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119-hr-2325119th CongressWALLET

CEMAC Act

Sponsored By: Representative Huizenga, Bill [R-MI-4]

Introduced

Summary

Limit U.S. support for IMF actions related to CEMAC members until restoration funds are excluded from reserves. This bill would declare that funds international oil and gas companies give to the Bank of Central African States for site rehabilitation do not qualify as gross foreign exchange reserves and would require U.S. IMF representatives to oppose IMF actions affecting CEMAC members until the IMF publicly confirms that treatment.

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  • U.S. IMF engagement: Would direct the Treasury and the U.S. Executive Director at the IMF to oppose votes that increase IMF quotas or change exceptional access rules for any CEMAC country until the IMF issues a public clarification on reserve eligibility.
  • Extractive companies and BEAC: Would designate the Bank of Central African States as custodian for restoration funds and establish that those funds should be treated as ineligible for reserve calculations under IMF criteria.
  • CEMAC governments and investment: Notes an S&P estimate that the BEAC rule could cut government revenue by $86 billion and reduce capital investment by $45 billion by 2050 and says the rule could depress oil and gas investment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Limits on U.S. IMF votes for CEMAC

If enacted, the U.S. would block support for IMF actions involving CEMAC countries until a specific IMF clarification is made. Treasury, with the U.S. IMF director and the Secretary of State, would need to confirm the IMF has publicly said BEAC site‑cleanup funds from oil companies do not count as foreign exchange reserves. Until then, no U.S. official could vote to approve IMF actions for CEMAC members, and the U.S. IMF director would have to oppose quota increases or changes to exceptional access for those countries. The bill would also state U.S. policy that these BEAC funds should not count as reserves and that the IMF should clearly explain what assets are eligible. It would say the IMF would bear responsibility for investment losses if countries force companies to repatriate such funds. Once the determination is made, Treasury would have to publish it, send it to Congress, and report on U.S. IMF actions within 30 days, or within 180 days after enactment if no determination is made.

Sponsors & CoSponsors

Sponsor

Huizenga, Bill [R-MI-4]

MI • R

Cosponsors

  • Rep. Meuser, Daniel [R-PA-9]

    PA • R

    Sponsored 3/25/2025

  • Rep. James, John [R-MI-10]

    MI • R

    Sponsored 4/1/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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