[Congressional Record Volume 168, Number 158 (Thursday, September 29, 2022)]
[Senate]
[Page S5661]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6104. Mr. BARRASSO submitted an amendment intended to be proposed
to amendment SA 5499 submitted by Mr. Reed (for himself and Mr. Inhofe)
and intended to be proposed to the bill H.R. 7900, to authorize
appropriations for fiscal year 2023 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 D of title XII, add the following:
SEC. 1254. 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)).
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