§262o–3 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury should tell the United States Executive Director at each multilateral development institution to push the institution, using the U.S. voice and vote, to meet several transparency, accountability, and anti-fraud goals by June 30, 2005. The bank must post board meeting minutes online within 60 calendar days (with sensitive parts redacted). It must keep a written transcript or recording of each board meeting for at least 10 years. Public-sector loan, credit, and grant papers, plus country and sector strategies presented to the board, must be made public 15 calendar days before the board reviews them (or when they are given to the board), with sensitive parts redacted, and must show the resources and conditions needed so borrowers follow laws on consultation, health, safety, and the environment. The bank must publish an annual report on fraud and corruption cases, require clear outcome and output measures for health, education, and poverty projects and publish results during and after those projects, set up regular independent audits and share the audit reports, and create procedures for handling complaints and confidential employee reports about fraud or mismanagement. By September 1, 2004, and again six months later, the Secretary must report to Congress on what each institution has done to meet these goals and what more is needed. Within 60 calendar days after a board meeting, the Treasury should post on its website any written U.S. Executive Director statement about a project with an inspection claim or a pending inspection case. The Secretary or a designee must brief Congress when asked about steps taken. Each month the Treasury should post a record of all U.S. “no” votes and abstentions by U.S. Executive Directors. The term “multilateral development institution” is defined in section 262r(c)(3) of this title.

Title 22, §262o–3

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Secretary of the Treasury should instruct the United States Executive Director at each multilateral development institution to inform the institution of the following United States policy goals, and use the voice and vote of the United States to achieve the goals at the institution before June 30, 2005:

(1)No later than 60 calendar days after the Board of Directors of the institution approves the minutes of a Board meeting, the institution shall post on its website an electronic version of the minutes, with material deemed too sensitive for public distribution redacted.

(2)The institution shall keep a written transcript or electronic recording of each meeting of its Board of Directors and preserve the transcript or recording for at least 10 years after the meeting.

(3)All public sector loan, credit and grant documents, country assistance strategies, sector strategies, and sector policies prepared by the institution and presented for endorsement or approval by its Board of Directors, with materials deemed too sensitive for public distribution redacted or withheld, shall be made available to the public 15 calendar days before consideration by the Board or, if not then available, when the documents are distributed to the Board. Such documents shall include the resources and conditionality necessary to ensure that the borrower complies with applicable laws in carrying out the terms and conditions of such documents, strategies, or policies, including laws pertaining to the integrity and transparency of the process such as public consultation, and to public health and safety and environmental protection.

(4)The institution shall post on its website an annual report containing statistical summaries and case studies of the fraud and corruption cases pursued by its investigations unit.

(5)The institution shall require that any health, education, or poverty-focused loan, credit, grant, document, policy, or strategy prepared by the institution includes specific outcome and output indicators to measure results, and that the indicators and results be published periodically during the execution, and at the completion, of the project or program.

(6)The institution shall establish a plan and schedule for conducting regular, independent audits of internal management controls and procedures for meeting operational objectives, complying with Bank policies, and preventing fraud, and making reports describing the scope and findings of such audits available to the public.

(7)The institution shall establish effective procedures for the receipt, retention, and treatment of: (A) complaints received by the Bank regarding fraud, accounting, mismanagement, internal accounting controls, or auditing matters; and (B) the confidential, anonymous submission by employees of the Bank of concerns regarding fraud, accounting, mismanagement, internal accounting controls, or auditing matters.

(b)Not later than September 1, 2004, and 6 months thereafter, the Secretary of the Treasury shall submit a report to the appropriate congressional committees describing the actions taken by each multilateral development institution to implement the policy goals described in subsection (a), and any further actions that need to be taken to fully implement such goals.

(c)No later than 60 calendar days after a meeting of the Board of Directors of a multilateral development institution, the Secretary of the Treasury should provide for publication on the website of the Department of the Treasury of any written statement presented at the meeting by the United States Executive Director at the institution concerning—

(1)a project on which a claim has been made to the inspection mechanism of the institution; or

(2)a pending inspection mechanism case.

(d)The Secretary of the Treasury or the designee of the Secretary should brief the appropriate congressional committees, when requested, on the steps that have been taken by the United States Executive Director at any multilateral development institution, and by any such institution, to implement the measures described in this section.

(e)Each month, the Secretary of the Treasury should provide for posting on the website of the Department of the Treasury of a record of all “no” votes and abstentions made by the United States Executive Director at any multilateral development institution on any matter before the Board of Directors of the institution.

(f)In this section, the term “multilateral development institution” shall have the meaning given in section 262r(c)(3) of this title.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262o–3 Administrative provisions

Summary

Title 22, §262o–3

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

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