[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 557 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 557

   To promote United States interests at the international financial 
                 institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 2023

   Mr. Hill introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To promote United States interests at the international financial 
                 institutions, 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. SHORT TITLE.

    This Act may be cited as the ``International Financial Institutions 
Governance Act of 2023''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of the Congress that--
            (1) directing the use of the voice and vote of the United 
        States at the international financial institutions (IFIs) 
        serves an essential role in promoting the national interest;
            (2) despite their importance, such mandates have grown to 
        represent a significant compliance burden for United States 
        representatives at the IFIs, having accumulated to more than 
        260 pages of statutory text over the course of decades-long 
        participation by the United States in the IFIs; and
            (3) while certain mandates provide appropriate discretion 
        for United States representatives through waivers and sunset 
        provisions, others may entail inflexible requirements that--
                    (A) prevent the representatives from achieving 
                maximum effectiveness in the promotion of United States 
                interests;
                    (B) render the representatives less relevant in 
                multilateral negotiations at the IFIs, including in 
                discussions with United States allies; or
                    (C) fail to adapt to intervening events and 
                changing circumstances, thereby undermining the pursuit 
                of United States interests.

SEC. 3. PILOT AUTHORITY TO WAIVE VOICE AND VOTE REQUIREMENTS, ON A 
              CASE-BY-CASE BASIS, IN THE INTERNATIONAL FINANCIAL 
              INSTITUTIONS.

    (a) In General.--The Secretary may waive, on a case-by-case basis, 
a statutory requirement that directs the United States Executive 
Director at an international financial institution with respect to the 
use of the voice and vote of the United States.
    (b) Exception.--Subsection (a) shall not apply to a statutory 
requirement if the provision of law providing for the requirement 
provides for--
            (1) a waiver of the requirement; or
            (2) the termination of the requirement by a date certain.
    (c) Definitions.--In this section:
            (1) International financial institution.--The term 
        ``international financial institution'' has the meaning given 
        the term in section 1701(c)(2) of the International Financial 
        Institutions Act.
            (2) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
    (d) Report Described.--Not less frequently than semiannually, the 
Secretary 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 includes the following:
            (1) A list of each waiver issued under subsection (a) since 
        the later of the date of the enactment of this section or the 
        date the then most recent report was submitted under this 
        subsection.
            (2) A description of any project, policy, or other matter 
        to which the waiver involved applied.
            (3) A detailed explanation of the reasons for the waiver 
        involved.
            (4) A determination that the waiver involved allowed the 
        Secretary to more effectively advance United States interests 
        at the international financial institution involved.
    (e) No Retroactive Application.--A waiver issued under this section 
shall not apply retroactively.
    (f) Recommendations by the Secretary.--Within 12 months after the 
date of the enactment of this Act, the Secretary shall submit to the 
committees specified in subsection (d) any recommendations to revise or 
sunset a statutory requirement that directs the United States Executive 
Director at an international financial institution with respect to the 
use of the voice and vote of the United States. The recommendations 
should be aimed at achieving the following objectives with regard to 
the international financial institution:
            (1) Strengthening United States leadership in the design, 
        execution, and evaluation of activities.
            (2) Permitting the Secretary to more effectively support 
        policies, projects, and other initiatives that advance the 
        national interest of the United States.
            (3) Facilitating multilateral cooperation, particularly 
        between the United States and its allies.
            (4) Updating a requirement to appropriately reflect 
        changing conditions.
            (5) Allowing for all appropriate accountability to the 
        Congress with respect to United States governance at, and 
        participation in, the international financial institution.
    (g) Sunset.--The preceding provisions of this section shall have no 
force or effect on and after the date that is 3 years after the date of 
the enactment of this Act.
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