Sec. 7029.
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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 in excess of the rate provided for an individual occupying a position at 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 in excess of the rate provided for an individual occupying a position at level V of the Executive Schedule under section 5316 of title 5, United States Code.
The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to promote human rights due diligence and risk management, as appropriate, in connection with any loan, grant, policy, or strategy of such institution. The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice of the United States to include in loan, grant, and other financing agreements improvements in borrowing countries’ financial management and judicial capacity to investigate, prosecute, and punish fraud and corruption.
The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice of the United States to encourage such institution to collect, verify, and publish, to the maximum extent practicable, beneficial ownership information (excluding proprietary information) for any corporation or limited liability company, other than a publicly listed company, that receives funds from any such financial institution. The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice of the United States to encourage such institution to effectively implement and enforce policies and procedures which meet or exceed best practices in the United States for the protection of whistleblowers from retaliation, including— protection against retaliation for internal and lawful public disclosure; legal burdens of proof; statutes of limitation for reporting retaliation; access to binding independent adjudicative bodies, including shared cost and selection external arbitration; and results that eliminate the effects of proven retaliation, including provision for the restoration of prior employment.
The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice of the United States to support independent investigative and adjudicative mechanisms and procedures that meet or exceed best practices in the United States to provide due process and fair compensation, including the right to reinstatement, for employees who are subjected to harassment, discrimination, retaliation, false allegations, or other misconduct.
None of the funds appropriated by this Act may be made available to support a new capital increase for an international financial institution unless the President submits a budget request for such increase to Congress and determines and reports to the Committees on Appropriations that— the institution has completed a thorough analysis of the development challenges facing the relevant geographical region, the role of the institution in addressing such challenges and its role relative to other financing partners, and the steps to be taken to enhance the efficiency and effectiveness of the institution; and the governors of such institution have approved the capital increase.
The Secretary of the Treasury shall instruct the United States executive director at each multilateral development bank to use the voice and vote of the United States to oppose any loan, extension of financial assistance, or technical assistance by such bank to the People’s Republic of China. The Secretary of the Treasury shall ensure that no United States contribution to a financial intermediary fund may be used to provide any loan, extension of financial assistance, or technical assistance to the People’s Republic of China or to any country or region subject to comprehensive sanctions by the United States.
Not later than 120 days after the date of enactment of this Act, the Secretary of the Treasury shall submit a report to the Committees on Appropriations indicating the amount of funds that a financial intermediary fund is budgeting for the year in which the report is submitted for a country or region described in subsection (i). If a report under paragraph
(1)indicates that a financial intermediary fund plans to spend funds for a country or region described under subsection (i), including through projects implemented by a multilateral development bank, then 10 percent of the United States contribution to such bank shall be withheld from obligation for the remainder of the fiscal year in which the report is submitted. None of the funds appropriated or otherwise made available by this Act under the heading Multilateral Assistance may be used to implement, administer, or otherwise carry out Executive Order 14008 (relating to Executive Order on Tackling the Climate Crisis at Home and Abroad), including the memorandum entitled “Guidance on Fossil Fuel Energy at the Multilateral Development Banks”, issued by the Department of the Treasury on August 16, 2021.
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Sec. 7029
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