Title: To increase effectiveness in the pursuit of United States interests and multilateral cooperation at the international financial institutions, and for other purposes.
Policy area: International Affairs

Summary:
This bill temporarily authorizes the Department of the Treasury to waive, on a case-by-case basis, statutory mandates that govern the U.S. Executive Directors at international financial institutions with respect to their use of the voice and vote of the United States.
For each such waiver, Treasury must issue a report that (1) describes the project or policy to which the waiver would apply, (2) explains the reasons for the waiver, and (3) certifies that the waiver does not undermine the ability of the United States to promote the mandate's policy objectives. Treasury must review existing statutory mandates and submit any recommendations to revise or sunset the mandates with the objectives of strengthening U.S. leadership, facilitating multilateral cooperation, reflecting changing conditions, and advancing the U.S. national interest.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5888 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 5888

To increase effectiveness in the pursuit of United States interests and 
 multilateral cooperation at the international financial institutions, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2020

Mr. Hill of Arkansas introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To increase effectiveness in the pursuit of United States interests and 
 multilateral cooperation at the international financial institutions, 
                        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. PILOT AUTHORITY TO WAIVE VOICE AND VOTE REQUIREMENTS, ON A 
              CASE-BY-CASE BASIS, IN THE INTERNATIONAL FINANCIAL 
              INSTITUTIONS.

    (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) Definitions.--In this section:
            (1) International financial institution.--The term 
        ``international financial institution'' has the meaning given 
        the term in section 1701(c)(2) of the International Financial 
        Institutions Act.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (c) Report Described.--Within 30 days after issuing a waiver under 
subsection (a), the Secretary 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 that includes the 
following:
            (1) A description of any project, policy, or other matter 
        to which the waiver would apply.
            (2) An explanation of the reasons for the waiver.
            (3) A certification that--
                    (A) the United States Executive Director continues 
                to promote the objectives of the requirement at the 
                international financial institution;
                    (B) the waiver does not undermine the ability of 
                the United States to promote the objectives; and
                    (C) the waiver allows for the United States to more 
                effectively advance multilateral cooperation at the 
                international financial institution.
    (d) No Retroactive Application.--A waiver under this section shall 
not apply retroactively.
    (e) Recommendations by the Secretary.--Within 12 months after the 
date of the enactment of this Act, the Secretary shall submit to the 
committees specified in subsection (c) any recommendations to revise or 
sunset 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. The recommendations 
should be aimed at achieving the following objectives with regard to 
the international financial institution:
            (1) Strengthening United States leadership in the design, 
        execution, and evaluation of activities.
            (2) Facilitating multilateral cooperation, particularly 
        between the United States and its allies.
            (3) Updating a requirement to appropriately reflect 
        changing conditions.
            (4) Permitting the United States Executive Director to more 
        effectively support policies, projects, and other initiatives 
        that advance the national interest of the United States.
            (5) Allowing for all appropriate accountability to the 
        Congress with respect to United States governance and 
        participation.
    (f) Sunset.--The preceding provisions of this section shall have no 
force or effect on and after the date that is 2 years after the date of 
the enactment of this Act.
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