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. 
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 
Institutions Governance Act of 2023’’. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of the Congress that— 
(1) directing the use of the voice and vote of 
the United States at the international financial insti-
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tutions (IFIs) serves an essential role in promoting 
the national interest; 
(2) despite their importance, such mandates 
have grown to represent a significant compliance 
burden for United States representatives at the 
IFIs, having accumulated to more than 260 pages of 
statutory text over the course of decades-long par-
ticipation by the United States in the IFIs; and 
(3) while certain mandates provide appropriate 
discretion for United States representatives through 
waivers and sunset provisions, others may entail in-
flexible requirements that— 
(A) prevent the representatives from 
achieving maximum effectiveness in the pro-
motion of United States interests; 
(B) render the representatives less relevant 
in multilateral negotiations at the IFIs, includ-
ing in discussions with United States allies; or 
(C) fail to adapt to intervening events and 
changing circumstances, thereby undermining 
the pursuit of United States interests. 
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SEC. 3. PILOT AUTHORITY TO WAIVE VOICE AND VOTE RE-
QUIREMENTS, ON A CASE-BY-CASE BASIS, IN 
THE INTERNATIONAL FINANCIAL INSTITU-
TIONS. 
(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) EXCEPTION.—Subsection (a) shall not apply to 
a statutory requirement if the provision of law providing 
for the requirement provides for— 
(1) a waiver of the requirement; or 
(2) the termination of the requirement by a 
date certain. 
(c) DEFINITIONS.—In this section: 
(1) 
INTERNATIONAL
FINANCIAL
INSTITU-
TION.—The term ‘‘international financial institu-
tion’’ has the meaning given the term in section 
1701(c)(2) of the International Financial Institu-
tions Act. 
(2) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(d) REPORT DESCRIBED.—Not less frequently than 
semiannually, the Secretary shall submit to the Committee 
on Financial Services of the House of Representatives and 
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the Committee on Foreign Relations of the Senate a writ-
ten report that includes the following: 
(1) A list of each waiver issued under sub-
section (a) since the later of the date of the enact-
ment of this section or the date the then most recent 
report was submitted under this subsection. 
(2) A description of any project, policy, or other 
matter to which the waiver involved applied. 
(3) A detailed explanation of the reasons for 
the waiver involved. 
(4) A determination that the waiver involved al-
lowed the Secretary to more effectively advance 
United States interests at the international financial 
institution involved. 
(e) NO
RETROACTIVE
APPLICATION.—A waiver 
issued under this section shall not apply retroactively. 
(f) RECOMMENDATIONS BY THE SECRETARY.—With-
in 12 months after the date of the enactment of this Act, 
the Secretary shall submit to the committees specified in 
subsection (d) any recommendations to revise or sunset 
a statutory requirement that directs the United States Ex-
ecutive 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 achiev-
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ing the following objectives with regard to the inter-
national financial institution: 
(1) Strengthening United States leadership in 
the design, execution, and evaluation of activities. 
(2) Permitting the Secretary to more effectively 
support policies, projects, and other initiatives that 
advance the national interest of the United States. 
(3) Facilitating multilateral cooperation, par-
ticularly between the United States and its allies. 
(4) Updating a requirement to appropriately re-
flect changing conditions. 
(5) Allowing for all appropriate accountability 
to the Congress with respect to United States gov-
ernance at, and participation in, the international fi-
nancial institution. 
(g) SUNSET.—The preceding provisions of this sec-
tion shall have no force or effect on and after the date 
that is 3 years after the date of the enactment of this 
Act. 
Æ 
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