[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6729 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 6729
To require a report on the People's Republic of China's use of
international financial institutions, to set United States policy
regarding the identification of the People's Republic of China as a
``developing nation'' and address this matter in regional multilateral
financial institutions, to prohibit the use of Federal funds to
purchase certain goods from the People's Republic of China, and for
other purposes.
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IN THE HOUSE OF REPRESENTATIVES
February 15, 2022
Mr. Guest (for himself, Mr. McCaul, Mr. Crenshaw, Mr. McKinley, Mr.
Mast, and Mr. Babin) introduced the following bill; which was referred
to the Committee on Financial Services, and in addition to the
Committees on Ways and Means, and Foreign Affairs, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
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A BILL
To require a report on the People's Republic of China's use of
international financial institutions, to set United States policy
regarding the identification of the People's Republic of China as a
``developing nation'' and address this matter in regional multilateral
financial institutions, to prohibit the use of Federal funds to
purchase certain goods from the People's Republic of China, 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 ``Securing Transparent Operations to
Prevent China's Abuse of International Financing Act'' or the ``STOP
China's Abuse of International Financing Act''.
SEC. 2. REPORT ON THE PEOPLE'S REPUBLIC OF CHINA'S USE OF AND INFLUENCE
IN INTERNATIONAL FINANCIAL INSTITUTIONS.
Within 1 year after the date of the enactment of this Act, the
Secretary of State, in consultation with the Secretary of the Treasury,
shall prepare and submit to the Committee on Foreign Affairs of the
House of Representatives and the Committee on Foreign Relations of the
Senate a written report on the ways that the People's Republic of China
has used its role in international financial institutions to influence
the policies of the institutions and advance its diplomatic objectives
during the period that begins with calendar year 2000 and ends with the
present, including--
(1) a statement of the percentage of funds donated to each
international financial institution during that period, that is
represented by donations from the People's Republic of China,
and how each such percentage has changed during that period;
(2) a statement of the percentage of capital loaned to the
People's Republic of China during that period that is
represented by loans from each international financial
institution, and how each such percentage has changed during
that period, including--
(A) how the People's Republic of China used
financing from any institution in the World Bank Group
for projects which the People's Republic of China did
not finance internally; and
(B) how United States technical assistance has been
used by each institution of the World Bank Group in
evaluating loans to the People's Republic of China;
(3) a statement of the percentage of the staff of each
international financial institution who identify as Chinese
nationals, and how each such percentage has changed during that
period; and
(4) a statement of the involvement of enterprises
controlled by, or whose headquarters are in, the People's
Republic of China in bidding on contracts offered by any
international financial institution during that period, and the
percentage of the contracts that were awarded to any such
enterprise, including--
(A) how the People's Republic of China subsidizes
the enterprises in order to drive down bid prices; and
(B) the criteria necessary for a transparent
bidding process for contracts offered by any such
institution.
SEC. 3. STATEMENT OF POLICY.
(a) Sense of the Congress.--It is the sense of the Congress that
international financial institutions, related trade groups, and
multilateral organizations should not consider the People's Republic of
China to be a developing nation for any purpose.
(b) Procedures of World Organizations.--The United States
representatives to the United Nations, the World Trade Organization,
and the international financial institutions shall pursue changes in
the procedures of their respective institutions to ensure that their
respective institutions do not consider the People's Republic of China
to be a developing nation for any purpose.
SEC. 4. REPORT FROM UNITED STATES TRADE REPRESENTATIVE.
Not later than 90 days after the date of the enactment of this Act,
the United States Trade Representative shall submit to Congress a
report that describes the manner in which the Trade Representative
plans to pursue a strategy with respect to the World Trade Organization
(WTO) to carry out and achieve the following:
(1) Facilitate the full implementation of currently
negotiated and possible future agreements of the WTO.
(2) Enable the maximum benefits from trade to accrue to
members of the WTO that face the greatest difficulty
integrating into multilateral and regional trade institutions.
(3) Ensure that none of the following members of the WTO
receives ``special and differential'' treatment in currently
negotiated or possible future agreements of the WTO:
(A) Members that are also members of the
Organization for Economic Cooperation and Development
(OECD) or begun the accession process to OECD.
(B) Members that are also members of the G20.
(C) Members that are classified as ``high income''
countries by the International Bank for Reconstruction
and Development.
SEC. 5. PROHIBITION ON USE OF FEDERAL FUNDS PROVIDED TO INTERNATIONAL
FINANCIAL INSTITUTIONS FOR GOODS FROM CHINA.
The Secretary of the Treasury shall direct the United States
representatives to the United Nations, the World Trade Organization,
and the international financial institutions to use the voice and vote
of the United States to prevent the institutions from using any
contribution made on behalf of the United States to--
(1) procure goods from, or sourced in, the People's
Republic of China; or
(2) fulfill any contract awarded by the Bank to any
enterprise controlled by, or whose headquarters is in, the
People's Republic of China.
SEC. 6. DEFINITION OF INTERNATIONAL FINANCIAL INSTITUTION.
In this Act, the term ``international financial institution''
means--
(1) each institution of the World Bank Group;
(2) the African Development Bank;
(3) the Asian Development Bank;
(4) the Caribbean Development Bank;
(5) the European Bank for Reconstruction and Development;
(6) the Inter-American Development Bank;
(7) the Arab Fund for Economic and Social Development;
(8) the European Investment Bank;
(9) the Global Environment Facility;
(10) the Islamic Development Bank;
(11) the North American Development Bank; and
(12) the Organization of American States.
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