To amend the International Financial Institutions Act to instruct certain United States Executive Directors to vote against any assistance to the People's Republic of China unless certain certifications are met, and for other purposes.
Bill: H.R.6475 | Sponsor: Rep. Waters, Maxine (D-CA)
Policy area: International Affairs

Summary:
This bill requires U.S. representatives to certain international financial institutions to vote and advocate against the institutions providing assistance to China unless the Department of the Treasury makes certain certifications to Congress.
Specifically, Treasury must order U.S. representatives to the World Bank Group and the Asian Development Bank to oppose the relevant institution providing assistance to China unless Treasury certifies that (1) China's government (and any lenders it owns or controls) has credibly committed to taking certain actions, such as participating in multilateral debt relief initiatives on terms at least comparable to other Group of 20 governments; and (2) the assistance to China contributes significantly to a global public good that serves U.S. national interests, such as limiting the negative impacts of climate change.

To amend the International Financial Institutions Act to instruct 
     certain United States Executive Directors to vote against any 
      assistance to the People's Republic of China unless certain 
            certifications are met, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. U.S. POLICY ON WORLD BANK GROUP AND ASIAN DEVELOPMENT BANK 
              LOANS TO CHINA.

    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. U.S. POLICY ON WORLD BANK GROUP AND ASIAN DEVELOPMENT BANK 
              LOANS TO CHINA.

    ``(a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Directors at the World Bank Group and the Asian 
Development Bank to use the voice and vote of the United States at the 
respective institution to vote against any 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 lenders owned or controlled by the Government of the 
        People's Republic of China have credibly committed--
                    ``(A) to participate in multilateral debt relief 
                initiatives on terms at least comparable to other Group 
                of 20 governments;
                    ``(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 
                implement commitments described under subparagraphs (A) 
                and (B); and
                    ``(D) not to enter into any agreement containing 
                terms that may impair their own or the borrowers' 
                capacity fully to implement commitments described under 
                subparagraphs (A) and (B); and
            ``(2) such assistance contributes significantly to the 
        provision of a global public good that serves the national 
        interest of the United States, such as limiting the negative 
        impacts of climate change.
    ``(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 defined.--The term `World Bank 
        Group' means the International Bank for Reconstruction and 
        Development, the International Development Association, the 
        International Finance Corporation, and the Multilateral 
        Investment Guarantee Agency.''.
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