-range identification and tracking systems, to 
provide continuous monitoring of vessel positions; 
(3) integrated information management sys-
tems, such as centralized data management plat-
forms for real-time sharing of vessel and cargo infor-
mation among port authorities, customs, and secu-
rity agencies; 
(4) plans for regular compliance audits and in-
spections, including— 
(A) scheduled and random audits of ship-
ping documentation, cargo, and vessel oper-
ations to ensure adherence to regulations; 
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(B) comprehensive inspection protocols for 
high-risk shipments, including physical checks 
and verification of cargo manifests; and 
(C) personnel trained in verifying the ori-
gin of petroleum and petroleum products and 
their blends and grades, and in corroborating 
certificates of origin for oil cargos; 
(5) community and stakeholder engagement 
plans, including— 
(A) public awareness campaigns to educate 
local communities and port workers about the 
importance of shipping transparency and com-
pliance; and 
(B) collaboration with industry stake-
holders to develop and implement best practices 
for risk mitigation and compliance; 
(6) technology-driven surveillance capacity, in-
cluding satellite imagery for remote monitoring of 
port activities and vessel movements; and 
(7) robust reporting and whistleblower pro-
grams, including— 
(A) confidential reporting channels for em-
ployees and stakeholders to report suspicious 
activities without fear of retaliation; and 
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(B) incentive programs to encourage the 
reporting of compliance breaches and illicit ac-
tivities. 
SEC. 211. WORLD BANK SUPPORT FOR EFFORTS TO DENY 
SAFE HAVENS FOR STOLEN ASSETS. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Bank for 
Reconstruction and Development to use the voice and vote 
of the United States to advocate that the Bank work inter-
nally and with partner organizations to support inter-
national efforts to deny safe havens for stolen assets and 
promote asset recovery to return assets to their legitimate 
owners. 
SEC. 212. CONTINUATION OF PAUSE ON WORLD BANK DIS-
BURSEMENTS 
AND 
COMMITMENTS 
TO 
BURMA. 
The Secretary of the Treasury shall direct the United 
States Executive Director at the International Bank for 
Reconstruction and Development to use the voice and vote 
of the United States to continue the pause by the Bank 
on disbursements and the making of new financing com-
mitments to the Government of Burma, which was initi-
ated after a military coup overthrew the democratically 
elected Government of Burma in 2021, unless the Sec-
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retary of the Treasury determines that it is not in the 
public interest to do so. 
SEC. 213. DIGITAL PUBLIC INFRASTRUCTURE SAFEGUARDS 
FOR INTERNATIONAL FINANCIAL INSTITU-
TIONS PROJECTS AND FINANCING. 
(a) DETERMINATION OF APPLICABILITY OF SAFE-
GUARDS.—The Secretary of the Treasury shall convene 
meetings of the heads of such Federal agencies, and such 
representatives of private sector organizations and civil so-
ciety, as the Secretary deems appropriate, for the purpose 
of determining which digital public infrastructure safe-
guards should be applied to projects of, and financing pro-
vided by, the international financial institutions (as de-
fined in section 1701(c)(2) of the International Financial 
Institutions Act). At the meetings, the participants should 
consider the minimum safeguards proposed in version 1.0 
of the United Nations (UN) Universal DPI Safeguards 
Framework, and measures to protect privacy, ensure pri-
vate sector participation, and deter and detect fraud, fi-
nancial crime, and corruption. 
(b) REPORT TO THE CONGRESS.—Within 1 year after 
the date of the enactment of this Act, the Secretary of 
the Treasury shall submit to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Foreign Relations of the Senate a written report 
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on any determinations and recommendations made pursu-
ant to subsection (a). 
SEC. 214. INDEPENDENT ACCOUNTABILITY MECHANISMS. 
(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at each 
multilateral development bank (as defined in section 
1701(c)(4) of the International Financial Institutions Act) 
to use the voice, vote, and influence of the United States 
to support and increase the effectiveness of the inde-
pendent accountability mechanisms (in this section re-
ferred to as ‘‘IAM’’) of the respective bank, through en-
gagement with bank management and other executive di-
rectors at the bank. 
(b) RESPONSIBLE EXIT POLICIES.—The Secretary of 
the Treasury shall instruct the United States Executive 
Director at each multilateral development bank (as so de-
fined) to use the voice, vote, and influence of the United 
States to advocate for the adoption by the respective bank 
of responsible exit policies for projects that require reme-
diation before exit, and to support the prohibition of 
project exit during the accountability process without the 
consent of complainants. 
(c) REPORT TO CONGRESS.—The Secretary of the 
Treasury shall submit to the Committee on Financial 
Services of the House of Representatives and the Com-
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