Title: To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill requires U.S. representatives to vote against any program or project at a multilateral development bank (e.g., the World Bank) that includes joint or parallel financing provided by the Asian Infrastructure Investment Bank (AIIB) unless the Department of the Treasury certifies that the AIIB (1) has the authority and resources to provide grants and concessional assistance to countries eligible to borrow from the International Development Association on terms similar to those provided to these countries by the International Development Association, and (2) has a demonstrated history of providing such assistance to these countries.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6476 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6476

   To amend the International Financial Institutions Act to provide 
     instructions with respect to the U.S. policy on co-financing 
   arrangements at the multilateral development banks, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2022

    Mr. Torres of New York introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the International Financial Institutions Act to provide 
     instructions with respect to the U.S. policy on co-financing 
   arrangements at the multilateral development banks, 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 CO-FINANCING ARRANGEMENTS AT THE MULTILATERAL 
              DEVELOPMENT BANKS.

    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 CO-FINANCING ARRANGEMENTS AT THE 
              MULTILATERAL DEVELOPMENT BANKS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Directors at the multilateral development banks (as defined 
in section 1701(c)(4)) to use the voice and vote of the United States 
to vote against any program or project at the respective institution if 
it includes joint or parallel financing provided by the Asian 
Infrastructure Investment Bank unless the Secretary of the Treasury has 
certified to the Committee on Financial Services of the House of 
Representatives and the Committee on Foreign Relations of the Senate 
that the Asian Infrastructure Investment Bank--
            ``(1) has the authority and the resources to provide grants 
        and concessional assistance to countries eligible to borrow 
        from the International Development Association on terms similar 
        to those provided to these countries by the International 
        Development Association; and
            ``(2) has demonstrated a track record of providing such 
        assistance to these countries.''.
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