22 U.S.C. § 262p–16: United States policy on…

Summary

The Treasury Secretary must tell the U.S. representatives at the World Bank Group and the Asian Development Bank to use America’s vote to oppose any loans, money help, or technical support to the People’s Republic of China. They can approve such help only if the Secretary certifies to Congress that either China and any lenders it owns or controls have agreed to follow Paris Club–style rules on debt relief and transparency, will publicly share loan terms, and will not make or enforce deals that stop them or borrowers from meeting those promises; or the Secretary says the loan is vital to U.S. national interests and explains why. Appropriate congressional committees: the House Financial Services Committee and the Senate Foreign Relations Committee. World Bank Group: IBRD, IDA, IFC, and MIGA.

Title 22, §262p–16

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)In general

The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution of the World Bank Group and at the Asian Development Bank to use the voice and vote of the United States at the respective institution to vote against the provision of any loan, extension of financial assistance, or technical assistance to the People’s Republic of China unless the Secretary of the Treasury has certified to the appropriate congressional committees that—

(1)the Government of the People’s Republic of China and any lender owned or controlled by the Government of the People’s Republic of China have demonstrated a commitment—

(A)to the rules and principles of the Paris Club, or of other similar coordinated multilateral initiatives on debt relief and debt restructuring in which the United States participates, including with respect to debt transparency and appropriate burden-sharing among all creditors;

(B)to the practice of presumptive public disclosure of the terms and conditions on which they extend credit to other governments (without regard to the form of any such extension of credit);

(C)not to enforce any agreement terms that may impair their own or the borrowers’ capacity fully to implement any commitment described in subparagraph (A) or (B); and

(D)not to enter into any agreement containing terms that may impair their own or the borrowers’ capacity fully to implement any commitment described in subparagraph (A) or (B); or

(2)the loan or assistance is important to the national interest of the United States, as described in a detailed explanation by the Secretary to accompany the certification.

(b)Definitions

In this section: (1) Appropriate congressional committees

(2)World Bank Group

The term “World Bank Group” means the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.

Notes & Related Subsidiaries

Repeal of Section Pub. L. 117–263, div. E, title LVII, § 5701(b), Dec. 23, 2022, 136 Stat. 3408, provided that, effective on the date that is 7 years after Dec. 23, 2022, this section is repealed.

Statutory Notes and Related Subsidiaries

Effective Date

of Repeal Pub. L. 117–263, div. E, title LVII, § 5701(b), Dec. 23, 2022, 136 Stat. 3408, provided that: “The amendment made by subsection (a) [enacting this section] is repealed effective on the date that is 7 years after the

Effective Date

of this section [Dec. 23, 2022].” Definitions The definitions in section 262p–5 of this title apply to this section.

§262p–16 United States Policy on World Bank Group and Asian Development Bank Assistance to the People’s Republic of China

Summary

Title 22, §262p–16

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata