118 HR 10059 IH: International Financial Institution Improvements Act of 2024
U.S. House of Representatives
2024-10-25
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EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the International Financial Institution Improvements Act of 2024
.2.The table of contents of this Act is as follows:Sec. 1. Short title.Sec. 2. Table of contents.Title I—International financial institutionsSec. 101. Improvement of transparency in host nations.Sec. 102. Collaboration with civil society organizations.Sec. 103. United States leadership in debt forgiveness.Title II—Multilateral development banksSec. 201. Amendment of the Articles of Agreement of the International Bank for Reconstruction and Development.Sec. 202. Aligning regulations for International Development Association securities.Sec. 203. United States coordination with the International Bank for Reconstruction and Development on human rights.Sec. 204. Timeliness of project preparation and execution by the International Bank for Reconstruction and Development and the International Development Association.Sec. 205. Protections for human rights, including LGBTQ+ persons.Sec. 206. IDA private sector lending window.Sec. 207. World Bank support for Haiti development.Sec. 208. World Bank feasibility study on a consortium bank in the Caribbean region.Sec. 209. Treasury report on accountability of the International Finance Corporation regarding Bridge Academies.Sec. 210. Shipping transparency risk mitigation.Sec. 211. World Bank support for efforts to deny safe havens for stolen assets.Sec. 212. Continuation of pause on World Bank disbursements and commitments to Burma.Sec. 213. Digital public infrastructure safeguards for international financial institutions projects and financing.Sec. 214. Independent accountability mechanisms.Sec. 215. Sexual exploitation and assault prevention.Sec. 216. Publication of loan agreements.Sec. 217. Enhancing transparency to combat corruption.Sec. 218. Adoption of anti-reprisal standards.Sec. 219. Reporting on human rights abuses in for-profit healthcare investments.Sec. 220. Combatting climate change.Sec. 221. United States advocacy for investment in projects that decrease reliance on Russia for agricultural commodities.Sec. 222. Urging the World Bank to eliminate harmful labor indicators from its Business Ready Report.Title III—International Monetary FundSec. 301. United States advocacy of debt suspension by International Monetary Fund for low-income and small countries that experience a climate-related disaster.Sec. 302. Loan conditionality.Sec. 303. Anti-corruption measures in lending agreements.Sec. 304. Fifth Deputy Managing Director.Sec. 305. Resilience and Sustainability Trust financing.Sec. 306. Quota increase.Sec. 307. New Arrangements to Borrow.Sec. 308. Annual report on surcharges.Title IV—Multilateral development bank capital increasesSec. 401. African Development Fund replenishment.Sec. 402. African Development Bank general callable capital increase.Sec. 403. European Bank for Reconstruction and Development general capital increase.<enum>I</enum><header>International financial institutions</header><section id="H67D2649C6A8C464E98D0B8EA0483D2C8"><enum>101.</enum><header>Improvement of transparency in host nations</header><text display-inline="no-display-inline">Title XV of the International Financial Institutions Act (22 U.S.C. 262o–262o–4) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HF8969873F4B54FDB8CCA1163379A296C" display-inline="no-display-inline"><section id="H97D30800744B4DA5A6B5BB1D398E19C3"><enum>1506.</enum><header>Improvement of transparency in host nations</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to encourage the respective institution to publicize the nature and purpose of any project, loan, investment, or other activity being pursued by the institution in any country, in simple terms designed to increase the understanding of the citizens of the country of the good work conducted by the institution and better explain who will benefit from the activity.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HB0CB51DA73CA4FA38A2E032D77E73F47"><enum>102.</enum><header>Collaboration with civil society organizations</header><subsection id="HC13BC9F8F06E4F499C6E8D1B0FE7F944"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title XV of the International Financial Institutions Act (22 U.S.C. 262o–262o–4) is further amended by adding at the end the following:</text><quoted-block style="OLC" id="H44136942C899489C8DAF55CED9AF4600" display-inline="no-display-inline"><section id="HFFB3DFAE099145469B1339031AFEED97"><enum>1507.</enum><header>Collaboration with civil society organizations</header><subsection id="H10D72F38C9184BED93AEDB557BCA329C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States to work to develop policies, to be approved by the Board of Executive Directors of the respective institution following a wide and extensive consultation with civil society, to require the staff of the institution to engage and consult in meaningful ways with civil society organizations (which should include women’s rights organizations; organizations working on economic, fiscal justice, and anti-corruption issues; and worker representatives, including care workers).</text></subsection><subsection id="H3EA4201F569546F5A21DF610C0897A3C"><enum>(b)</enum><header>Specific policies</header><paragraph id="HCE6FB29CC9D84EF18B8F643C0257C5E1"><enum>(1)</enum><header>In general</header><text>The policies developed pursuant to subsection (a) should—</text><subparagraph id="H552AF94263EC42CA987383DADB0EFDB7"><enum>(A)</enum><text>articulate mechanisms for how to engage in different contexts and should be adapted to the purpose of the engagement, and set clear timelines and dates for consultations, taking into account project timelines;</text></subparagraph><subparagraph id="H75D421AE00AC4FB385164955E06B4488"><enum>(B)</enum><text>require mission chiefs to meet with a wide range of stakeholders from civil society from conceptualization through completion of the project or loan involved;</text></subparagraph><subparagraph id="HBCE9B951F9164AB5BB95794B2B742BB6"><enum>(C)</enum><text>should require the institution to set clear parameters, dates, and mechanisms to conduct genuine and meaningful consultations with civil society organization policy in the different review processes, and develop new policies and strategies.</text></subparagraph></paragraph><paragraph id="HC0C7C07634E540E1B2D90B99ACF6355F"><enum>(2)</enum><header>International monetary fund</header><text display-inline="yes-display-inline">In the case of the International Monetary Fund, as the Fund identifies and builds the work of the Fund on issues of critical importance to macroeconomic trends and policies, such as inequality, climate change, gender, and anti-corruption, the policies developed pursuant to subsection (a) should also provide for increasing engagement with civil society organizations with expertise in those issues.</text></paragraph></subsection><subsection id="H3611008ADAE2421492391F66D9155482"><enum>(c)</enum><header>Solicitation of views of civil society organizations</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall meet semiannually with a range of civil society organizations to solicit the views of the organizations on United States participation in and policies at the international financial institutions (as so defined).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HEEAD192E4E684C97AC9821BB121E275B"><enum>(b)</enum><header>Report</header><text display-inline="yes-display-inline">Within 1 year after the date of the enactment of this Act, the Secretary of the Treasury 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 on the steps that the United States has taken to encourage collaboration with civil society organizations.</text></subsection></section><section id="H5DA9E04A4D01434AAE64A74A4EF2F500" display-inline="no-display-inline" section-type="subsequent-section"><enum>103.</enum><header>United States leadership in debt forgiveness</header><subsection id="HB503E9F32D8C4447B5F3C37C2930A1F0"><enum>(a)</enum><header>Report to the Congress</header><text display-inline="yes-display-inline">Within 180 days after the date of the enactment of this Act, the Secretary of the Treasury 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 contains an assessment of—</text><paragraph id="H44A4AA1CA3C74FB4B687FAE97993D312"><enum>(1)</enum><text>the commonalities in successive debt-restructuring challenges across the frameworks and forums in which the United States participates, such as the types of debt relief that countries are able to provide, the terms of debt relief, and the reclassification of public debt as private debt by certain creditors;</text></paragraph><paragraph id="H63C2F1F6547D430480F514E11C122DFD"><enum>(2)</enum><text>the options available to provide debt relief to developing countries with an intransigent creditor while protecting United States taxpayer resources and ensuring that United States taxpayer money is not being used to fund payments to intransigent creditor nations;</text></paragraph><paragraph id="H68DE6C751B25497A9D0515238DF1DDD9"><enum>(3)</enum><text>the oversight and policy priorities of the United States in the negotiations in the debt-negotiation forums in which the United States participates;</text></paragraph><paragraph id="H7F00C51F78224314A04C6E42DADCF317"><enum>(4)</enum><text>the likelihood that low-income developing countries can gain or retain access to private capital markets even if the countries are in default on debt owed to sovereign creditors, and how to increase that likelihood; and</text></paragraph><paragraph id="H578B94AC03744B27AC06730A814CB35D"><enum>(5)</enum><text display-inline="yes-display-inline">the implications for the economic and national security interests of the United States of the extent to which the debt of developing countries impedes or prevents the countries from taking on additional debt to finance future projects.</text></paragraph></subsection><subsection id="H57077DB5EEDE44F485F7294391E4828B"><enum>(b)</enum><header>Advocation for integration of certain elements in the IMF review of the Debt Sustainability Framework for Low-Income Countries</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice, vote, and influence of the United States to strongly advocate for the integration of the following elements in the review by the Fund of the Debt Sustainability Framework for Low-Income Countries:</text><paragraph id="H9FF76E2240C94195837D3CCCCFEA52E6"><enum>(1)</enum><text>Making <quote>informing debt restructuring processes</quote> an explicit purpose of the Framework.</text></paragraph><paragraph id="H9E47CF65663D4722AE4F51425FD5DF38"><enum>(2)</enum><text>Increasing the transparency of macroeconomic assumptions used to inform sustainability estimates and the rationale for the assumptions, including for projected gross domestic product, exports, fiscal balance, fiscal balance financing, and expected debt restructuring.</text></paragraph><paragraph id="H25D034E1B14D4CD2AC57DEC4D189A00F"><enum>(3)</enum><text>Including investments identified in national plans to meet the Sustainable Development Goals and the Nationally Determined Contributions under the Paris Climate Agreement in the fiscal balance projections and the impact of the investments on economic growth.</text></paragraph><paragraph id="H6CA52FD5FBAD4758A0A63743E5600536"><enum>(4)</enum><text>Ensuring that when debt restructuring is needed, it is sufficient to lower such country to no more than a moderate risk of debt distress even in medium-term stress scenarios.</text></paragraph><paragraph id="H2A14749076E84D9EB86A8B24AD21DB92"><enum>(5)</enum><text>Increasing the severity of stress scenarios to counteract the historical optimism bias of the Framework.</text></paragraph><paragraph id="H4BDD7D9A8D184C46BD86DE8AF0A2E113"><enum>(6)</enum><text>Adding the ratio of total (external plus domestic) public debt service to government revenue, as an indicator of debt sustainability.</text></paragraph></subsection></section><enum>II</enum><header>Multilateral development banks</header><section id="HD0872DAF5C984B23A61B151442DB9F13"><enum>201.</enum><header>Amendment of the Articles of Agreement of the International Bank for Reconstruction and Development</header><text display-inline="no-display-inline">The Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286-286aaa">22 U.S.C. 286–286aaa</external-xref>) is amended—</text><paragraph id="HF9A26FEB363C4E69ACF1C4A06D512A47"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating section 73 (as added by section 1901 of division P of <external-xref legal-doc="public-law" parsable-cite="pl/116/94">Public Law 116–94</external-xref>) and section 74 as sections 74 and 75, respectively; and</text></paragraph><paragraph id="HAC2B70869C3948BA9DFBE247EC0AB65B"><enum>(2)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H1122C359BC5142A0890D0D3724098149" display-inline="no-display-inline"><section id="HA17A98FA8AD541618146806CCC418C07"><enum>76. </enum><header>Acceptance of amendment to the Articles of Agreement of the Bank</header><text display-inline="no-display-inline">The United States Governor of the Bank may accept on behalf of the United States an amendment to Articles of Agreement of the Bank to delete Article III, Section 3, of the Articles of Agreement of the Bank.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section><section id="H8C0C6F4F2EBF4F999BDA1A9901837A15"><enum>202.</enum><header>Aligning regulations for International Development Association securities</header><subsection id="HFF3F76FD186D4A1297B8E10FB7EEC9E0"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The International Development Association Act (<external-xref legal-doc="usc" parsable-cite="usc/22/284-284cc">22 U.S.C. 284–284cc</external-xref>) is amended by adding at the end the following:</text><quoted-block style="OLC" id="H0D7054E36B9248A1A7C3B6AFFB44F5BB" display-inline="no-display-inline"><section id="HFD592058105A4C20944F1C08A5FDE2AB"><enum>32.</enum><header>Exemption of securities of the International Development Association from the securities laws</header><subsection id="HAEECB9C458D94ACE9B35FC4F9D5A82C2"><enum>(a)</enum><header>Exemption from securities laws; reports to Securities and Exchange Commission</header><text display-inline="yes-display-inline">Any securities issued by the Association (including any guaranty by the Association, whether or not limited in scope) and any securities guaranteed by the Association as to both principal and interest shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 (<external-xref legal-doc="usc" parsable-cite="usc/15/77c">15 U.S.C. 77c(a)(2)</external-xref>) and section 3(a)(12) of the Securities Exchange Act of 1934 (<external-xref legal-doc="usc" parsable-cite="usc/15/78c">15 U.S.C. 78c(a)(12)</external-xref>). The Association shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Association and its operations and necessary in the public interest or for the protection of investors.</text></subsection><subsection id="HFADB6FB1827A44B6AA33B9C440ECD702"><enum>(b)</enum><header>Authority of Securities and Exchange Commission To suspend exemption; reports to Congress</header><text>The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of subsection (a) of this section at any time as to any or all securities issued or guaranteed by the Association during the period of such suspension. The Commission shall include in its annual reports to the Congress such information as it shall deem advisable with regard to the operations and effect of this section.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="HD61A0B88A27140C7B508D8D099B152CE"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall take effect 30 days after the date of the enactment of this Act.</text></subsection></section><section id="HD52741D7D0D34A99BB8B683FE8FADC98"><enum>203.</enum><header>United States coordination with the International Bank for Reconstruction and Development on human rights</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development—</text><paragraph id="H00907743E5344C54AD5363C586E46CD8"><enum>(1)</enum><text display-inline="yes-display-inline">to use the voice, vote, and influence of the United States to oppose the provision of support for any project that has been turned down or withdrawn from by a department or agency of the United States due to environmental, social, or human rights concerns, unless the head of the department or agency, as the case may be, verifies to the United States Executive Director that all such concerns have been adequately resolved; and</text></paragraph><paragraph id="H2FD9ABC7E2DE4DB2916CF39D72F3FBF3"><enum>(2)</enum><text display-inline="yes-display-inline">to inform the Committee on Financial Services of the House of Representatives and the Committee on Finance of the Senate whenever the Bank agrees to provide support for any project that has been turned down or withdrawn from by such a department or agency.</text></paragraph></section><section id="HA26E8CE997A54EDD85FD3EEFDCC1346F"><enum>204.</enum><header>Timeliness of project preparation and execution by the International Bank for Reconstruction and Development and the International Development Association</header><subsection id="HDF2A7E66536B4B07ABF5E7805BD88F0D"><enum>(a)</enum><header>Use of voice, vote, and influence of the United States</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall direct the United States Executive Directors at the International Bank for Reconstruction and Development and the International Development Association to use the voice, vote, and influence of the United States to assess the cause of bottlenecks and identify potential efficiencies in project preparation and execution by the Bank and the Association.</text></subsection><subsection id="HAC8F9851C2324A5A8C5DD5C4C72F9AAC"><enum>(b)</enum><header>Report on bottlenecks and potential efficiencies</header><text display-inline="yes-display-inline">Within 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Finance of the Senate a report that describes the findings of the United States Executive Directors at the Bank and the Association regarding bottlenecks and potential efficiencies referred to in subsection (a).</text></subsection><subsection id="H0A5C0EBEC55943808BAD156959F7E758"><enum>(c)</enum><header>Report on addressing bottlenecks and capitalizing on potential efficiencies</header><text display-inline="yes-display-inline">Within 180 days after the date of the submission of the report required by subsection (b), the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Finance of the Senate a report that describes how the Secretary and the United States Executive Directors at the Bank and the Association are actively working to address any such bottlenecks and capitalize on any such potential efficiencies.</text></subsection></section><section id="HDCA715FAC7C44C128015384B9760B641"><enum>205.</enum><header>Protections for human rights, including LGBTQ+ persons</header><subsection id="HB26C3EAC91AB4904957479CC98C21B02"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall direct the United States Executive Directors at the International Bank for Reconstruction and Development and the African Development Bank to use the voice and vote of the United States to oppose the provision by the respective bank of financial assistance for a project in any country that engages in human rights abuses, including of persons who identify as lesbian, gay, bisexual, transgender, queer, or questioning, or another diverse gender identity, as reported by the Department of State in the Annual Country Reports on Human Rights Practices, unless the bank makes public the details of how the project would be widely inclusive for the groups that the report has identified as marginalized.</text></subsection><subsection id="H64AC0D3AFAD643A4A1F943BD439A0997"><enum>(b)</enum><header>National interest waiver</header><text>The Secretary of the Treasury may waive the requirement of subsection (a) if the Secretary determines that it is in the national interest of the United States to do so.</text></subsection></section><section id="HA00F0674CC75421BA9B1B7BCBDC205E9"><enum>206.</enum><header>IDA private sector lending window</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Development Association to use the voice and vote of the United States to oppose the provision by the International Development Association of any additional funding for the Private Sector Window in any replenishment round.</text></section><section id="HB12BF624FAE2484A963AB5B5627A35FB"><enum>207.</enum><header>World Bank support for Haiti development</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Directors at the International Bank for Reconstruction and Development and at the Inter-American Development Bank to use the voice, vote, and influence of the United States to advocate that the Bank create a long-term strategy and plan for economic development in Haiti, and, within 180 days after the date of the enactment of this Act, the Secretary shall submit to the Congress a written report analyzing Bank support for Haiti and how to strengthen the support.</text></section><section id="H0D84B3582FAF4D7EA8B92B4D6FE7FA22"><enum>208.</enum><header>World Bank feasibility study on a consortium bank in the Caribbean region</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Development Association to use the voice, vote, and influence of the United States to advocate that the Bank conduct a feasibility study on the development of a consortium bank model in the Caribbean region, with goals including managing issues related to financial access and correspondent banking services and reversing the trend of regional bank de-risking, and to complete the study within 180 days after the date of the enactment of this Act.</text></section><section id="HF1E8917E3B6C42148B06C59832109CB2"><enum>209.</enum><header>Treasury report on accountability of the International Finance Corporation regarding Bridge Academies</header><subsection id="H126823B2E7284591836C1BE0CD58833A"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall submit to the Congress quarterly reports, in writing, on actions completed by the World Bank to compensate survivors of child sexual abuse with financial compensation and other relief, and on actions to hold accountable any entity involved in the Bridge Academies project. Each such report shall include details of any steps taken by the Corporation or the staff of the Corporation to block the Department of the Treasury from sharing with the Congress any information about the report or the Bridge Academies case.</text></subsection><subsection id="H0B50AE01BDA944DB9DECC08B3F4DEB53"><enum>(b)</enum><header>Sunset</header><text>Subsection (a) shall have no force or effect beginning 3 years after the date of the enactment of this section.</text></subsection></section><section id="HA4BDD8DCC8884C9FB0C751968CCD9BDD"><enum>210.</enum><header>Shipping transparency risk mitigation</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice, vote, and influence of the United States to encourage the Bank to require that the provision of financing for a shipping or port project include risk mitigation plans to minimize corruption and crime, including—</text><paragraph id="H1F857F05693A4690B61A673F830A7F47"><enum>(1)</enum><text display-inline="yes-display-inline">dedicated port security personnel plans which identify—</text><subparagraph id="HAC0916C0D6604F848AF1CE2471BAC70E"><enum>(A)</enum><text>specialized compliance officers trained in international shipping regulations and sanctions compliance;</text></subparagraph><subparagraph id="H21CF2E2D363B438F91EB13BA4372BAD8"><enum>(B)</enum><text>risk assessment teams responsible for evaluating potential threats and suspicious activities; and</text></subparagraph><subparagraph id="H61202AEA4898456885B3257D1E09D7B5"><enum>(C)</enum><text>on-site legal advisors to provide immediate guidance on compliance and legal issues;</text></subparagraph></paragraph><paragraph id="H6F90EFD6365E457ABCA22286A9DE3254"><enum>(2)</enum><text>enhanced vessel tracking systems, such as long-range identification and tracking systems, to provide continuous monitoring of vessel positions;</text></paragraph><paragraph id="H476EB1EF1DEC4C14A91EF934E9EDEEA7"><enum>(3)</enum><text>integrated information management systems, such as centralized data management platforms for real-time sharing of vessel and cargo information among port authorities, customs, and security agencies;</text></paragraph><paragraph id="H7C6EA71AB27B48A58A3DC1D3F52B1A81"><enum>(4)</enum><text>plans for regular compliance audits and inspections, including—</text><subparagraph id="H0AC884E6A5A6472FB463ACEC029D263A"><enum>(A)</enum><text>scheduled and random audits of shipping documentation, cargo, and vessel operations to ensure adherence to regulations;</text></subparagraph><subparagraph id="H941905AC3F4C487D91FB916C82CDBBE0"><enum>(B)</enum><text>comprehensive inspection protocols for high-risk shipments, including physical checks and verification of cargo manifests; and</text></subparagraph><subparagraph id="HCD0E6992CAE943DDAFFABFA006D061EC"><enum>(C)</enum><text>personnel trained in verifying the origin of petroleum and petroleum products and their blends and grades, and in corroborating certificates of origin for oil cargos;</text></subparagraph></paragraph><paragraph id="H6F007548AE144015B007AF6A7D826950"><enum>(5)</enum><text>community and stakeholder engagement plans, including—</text><subparagraph id="H62B94E26F17D49FBB43A56D4231A8B60"><enum>(A)</enum><text>public awareness campaigns to educate local communities and port workers about the importance of shipping transparency and compliance; and</text></subparagraph><subparagraph id="HDE094744D1ED450EB6077AF5996744F1"><enum>(B)</enum><text>collaboration with industry stakeholders to develop and implement best practices for risk mitigation and compliance;</text></subparagraph></paragraph><paragraph id="H60DD0AD017B042029C0E1CA7967276A9"><enum>(6)</enum><text>technology-driven surveillance capacity, including satellite imagery for remote monitoring of port activities and vessel movements; and</text></paragraph><paragraph id="HA6C407FBF71A435691D4725AC7908DF4"><enum>(7)</enum><text>robust reporting and whistleblower programs, including—</text><subparagraph id="HAD43DF6678464B7D9C51731B3678642B"><enum>(A)</enum><text>confidential reporting channels for employees and stakeholders to report suspicious activities without fear of retaliation; and</text></subparagraph><subparagraph id="HBD9E72E374274F44B07A92C0A5042147"><enum>(B)</enum><text>incentive programs to encourage the reporting of compliance breaches and illicit activities.</text></subparagraph></paragraph></section><section id="HEDB17752DCE245F79BC1F200B20614F9"><enum>211.</enum><header>World Bank support for efforts to deny safe havens for stolen assets</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice and vote of the United States to advocate that the Bank work internally and with partner organizations to support international efforts to deny safe havens for stolen assets and promote asset recovery to return assets to their legitimate owners.</text></section><section id="H9225169ABEAC4F59BF8D3A77AE691736"><enum>212.</enum><header>Continuation of pause on World Bank disbursements and commitments to Burma</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice and vote of the United States to continue the pause by the Bank on disbursements and the making of new financing commitments to the Government of Burma, which was initiated after a military coup overthrew the democratically elected Government of Burma in 2021, unless the Secretary of the Treasury determines that it is not in the public interest to do so.</text></section><section id="HE8C9397AA73E4F4C9CF7BB6714E9C3CE"><enum>213.</enum><header>Digital public infrastructure safeguards for international financial institutions projects and financing</header><subsection id="H8B40DEE4DA344800B5CB7B6A27CEEF4C"><enum>(a)</enum><header>Determination of applicability of safeguards</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall convene meetings of the heads of such Federal agencies, and such representatives of private sector organizations and civil society, as the Secretary deems appropriate, for the purpose of determining which digital public infrastructure safeguards should be applied to projects of, and financing provided by, the international financial institutions (as defined in section 1701(c)(2) of the International Financial Institutions Act). At the meetings, the participants should consider the minimum safeguards proposed in version 1.0 of the United Nations (UN) Universal DPI Safeguards Framework, and measures to protect privacy, ensure private sector participation, and deter and detect fraud, financial crime, and corruption.</text></subsection><subsection id="H130CB7A4B3D44DF6A4905779FB9B6B91"><enum>(b)</enum><header>Report to the Congress</header><text>Within 1 year after the date of the enactment of this Act, the Secretary of the Treasury 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 on any determinations and recommendations made pursuant to subsection (a).</text></subsection></section><section id="HEE74EFC05DF0403A95F08F8403A0DE21"><enum>214.</enum><header>Independent accountability mechanisms</header><subsection id="H37C04247A11C4A9A8CD743C3D0CA9299"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to support and increase the effectiveness of the independent accountability mechanisms (in this section referred to as <quote>IAM</quote>) of the respective bank, through engagement with bank management and other executive directors at the bank.</text></subsection><subsection id="H2D32C60CA6A14BE3B1E8A026548848FF"><enum>(b)</enum><header>Responsible exit policies</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to advocate for the adoption by the respective bank of responsible exit policies for projects that require remediation before exit, and to support the prohibition of project exit during the accountability process without the consent of complainants.</text></subsection><subsection id="HF2151F41BA4041568994A0CEDCAA408C"><enum>(c)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate annual written reports on—</text><paragraph id="HE6120A11DCC44268A558477676CE9201"><enum>(1)</enum><text>all IAM cases that have been opened in the year covered by the report or remain open; and</text></paragraph><paragraph id="H23347DD708FF43CC9E15F928F43416F5"><enum>(2)</enum><text>provision of information on the engagement by each such bank in the IAM cases including implementation of Management Action Plans developed in response to IAM cases, noting when any such bank has not sufficiently implemented a Management Action Plan in a timely manner.</text></paragraph></subsection></section><section id="H65CD68C774D34F618F40CFF7EE276BF8"><enum>215.</enum><header>Sexual exploitation and assault prevention</header><subsection id="H2E0015B440CE4EFD9621B18223BEE25C"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to improve the implementation of the policies of the respective bank on preventing sexual exploitation and assault (in this section referred to as <quote>SEA</quote>).</text></subsection><subsection id="H852AFBA8C6B34629A98108DB99E357D7"><enum>(b)</enum><header>Operationalization of policies</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to consult with the multilateral development banks on how they are operationalizing their policies and guidance on preventing SEA, and to require the bank to provide ways to improve policies and guidance.</text></subsection><subsection id="HA2C11430070445F7AB69AC10FE58C5E7"><enum>(c)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">Within 1 year after the date of the enactment of this Act, the Secretary of the Treasury 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 on how the multilateral development banks (as so defined) are operationalizing their commitments to prevent SEA, which shall include information on how many SEA cases were reported to each such bank by civil society organizations and other entities, and information on the number of the cases that involved minors.</text></subsection></section><section id="HCCCDDC066DBB415EBD730966A547C568"><enum>216.</enum><header>Publication of loan agreements</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to advocate that any loan agreement entered into by the respective bank, whether for a public or private sector project, be made public.</text></section><section id="H721BC855D3E24348B6A70EB302338AED"><enum>217.</enum><header>Enhancing transparency to combat corruption</header><subsection id="H6802EC409AD146A98278CE11758F5881"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to ensure that all support for public-private partnerships to deliver infrastructure and services, whether through the public or private sector arm of the respective bank, follows best practice approaches, including competitive bidding and contracting transparency, to provide full details of terms, pricing, and financial obligations of the State involved, including through State-owned enterprises.</text></subsection><subsection id="HEB5A99AAB6B344CBBDC96F68F7661E7E"><enum>(b)</enum><header>Opposition To subsidies for certain private sector investments</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to oppose subsidization of private sector investments that are not offered on competitive or open-offer terms.</text></subsection><subsection id="HA8BF5173F1DA421D86790854B2B0297E"><enum>(c)</enum><header>Publication of data on investments</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to require that, with respect to private sector investments, the respective bank consistently publish investment data including sub-national location, domicile of investee, total investment cost, funding source, currency of investment, co-financing, mobilization, updated disbursement and instrument-specific disclosure (share of equity, interest rate, and loan tenor) indicators, and project level rate of return on investment at exit.</text></subsection></section><section id="HC7DBF87589D140FEB2A06846721CE710"><enum>218.</enum><header>Adoption of anti-reprisal standards</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to encourage the respective bank to adopt anti-reprisal and retaliation standards in the safeguards policies and loan agreements of the bank to enhance accountability when reprisals occur.</text></section><section id="HCF94166C6E3F47C096C64B40DBEBE10A"><enum>219.</enum><header>Reporting on human rights abuses in for-profit healthcare investments</header><subsection id="HF6B712D0D72042F896BF12699D4D5C90"><enum>(a)</enum><header>Report to Congress</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall biennially submit to the Congress written reports on any known accusations, made by community groups, civil society organizations, media, or other credible actors, of human rights abuses at hospitals funded by the private sector arm of the respective bank or the International Finance Corporation, and on actions completed by the private sector arm of any multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to investigate and adequately address or remedy the human rights abuses, and the details of any reforms adopted by the International Finance Corporation to prevent human rights abuses at such a hospital.</text></subsection><subsection id="HE98CA18EA9804C27B47B8F45298254AB"><enum>(b)</enum><header>Advocacy for independent evaluations</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to advocate for the independent evaluation groups of the respective bank to undertake independent evaluation of the active and historic investments of the bank in healthcare to determine contribution to universal health coverage, national health system strengthening, and reducing health inequities.</text></subsection></section><section id="HF510FD9ACF424386BE511D42E3FBD9A7"><enum>220.</enum><header>Combatting climate change</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to support the public disclosure by the respective bank of—</text><paragraph id="H6FCBEF2DC1CF4D2EB7DDCB809BE9961B"><enum>(1)</enum><text>the internal methodologies of the bank for calculating the extent to which projects financed by the bank affect climate change; and</text></paragraph><paragraph id="H3D0784EC19D44D45AB0BA4657ED2263B"><enum>(2)</enum><text>an explanation of the processes and practices of the bank for making these calculations.</text></paragraph></section><section id="H69D03F6813CC4FFBA5876A96E2B96B9B" display-inline="no-display-inline" section-type="subsequent-section"><enum>221.</enum><header>United States advocacy for investment in projects that decrease reliance on Russia for agricultural commodities</header><subsection id="H2581D62FC22C450DB7ABA1E4841A91C3"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title XIV of the International Financial Institutions Act (22 U.S.C. 262n–262n–3) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="H908EF23E7B1E4ED2A90082EBA851FF80"><section id="HACA6F186C88D4C74B96F7BB98538760A"><enum>1405.</enum><header>Advocacy for investment in projects that decrease reliance on Russia for agricultural commodities</header><subsection id="H2D3FBF1727CA4B419BEC8CA36C1F88B3"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States, to the maximum extent practicable, to encourage the respective institution to—</text><paragraph id="HC0E7B4332E1040018D71E89DEAB4FB48"><enum>(1)</enum><text>support projects that decrease the reliance of countries on Russia for agricultural commodities, particularly fertilizer and grain;</text></paragraph><paragraph id="H257325544A0945EDAADABFE74AAEC704"><enum>(2)</enum><text>ensure the resilience of global grain supplies; and</text></paragraph><paragraph id="HA0DFC9237CC0494A987FCE30CD1744D5"><enum>(3)</enum><text>stimulate private investment in the projects.</text></paragraph></subsection><subsection id="H09B2715537374465933B5D7838579C40"><enum>(b)</enum><header>Waiver authority</header><text>The Secretary of the Treasury may waive subsection (a) in the national interest of the United States.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H0AAB4EC24F07453597C0173545FBC94D"><enum>(b)</enum><header>Repeal</header><text display-inline="yes-display-inline">Section 1405 of such Act, as added by this section, is repealed effective on the earlier of—</text><paragraph id="H2FD46854A3584E3EAB23184CF0B3C623"><enum>(1)</enum><text>the date that is 5 years after the date of the enactment of this Act; or</text></paragraph><paragraph id="H1564AE71412B464BB709FAE382F7C697"><enum>(2)</enum><text display-inline="yes-display-inline">the date that is 30 days after the date the President reports to the Congress that the termination of such section 1405 is important to the national interest of the United States, with an explanation of the reasons therefor.</text></paragraph></subsection></section><section id="HFEDE43CDE9EB4158A42B4467B0D40F8E"><enum>222.</enum><header>Urging the World Bank to eliminate harmful labor indicators from its Business Ready Report</header><text display-inline="no-display-inline">The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice, vote, and influence of the United States to strongly urge the Bank to eliminate the indicators with respect to the Minimum Wage Rate, which is a labor indicator that penalizes countries for having high minimum wages, and the Financial Burden on Firms, which is a labor indicator that penalizes countries with higher corporate taxes, from the Business Ready Report of the Bank.</text></section><enum>III</enum><header>International Monetary Fund</header><section id="H979D3FA9C81C4C3F814A2AD22C65D81E"><enum>301.</enum><header>United States advocacy of debt suspension by International Monetary Fund for low-income and small countries that experience a climate-related disaster</header><text display-inline="no-display-inline">Title XIII of the International Financial Institutions Act (22 U.S.C. 262m–262m–8) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="HA29DEF5BC13A401AB0F2CAE4466A1705"><section id="H0ABFE69F16D0415EA9A0A70AAE9BCBCA"><enum>1309.</enum><header>Advocacy of debt suspension by the International Monetary Fund for low-income and small countries that experience significant climate-related events</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to advocate for a program that allows any country that is eligible for assistance from the International Development Association or that the Fund considers a small state, and that experiences a climate-related disaster (as defined by the Fund), to suspend all debt repayments to the Fund and the accrual of any additional interest on debt to the Fund, for 5 years or until the gross domestic product of the country is at least 80 percent of the gross domestic product of the country before the disaster, whichever is later.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H4B9CE3A70249416A860D3F1189BDBA70"><enum>302.</enum><header>Loan conditionality</header><text display-inline="no-display-inline">Title XVI of the International Financial Institutions Act (22 U.S.C. 262p–262p–18) is amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="HB51620A63226410B8F26AF52401E8891"><section id="HDE04FEFD0CE042C78DAD898783A51AC7"><enum>1634.</enum><header>Loan conditionality</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to encourage the Fund to reduce or eliminate conditions on loans made by the Fund that—</text><paragraph id="H76E903D6B2654BE1A09F5D60DEFB1787"><enum>(1)</enum><text>limit spending on key social needs such as health, education, or climate action;</text></paragraph><paragraph id="HE61476B1CCB54514BF8658C328F87B22"><enum>(2)</enum><text>weaken environmental, labor, public health regulations; or</text></paragraph><paragraph id="HFA42B72139FE4106B6EA7D7A4D07341A"><enum>(3)</enum><text>increase taxes or reduce subsidies in such a way that falls regressively on recipient country populations.</text></paragraph></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H194FBAF40C9845418D6230CA88AD0E9E"><enum>303.</enum><header>Anti-corruption measures in lending agreements</header><text display-inline="no-display-inline">Title XV of the International Financial Institutions Act (22 U.S.C. 262o–262o–4) is further amended by adding at the end the following:</text><quoted-block style="OLC" display-inline="no-display-inline" id="H8C025FB826214328960B25126F60E5A6"><section id="HBC05F39D4E884A6AA672EB30942482AD"><enum>1508.</enum><header>Anti-corruption measures in lending agreements</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to encourage—</text><paragraph id="H95896DBA0D1345D8843B67537CCE9E2B"><enum>(1)</enum><text>the incorporation into Fund lending agreements of anti-corruption measures, including by ensuring that governments receiving loans make specific, measurable, and time-bound commitments as part of the loan agreements with consequences for noncompliance, which commitments should be tailored to the needs of each country, made in consultation with local civil society organizations, and made in consideration with baselines for proper governance worldwide, such as through beneficial ownership registries, transparent and competitive public contracting, asset declarations for public officials, a strong anti-money laundering and combating terrorist financing regime, robust oversight by independent government entities and civil society organizations, and independent judiciaries;</text></paragraph><paragraph id="HF7985BEB24F44D939312A9B78BD4B66A"><enum>(2)</enum><text>the production of more governance diagnostics as part of loan programs, the urging of governments to agree to the exercise, incorporating recommendations of the diagnostics as commitments, and the continuation of leveraging Article IV consultations and Financial Sector Assessment Programs to elevate anticorruption and financial integrity issues among their broader economic and policy analysis;</text></paragraph><paragraph id="H38AF28ECF9AE4C42A095C5ACC15C25B2"><enum>(3)</enum><text>the engagement of in-country civil society organizations (CSOs) and local experts throughout loan programs, including by—</text><subparagraph id="H089245F7505245A19A753FD37BAC2B3D"><enum>(A)</enum><text>consulting CSOs at the outset of negotiations to help inform Fund staff assessments of loan program priorities;</text></subparagraph><subparagraph id="H8D2320A1C88C4A8D813BFE5B4FDB678E"><enum>(B)</enum><text>providing updates to and request input from CSOs during the program development process, and</text></subparagraph><subparagraph id="HABBC6BA299BE4DB6AC0BADF15EB48EA7"><enum>(C)</enum><text>ensuring sufficient access to information and resources for CSO monitoring of commitment implementation, without threats or other retaliation by governments if there are honest critiques raised by a CSO;</text></subparagraph></paragraph><paragraph id="HF9E342316D4944DBA0D6CDE1BF9295F2"><enum>(4)</enum><text>the improvement of transparency by including on the Funds country pages, on the website of the Fund, a list of the <quote>prior actions</quote> and <quote>structural benchmarks</quote> included in loan programs, and pursuing a consistent cross-country approach to assessing government implementation and linking findings to surveillance and lending transparency;</text></paragraph><paragraph id="H02BAF4C52BB84E1AB2F777D3AF150154"><enum>(5)</enum><text>the holding of governments accountable to their commitments, by—</text><subparagraph id="HD458251A44134B68881D58FECBA9D507"><enum>(A)</enum><text>ensuring that governments credibly carry out commitments;</text></subparagraph><subparagraph id="HF16EE980EC5B46DCBBA4AE162C7EFBE1"><enum>(B)</enum><text>refraining from issuing waivers of non-observance for benchmarks related to governance and financial integrity due to lack of political will; and</text></subparagraph><subparagraph id="HFEF20FBF24D44D408C8F5C950DFE293F"><enum>(C)</enum><text>promptly publishing audits; and</text></subparagraph></paragraph><paragraph id="H01BC8DE58BDF44F38F44CD56E6746E42"><enum>(6)</enum><text>the public reporting of the progress of implementing the governance commitments that governments make as part of the loan agreements.</text></paragraph></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H9AF9580A6F36456DA72CD3758053198B"><enum>304.</enum><header>Fifth Deputy Managing Director</header><text display-inline="no-display-inline">The Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286-286aaa">22 U.S.C. 286–286aaa</external-xref>) is further amended—</text><paragraph id="H603FBA28123E43EB811AC1E788C2C977"><enum>(1)</enum><text display-inline="yes-display-inline">by redesignating section 73 (as added by section 1901 of division P of <external-xref legal-doc="public-law" parsable-cite="pl/116/94">Public Law 116–94</external-xref>) and section 74 as sections 74 and 75, respectively; and</text></paragraph><paragraph id="H3C9D89DBA7A4446D890C237A7FA9A3BB"><enum>(2)</enum><text>by adding at the end the following:</text><quoted-block style="OLC" id="H8C6E874101E94B51A4B33A138181FBDD" display-inline="no-display-inline"><section id="HBCBACFBAE0C24D4BBF4FF6177320B5A1"><enum>77.</enum><header>Fifth Deputy Managing Director of the IMF</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the Fund to advocate that the Fund have a Fifth Deputy Managing Director who is a national of a low- or middle-income country and who represents all low- or middle-income countries other than the People’s Republic of China.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></section><section id="H3C0A095B76E64146AEBF201FF9684579"><enum>305.</enum><header>Resilience and Sustainability Trust financing</header><subsection id="HC84E129D71CD40D8B8D51E8D4836A0A9"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Title XVI of the International Financial Institutions Act (22 U.S.C. 262p–262p–18) is further amended by adding at the end the following:</text><quoted-block style="OLC" id="HABF5777DA9564CCBAF6CAFD42B700C8B" display-inline="no-display-inline"><section id="H805FDAE6F4DF4004A94EFCA82FFE46B2"><enum>1635.</enum><header>Resilience and Sustainability Trust financing</header><text display-inline="no-display-inline">The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to advocate for the Fund to support the Resilience and Sustainability Trust and the Poverty Reduction and Growth Trust with Fund resources.</text></section><after-quoted-block>.</after-quoted-block></quoted-block></subsection><subsection id="H9C9FCD8E67C745FC9CA8E17086D7E65C"><enum>(b)</enum><header>Availability of funds</header><text>Section 7071(c) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2024 (division F of <external-xref legal-doc="public-law" parsable-cite="pl/118/47">Public Law 118–47</external-xref>) is amended—</text><paragraph id="H2ED1AB4BB011414A8E8800D81AC65612"><enum>(1)</enum><text>by striking all that precedes <quote>of the Treasury</quote> and inserting the following:</text><quoted-block style="OLC" id="H7B97E2F332E144DFA9AB479BAFCC1537" display-inline="no-display-inline"><subsection id="HAFA8063A7A954B79A71E9CC1DEFF8BED"><enum>(c)</enum><header>Energy Security and IMF Accountability</header><text display-inline="yes-display-inline">The Secretary</text></subsection><after-quoted-block>;</after-quoted-block></quoted-block></paragraph><paragraph id="HFA2A4FAC28114ED0B77CCF60AF7B7D7E"><enum>(2)</enum><text>by striking <quote>(in this subsection referred to as the <quote>PRGT</quote>) of the International Monetary Fund (in this subsection referred to as the <quote>IMF</quote>)</quote> and inserting <quote>or the Resilience and Sustainability Trust of the International Monetary Fund</quote>;</text></paragraph><paragraph id="H5882B5B5826B4D41A0C2A86395A17448"><enum>(3)</enum><text>by striking <quote>to the PRGT, subject to paragraph (2)</quote>; and</text></paragraph><paragraph id="HDE4D3C8E49AA49C4BA5A09E64A6AD541"><enum>(4)</enum><text>by striking paragraph (2).</text></paragraph></subsection></section><section id="HE681C0DDE256438482F6D3B07C17BA43"><enum>306.</enum><header>Quota increase</header><text display-inline="no-display-inline">The Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286-286aaa">22 U.S.C. 286–286aaa</external-xref>) is further amended by adding at the end the following:</text><quoted-block style="OLC" id="H23D27431A33848D8ADC2FB357F90360C" display-inline="no-display-inline"><section id="H53BD48ECAB334FF4A9A82F51D2A21B85"><enum>78.</enum><header>Quota increase</header><subsection id="H7F837F268A924E2EA74000685442D058"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The United States Governor of the Fund may consent to an increase in the United States quota in the Fund equivalent to 41,497,100,000 Special Drawing Rights.</text></subsection><subsection id="H8FD8018E7EBE42439D6EE92E7639E9FE"><enum>(b)</enum><header>Subject to appropriations</header><text>The authority provided by subsection (a) shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HF5F9BCFC95A94BC6947E7A931F99E30A"><enum>307.</enum><header>New Arrangements to Borrow</header><text display-inline="no-display-inline">Section 17(a)(3) of the Bretton Woods Agreements Act (<external-xref legal-doc="usc" parsable-cite="usc/22/286e-2">22 U.S.C. 286e–2(a)(3)</external-xref>) is amended by inserting <quote>, and, of the amounts authorized under this paragraph, the authorization for the dollar equivalent of 9,186,740,000 Special Drawing Rights shall expire as of the date when the rollback of the United States credit arrangement in the New Arrangements to Borrow of the International Monetary Fund is effective, but no earlier than when the increase of the United States quota authorized in section 77 of the Bretton Woods Agreements Act becomes effective</quote> before the period.</text></section><section id="H4DF048A661734E8D9ABEBC969EC63B29"><enum>308.</enum><header>Annual report on surcharges</header><subsection id="HED92F2D01A10446AB35CC4718DF140DD"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate an annual report on—</text><paragraph id="HAEB2734A1BEA4304A89B925775D3B218"><enum>(1)</enum><text>the surcharges imposed by the International Monetary Fund on member countries of the Fund; and</text></paragraph><paragraph id="HAB03167649274C87B92146023C6BEF8F"><enum>(2)</enum><text display-inline="yes-display-inline">whether the surcharges harm the ability of the member countries to pay loans provided by the Fund.</text></paragraph></subsection><subsection id="H83FE3A7C510341D993620D41E1F76CCD" display-inline="no-display-inline"><enum>(b)</enum><header>Sunset</header><text>Subsection (a) shall have no force or effect 1 year after the date that the Secretary determines that the International Monetary Fund has eliminated the imposition of surcharges with respect to loans provided by the Fund.</text></subsection></section><enum>IV</enum><header>Multilateral development bank capital increases</header><section id="H75250C6AABF9402DA8AD2BAD0AE8B4BD"><enum>401.</enum><header>African Development Fund replenishment</header><text display-inline="no-display-inline">The African Development Fund Act (22 U.S.C. 290g–290g–26) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HF6D865527DF54B4EAC962597C7EFAEE1" display-inline="no-display-inline"><section id="HE5F7635CA00A4B869601676C54188BCB"><enum>228.</enum><header>Sixteenth replenishment</header><subsection id="H82E2E19158F8458BA132D080522BF109"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">The United States Governor of the Fund is authorized to contribute on behalf of the United States $591,000,000 to the sixteenth replenishment of the resources of the Fund, subject to obtaining the necessary appropriations.</text></subsection><subsection id="HD795D8650AF34C758619E66CECEACAC1"><enum>(b)</enum><header>Authorization of appropriations</header><text>In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $591,000,000 for payment by the Secretary of the Treasury.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="H355E07520E854202B0923282C533B120"><enum>402.</enum><header>African Development Bank general callable capital increase</header><text display-inline="no-display-inline">The African Development Bank Act (22 U.S.C. 290i–290i–12) is amended by inserting at the end the following:</text><quoted-block style="OLC" id="HFFAC9099C6194095BFD6A7B03FC1AF97" display-inline="no-display-inline"><section id="H9761793699FF4352A7F5D33DFB3351CF"><enum>1346.</enum><header>General callable capital increase</header><subsection id="HC741C0099E0B48D3ACD981EACB55B2B1"><enum>(a)</enum><header>Subscription authorized</header><paragraph id="HC6BE0B1F232E4CB89A039D8ADE5B1D05"><enum>(1)</enum><header>In general</header><text display-inline="yes-display-inline">The United States Governor of the Bank may subscribe on behalf of the United States to 800,000 additional shares of the capital stock of the Bank.</text></paragraph><paragraph id="HC8CAD906499E40DF9BC9312A116FA2BD"><enum>(2)</enum><header>Limitation</header><text>Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.</text></paragraph></subsection><subsection id="H086836581CFD4BDF86C93CE489635C7D"><enum>(b)</enum><header>Authorization of appropriations</header><text>For the increase in the United States subscription to the Bank under subsection (a), there is authorized to be appropriated, without fiscal year limitation, $7,800,000,000, for payment by the Secretary of the Treasury for callable shares of the Bank.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block></section><section id="HE148415D878C4DC7840E03CD0C61E392"><enum>403.</enum><header>European Bank for Reconstruction and Development general capital increase</header><text display-inline="no-display-inline">The European Bank for Reconstruction and Development Act (22 U.S.C. 290l–290l–9) is amended by adding at the end the following:</text><quoted-block style="OLC" id="HC37D909090F645E5A2B80FF712B51B81" display-inline="no-display-inline"><paragraph id="H6599BD07C4014F4382DD86562C7BD967"><enum>(13)</enum><header>Capital increase</header><subparagraph id="H6A47F44E9A2E4F88942E743D9032FD69"><enum>(A)</enum><header>Subscription authorized</header><clause id="HA4F2C7F18ED7470DB57C78EF70AFA70C"><enum>(i)</enum><text>“The United States Governor of the Bank is authorized to subscribe on behalf of the United States to 40,000 additional shares of the paid-in capital stock of the Bank.</text></clause><clause id="H3AA559E451AF4378A09BB1777466691E"><enum>(ii)</enum><text>Any subscription by the United States to additional paid-in capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.</text></clause></subparagraph><subparagraph id="H86F81B396C814067A64C5900D16CC0A1"><enum>(B)</enum><header>Authorization of appropriations</header><text>In order to pay for the increase in the United States subscription to the Bank under subparagraph (A), there are authorized to be appropriated, without fiscal year limitation, $439,100,000, for payment by the Secretary of the Treasury.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></section>