Ensuring Chinese Debt Transparency Act of 2020

Bill: 116-hr-5932
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2020-02-21
Policy area: International Affairs
Subjects: Advisory bodies

Asia

China

Congressional oversight

Foreign and international banking

Foreign loans and debt

Government ethics and transparency, public corruption

International monetary system and foreign exchange

International organizations and cooperation

Multilateral development programs

U.S. and foreign investments
Latest action: action_date: 2020-03-03
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2020-02-21
action_desc: Introduced in House
text: <p><b>Ensuring Chinese Debt Transparency Act of 2020</b></p> <p>This bill states that it is U.S. policy to push for greater transparency with respect to financing provided by China to another country through international financial institutions such as the International Monetary Fund. The National Advisory Council on International Monetary and Financial Policies within the Department of the Treasury shall report annually on progress made toward advancing this policy. </p>

action_date: 2020-03-02
action_desc: Passed House
text: <p><b>Ensuring Chinese Debt Transparency Act of 2020</b></p> <p>This bill states that it is U.S. policy to push for greater transparency with respect to financing provided by China to another country through international financial institutions such as the International Monetary Fund. The National Advisory Council on International Monetary and Financial Policies within the Department of the Treasury shall report annually on progress made toward advancing this policy. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5932 IN THE HOUSE OF REPRESENTATIVES February 21, 2020 Mr. Hill of Arkansas introduced the following bill; which was referred to the Committee on Financial Services A BILL To ensure greater transparency about the terms and conditions of financing provided by China to member states of the international financial institutions.

1. Short title This Act may be cited as the Ensuring Chinese Debt Transparency Act of 2020 . 2. Ensuring China debt transparency (a) United States policy at the international financial institutions The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) that it is the policy of the United States to use the voice and vote of the United States at the respective institution to seek to secure greater transparency with respect to the terms and conditions of financing provided by the Government of China to any member state of the respective institution that is a recipient of financing from the institution, consistent with the rules and principles of the Paris Club. (b) Report required The Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act— (1) a description of progress made toward advancing the policy described in subsection (a) of this section; and (2) a discussion of financing provided by entities owned or controlled by the Government of China to the member states of international financial institutions that receive financing from the international financial institutions, including any efforts or recommendations by the Chairman to seek greater transparency with respect to the former financing. (c) Sunset Subsections (a) and (b) of this section shall have no force or effect after the earlier of— (1) the date that is 7 years after the date of the enactment of this Act; or (2) 30 days after the date that the Secretary reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that China is in substantial compliance with the rules and principles of the Paris Club.

tv_txt: IIB 116th CONGRESS 2d Session H. R. 5932 IN THE SENATE OF THE UNITED STATES March 3, 2020 Received; read twice and referred to the Committee on Foreign Relations AN ACT To ensure greater transparency regarding the terms and conditions of financing provided by the People’s Republic of China to member states of the international financial institutions.

1. Short title This Act may be cited as the Ensuring Chinese Debt Transparency Act of 2020 . 2. Ensuring Chinese debt transparency (a) United States policy at the international financial institutions The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) that it is the policy of the United States to use the voice and vote of the United States at the respective institution to seek to secure greater transparency with respect to the terms and conditions of financing provided by the government of the People’s Republic of China to any member state of the respective institution that is a recipient of financing from the institution, consistent with the rules and principles of the Paris Club. (b) Report required The Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act— (1) a description of progress made toward advancing the policy described in subsection (a) of this section; and (2) a discussion of financing provided by entities owned or controlled by the government of the People’s Republic of China to the member states of international financial institutions that receive financing from the international financial institutions, including any efforts or recommendations by the Chairman to seek greater transparency with respect to the former financing. (c) Sunset Subsections (a) and (b) of this section shall have no force or effect after the earlier of— (1) the date that is 7 years after the date of the enactment of this Act; or (2) 30 days after the date that the Secretary reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the People’s Republic of China is in substantial compliance with the rules and principles of the Paris Club.

Passed the House of Representatives March 2, 2020. Cheryl L. Johnson, Clerk.

tv_txt: I 116th CONGRESS 2d Session H. R. 5932 IN THE HOUSE OF REPRESENTATIVES AN ACT To ensure greater transparency regarding the terms and conditions of financing provided by the People’s Republic of China to member states of the international financial institutions.

1. Short title This Act may be cited as the Ensuring Chinese Debt Transparency Act of 2020 . 2. Ensuring Chinese debt transparency (a) United States policy at the international financial institutions The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) that it is the policy of the United States to use the voice and vote of the United States at the respective institution to seek to secure greater transparency with respect to the terms and conditions of financing provided by the government of the People’s Republic of China to any member state of the respective institution that is a recipient of financing from the institution, consistent with the rules and principles of the Paris Club. (b) Report required The Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act— (1) a description of progress made toward advancing the policy described in subsection (a) of this section; and (2) a discussion of financing provided by entities owned or controlled by the government of the People’s Republic of China to the member states of international financial institutions that receive financing from the international financial institutions, including any efforts or recommendations by the Chairman to seek greater transparency with respect to the former financing. (c) Sunset Subsections (a) and (b) of this section shall have no force or effect after the earlier of— (1) the date that is 7 years after the date of the enactment of this Act; or (2) 30 days after the date that the Secretary reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the People’s Republic of China is in substantial compliance with the rules and principles of the Paris Club.

Passed the House of Representatives March 2, 2020. Cheryl L. Johnson, Clerk.