[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7726 Introduced in House (IH)]
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117th CONGRESS
2d Session
H. R. 7726
To authorize the tenth general capital increase for the Inter-American
Development Bank, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 11, 2022
Ms. Plaskett (for herself and Mr. Crawford) introduced the following
bill; which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To authorize the tenth general capital increase for the Inter-American
Development Bank, 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 ``Inter-American Development Bank
General Capital Increase Act of 2022''.
SEC. 2. ADDRESSING CHINA'S SOVEREIGN LENDING PRACTICES IN LATIN AMERICA
AND THE CARIBBEAN.
(a) Sense of Congress.--It is the sense of Congress that--
(1) since 2005, the Government of the People's Republic of
China has expanded sovereign lending to governments in Latin
America and the Caribbean with loans that are repaid or
collateralized with natural resources or commodities;
(2) several countries in Latin American and the Caribbean
that have received a significant amount of sovereign lending
from the Government of the People's Republic of China face
challenges in repaying such loans;
(3) the Government of the People's Republic of China's
predatory economic practices and sovereign lending practices in
Latin America and the Caribbean negatively influence United
States national interests in the Western Hemisphere;
(4) the Inter-American Development Bank, the premier
multilateral development bank dedicated to the Western
Hemisphere, should play a significant role supporting the
countries of Latin America and the Caribbean in achieving
sustainable and serviceable debt structures; and
(5) a tenth general capital increase for the Inter-American
Development Bank would strengthen the Bank's ability to help
the countries of Latin America and the Caribbean achieve
sustainable and serviceable debt structures.
(b) Support for a General Capital Increase.--The President shall
take steps to support a tenth general capital increase for the Inter-
American Development Bank, including advancing diplomatic engagement to
build support among member countries of the Bank for a tenth general
capital increase for the Bank.
(c) Tenth Capital Increase.--The Inter-American Development Bank
Act (22 U.S.C. 283 et seq.) is amended by adding at the end the
following:
``SEC. 42. TENTH CAPITAL INCREASE.
``(a) Vote Authorized.--The United States Governor of the Bank is
authorized to vote in favor of a resolution to increase the capital
stock of the Bank by $80,000,000,000 over a period not to exceed 5
years.
``(b) Subscription Authorized.--
``(1) In general.--The United States Governor of the Bank
may subscribe on behalf of the United States to 1,990,714
additional shares of the capital stock of the Bank.
``(2) Limitation.--Any subscription by the United States to
the capital stock of the Bank shall be effective only to such
extent and in such amounts as are provided in advance in
appropriations Acts.
``(c) Limitations on Authorization of Appropriations.--
``(1) In general.--In order to pay for the increase in the
United States subscription to the Bank under subsection (b),
there is authorized to be appropriated $24,014,857,191 for
payment by the Secretary of the Treasury.
``(2) Allocation of funds.--Of the amount authorized to be
appropriated under paragraph (1)--
``(A) $600,371,430 shall be for paid in shares of
the Bank; and
``(B) $23,414,485,761 shall be for callable shares
of the Bank.''.
(d) Addressing China's Sovereign Lending in the Americas.--The
Secretary of the Treasury and the United States Executive Director to
the Inter-American Development Bank shall use the voice, vote, and
influence of the United States--
(1) to advance efforts by the Bank to help countries
restructure debt resulting from sovereign lending by the
Government of the People's Republic of China in order to
achieve sustainable and serviceable debt structures; and
(2) to establish appropriate safeguards and transparency
and conditionality measures to protect debt-vulnerable member
countries of the Inter-American Development Bank that borrow
from the Bank for the purposes of restructuring Chinese
bilateral debt held by such countries and preventing such
countries from incurring subsequent Chinese bilateral debt.
(e) Briefings.--
(1) Implementation.--Not later than 90 days after the date
of the enactment of this Act, and every 90 days thereafter for
6 years, the President shall provide to the Committee on
Foreign Relations of the Senate, the Committee on Finance of
the Senate, the Committee on Foreign Affairs of the House of
Representatives, and the Committee on Financial Services of the
House of Representatives a briefing detailing efforts to carry
out subsections (b) and (d) and the amendment made by
subsection (c).
(2) Progress in achieving sustainable and serviceable debt
structures.--Not later than 180 days after the successful
completion of a tenth general capital increase for the Inter-
American Development Bank, and every 180 days thereafter for a
period of 3 years, the President shall provide to the Committee
on Foreign Relations of the Senate, the Committee on Finance of
the Senate, the Committee on Foreign Affairs of the House of
Representatives, and the Committee on Financial Services of the
House of Representatives a briefing on efforts by the Bank to
support countries in Latin American and the Caribbean in their
efforts to achieve sustainable and serviceable debt structures.
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