[Congressional Record Volume 167, Number 198 (Monday, November 15, 2021)]
[Senate]
[Page S8147]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4620. Mr. BARRASSO submitted an amendment intended to be proposed 
to amendment SA 3867 submitted by Mr. Reed and intended to be proposed 
to the bill H.R. 4350, to authorize appropriations for fiscal year 2022 
for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

        At the end of subtitle E of title XII, add the following:

     SEC. 1253. OPPOSITION TO PROVISION OF ASSISTANCE TO PEOPLE'S 
                   REPUBLIC OF CHINA BY MULTILATERAL DEVELOPMENT 
                   BANKS.

       (a) Findings.--Congress makes the following findings:
       (1) The People's Republic of China is the world's second 
     largest economy and a major global lender.
       (2) In February 2021, the foreign exchange reserves of the 
     People's Republic of China totaled more than 
     $3,200,000,000,000.
       (3) The World Bank classifies the People's Republic of 
     China as having an upper-middle-income economy.
       (4) On February 25, 2021, President Xi Jinping announced 
     ``complete victory'' over extreme poverty in the People's 
     Republic of China.
       (5) The Government of the People's Republic of China 
     utilizes state resources to create and promote the Asian 
     Infrastructure Investment Bank, the New Development Bank, and 
     the Belt and Road Initiative.
       (6) The People's Republic of China is the world's largest 
     official creditor.
       (7) Through a multilateral development bank, countries are 
     eligible to borrow until they can manage long-term 
     development and access to capital markets without financial 
     resources from the bank.
       (8) The World Bank reviews the graduation of a country from 
     eligibility to borrow from the International Bank for 
     Reconstruction and Development once the country reaches the 
     graduation discussion income, which is equivalent to the 
     gross national income. For fiscal year 2021, the graduation 
     discussion income is a gross national income per capita 
     exceeding $7,065.
       (9) Many of the other multilateral development banks, such 
     as the Asian Development Bank, use the gross national income 
     per capita benchmark used by the International Bank for 
     Reconstruction and Development to trigger the graduation 
     process.
       (10) The People's Republic of China exceeded the graduation 
     discussion income threshold in 2016.
       (11) Since 2016, the International Bank for Reconstruction 
     and Development has approved projects totaling $8,930,000,000 
     to the People's Republic of China.
       (12) Since 2016, the Asian Development Bank has continued 
     to approve loans and technical assistance to the People's 
     Republic of China totaling $7,600,000,000. The Bank has also 
     approved non-sovereign commitments in the People's Republic 
     of China totaling $1,800,000,000 since 2016.
       (13) The World Bank calculates the People's Republic of 
     China's most recent year (2019) gross national income per 
     capita as $10,390.
       (b) Statement of Policy.--It is the policy of the United 
     States to oppose any additional lending from the multilateral 
     development banks, including the International Bank for 
     Reconstruction and Development and the Asian Development 
     Bank, to the People's Republic of China as a result of the 
     People's Republic of China's successful graduation from the 
     eligibility requirements for assistance from those banks.
       (c) Opposition to Lending to People's Republic of China.--
     The Secretary of the Treasury shall instruct the United 
     States Executive Director at each multilateral development 
     bank to use the voice, vote, and influence of the United 
     States--
       (1) to oppose any loan or extension of financial or 
     technical assistance by the bank to the People's Republic of 
     China; and
       (2) to end lending and assistance to countries that exceed 
     the graduation discussion income of the bank.
       (d) Report Required.--Not later than one year after the 
     date of the enactment of this Act, and annually thereafter, 
     the Secretary of the Treasury shall submit to the appropriate 
     congressional committees a report that includes--
       (1) an assessment of the status of borrowing by the 
     People's Republic of China from each multilateral development 
     bank;
       (2) a description of voting power, shares, and 
     representation by the People's Republic of China at each such 
     bank;
       (3) a list of countries that have exceeded the graduation 
     discussion income at each such bank;
       (4) a list of countries that have graduated from 
     eligibility for assistance from each such bank; and
       (5) a full description of the efforts taken by the United 
     States to graduate countries from such eligibility once they 
     exceed the graduation discussion income at each such bank.
       (e) Definitions.--In this section:
       (1) Appropriate congressional committees.--The term 
     ``appropriate congressional committees'' means--
       (A) the Committee on Foreign Relations of the Senate; and
       (B) the Committee on Financial Services and the Committee 
     on Foreign Affairs of the House of Representatives.
       (2) Multilateral development banks.--The term 
     ``multilateral development banks'' has the meaning given that 
     term in section 1701(c) of the International Financial 
     Institutions Act (22 U.S.C. 262r(c)).
                                 ______