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Code · BILL · 117th Congress · S. 4617 (Introduced in Senate) — To authorize contributions to international financial institutions to help build the resilience of member countries,... · Sec. 6

Sec. 6. Support for Inter-American Development Bank Group reform and IDB Invest capital increase

667 words·~3 min read·/bill/117/s/4617/is/section-6·

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The Secretary of the Treasury shall instruct the United States Executive Director of the Inter-American Development Bank (in this section referred to as the Bank ) to use the voice and vote of the United States to take steps to advance operational and institutional reforms to improve the effectiveness of the Inter-American Development Bank Group and accelerate modernization efforts that strengthen its responsiveness to the varied development challenges of the countries of Latin America and the Caribbean, with particular attention to enhancing the region’s ability to attract private investment, increase social inclusion, and raise climate ambition.
The Secretary shall instruct the United States Executive Director of the Bank to use the voice and vote of the United States to take steps to advance a proposal for a new vision and business model for the Inter-American Investment Corporation (commonly known as IDB Invest ) to increase sustainable and inclusive private investment in Latin America and the Caribbean, including— elaboration on the financial, resource, operational, and institutional implications, such as the potential recalibration of shareholding at the Board of Directors of IDB Invest, of implementing the new vision and business model; and as necessary, the redesign and modification of the management of IDB Invest to reflect the new vision and business model.
If and when the Boards of Directors of the Bank and the IDB Invest endorse a proposal described in paragraph (1), the Secretary shall commence negotiations for an increase in the authorized capital stock of IDB Invest. The Secretary shall consult with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives regarding the progress of any negotiations described in subparagraph (A), including with respect to anticipated timelines for such negotiations.
It is the sense of Congress that the United States Governor to the Bank should use the voice and vote of the United States to take steps— to redouble the commitment of the United States to IDB Invest and the Inter-American Development Bank Group; and to double the financial capacity of IDB Invest. After a decision by the Board of Governors of IDB Invest to increase the authorized capital stock of IDB Invest, the United States Governor is authorized to subscribe on behalf of the United States to additional shares of stock in such amounts as the Governor considers appropriate, subject to subparagraph (B).
The United States Governor may not subscribe on behalf of the United States to additional shares of stock in IDB Invest if such additional shares would result in the share of stock held by the United States in IDB Invest to exceed the share of stock held by the United States in the Bank. Not later than 15 days after the conclusion of negotiations described in subsection (b)(2) and not less than 15 days before the United States Governor subscribes on behalf of the United States to additional shares of stock in IDB Invest under paragraph (2), the Secretary shall submit to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives a report setting forth— the amount of the proposed increase in the capital stock of IDB Invest; the amount of shares proposed for subscription by the United States in connection with the proposed increase; the share of the stock of IDB Invest held by each member country and the corresponding change in that share associated with the proposed increase; the anticipated increased financing levels to be achieved by the proposed increase; the expected financial and operational impact of the proposed increase, including a description of relevant institutional reforms by IDB Invest; and a description of whether the Bank and IDB Invest are successfully responding to the mandates outlined by their respective Boards of Governors in resolutions AG–7/22 and CII/AG–3/22 of March 28, 2022.
There are authorized to be appropriated such sums as may be necessary to pay for the subscription to additional shares of stock in IDB Invest authorized by paragraph (2).
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