H. R. 7776—1013 
(3) no person receives compensation for use of the aircraft 
for a specific flight during which flight training, checking, or 
testing was received, other than expenses for owning, operating, 
and maintaining the aircraft. 
SEC. 5605. RECOGNIZING FEMA SUPPORT. 
Congress finds the following: 
(1) The Federal Emergency Management Agency provides 
vital support to communities and disaster survivors in the 
aftermath of major disasters, including housing assistance for 
individuals and families displaced from their homes. 
(2) The Federal Emergency Management Agency should 
be encouraged to study the idea integrating collapsible shelters 
for appropriate non-congregate sheltering needs into the dis-
aster preparedness stockpile. 
TITLE LVII—FINANCIAL SERVICES 
MATTERS 
TITLE LVII—FINANCIAL SERVICES MATTERS 
Sec. 5701. United States policy on World Bank Group and Asian Development 
Bank assistance to the People’s Republic of China. 
Sec. 5702. Support for international initiatives to provide debt restructuring or re-
lief to developing countries with unsustainable levels of debt. 
Sec. 5703. Ukraine debt payment relief. 
Sec. 5704. Isolate Russian Government Officials Act of 2022. 
Sec. 5705. Fair hiring in banking. 
Sec. 5706. Banking Transparency for Sanctioned Persons Act of 2022. 
Sec. 5707. Flexibility in addressing rural homelessness. 
Sec. 5708. Master account and services database. 
SEC. 5701. UNITED STATES POLICY ON WORLD BANK GROUP AND 
ASIAN DEVELOPMENT BANK ASSISTANCE TO THE PEO-
PLE’S REPUBLIC OF CHINA. 
(a) IN GENERAL.—Title XVI of the International Financial 
Institutions Act (22 U.S.C. 262p et seq.) is amended by adding 
at the end the following: 
‘‘SEC. 1632. UNITED STATES POLICY ON WORLD BANK GROUP AND 
ASIAN DEVELOPMENT BANK ASSISTANCE TO THE PEO-
PLE’S REPUBLIC OF CHINA. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury shall instruct 
the United States Executive Director at each international financial 
institution of the World Bank Group and at the Asian Development 
Bank to use the voice and vote of the United States at the respective 
institution to vote against the provision of any loan, extension 
of financial assistance, or technical assistance to the People’s 
Republic of China unless the Secretary of the Treasury has certified 
to the appropriate congressional committees that— 
‘‘(1) the Government of the People’s Republic of China 
and any lender owned or controlled by the Government of 
the People’s Republic of China have demonstrated a commit-
ment— 
‘‘(A) to the rules and principles of the Paris Club, 
or of other similar coordinated multilateral initiatives on 
debt relief and debt restructuring in which the United 
States participates, including with respect to debt trans-
parency and appropriate burden-sharing among all credi-
tors;
H. R. 7776—1014 
‘‘(B) to the practice of presumptive public disclosure 
of the terms and conditions on which they extend credit 
to other governments (without regard to the form of any 
such extension of credit); 
‘‘(C) not to enforce any agreement terms that may 
impair their own or the borrowers’ capacity fully to imple-
ment any commitment described in subparagraph (A) or 
(B); and 
‘‘(D) not to enter into any agreement containing terms 
that may impair their own or the borrowers’ capacity fully 
to implement any commitment described in subparagraph 
(A) or (B); or 
‘‘(2) the loan or assistance is important to the national 
interest of the United States, as described in a detailed expla-
nation by the Secretary to accompany the certification. 
‘‘(b) DEFINITIONS.—In this section: 
‘‘(1) APPROPRIATE CONGRESSIONAL COMMITTEES.—The term 
‘appropriate congressional committees’ means the Committee 
on Financial Services of the House of Representatives and 
the Committee on Foreign Relations of the Senate. 
‘‘(2) WORLD BANK GROUP.—The term ‘World Bank Group’ 
means the International Bank for Reconstruction and Develop-
ment, the International Development Association, the Inter-
national Finance Corporation, and the Multilateral Investment 
Guarantee Agency.’’. 
(b) SUNSET.—The amendment made by subsection (a) is 
repealed effective on the date that is 7 years after the effective 
date of this section. 
SEC. 5702. SUPPORT FOR INTERNATIONAL INITIATIVES TO PROVIDE 
DEBT RESTRUCTURING OR RELIEF TO DEVELOPING 
COUNTRIES WITH UNSUSTAINABLE LEVELS OF DEBT. 
(a) IN GENERAL.—Title XVI of the International Financial 
Institutions Act (22 U.S.C. 262p et seq.), as amended by section 
5701, is further amended by adding at the end the following: 
‘‘SEC. 1633. SUPPORT FOR INTERNATIONAL INITIATIVES TO PROVIDE 
DEBT RESTRUCTURING OR RELIEF TO DEVELOPING 
COUNTRIES WITH UNSUSTAINABLE LEVELS OF DEBT. 
‘‘(a) DEBT RELIEF.—The Secretary of the Treasury, in consulta-
tion with the Secretary of State, shall— 
‘‘(1) engage with international financial institutions, the 
G20, and official and commercial creditors to advance support 
for prompt and effective implementation and improvement of 
the Common Framework for Debt Treatments beyond the DSSI 
(in this section referred to as the ‘Common Framework’), or 
any successor framework or similar coordinated international 
debt treatment process in which the United States participates 
through the establishment and publication of clear and account-
able— 
‘‘(A) debt treatment benchmarks designed to achieve 
debt sustainability for each participating debtor; 
‘‘(B) standards for appropriate burden-sharing among 
all creditors with material claims on each participating 
debtor, without regard for their official, private, or hybrid 
status; 
‘‘(C) robust debt disclosure by creditors, including the 
People’s Republic of China, and debtor countries, including
H. R. 7776—1015 
inter-creditor data-sharing and, to the maximum extent 
practicable, public disclosure of material terms and condi-
tions of claims on participating debtors; 
‘‘(D) expansion of Common Framework country eligi-
bility to lower middle-income countries who otherwise meet 
the existing criteria; 
‘‘(E) improvements to the Common Framework process 
with the aim of ensuring access to debt relief in a timely 
manner for those countries eligible and who request treat-
ment; and 
‘‘(F) consistent enforcement and improvement of the 
policies of multilateral institutions relating to asset-based 
and revenue-based borrowing by participating debtors, and 
coordinated standards on restructuring collateralized debt; 
‘‘(2) engage with international financial institutions and 
official and commercial creditors to advance support, as the 
Secretary finds appropriate, for debt restructuring or debt relief 
for each participating debtor, including, on a case-by- case 
basis, a debt standstill, if requested by the debtor country 
through the Common Framework process from the time of 
conclusion of a staff-level agreement with the International 
Monetary Fund, and until the conclusion of a memorandum 
of understanding with its creditor committee pursuant to the 
Common Framework, or any successor framework or similar 
coordinated international debt treatment process in which the 
United States participates; and 
‘‘(3) instruct the United States Executive Director at the 
International Monetary Fund and the United States Executive 
Director at the World Bank to use the voice and vote of the 
United States to advance the efforts described in paragraphs 
(1) and (2). 
‘‘(b) REPORTING REQUIREMENT.—Not later than 120 days after 
the date of the enactment of this section, and annually thereafter, 
the Secretary of the Treasury, in coordination with the Secretary 
of State, shall submit to the Committees on Banking, Housing, 
and Urban Affairs and Foreign Relations of the Senate and the 
Committees on Financial Services and Foreign Affairs of the House 
of Representatives a report that describes— 
‘‘(1) any actions that have been taken, in coordination 
with international financial institutions, by official creditors, 
including the government of, and state-owned enterprises in, 
the People’s Republic of China, and relevant commercial cred-
itor groups to advance debt restructuring or relief for countries 
with unsustainable debt that have sought restructuring or relief 
under the Common Framework, any successor framework or 
mechanism, or under any other coordinated international 
arrangement for sovereign debt restructuring in which the 
United States participates; 
‘‘(2) any implementation challenges that hinder the ability 
of the Common Framework to provide timely debt restructuring 
for any country with unsustainable debt that seeks debt restruc-
turing or debt payment relief, including any refusal of a creditor 
to participate in appropriate burden-sharing, including failure 
to share (or publish, as appropriate) all material information 
needed to assess debt sustainability; and 
‘‘(3) recommendations on how to address any challenges 
identified in paragraph (2).’’.
H. R. 7776—1016 
(b) SUNSET.—The amendment made by subsection (a) is 
repealed effective on the date that is 5 years after the effective 
date of this section. 
SEC. 5703. UKRAINE DEBT PAYMENT RELIEF. 
(a) SUSPENSION
OF
MULTILATERAL
DEBT
PAYMENTS
OF 
UKRAINE.— 
(1) UNITED STATES POSITION IN THE INTERNATIONAL FINAN-
CIAL
INSTITUTIONS.—The Secretary of the Treasury shall 
instruct the United States Executive Director at each inter-
national financial institution (as defined in section 1701(c)(2) 
of the International Financial Institutions Act) to use the voice, 
vote, and influence of the United States to advocate that the 
respective institution immediately provide appropriate debt 
service relief to Ukraine. 
(2) OFFICIAL
BILATERAL
AND
COMMERCIAL
DEBT
SERVICE 
PAYMENT RELIEF.—The Secretary of the Treasury, working in 
coordination with the Secretary of State, shall commence imme-
diate efforts with other governments and commercial creditor 
groups, through the Paris Club of Official Creditors and other 
bilateral and multilateral frameworks, both formal and 
informal, to pursue comprehensive debt payment relief for 
Ukraine. 
(3) MULTILATERAL FINANCIAL SUPPORT FOR UKRAINE.—The 
Secretary of the Treasury shall direct the United States Execu-
tive Director at each international financial institution (as 
defined in section 1701(c)(2) of the International Financial 
Institutions Act) to use the voice and vote of the United States 
to support, to the extent practicable, the provision of 
concessional financial assistance for Ukraine. 
(4) MULTILATERAL FINANCIAL SUPPORT FOR REFUGEES.—The 
Secretary of the Treasury shall direct the United States Execu-
tive Director at each international financial institution (as 
defined in section 1701(c)(2) of the International Financial 
Institutions Act) to use the voice and vote of the United States 
to seek to provide economic support for refugees from Ukraine, 
including refugees of African and Asian descent, and for coun-
tries receiving refugees from Ukraine that are eligible for assist-
ance from the multilateral development banks. 
(b) REPORT TO THE CONGRESS.—Not later than December 31 
of each year, the President shall— 
(1) submit to the Committees on Financial Services, on 
Appropriations, and on Foreign Affairs of the House of Rep-
resentatives and the Committees on Foreign Relations and 
on Appropriations of the Senate, a report on the activities 
undertaken under this section; and 
(2) make public a copy of the report. 
(c) WAIVER AND TERMINATION.— 
(1) WAIVER.—The President may waive the application of 
this section if the President determines that a waiver is in 
the national interest of the United States and reports to the 
Congress an explanation of the reasons therefor. 
(2) TERMINATION.—This section shall have no force or effect 
on the earlier of— 
(A) the date that is 7 years after the date of the 
enactment of this Act; or