[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 692 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 692

   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.


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                    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

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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:

``SEC. 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.''.
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