Sec. 7029.
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/bill/113/s/2499/pcs/section-7029·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
None of the funds appropriated under title V of this Act should be made as payment to any international financial institution unless the Secretary of the Treasury certifies and reports to the Committees on Appropriations that such institution has a publicly available policy, including the strategic use of peer reviews and external experts, to conduct thorough, independent evaluations of the impact of each loan, grant, and significant analytical non-lending activity in advancing the institution’s goals of reducing poverty and promoting equitable economic growth consistent with appropriate safeguards, to ensure that decisions to support such loans, grants, and activities are based on accurate data and objective analysis.
None of the funds appropriated under title V of this Act may be made as payment to any international financial institution while the United States executive director to such institution is compensated by the institution at a rate which, together with whatever compensation such executive director receives from the United States, is above the rate payable for level IV of the Executive Schedule under section 5315 of title 5, United States Code, or while any alternate United States executive director to such institution is compensated by the institution at a rate above the rate payable for level V of the Executive Schedule under section 5316 of title 5, United States Code.
The United States executive director of each international financial institution, after consultation with the Assistant Secretary for Democracy, Human Rights, and Labor, Department of State, shall seek to require that each such institution conducts rigorous human rights due diligence and human rights risk management, as appropriate, in connection with any loan, grant, policy, or strategy of such institution: , That the United States executive director of each such institution shall seek to ensure that the institution implements the recommendations of its accountability mechanisms by providing just compensation or other appropriate redress to individuals and communities that suffer violations of human rights, including forced displacement, resulting from any loan, grant, strategy or policy of such institution.
Provided The Secretary of the Treasury shall direct the United States executive directors of the World Bank and the Inter-American Development Bank to submit a report to the Committees on Appropriations not later than 30 days after enactment of this Act and every 90 days thereafter until September 30, 2015, on actions taken in the previous 90 days by such institutions and the Government of Guatemala to support the legal framework and financing for implementation of the April 2010 Reparations Plan for Damages Suffered by the Communities Affected by the Construction of the Chixoy Hydroelectric Dam in Guatemala.
The United States executive director of each international financial institution shall actively promote in loan, grant, and other financing agreements demonstrable improvements in borrowing countries’ financial management and judicial capacity to investigate, prosecute, and punish fraud and corruption. The United States executive director of each international financial institution shall seek to require that each such institution collects, verifies, and publishes beneficial ownership information for any corporation or limited liability company, other than a publicly listed company, receiving a contract, loan, grant, or guarantee from such institution: , That beneficial ownership information should include, at a minimum, the full name, birth date, city of residence, and nationality of each natural person who, directly or indirectly, exercises substantial control over a corporation or limited liability company or has a substantial interest in or receives substantial economic benefits from the assets of a corporation or limited liability company.
Provided The Secretary of the Treasury shall instruct the United States executive directors of the World Bank and the Inter-American Development Bank, and the director of the Office of Foreign Assets Control, to encourage and support investments that contribute to the economic and social development, integration, and stability of all countries in the Caribbean region, consistent with the Banks’ authority to support such investments. For the purposes of this Act international financial institutions shall mean the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Inter-American Development Bank, the International Monetary Fund, the Asian Development Bank, the Asian Development Fund, the Inter-American Investment Corporation, the North American Development Bank, the European Bank for Reconstruction and Development, the African Development Bank, the African Development Fund, and the Multilateral Investment Guarantee Agency.