[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3224 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3224
To enhance the operations and accountability of international financial
institutions, strengthen support for low-income countries, and promote
human rights and environmental standards in global financial projects.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 6, 2025
Ms. Waters (for herself and Mrs. Beatty) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To enhance the operations and accountability of international financial
institutions, strengthen support for low-income countries, and promote
human rights and environmental standards in global financial projects.
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 ``International Financial Institution
Improvements Act of 2025''.
SEC. 2. TABLE OF CONTENTS.
The table of contents of this Act is as follows:
Sec. 1. Short title.
Sec. 2. Table of contents.
TITLE I--INTERNATIONAL FINANCIAL INSTITUTIONS
Sec. 101. Improvement of transparency in host nations.
Sec. 102. Collaboration with civil society organizations.
Sec. 103. United States leadership in debt forgiveness.
Sec. 104. Prohibition on withdrawal, or withholding of appropriated
funds, from international financial
institution without congressional consent.
TITLE II--MULTILATERAL DEVELOPMENT BANKS
Sec. 201. Amendment of the Articles of Agreement of the International
Bank for Reconstruction and Development.
Sec. 202. Aligning regulations for International Development
Association securities.
Sec. 203. United States coordination with the International Bank for
Reconstruction and Development on human
rights.
Sec. 204. Timeliness of project preparation and execution by the
International Bank for Reconstruction and
Development and the International
Development Association.
Sec. 205. Protections for human rights, including LGBTQ+ persons.
Sec. 206. IDA private sector lending window.
Sec. 207. World Bank support for Haiti development.
Sec. 208. World Bank feasibility study on a consortium bank in the
Caribbean region.
Sec. 209. Treasury report on accountability of the International
Finance Corporation regarding Bridge
Academies.
Sec. 210. Shipping transparency risk mitigation.
Sec. 211. World Bank support for efforts to deny safe havens for stolen
assets.
Sec. 212. Continuation of pause on World Bank disbursements and
commitments to Burma.
Sec. 213. Digital public infrastructure safeguards for international
financial institutions projects and
financing.
Sec. 214. Independent accountability mechanisms.
Sec. 215. Sexual exploitation and assault prevention.
Sec. 216. Publication of loan agreements.
Sec. 217. Enhancing transparency to combat corruption.
Sec. 218. Adoption of anti-reprisal standards.
Sec. 219. Reporting on human rights abuses in for-profit healthcare
investments.
Sec. 220. Combatting climate change.
Sec. 221. United States advocacy for investment in projects that
decrease reliance on Russia for
agricultural commodities.
Sec. 222. Urging the World Bank to eliminate harmful labor indicators
from its Business Ready Report.
Sec. 223. Database of direct assistance to countries.
TITLE III--INTERNATIONAL MONETARY FUND
Sec. 301. United States advocacy of debt suspension by International
Monetary Fund for low-income and small
countries that experience a climate-related
disaster.
Sec. 302. Loan conditionality.
Sec. 303. Anti-corruption measures in lending agreements.
Sec. 304. Fifth Deputy Managing Director.
Sec. 305. Resilience and Sustainability Trust financing.
Sec. 306. Quota increase.
Sec. 307. New Arrangements to Borrow.
Sec. 308. Annual report on surcharges.
TITLE IV--MULTILATERAL DEVELOPMENT BANK CAPITAL INCREASES
Sec. 401. African Development Fund replenishment.
Sec. 402. African Development Bank general callable capital increase.
Sec. 403. European Bank for Reconstruction and Development general
capital increase.
TITLE I--INTERNATIONAL FINANCIAL INSTITUTIONS
SEC. 101. IMPROVEMENT OF TRANSPARENCY IN HOST NATIONS.
Title XV of the International Financial Institutions Act (22 U.S.C.
262o-262o-4) is amended by adding at the end the following:
``SEC. 1506. IMPROVEMENT OF TRANSPARENCY IN HOST NATIONS.
``The Secretary of the Treasury shall instruct the United States
Executive Director at each international financial institution (as
defined in section 1701(c)(2)) to encourage the respective institution
to publicize the nature and purpose of any project, loan, investment,
or other activity being pursued by the institution in any country, in
simple terms designed to increase the understanding of the citizens of
the country of the good work conducted by the institution and better
explain who will benefit from the activity.''.
SEC. 102. COLLABORATION WITH CIVIL SOCIETY ORGANIZATIONS.
(a) In General.--Title XV of the International Financial
Institutions Act (22 U.S.C. 262o-262o-4) is further amended by adding
at the end the following:
``SEC. 1507. COLLABORATION WITH CIVIL SOCIETY ORGANIZATIONS.
``(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at each international financial
institution (as defined in section 1701(c)(2)) to use the voice, vote,
and influence of the United States to work to develop policies, to be
approved by the Board of Executive Directors of the respective
institution following a wide and extensive consultation with civil
society, to require the staff of the institution to engage and consult
in meaningful ways with civil society organizations (which should
include women's rights organizations; organizations working on
economic, fiscal justice, and anti-corruption issues; and worker
representatives, including care workers).
``(b) Specific Policies.--
``(1) In general.--The policies developed pursuant to
subsection (a) should--
``(A) articulate mechanisms for how to engage in
different contexts and should be adapted to the purpose
of the engagement, and set clear timelines and dates
for consultations, taking into account project
timelines;
``(B) require mission chiefs to meet with a wide
range of stakeholders from civil society from
conceptualization through completion of the project or
loan involved;
``(C) should require the institution to set clear
parameters, dates, and mechanisms to conduct genuine
and meaningful consultations with civil society
organization policy in the different review processes,
and develop new policies and strategies.
``(2) International monetary fund.--In the case of the
International Monetary Fund, as the Fund identifies and builds
the work of the Fund on issues of critical importance to
macroeconomic trends and policies, such as inequality, climate
change, gender, and anti-corruption, the policies developed
pursuant to subsection (a) should also provide for increasing
engagement with civil society organizations with expertise in
those issues.
``(c) Solicitation of Views of Civil Society Organizations.--The
Secretary of the Treasury shall meet semiannually with a range of civil
society organizations to solicit the views of the organizations on
United States participation in and policies at the international
financial institutions (as so defined).''.
(b) Report.--Within 1 year after the date of the enactment of this
Act, the Secretary of the Treasury shall submit to the Committee on
Financial Services of the House of Representatives and the Committee on
Foreign Relations of the Senate a written report on the steps that the
United States has taken to encourage collaboration with civil society
organizations.
SEC. 103. UNITED STATES LEADERSHIP IN DEBT FORGIVENESS.
(a) Report to the Congress.--Within 180 days after the date of the
enactment of this Act, the Secretary of the Treasury shall submit to
the Committee on Financial Services of the House of Representatives and
the Committee on Foreign Relations of the Senate a written report that
contains an assessment of--
(1) the commonalities in successive debt-restructuring
challenges across the frameworks and forums in which the United
States participates, such as the types of debt relief that
countries are able to provide, the terms of debt relief, and
the reclassification of public debt as private debt by certain
creditors;
(2) the options available to provide debt relief to
developing countries with an intransigent creditor while
protecting United States taxpayer resources and ensuring that
United States taxpayer money is not being used to fund payments
to intransigent creditor nations;
(3) the oversight and policy priorities of the United
States in the negotiations in the debt-negotiation forums in
which the United States participates;
(4) the likelihood that low-income developing countries can
gain or retain access to private capital markets even if the
countries are in default on debt owed to sovereign creditors,
and how to increase that likelihood; and
(5) the implications for the economic and national security
interests of the United States of the extent to which the debt
of developing countries impedes or prevents the countries from
taking on additional debt to finance future projects.
(b) Advocation for Integration of Certain Elements in the IMF
Review of the Debt Sustainability Framework for Low-Income Countries.--
The Secretary of the Treasury shall instruct the United States
Executive Director at the International Monetary Fund to use the voice,
vote, and influence of the United States to strongly advocate for the
integration of the following elements in the review by the Fund of the
Debt Sustainability Framework for Low-Income Countries:
(1) Making ``informing debt restructuring processes'' an
explicit purpose of the Framework.
(2) Increasing the transparency of macroeconomic
assumptions used to inform sustainability estimates and the
rationale for the assumptions, including for projected gross
domestic product, exports, fiscal balance, fiscal balance
financing, and expected debt restructuring.
(3) Including investments identified in national plans to
meet the Sustainable Development Goals and the Nationally
Determined Contributions under the Paris Climate Agreement in
the fiscal balance projections and the impact of the
investments on economic growth.
(4) Ensuring that when debt restructuring is needed, it is
sufficient to lower such country to no more than a moderate
risk of debt distress even in medium-term stress scenarios.
(5) Increasing the severity of stress scenarios to
counteract the historical optimism bias of the Framework.
(6) Adding the ratio of total (external plus domestic)
public debt service to government revenue, as an indicator of
debt sustainability.
SEC. 104. PROHIBITION ON WITHDRAWAL, OR WITHHOLDING OF APPROPRIATED
FUNDS, FROM INTERNATIONAL FINANCIAL INSTITUTION WITHOUT
CONGRESSIONAL CONSENT.
Title XV of the International Financial Institutions Act (22 U.S.C.
262o-262o-4) is further amended by adding at the end the following:
``SEC. 1508. PROHIBITION ON WITHDRAWAL, OR WITHHOLDING OF APPROPRIATED
FUNDS, FROM INTERNATIONAL FINANCIAL INSTITUTION WITHOUT
CONGRESSIONAL CONSENT.
``Unless Congress by law authorizes such action, the United States
may not terminate participation in, or withdraw from, an international
financial institution (as defined in section 1701(c)(2) of the
International Financial Institutions Act), or withhold appropriated
funds required by law to be paid to such an institution.''.
TITLE II--MULTILATERAL DEVELOPMENT BANKS
SEC. 201. AMENDMENT OF THE ARTICLES OF AGREEMENT OF THE INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT.
The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is
amended--
(1) by redesignating section 73 (as added by section 1901
of division P of Public Law 116-94) and section 74 as sections
74 and 75, respectively; and
(2) by adding at the end the following:
``SEC. 76. ACCEPTANCE OF AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE
BANK.
``The United States Governor of the Bank may accept on behalf of
the United States an amendment to Articles of Agreement of the Bank to
delete Article III, Section 3, of the Articles of Agreement of the
Bank.''.
SEC. 202. ALIGNING REGULATIONS FOR INTERNATIONAL DEVELOPMENT
ASSOCIATION SECURITIES.
(a) In General.--The International Development Association Act (22
U.S.C. 284-284cc) is amended by adding at the end the following:
``SEC. 32. EXEMPTION OF SECURITIES OF THE INTERNATIONAL DEVELOPMENT
ASSOCIATION FROM THE SECURITIES LAWS.
``(a) Exemption From Securities Laws; Reports to Securities and
Exchange Commission.--Any securities issued by the Association
(including any guaranty by the Association, whether or not limited in
scope) and any securities guaranteed by the Association as to both
principal and interest shall be deemed to be exempted securities within
the meaning of section 3(a)(2) of the Securities Act of 1933 (15 U.S.C.
77c(a)(2)) and section 3(a)(12) of the Securities Exchange Act of 1934
(15 U.S.C. 78c(a)(12)). The Association shall file with the Securities
and Exchange Commission such annual and other reports with regard to
such securities as the Commission shall determine to be appropriate in
view of the special character of the Association and its operations and
necessary in the public interest or for the protection of investors.
``(b) Authority of Securities and Exchange Commission To Suspend
Exemption; Reports to Congress.--The Securities and Exchange
Commission, acting in consultation with the National Advisory Council
on International Monetary and Financial Problems, is authorized to
suspend the provisions of subsection (a) of this section at any time as
to any or all securities issued or guaranteed by the Association during
the period of such suspension. The Commission shall include in its
annual reports to the Congress such information as it shall deem
advisable with regard to the operations and effect of this section.''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect 30 days after the date of the enactment of this Act.
SEC. 203. UNITED STATES COORDINATION WITH THE INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT ON HUMAN RIGHTS.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development--
(1) to use the voice, vote, and influence of the United
States to oppose the provision of support for any project that
has been turned down or withdrawn from by a department or
agency of the United States due to environmental, social, or
human rights concerns, unless the head of the department or
agency, as the case may be, verifies to the United States
Executive Director that all such concerns have been adequately
resolved; and
(2) to inform the Committee on Financial Services of the
House of Representatives and the Committee on Finance of the
Senate whenever the Bank agrees to provide support for any
project that has been turned down or withdrawn from by such a
department or agency.
SEC. 204. TIMELINESS OF PROJECT PREPARATION AND EXECUTION BY THE
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND
THE INTERNATIONAL DEVELOPMENT ASSOCIATION.
(a) Use of Voice, Vote, and Influence of the United States.--The
Secretary of the Treasury shall direct the United States Executive
Directors at the International Bank for Reconstruction and Development
and the International Development Association to use the voice, vote,
and influence of the United States to assess the cause of bottlenecks
and identify potential efficiencies in project preparation and
execution by the Bank and the Association.
(b) Report on Bottlenecks and Potential Efficiencies.--Within 180
days after the date of the enactment of this Act, the Secretary of the
Treasury shall submit to the Committee on Financial Services of the
House of Representatives and the Committee on Finance of the Senate a
report that describes the findings of the United States Executive
Directors at the Bank and the Association regarding bottlenecks and
potential efficiencies referred to in subsection (a).
(c) Report on Addressing Bottlenecks and Capitalizing on Potential
Efficiencies.--Within 180 days after the date of the submission of the
report required by subsection (b), the Secretary of the Treasury shall
submit to the Committee on Financial Services of the House of
Representatives and the Committee on Finance of the Senate a report
that describes how the Secretary and the United States Executive
Directors at the Bank and the Association are actively working to
address any such bottlenecks and capitalize on any such potential
efficiencies.
SEC. 205. PROTECTIONS FOR HUMAN RIGHTS, INCLUDING LGBTQ+ PERSONS.
(a) In General.--The Secretary of the Treasury shall direct the
United States Executive Directors at the International Bank for
Reconstruction and Development and the African Development Bank to use
the voice and vote of the United States to oppose the provision by the
respective bank of financial assistance for a project in any country
that engages in human rights abuses, including of persons who identify
as lesbian, gay, bisexual, transgender, queer, or questioning, or
another diverse gender identity, as reported by the Department of State
in the Annual Country Reports on Human Rights Practices, unless the
bank makes public the details of how the project would be widely
inclusive for the groups that the report has identified as
marginalized.
(b) National Interest Waiver.--The Secretary of the Treasury may
waive the requirement of subsection (a) if the Secretary determines
that it is in the national interest of the United States to do so.
SEC. 206. IDA PRIVATE SECTOR LENDING WINDOW.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Development Association to use
the voice and vote of the United States to oppose the provision by the
International Development Association of any additional funding for the
Private Sector Window in any replenishment round.
SEC. 207. WORLD BANK SUPPORT FOR HAITI DEVELOPMENT.
The Secretary of the Treasury shall direct the United States
Executive Directors at the International Bank for Reconstruction and
Development and at the Inter-American Development Bank to use the
voice, vote, and influence of the United States to advocate that the
Bank create a long-term strategy and plan for economic development in
Haiti, and, within 180 days after the date of the enactment of this
Act, the Secretary shall submit to the Congress a written report
analyzing Bank support for Haiti and how to strengthen the support.
SEC. 208. WORLD BANK FEASIBILITY STUDY ON A CONSORTIUM BANK IN THE
CARIBBEAN REGION.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Development Association to use
the voice, vote, and influence of the United States to advocate that
the Bank conduct a feasibility study on the development of a consortium
bank model in the Caribbean region, with goals including managing
issues related to financial access and correspondent banking services
and reversing the trend of regional bank de-risking, and to complete
the study within 180 days after the date of the enactment of this Act.
SEC. 209. TREASURY REPORT ON ACCOUNTABILITY OF THE INTERNATIONAL
FINANCE CORPORATION REGARDING BRIDGE ACADEMIES.
(a) In General.--The Secretary of the Treasury shall submit to the
Congress quarterly reports, in writing, on actions completed by the
World Bank to compensate survivors of child sexual abuse with financial
compensation and other relief, and on actions to hold accountable any
entity involved in the Bridge Academies project. Each such report shall
include details of any steps taken by the Corporation or the staff of
the Corporation to block the Department of the Treasury from sharing
with the Congress any information about the report or the Bridge
Academies case.
(b) Sunset.--Subsection (a) shall have no force or effect beginning
3 years after the date of the enactment of this section.
SEC. 210. SHIPPING TRANSPARENCY RISK MITIGATION.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development to use the voice, vote, and influence of the United States
to encourage the Bank to require that the provision of financing for a
shipping or port project include risk mitigation plans to minimize
corruption and crime, including--
(1) dedicated port security personnel plans which
identify--
(A) specialized compliance officers trained in
international shipping regulations and sanctions
compliance;
(B) risk assessment teams responsible for
evaluating potential threats and suspicious activities;
and
(C) on-site legal advisors to provide immediate
guidance on compliance and legal issues;
(2) enhanced vessel tracking systems, such as long-range
identification and tracking systems, to provide continuous
monitoring of vessel positions;
(3) integrated information management systems, such as
centralized data management platforms for real-time sharing of
vessel and cargo information among port authorities, customs,
and security agencies;
(4) plans for regular compliance audits and inspections,
including--
(A) scheduled and random audits of shipping
documentation, cargo, and vessel operations to ensure
adherence to regulations;
(B) comprehensive inspection protocols for high-
risk shipments, including physical checks and
verification of cargo manifests; and
(C) personnel trained in verifying the origin of
petroleum and petroleum products and their blends and
grades, and in corroborating certificates of origin for
oil cargos;
(5) community and stakeholder engagement plans, including--
(A) public awareness campaigns to educate local
communities and port workers about the importance of
shipping transparency and compliance; and
(B) collaboration with industry stakeholders to
develop and implement best practices for risk
mitigation and compliance;
(6) technology-driven surveillance capacity, including
satellite imagery for remote monitoring of port activities and
vessel movements; and
(7) robust reporting and whistleblower programs,
including--
(A) confidential reporting channels for employees
and stakeholders to report suspicious activities
without fear of retaliation; and
(B) incentive programs to encourage the reporting
of compliance breaches and illicit activities.
SEC. 211. WORLD BANK SUPPORT FOR EFFORTS TO DENY SAFE HAVENS FOR STOLEN
ASSETS.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development to use the voice and vote of the United States to advocate
that the Bank work internally and with partner organizations to support
international efforts to deny safe havens for stolen assets and promote
asset recovery to return assets to their legitimate owners.
SEC. 212. CONTINUATION OF PAUSE ON WORLD BANK DISBURSEMENTS AND
COMMITMENTS TO BURMA.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development to use the voice and vote of the United States to continue
the pause by the Bank on disbursements and the making of new financing
commitments to the Government of Burma, which was initiated after a
military coup overthrew the democratically elected Government of Burma
in 2021, unless the Secretary of the Treasury determines that it is not
in the public interest to do so.
SEC. 213. DIGITAL PUBLIC INFRASTRUCTURE SAFEGUARDS FOR INTERNATIONAL
FINANCIAL INSTITUTIONS PROJECTS AND FINANCING.
(a) Determination of Applicability of Safeguards.--The Secretary of
the Treasury shall convene meetings of the heads of such Federal
agencies, and such representatives of private sector organizations and
civil society, as the Secretary deems appropriate, for the purpose of
determining which digital public infrastructure safeguards should be
applied to projects of, and financing provided by, the international
financial institutions (as defined in section 1701(c)(2) of the
International Financial Institutions Act). At the meetings, the
participants should consider the minimum safeguards proposed in version
1.0 of the United Nations (UN) Universal DPI Safeguards Framework, and
measures to protect privacy, ensure private sector participation, and
deter and detect fraud, financial crime, and corruption.
(b) Report to the Congress.--Within 1 year after the date of the
enactment of this Act, the Secretary of the Treasury shall submit to
the Committee on Financial Services of the House of Representatives and
the Committee on Foreign Relations of the Senate a written report on
any determinations and recommendations made pursuant to subsection (a).
SEC. 214. INDEPENDENT ACCOUNTABILITY MECHANISMS.
(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at each multilateral development bank
(as defined in section 1701(c)(4) of the International Financial
Institutions Act) to use the voice, vote, and influence of the United
States to support and increase the effectiveness of the independent
accountability mechanisms (in this section referred to as ``IAM'') of
the respective bank, through engagement with bank management and other
executive directors at the bank.
(b) Responsible Exit Policies.--The Secretary of the Treasury shall
instruct the United States Executive Director at each multilateral
development bank (as so defined) to use the voice, vote, and influence
of the United States to advocate for the adoption by the respective
bank of responsible exit policies for projects that require remediation
before exit, and to support the prohibition of project exit during the
accountability process without the consent of complainants.
(c) Report to Congress.--The Secretary of the Treasury shall submit
to the Committee on Financial Services of the House of Representatives
and the Committee on Foreign Relations of the Senate annual written
reports on--
(1) all IAM cases that have been opened in the year covered
by the report or remain open; and
(2) provision of information on the engagement by each such
bank in the IAM cases including implementation of Management
Action Plans developed in response to IAM cases, noting when
any such bank has not sufficiently implemented a Management
Action Plan in a timely manner.
SEC. 215. SEXUAL EXPLOITATION AND ASSAULT PREVENTION.
(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at each multilateral development bank
(as defined in section 1701(c)(4) of the International Financial
Institutions Act) to use the voice, vote, and influence of the United
States to improve the implementation of the policies of the respective
bank on preventing sexual exploitation and assault (in this section
referred to as ``SEA'').
(b) Operationalization of Policies.--The Secretary of the Treasury
shall instruct the United States Executive Director at each
multilateral development bank (as so defined) to use the voice, vote,
and influence of the United States to consult with the multilateral
development banks on how they are operationalizing their policies and
guidance on preventing SEA, and to require the bank to provide ways to
improve policies and guidance.
(c) Report to Congress.--Within 1 year after the date of the
enactment of this Act, the Secretary of the Treasury shall submit to
the Committee on Financial Services of the House of Representatives and
the Committee on Foreign Relations of the Senate a written report on
how the multilateral development banks (as so defined) are
operationalizing their commitments to prevent SEA, which shall include
information on how many SEA cases were reported to each such bank by
civil society organizations and other entities, and information on the
number of the cases that involved minors.
SEC. 216. PUBLICATION OF LOAN AGREEMENTS.
The Secretary of the Treasury shall instruct the United States
Executive Director at each multilateral development bank (as defined in
section 1701(c)(4) of the International Financial Institutions Act) to
use the voice, vote, and influence of the United States to advocate
that any loan agreement entered into by the respective bank, whether
for a public or private sector project, be made public.
SEC. 217. ENHANCING TRANSPARENCY TO COMBAT CORRUPTION.
(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at each multilateral development bank
(as defined in section 1701(c)(4) of the International Financial
Institutions Act) to use the voice, vote, and influence of the United
States to ensure that all support for public-private partnerships to
deliver infrastructure and services, whether through the public or
private sector arm of the respective bank, follows best practice
approaches, including competitive bidding and contracting transparency,
to provide full details of terms, pricing, and financial obligations of
the State involved, including through State-owned enterprises.
(b) Opposition to Subsidies for Certain Private Sector
Investments.--The Secretary of the Treasury shall instruct the United
States Executive Director at each multilateral development bank (as so
defined) to use the voice, vote, and influence of the United States to
oppose subsidization of private sector investments that are not offered
on competitive or open-offer terms.
(c) Publication of Data on Investments.--The Secretary of the
Treasury shall instruct the United States Executive Director at each
multilateral development bank (as so defined) to use the voice, vote,
and influence of the United States to require that, with respect to
private sector investments, the respective bank consistently publish
investment data including sub-national location, domicile of investee,
total investment cost, funding source, currency of investment, co-
financing, mobilization, updated disbursement and instrument-specific
disclosure (share of equity, interest rate, and loan tenor) indicators,
and project level rate of return on investment at exit.
SEC. 218. ADOPTION OF ANTI-REPRISAL STANDARDS.
The Secretary of the Treasury shall instruct the United States
Executive Director at each multilateral development bank (as defined in
section 1701(c)(4) of the International Financial Institutions Act) to
use the voice, vote, and influence of the United States to encourage
the respective bank to adopt anti-reprisal and retaliation standards in
the safeguards policies and loan agreements of the bank to enhance
accountability when reprisals occur.
SEC. 219. REPORTING ON HUMAN RIGHTS ABUSES IN FOR-PROFIT HEALTHCARE
INVESTMENTS.
(a) Report to Congress.--The Secretary of the Treasury shall
biennially submit to the Congress written reports on any known
accusations, made by community groups, civil society organizations,
media, or other credible actors, of human rights abuses at hospitals
funded by the private sector arm of the respective bank or the
International Finance Corporation, and on actions completed by the
private sector arm of any multilateral development bank (as defined in
section 1701(c)(4) of the International Financial Institutions Act) to
investigate and adequately address or remedy the human rights abuses,
and the details of any reforms adopted by the International Finance
Corporation to prevent human rights abuses at such a hospital.
(b) Advocacy for Independent Evaluations.--The Secretary of the
Treasury shall instruct the United States Executive Director at each
multilateral development bank (as so defined) to use the voice, vote,
and influence of the United States to advocate for the independent
evaluation groups of the respective bank to undertake independent
evaluation of the active and historic investments of the bank in
healthcare to determine contribution to universal health coverage,
national health system strengthening, and reducing health inequities.
SEC. 220. COMBATTING CLIMATE CHANGE.
The Secretary of the Treasury shall instruct the United States
Executive Director at each multilateral development bank (as defined in
section 1701(c)(4) of the International Financial Institutions Act) to
use the voice, vote, and influence of the United States to support the
public disclosure by the respective bank of--
(1) the internal methodologies of the bank for calculating
the extent to which projects financed by the bank affect
climate change; and
(2) an explanation of the processes and practices of the
bank for making these calculations.
SEC. 221. UNITED STATES ADVOCACY FOR INVESTMENT IN PROJECTS THAT
DECREASE RELIANCE ON RUSSIA FOR AGRICULTURAL COMMODITIES.
(a) In General.--Title XIV of the International Financial
Institutions Act (22 U.S.C. 262n-262n-3) is amended by adding at the
end the following:
``SEC. 1405. ADVOCACY FOR INVESTMENT IN PROJECTS THAT DECREASE RELIANCE
ON RUSSIA FOR AGRICULTURAL COMMODITIES.
``(a) In General.--The Secretary of the Treasury shall instruct the
United States Executive Director at each international financial
institution (as defined in section 1701(c)(2)) to use the voice, vote,
and influence of the United States, to the maximum extent practicable,
to encourage the respective institution to--
``(1) support projects that decrease the reliance of
countries on Russia for agricultural commodities, particularly
fertilizer and grain;
``(2) ensure the resilience of global grain supplies; and
``(3) stimulate private investment in the projects.
``(b) Waiver Authority.--The Secretary of the Treasury may waive
subsection (a) in the national interest of the United States.''.
(b) Repeal.--Section 1405 of such Act, as added by this section, is
repealed effective on the earlier of--
(1) the date that is 5 years after the date of the
enactment of this Act; or
(2) the date that is 30 days after the date the President
reports to the Congress that the termination of such section
1405 is important to the national interest of the United
States, with an explanation of the reasons therefor.
SEC. 222. URGING THE WORLD BANK TO ELIMINATE HARMFUL LABOR INDICATORS
FROM ITS BUSINESS READY REPORT.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development to use the voice, vote, and influence of the United States
to strongly urge the Bank to eliminate the indicators with respect to
the Minimum Wage Rate, which is a labor indicator that penalizes
countries for having high minimum wages, and the Financial Burden on
Firms, which is a labor indicator that penalizes countries with higher
corporate taxes, from the Business Ready Report of the Bank.
SEC. 223. DATABASE OF DIRECT ASSISTANCE TO COUNTRIES.
The Secretary of the Treasury shall direct the United States
Executive Director at the International Bank for Reconstruction and
Development to use the voice and vote of the United States to urge the
Bank to develop a comprehensive database that lists all assistance
being provided, on a bilateral or multilateral basis, to countries
eligible for assistance from the Bank, categorized by whether the
assistance is technical assistance, project development assistance, or
another type of assistance, and that, with respect to each entry, shows
the purpose for which the assistance is being provided and the provider
and recipient of the assistance. The Secretary of the Treasury shall
urge the Bank to annually publish this information publicly, to
increase transparency and maximize collaboration across bilateral and
multilateral funding streams.
TITLE III--INTERNATIONAL MONETARY FUND
SEC. 301. UNITED STATES ADVOCACY OF DEBT SUSPENSION BY INTERNATIONAL
MONETARY FUND FOR LOW-INCOME AND SMALL COUNTRIES THAT
EXPERIENCE A CLIMATE-RELATED DISASTER.
Title XIII of the International Financial Institutions Act (22
U.S.C. 262m-262m-8) is amended by adding at the end the following:
``SEC. 1309. ADVOCACY OF DEBT SUSPENSION BY THE INTERNATIONAL MONETARY
FUND FOR LOW-INCOME AND SMALL COUNTRIES THAT EXPERIENCE
SIGNIFICANT CLIMATE-RELATED EVENTS.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the International Monetary Fund to use the voice
and vote of the United States to advocate for a program that allows any
country that is eligible for assistance from the International
Development Association or that the Fund considers a small state, and
that experiences a climate-related disaster (as defined by the Fund),
to suspend all debt repayments to the Fund and the accrual of any
additional interest on debt to the Fund, for 5 years or until the gross
domestic product of the country is at least 80 percent of the gross
domestic product of the country before the disaster, whichever is
later.''.
SEC. 302. LOAN CONDITIONALITY.
Title XVI of the International Financial Institutions Act (22
U.S.C. 262p-262p-18) is amended by adding at the end the following:
``SEC. 1634. LOAN CONDITIONALITY.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the International Monetary Fund to use the voice
and vote of the United States to encourage the Fund to reduce or
eliminate conditions on loans made by the Fund that--
``(1) limit spending on key social needs such as health,
education, or climate action;
``(2) weaken environmental, labor, public health
regulations; or
``(3) increase taxes or reduce subsidies in such a way that
falls regressively on recipient country populations.''.
SEC. 303. ANTI-CORRUPTION MEASURES IN LENDING AGREEMENTS.
Title XV of the International Financial Institutions Act (22 U.S.C.
262o-262o-4) is further amended by adding at the end the following:
``SEC. 1509. ANTI-CORRUPTION MEASURES IN LENDING AGREEMENTS.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the International Monetary Fund to use the voice
and vote of the United States to encourage--
``(1) the incorporation into Fund lending agreements of
anti-corruption measures, including by ensuring that
governments receiving loans make specific, measurable, and
time-bound commitments as part of the loan agreements with
consequences for noncompliance, which commitments should be
tailored to the needs of each country, made in consultation
with local civil society organizations, and made in
consideration with baselines for proper governance worldwide,
such as through beneficial ownership registries, transparent
and competitive public contracting, asset declarations for
public officials, a strong anti-money laundering and combating
terrorist financing regime, robust oversight by independent
government entities and civil society organizations, and
independent judiciaries;
``(2) the production and publication of more governance
diagnostics as part of loan programs, the urging of governments
to agree to the exercise and to make the reports public on
completion, incorporating recommendations of the diagnostics as
commitments, and the continuation of leveraging Article IV
consultations and Financial Sector Assessment Programs to
elevate anticorruption and financial integrity issues among
their broader economic and policy analysis;
``(3) the engagement of in-country civil society
organizations (CSOs) and local experts throughout loan
programs, including by--
``(A) consulting CSOs at the outset of negotiations
to help inform Fund staff assessments of loan program
priorities;
``(B) providing updates to and request input from
CSOs during the program development process, and
``(C) ensuring sufficient access to information and
resources for CSO monitoring of commitment
implementation, without threats or other retaliation by
governments if there are honest critiques raised by a
CSO;
``(4) the improvement of transparency by including on the
Funds country pages, on the website of the Fund, a list of the
`prior actions' and `structural benchmarks' included in loan
programs, and pursuing a consistent cross-country approach to
assessing government implementation and linking findings to
surveillance and lending transparency;
``(5) the holding of governments accountable to their
commitments, by--
``(A) ensuring that governments credibly carry out
commitments;
``(B) refraining from issuing waivers of non-
observance for benchmarks related to governance and
financial integrity due to lack of political will; and
``(C) promptly publishing audits; and
``(6) the public reporting of the progress of implementing
the governance commitments that governments make as part of the
loan agreements.''.
SEC. 304. FIFTH DEPUTY MANAGING DIRECTOR.
The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is further
amended--
(1) by redesignating section 73 (as added by section 1901
of division P of Public Law 116-94) and section 74 as sections
74 and 75, respectively; and
(2) by adding at the end the following:
``SEC. 77. FIFTH DEPUTY MANAGING DIRECTOR OF THE IMF.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the Fund to advocate that the Fund have a Fifth
Deputy Managing Director who is a national of a low- or middle-income
country and who represents all low- or middle-income countries other
than the People's Republic of China.''.
SEC. 305. RESILIENCE AND SUSTAINABILITY TRUST FINANCING.
(a) In General.--Title XVI of the International Financial
Institutions Act (22 U.S.C. 262p-262p-18) is further amended by adding
at the end the following:
``SEC. 1635. RESILIENCE AND SUSTAINABILITY TRUST FINANCING.
``The Secretary of the Treasury shall instruct the United States
Executive Director at the International Monetary Fund to use the voice
and vote of the United States to advocate for the Fund to support the
Resilience and Sustainability Trust and the Poverty Reduction and
Growth Trust with Fund resources.''.
(b) Availability of Funds.--Section 7071(c) of the Department of
State, Foreign Operations, and Related Programs Appropriations Act,
2024 (division F of Public Law 118-47) is amended--
(1) by striking all that precedes ``of the Treasury'' and
inserting the following:
``(c) Energy Security and IMF Accountability.--The Secretary'';
(2) by striking ``(in this subsection referred to as the
`PRGT') of the International Monetary Fund (in this subsection
referred to as the `IMF')'' and inserting ``or the Resilience
and Sustainability Trust of the International Monetary Fund'';
(3) by striking ``to the PRGT, subject to paragraph (2)'';
and
(4) by striking paragraph (2).
SEC. 306. QUOTA INCREASE.
The Bretton Woods Agreements Act (22 U.S.C. 286-286aaa) is further
amended by adding at the end the following:
``SEC. 78. QUOTA INCREASE.
``(a) In General.--The United States Governor of the Fund may
consent to an increase in the United States quota in the Fund
equivalent to 41,497,100,000 Special Drawing Rights.
``(b) Subject to Appropriations.--The authority provided by
subsection (a) shall be effective only to such extent and in such
amounts as are provided in advance in appropriations Acts.''.
SEC. 307. NEW ARRANGEMENTS TO BORROW.
Section 17(a)(3) of the Bretton Woods Agreements Act (22 U.S.C.
286e-2(a)(3)) is amended by inserting ``, and, of the amounts
authorized under this paragraph, the authorization for the dollar
equivalent of 9,186,740,000 Special Drawing Rights shall expire as of
the date when the rollback of the United States credit arrangement in
the New Arrangements to Borrow of the International Monetary Fund is
effective, but no earlier than when the increase of the United States
quota authorized in section 77 of the Bretton Woods Agreements Act
becomes effective'' before the period.
SEC. 308. ANNUAL REPORT ON SURCHARGES.
(a) In General.--The Secretary of the Treasury shall submit to the
Committee on Financial Services of the House of Representatives and the
Committee on Foreign Relations of the Senate an annual report on--
(1) the surcharges imposed by the International Monetary
Fund on member countries of the Fund; and
(2) whether the surcharges harm the ability of the member
countries to pay loans provided by the Fund.
(b) Sunset.--Subsection (a) shall have no force or effect 1 year
after the date that the Secretary determines that the International
Monetary Fund has eliminated the imposition of surcharges with respect
to loans provided by the Fund.
TITLE IV--MULTILATERAL DEVELOPMENT BANK CAPITAL INCREASES
SEC. 401. AFRICAN DEVELOPMENT FUND REPLENISHMENT.
The African Development Fund Act (22 U.S.C. 290g-290g-26) is
amended by adding at the end the following:
``SEC. 228. SIXTEENTH REPLENISHMENT.
``(a) In General.--The United States Governor of the Fund is
authorized to contribute on behalf of the United States $591,000,000 to
the sixteenth replenishment of the resources of the Fund, subject to
obtaining the necessary appropriations.
``(b) Authorization of Appropriations.--In order to pay for the
United States contribution provided for in subsection (a), there are
authorized to be appropriated, without fiscal year limitation,
$591,000,000 for payment by the Secretary of the Treasury.''.
SEC. 402. AFRICAN DEVELOPMENT BANK GENERAL CALLABLE CAPITAL INCREASE.
The African Development Bank Act (22 U.S.C. 290i-290i-12) is
amended by inserting at the end the following:
``SEC. 1346. GENERAL CALLABLE CAPITAL INCREASE.
``(a) Subscription Authorized.--
``(1) In general.--The United States Governor of the Bank
may subscribe on behalf of the United States to 800,000
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.
``(b) Authorization of Appropriations.--For the increase in the
United States subscription to the Bank under subsection (a), there is
authorized to be appropriated, without fiscal year limitation,
$7,800,000,000, for payment by the Secretary of the Treasury for
callable shares of the Bank.''.
SEC. 403. EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT GENERAL
CAPITAL INCREASE.
The European Bank for Reconstruction and Development Act (22 U.S.C.
290l-290l-9) is amended by adding at the end the following:
``(13) Capital increase.--
``(A) Subscription authorized.--
``(i) The United States Governor of the
Bank is authorized to subscribe on behalf of
the United States to 40,000 additional shares
of the paid-in capital stock of the Bank.
``(ii) Any subscription by the United
States to additional paid-in capital stock of
the Bank shall be effective only to such extent
and in such amounts as are provided in advance
in appropriations Acts.
``(B) Authorization of appropriations.--In order to
pay for the increase in the United States subscription
to the Bank under subparagraph (A), there are
authorized to be appropriated, without fiscal year
limitation, $439,100,000, for payment by the Secretary
of the Treasury.''.
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