PRIA, Government Policy, Made Personal

Summary

The Treasury Secretary must tell the U.S. Executive Director at each World Bank Group institution and at the Asian Development Bank to vote against any loan, financial help, or technical help to the People’s Republic of China unless the Secretary certifies to the appropriate congressional committees that one of two things is true. Either China and any government-owned lender have agreed to follow Paris Club rules or similar debt-restructuring steps the U.S. joins (including debt transparency and fair sharing of creditor costs), will make loan terms public by default, and will not enter into or enforce loan terms that would stop those promises; or the Secretary says the loan is important to U.S. national interests and gives a detailed explanation. “Appropriate congressional committees” means the House Committee on Financial Services and the Senate Committee on Foreign Relations. “World Bank Group” means IBRD, IDA, IFC, and MIGA.

Title 22, §262p–16

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)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)In this section:

(1)The term “appropriate congressional committees” means the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate.

(2)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