H. R. 6476

To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.

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117 HR 6476 IH: To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.

U.S. House of Representatives

2022-01-25

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EN

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I

117th CONGRESS

2d Session

H. R. 6476

IN THE HOUSE OF REPRESENTATIVES

January 25, 2022

Mr. Torres of New York

introduced the following bill; which was referred to the

Committee on Financial Services

A BILL

To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.

1.

U.S. policy on co-financing arrangements at the multilateral development banks

Title XVI of the International Financial Institutions Act (

22 U.S.C. 262p et seq.

) is amended by adding at the end the following:

1632.

U.S. policy on co-financing arrangements at the multilateral development banks

The Secretary of the Treasury shall instruct the United States Executive Directors at the multilateral development banks (as defined in section 1701(c)(4)) to use the voice and vote of the United States to vote against any program or project at the respective institution if it includes joint or parallel financing provided by the Asian Infrastructure Investment Bank unless the Secretary of the Treasury has certified to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the Asian Infrastructure Investment Bank—

(1)

has the authority and the resources to provide grants and concessional assistance to countries eligible to borrow from the International Development Association on terms similar to those provided to these countries by the International Development Association; and

(2)

has demonstrated a track record of providing such assistance to these countries.

.