[Congressional Record Volume 151, Number 96 (Friday, July 15, 2005)]
[Senate]
[Pages S8387-S8391]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1226. Mr. SANTORUM submitted an amendment intended to be proposed 
by him to the bill H.R. 3057, making appropriations for foreign 
operations, export financing, and related programs for the fiscal year 
ending September 30, 2006, and for other purposes; which was ordered to 
lie on the table, as follows:

       On page 326, between lines 10 and 11, insert the following:


                     SUPPORT FOR DEMOCRACY IN IRAN

       Sec. 6113. (a) $10,000,000 shall be made available to the 
     Department of State for the President to provide, 
     notwithstanding any other provision of law, financial and 
     political assistance, including the awarding of grants, to 
     foreign and domestic individuals, organizations, and entities 
     that support democracy and the promotion of democracy in 
     Iran. Such assistance may include the awarding of grants to 
     independent pro-democracy radio and television broadcasting 
     organizations that broadcast into Iran.
       (b) Financial and political assistance may be provided 
     under this section to any individual, organization, or entity 
     that, as determined by the President--

[[Page S8388]]

       (1) opposes the use of terrorism;
       (2) advocates the adherence by the Government of Iran to 
     nonproliferation regimes for nuclear, chemical, and 
     biological weapons and materiel;
       (3) is dedicated to democratic values and supports the 
     adoption of a democratic form of government in Iran;
       (4) is dedicated to respect for human rights, including the 
     fundamental equality of women;
       (5) works to establish equality of opportunity for people; 
     and
       (6) supports freedom of the press, freedom of speech, 
     freedom of association, and freedom of religion.
       (c) The President shall consult with the Committees on 
     Appropriations of the Senate and the House of Representatives 
     not later than 15 days before obligating funds for the 
     provision of assistance under this section to any individual, 
     organization, or entity.
       (d) The amount appropriated by title V under the heading 
     ``global environmental facility'' is hereby reduced by 
     $10,000,000.
                                 ______
                                 
  SA 1227. Mr. LUGAR submitted an amendment intended to be proposed by 
him to the bill H.R. 3057, making appropriations for foreign 
operations, export financing, and related programs for the fiscal year 
ending September 30, 2006, and for other purposes, which was ordered to 
lie on the table; as follows:

       On page 326, between lines 9 and 10, insert the following:

            TITLE VII--MULTILATERAL DEVELOPMENT BANK REFORM

     SEC. 7001. SHORT TITLE.

       This title may be cited as the ``Development Bank Reform 
     and Authorization Act of 2005''.

     SEC. 7002. DEFINITIONS.

       In this title:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means the Committee 
     on Foreign Relations of the Senate and the Committee on 
     Financial Services of the House of Representatives.
       (2) Group of 7.--The term ``Group of 7'' means Canada, 
     France, Germany, Italy, Japan, the United Kingdom, and the 
     United States.
       (3) Group of 8.--The term ``Group of 8'' means the Group of 
     7 and Russia.
       (4) Multilateral development banks.--The term 
     ``multilateral development banks'' means the African 
     Development Bank, the Asian Development Bank, the European 
     Bank for Reconstruction and Development, the Inter-American 
     Development Bank, the World Bank, and any subsidiary or 
     affiliate of such institutions.
       (5) Person.--The term ``person'' includes a government, a 
     government-controlled entity, a corporation, a company, an 
     association, a firm, a partnership, a society, and a joint 
     stock company, as well as an individual.
       (6) Secretary.--Except as otherwise provided, the term 
     ``Secretary'' means the Secretary of the Treasury.
       (7) World bank.--The term ``World Bank'' means the 
     International Bank for Reconstruction and Development, the 
     International Development Association, the International 
     Finance Corporation, and the Multilateral Investment 
     Guarantee Agency and any subsidiary or affiliate of such 
     institutions.

     SEC. 7003. ANTICORRUPTION PROPOSAL AND REPORT.

       (a) Proposal.--The Secretary shall develop a proposal for a 
     mechanism or program, that includes consideration of an 
     anticorruption trust and of a set aside of loans or grants, 
     that could be established at the multilateral development 
     banks--
       (1) to assist poor countries in investigations and 
     prosecutions of fraud and corruption related to a loan, 
     grant, or credit of the multilateral development banks;
       (2) to provide the means for hands-on prosecutorial 
     training and education in order to better equip recipient 
     countries to fight fraud and corruption; and
       (3) to build the capacity of agencies in recipient 
     countries to prevent fraud and corruption.
       (b) Report.--Not later than September 1, 2006, the 
     Secretary shall submit to the appropriate congressional 
     committees a report on the proposal required by subsection 
     (a).

     SEC. 7004. PROMOTION OF POLICY GOALS AT MULTILATERAL 
                   DEVELOPMENT BANKS.

       Title XV of the International Financial Institutions Act 
     (22 U.S.C. 262o et seq.) is amended by adding at the end the 
     following:

     ``SEC. 1505. PROMOTION OF POLICY GOALS.

       ``(a) Definitions.--In this section:
       ``(1) Appropriate congressional committees.--The term 
     `appropriate congressional committees' means the Committee on 
     Foreign Relations of the Senate and the Committee on 
     Financial Services of the House of Representatives.
       ``(2) Multilateral development banks.--The term 
     `multilateral development banks' means the African 
     Development Bank, the Asian Development Bank, the European 
     Bank for Reconstruction and Development, the Inter-American 
     Development Bank, the World Bank, and any subsidiary or 
     affiliate of such institutions.
       ``(3) Person.--The term `person' includes a government, a 
     government-controlled entity, a corporation, a company, an 
     association, a firm, a partnership, a society, and a joint 
     stock company, as well as an individual.
       ``(4) Secretary.--Except as otherwise provided, the term 
     `Secretary' means the Secretary of the Treasury.
       ``(5) World bank.--The term `World Bank' means the 
     International Bank for Reconstruction and Development, the 
     International Development Association, the International 
     Finance Corporation, and the Multilateral Investment 
     Guarantee Agency, and any subsidiary or affiliate of such 
     institutions.
       ``(b) Transparency.--
       ``(1) Publication of statements.--
       ``(A) In general.--Not later than 60 calendar days after a 
     meeting of the board of directors of a multilateral 
     development bank, the Secretary shall provide for publication 
     on the website of the Department of the Treasury of--
       ``(i) the justification for each vote by the United States 
     Executive Director at the multilateral development bank on 
     any policy, loan, grant, or credit before the board of 
     directors of the bank; and
       ``(ii) any official position statement issued at the 
     meeting by such United States Executive Director at the bank 
     concerning--

       ``(I) a lending, grant, or guarantee operation which would 
     result or be likely to result in significant social or 
     environmental effects; or
       ``(II) an institutional policy or strategy of the bank, 
     including operational policies, anticorruption policies, and 
     sector or thematic strategies that were subject to public 
     consultation or public comment period.

       ``(B) Redacted material.--The Secretary may redact material 
     from the material to be made available under subparagraph (A) 
     if the Secretary determines such material is too sensitive 
     for public distribution.
       ``(2) Information disclosure.--The Secretary shall instruct 
     the United States Executive Director at each multilateral 
     development bank to use the voice and vote of the United 
     States to make available to the public all draft country 
     strategies not less than 120 calendar days prior to 
     consideration of such strategies by the board of directors of 
     the bank.
       ``(c) Strengthening Development Bank Administration.--The 
     Secretary shall instruct the United States Executive Director 
     at each multilateral development bank to inform the bank of, 
     and use the voice and vote of the United States to achieve at 
     the bank, the following United States policy goals:
       ``(1) Each multilateral development bank should require 
     annual mandatory financial disclosure of any possible or 
     apparent conflict of interest by each employee of the bank, 
     consultant to the bank, or independent expert to the bank 
     whose duties and responsibilities include, through decision 
     or the exercise of judgment, the taking of any action 
     regarding--
       ``(A) contracting or procurement;
       ``(B) developing, administering, managing, or monitoring 
     loans, grants, programs, projects, subsidies, or other 
     conferred financial or operational benefits provided by the 
     bank; or
       ``(C) evaluating or auditing any project, program or 
     entity.
       ``(2) Each multilateral development bank should reform the 
     `pressure to lend' incentive structure at such bank by 
     linking project design and implementation and results to 
     staff performance appraisals and should require that staff 
     increase its focus on monitoring existing loans.
       ``(3) Each multilateral development bank should continue 
     strengthening whistleblower policies at the bank to the level 
     of emerging standards reflected in national and international 
     law in the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201 et 
     seq.), and the Inspector General Act of 1978 (5 U.S.C. App.).
       ``(4) Each multilateral development bank should continue 
     strengthening voluntary disclosure programs for firms and 
     individuals participating in projects financed by such banks, 
     to the level of emerging best-practices as expressed in the 
     Department of Defense Guidelines for Voluntary Disclosure and 
     the audit policy of the Environmental Protection Agency.
       ``(5) All loan, credit, guarantee, and grant documents and 
     other agreements with borrowers should include provisions for 
     the financial resources and conditionality necessary to 
     ensure that a person who obtains financial support from a 
     multilateral development bank complies with applicable bank 
     policies and national and international laws in carrying out 
     the terms and conditions of such documents and agreements, 
     including bank policies and national and international laws 
     pertaining to the comprehensive assessment and transparency 
     of the activities supported, such as those concerning public 
     consultation, access to information, public health, safety, 
     and environmental protection.
       ``(6) Each multilateral development bank should develop, if 
     it has not already done so, clear procedures setting forth a 
     clear and uniform definition of sanctionable misconduct and 
     the circumstances under which a person will be barred from 
     receiving a loan, contract, grant, or credit from such bank, 
     should make such procedures available to the public, and 
     should make the identities of such person available to the 
     public.
       ``(7) Each multilateral development bank should coordinate 
     policies consistent with best practices across international 
     institutions on issues including common definitions

[[Page S8389]]

     of fraud and corruption, debarment procedures, procurement 
     and consultant guidelines, and fiduciary standards so that a 
     person that is debarred by one multilateral development bank 
     is ineligible to conduct business with the other multilateral 
     development banks during the specified ineligibility period.
       ``(d) Anticorruption Practices.--
       ``(1) Voice and vote.--The Secretary shall instruct the 
     United States Executive Director at each multilateral 
     development bank to inform the bank of the United States 
     anticorruption policy described in paragraph (2)(A), and to 
     use the voice and vote of the United States to achieve such 
     policy at the bank.
       ``(2) Anticorruption policy.--
       ``(A) In general.--The anticorruption policy referred to in 
     paragraph (1) is a policy that requires a person (including 
     beneficiaries of investment loans and grants made by a 
     multilateral development bank), as well as a bidder, 
     supplier, or contractor under a contract financed by a 
     multilateral development bank to observe the highest standard 
     of ethics during the procurement and exception of such a 
     contract. Such a standard of ethics should be consistent with 
     those in the Foreign Corrupt Practices Act of 1977 (Public 
     Law 95-213; 91 Stat. 1496) and prohibit corrupt practices, 
     fraudulent practices, collusive practices, and coercive 
     practices.
       ``(B) Definitions.--In this paragraph:
       ``(i) Coercive practice.--The term `coercive practices' 
     means harming or threatening to harm, directly or indirectly, 
     persons, or their property, to influence the issuance, 
     receipt, execution, or performance of any contract, loan, 
     credit, grant, or other conferred financial or operational 
     benefit provided by each multilateral development bank.
       ``(ii) Collusive practice.--The term `collusive practices' 
     means a scheme or arrangement between 2 or more bidders, with 
     or without the knowledge of the Borrower, designed to 
     establish bid prices at artificial, noncompetitive levels.
       ``(iii) Corrupt practice.--The term `corrupt practice' 
     means the offering, giving, receiving, or soliciting, 
     directly or indirectly, of anything of value to influence the 
     action of a public official (including staff of a 
     multilateral development bank) in the issuance, receipt, 
     execution, or performance of any contract, loan, credit, 
     grant, or other conferred financial or operational benefit by 
     each multilateral development bank.
       ``(iv) Fraudulent practice.--The term `fraudulent practice' 
     means a misrepresentation or omission of facts in order to 
     influence the issuance, receipt, execution, or performance of 
     any contract, loan, credit, grant, or other conferred 
     financial or operational benefit by each multilateral 
     development bank.
       ``(e) Strengthening Development Bank Auditing.--
       ``(1) In general.--The Secretary shall instruct the United 
     States Executive Director at each multilateral development 
     bank to inform the bank of, and use the voice and vote of the 
     United States to achieve at the bank, the United States 
     policy goal that each multilateral development bank, that has 
     not already done so, should--
       ``(A) establish an independent investigation office and an 
     internal auditing function that is free from interference in 
     determining the scope of investigations and internal 
     auditing, performing work, and communicating results, and 
     that regularly report to the board of directors of the bank;
       ``(B) adopt and implement an internationally recognized 
     internal controls framework, allocate adequate staffing and 
     budget to auditing, require external auditor attestations of 
     internal controls, over external financial reporting and 
     forensic audits of loans where fraud is suspected; and
       ``(C) develop and formally adopt a procedure for the 
     confidential voluntary reporting of misconduct by individuals 
     and firms participating in bank-financed projects in exchange 
     for leniency.
       ``(2) Corruption investigation information center.--The 
     Secretary shall instruct the United States Executive Director 
     at each multilateral development bank to inform the bank of, 
     and use the voice and vote of the United States to achieve at 
     the bank, the United States policy goals that--
       ``(A) the banks should create a Corruption Investigation 
     Information Center to be staffed by the banks and charged 
     with maintaining a relational investigative database for use 
     by investigators from all the banks. Such database should 
     contain forensic, financial, and transnational information 
     pertaining to projects finance by a bank that is developed as 
     a result of investigations within a bank, for use by all 
     banks as a means to taking collective enforcement action 
     against entities, individuals, and officials engaged in 
     corruption in connection with a project finance by a bank; 
     and
       ``(B) the banks should explore the creation of a program to 
     provide incentives for companies to report their own 
     fraudulent or corrupt transactions in exchange for a reduced 
     sanction.
       ``(3) Independent investigative function.--
       ``(A) In general.--The Secretary shall instruct the United 
     States Executive Director at each multilateral development 
     bank to inform the bank of, and use the voice and vote of the 
     United States to achieve at the bank, the establishment of an 
     independent investigative function to investigate corruption 
     in their operational activities.
       ``(B) Report.--Each year, the United States Executive 
     Director of each multilateral development should submit to 
     the Secretary a report on--
       ``(i) the status of the investigative function at the 
     Director's bank;
       ``(ii) the Director's views as to whether the investigative 
     function remains operationally independent and capable of 
     carrying out its mission; and
       ``(iii) what policies, practices, or procedures are needed 
     to strengthen the investigative function at each bank.
       ``(f) Compensation Packages for People Negatively Affected 
     by Development Bank Projects.--
       ``(1) Voice and vote.--The Secretary shall instruct the 
     United States Executive Director at each multilateral 
     development bank to use the voice and vote of the United 
     States to achieve the policy described in paragraphs (2) and 
     (3) at the bank.
       ``(2) Compensation policy.--Each multilateral development 
     bank should, for each project funded by the bank where 
     compensation, including resettlement or rehabilitation 
     assistance, is to be provided to persons adversely impacted 
     by the project, require that a fair, impartial, independent, 
     transparent, and responsive mechanism be established for, or 
     included in the design and financing of, the project to 
     receive, adjudicate, and resolve complaints from a person who 
     is eligible for compensation if such person, not more than 6 
     years after the date of the completion of the project, finds 
     that the compensation is either inadequate or improperly 
     implemented.
       ``(3) Report on resettlement.--Each multilateral 
     development bank should publish in its annual report the 
     number of people that have been resettled by projects funded 
     by such bank during the previous fiscal year and report on 
     the rehabilitation status of resettled people in relevant 
     project documents.
       ``(g) Evaluation.--The Secretary shall instruct the United 
     States Executive Director at each multilateral development 
     bank to inform the bank of, and use the voice and vote of the 
     United States to achieve at the bank, the following goals:
       ``(1) Each multilateral development bank should make the 
     results of project and nonproject operations evaluations 
     available to the public, including through the Internet Web 
     site of the bank. Such information should include data on the 
     number of projects evaluated per year as a percentage of 
     total projects carried out.
       ``(2) Each multilateral development bank should require 
     that all loans, grants, credits, policies, and strategies, 
     including budget support, prepared by the bank include 
     specific outcome and output indicators to measure results, 
     and that the indicators and results be published periodically 
     during the execution and at the completion of the appropriate 
     project or program, and at the number of years after such 
     completion determined to be appropriate for such loan, grant, 
     credit, policy, or strategy.
       ``(3) Each multilateral development bank should promote 
     rigorous independent evaluation of projects and policies to 
     ensure that the intent of such projects and policies is 
     realized. Each bank should encourage applicants and borrowers 
     to agree, in consultation with an independent evaluator or 
     evaluators, to design projects to facilitate the evaluation 
     of outcomes. Rigorous independent evaluations should measure 
     the impact on those served by a loan, grant, or credit and 
     should have a carefully constructed comparison group to help 
     measure the impacts of the loan, grant, or credit.
       ``(h) Qualification Policy.--
       ``(1) Voice and vote.--The Secretary shall instruct the 
     United States Executive Director at each multilateral 
     development bank to encourage the bank to implement the 
     qualification policy for borrowing countries described in 
     paragraph (2), and use the voice and vote of the United 
     States to achieve such policy at each bank.
       ``(2) Qualification policy for borrowing countries.--The 
     qualification policy for borrowing countries referred to in 
     paragraph (1) is a policy that requires, in addition to the 
     standards in effect on the date of the enactment of the 
     Development Bank Reform and Authorization Act of 2005, each 
     multilateral development bank to qualify a country for budget 
     support, adjustment lending, policy lending for nonproject 
     loans, grants, or credits, or other loans directed to the 
     country's budget based on transparency in procurement and 
     fiduciary requirements and requiring the borrowing country to 
     make its budget available to the public before funds are 
     disbursed to that country.
       ``(i) Microfinance and Business Development.--The Secretary 
     shall inform the management of each multilateral development 
     bank and the public that it is the policy of the United 
     States to encourage microfinance services for the poor and 
     very poor (as that term is defined in section 259 of the 
     Foreign Assistance Act of 1961 (22 U.S.C. 2214a)), and micro-
     , small-, and medium-enterprise development programs, because 
     of the merit of these programs in addressing poverty and 
     economic growth, particularly in a country where the 
     government of such country ranks poorly in the World Bank 
     Institute's governance indicators.
       ``(j) Extractive Industry Transparency.--
       ``(1) Requirements for resource assistance.--The Secretary 
     shall instruct the United States Executive Director at each 
     multilateral development bank to inform the

[[Page S8390]]

     bank and the public and use their voice and vote of the 
     United States so that any investment, loan, credit, grant, or 
     guarantee made by a multilateral development bank for 
     extraction or export of oil, gas, coal, timber, or other 
     natural resource should not be provided unless the recipient 
     government has in place, or is taking the necessary steps to 
     establish prior to June 2008, functioning systems for--
       ``(A) accurately accounting for all revenues received by a 
     borrowing government from a person and all payments to a 
     government in connection with the extraction or export of 
     natural resources, such as gas, oil, oil shale, tar sands, 
     coal, any metal, mineral, or timber;
       ``(B) the independent auditing of such payments and such 
     revenues by a credible, functionally independent auditor 
     applying international auditing standards, and making 
     publicly available the auditor's findings and 
     recommendations, including a reconciliation of aggregate 
     payments and revenues;
       ``(C) verifying government receipts against company 
     payments made by each person, including widespread 
     dissemination of annual payment information in a manner that 
     does not create competitive disadvantage or disclose 
     proprietary information;
       ``(D) establishing a legal framework for disclosure of 
     payments from a person or contracts with a person and 
     outlining the level and extent of disclosure or payment 
     information by persons in the extractive industries;
       ``(E) making available to the public all contracts between 
     the government of such country or any person owned or 
     controlled by such government, and any person that is engaged 
     in the extraction or export of natural resources through a 
     project or program supported by a bank, unless an appropriate 
     person, including the person that is engaged in such 
     extraction or export, determines such disclosure would cause 
     substantial competitive harm;
       ``(F) adopting internal control and audit procedures for 
     handling resource revenue receipts through internal 
     government accounts or special fund arrangements and clearly 
     describing and disclosing to the public the spending of such 
     receipts from such accounts or funds;
       ``(G) establishing a national audit body or equivalent 
     organization which is independent of the executive, that 
     would provide timely reports for the legislative, and public 
     on the financial integrity of government accounts; and
       ``(H) applying the revenue transparency approach described 
     in this paragraph equally and fully to all extractive 
     companies operating in the country, including State-owned 
     entities.
       ``(2) Requirements for sponsors of resource projects.--The 
     Secretary shall inform the management of each multilateral 
     development bank and the public that it is the policy of the 
     United States that any multilateral development bank 
     assistance, including any investment, loan, or guarantee, 
     provided to public or private sector sponsors for the 
     extraction or export of natural resources should only be 
     provided if the government of the country has in place or is 
     taking necessary steps to establish the functioning systems 
     described in subparagraphs (A) through (G) in paragraph (1) 
     and if the sponsors of such projects publicly disclose 
     revenue payments made to the government of such country.
       ``(3) Compliance with transparency guidelines prior to 
     approval of assistance.--In furtherance of the policy 
     described in paragraphs (1) and (2), not later than 3 years 
     after the date of the enactment of the Development Bank 
     Reform and Authorization Act of 2005, the Secretary shall 
     inform the management of each multilateral development bank 
     and the public that it is the policy of the United States to 
     oppose any secondary or follow-up investment, loan, credit, 
     grant, or guarantee if the recipient government does not have 
     in place the systems described in subparagraphs (A) through 
     (G) of paragraph (1).
       ``(4) Report to congress.--Not later than June 1, 2006, and 
     annually thereafter, the Secretary of the Treasury shall 
     submit to Congress and make available on the web site of the 
     Department of the Treasury, a report that includes, for each 
     multilateral development bank, the following:
       ``(A) A description of the assistance approved during the 
     previous fiscal year for project or program development set 
     out in paragraph (1) or (2).
       ``(B) An assessment of the extent to which each country 
     receiving such assistance is implementing a program that 
     complies with the policy set out in paragraph (1), based on 
     all relevant information including the views of the 
     international institutions and of civil society 
     organizations.
       ``(C) An assessment of the extent to which a person that 
     received such assistance has disclosed payments to 
     governments and agreed to contract disclosure, as described 
     in subparagraphs (D) and (E) of paragraph (1).''.

     SEC. 7005. CONTRIBUTIONS TO MULTILATERAL DEVELOPMENT BANKS.

       (a) World Bank.--The International Development Association 
     Act (22 U.S.C. 284 et seq.) is amended by adding at the end 
     the following new section:

     ``SEC. 23. FOURTEENTH REPLENISHMENT.

       ``(a) Contribution Authority.--
       ``(1) In general.--The United States Governor of the 
     Association is authorized to contribute on behalf of the 
     United States $2,850,000,000 to the fourteenth replenishment 
     of the resources of the Association.
       ``(2) Subject to appropriations.--Any commitment to make 
     the contribution authorized by paragraph (1) shall be 
     effective only to such extent or in such amounts as are 
     provided in advance in appropriations Acts.
       ``(b) Authorization of Appropriations.--For the 
     contribution authorized by subsection (a), there are 
     authorized to be appropriated, without fiscal year 
     limitation, $2,850,000,000 for payment by the Secretary of 
     the Treasury.''.
       (b) African Development Bank Fund.--The African Development 
     Fund Act (22 U.S.C. 290g et seq.) is amended by adding at the 
     end the following new section:

     ``SEC. 218. TENTH REPLENISHMENT.

       ``(a) Contribution Authority.--
       ``(1) In general.--The United States Governor of the Fund 
     is authorized to contribute on behalf of the United States 
     $407,000,000 to the tenth replenishment of the resources of 
     the Fund.
       ``(2) Subject to appropriations.--Any commitment to make 
     the contribution authorized by paragraph (1) shall be 
     effective only to such extent or in such amounts as are 
     provided in advance in appropriations Acts.
       ``(b) Authorization of Appropriations.--For the 
     contribution authorized by subsection (a), there are 
     authorized to be appropriated, without fiscal year 
     limitation, $407,000,000 for payment by the Secretary of the 
     Treasury.''.
       (c) Asian Development Fund of the Asian Development Bank.--
     The Asian Development Bank Act (22 U.S.C. 285 et seq.) is 
     amended by adding at the end the following new section:

     ``SEC. 32. EIGHTH REPLENISHMENT.

       ``(a) Contribution Authority.--
       ``(1) In general.--The United States Governor of the Bank 
     is authorized to contribute on behalf of the United States 
     $461,000,000 to the eighth replenishment of the resources of 
     the Fund.
       ``(2) Subject to appropriations.--Any commitment to make 
     the contribution authorized by paragraph (1) shall be 
     effective only to such extent or in such amounts as are 
     provided in advance in appropriations Acts.
       ``(b) Authorization of Appropriations.--For the 
     contribution authorized by subsection (a), there are 
     authorized to be appropriated, without fiscal year 
     limitation, $461,000,000 for payment by the Secretary of the 
     Treasury.''.

     SEC. 7006. REPORTS TO CONGRESS.

       (a) Reports From the Government Accountability Office.--
       (1) Sense of congress on access to information.--It is the 
     sense of Congress that--
       (A) to evaluate the compliance of the multilateral 
     development banks with the policies of the United States 
     described in section 1505 of the International Financial 
     Institutions Act, as added by section 7004 of this title, and 
     to prepare the reports required by this section, the 
     Comptroller General of the United States should have full and 
     complete access to financial information relating to the 
     multilateral development banks, including information related 
     to the performance, accountability, oversight, financial 
     transactions, organization, and activities of the 
     multilateral development banks;
       (B) the Secretary should seek to conclude memorandums of 
     understanding with the multilateral development banks to 
     ensure that the United States will have access to documents 
     related to information described in subparagraph (A); and
       (C) the Secretary of the Treasury should facilitate access 
     by the Comptroller General of the United States to the 
     financial information described in subparagraph (A).
       (2) Report on reforms at the multilateral development 
     banks.--Not later than 1 year after the date of the enactment 
     of this Act, the Comptroller General of the United States 
     shall prepare and submit to the appropriate congressional 
     committees a report on the extent of the implementation of 
     the reforms called for by the Group of 8 or by the Group of 
     7, starting with the 2000 Okinawa Summit, as delineated in 
     communiqueAE1s, chairman's statements, and other official 
     communication through the summit or finance ministerial 
     processes of the Group of 8 or the Group of 7.
       (3) Report on financial structure of the world bank.--Not 
     later than 2 years after the date of enactment of this Act, 
     the Comptroller General of the United States shall prepare 
     and submit to the appropriate congressional committees a 
     report on the appropriateness of the World Bank's equity-loan 
     ratio to best address financial risks and development goals.
       (4) Report on effectiveness of multilateral development 
     banks.--Not later than 3 years after the date of the 
     enactment of this Act, the Comptroller General of the United 
     States shall--
       (A) conduct a review of the effectiveness of each 
     multilateral development bank in achieving the mission of 
     such bank as set out in the articles of agreement of such 
     bank, specifically poverty reduction and economic 
     development; and
       (B) submit to the appropriate congressional committees a 
     report on the findings of the review.
       (5) Report on consistency of multilateral development bank 
     practices with statutory policies.--Not later than 3 years 
     after the date of the enactment of this Act, the Comptroller 
     General of the United States shall prepare and submit to the 
     appropriate

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     congressional committees a report on the extent to which the 
     practices of the multilateral development banks are 
     consistent with the policies of the United States, as 
     expressly contained in Federal law applicable to the 
     multilateral development banks.
       (b) Reports on Implementation of Policy Goals.--
       (1) New requirements.--
       (A) Initial report.--Not later than September 1, 2006, the 
     Secretary shall submit a report to the appropriate 
     congressional committees that describes the actions taken by 
     the United States Executive Director at each multilateral 
     development bank to implement the policy goals described in 
     this Act and the amendments made by this Act and any other 
     actions that should be taken to implement such goals.
       (B) Updates.--The Secretary shall submit to the appropriate 
     congressional committees an annual update of the report 
     required by subparagraph (A) for each of the fiscal years 
     2007, 2008, and 2009.
       (2) Report on existing requirements.--
       (A) Initial report.--Not later than September 1, 2006, the 
     Secretary shall submit a report to the appropriate 
     congressional committees that describes the actions taken by 
     the United States Executive Director at each multilateral 
     development bank to implement the policy goals described in 
     section 1504 of title XV of the International Financial 
     Institutions Act (22 U.S.C. 2206-3) and any other actions 
     that should be taken to implement such goals.
       (B) Updates.--The Secretary shall submit to the appropriate 
     congressional committees an annual update of the report 
     required by subparagraph (A) for each of the fiscal years 
     2007, 2008, and 2009.

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