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.

Bill: 118-hr-692
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2023-01-31
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-01-31
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-01-31
action_desc: Introduced in House
text: <p>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.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 692 IN THE HOUSE OF REPRESENTATIVES January 31, 2023 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.

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: 1634. 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. .