No More Debt Relief to China Act
Sponsored By: Representative Perry, Scott [R-PA-10]
Introduced
Summary
This bill would force U.S. withdrawal from the IMF, World Bank Group, and the Asian Development Bank if those institutions provide debt relief tied to the People’s Republic of China (PRC). It also would increase Treasury reporting and require U.S. opposition to such relief.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
U.S. withdrawal from IMF and World Bank
If enacted, the Treasury Secretary would send written notices to withdraw the United States from the IMF, each World Bank Group institution, and the Asian Development Bank when specified debt-relief actions tied to China occur. The Secretary would have 60 days after the notice to complete the withdrawal. If withdrawal is not finished, the President would have to report to Congress within 30 days after that 60-day period explaining the delay. The bill would also bar the United States from rejoining any institution it left under these rules and would require the Treasury to direct the U.S. Executive Director at the IMF to oppose the IMF providing the described relief.
Monthly reports and Congressional authority
If enacted, the Treasury Secretary would obtain monthly reports from the IMF, each World Bank Group institution, and the Asian Development Bank listing all financial transactions made in the month. Each report must show any funds provided to China and any debt of China that was forgiven in that month. The Treasury would transmit each report to Congress as soon as it is received. The bill would also declare that Congress has authority to direct U.S. actions in international financial institutions.
Sponsors & CoSponsors
Sponsor
Perry, Scott [R-PA-10]
PA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov