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: 117-hr-6475
Sponsor: full_name: Rep. Waters, Maxine [D-CA-43]
Introduced: 2022-01-25
Policy area: International Affairs
Latest action: action_date: 2022-01-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-01-25
action_desc: Introduced in House
text: <p>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.</p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6475 IN THE HOUSE OF REPRESENTATIVES January 25, 2022 Ms. Waters introduced the following bill; which was referred to the Committee on Financial Services A BILL 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.

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: 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. .