Sec. 7070.

1,427 words·~6 min read·/bill/119/hr/7006/eh/section-7070

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Secretary of the Treasury may subscribe on behalf of the United States to up to an additional 25,128 shares of the capital stock of the Inter-American Investment Corporation: That any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in this or any other appropriations Act. Provided, The International Development Association Act ( 22 U.S.C. 284 et seq. ) is amended by adding at the end the following: The United States Governor of the International Development Association may contribute on behalf of the United States $3,198,552,000 to the twenty-first replenishment of the resources of the Association, subject to obtaining the necessary appropriations.

In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $3,198,552,000 for payment by the Secretary of the Treasury. . Title XV of the International Financial Institutions Act ( 22 U.S.C. 262o et seq. ) is amended by adding at the end the following: The Secretary of the Treasury shall instruct the United States Executive Director at the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, and, as the Secretary finds appropriate, any other multilateral development bank (as defined in section 1307(g)) to use the voice, vote, and influence of the United States to advocate for— the removal of prohibitions at the respective bank against financial and technical assistance for the generation, transmission, and distribution of nuclear energy, to the extent that the prohibitions apply to nuclear technologies, including small modular reactors, that meet or exceed the quality and safety standards of technologies produced by the United States or a member country of the Organisation for Economic Co-operation and Development; and increased internal capacity-building at the respective bank for the purpose of assessing— the potential role of nuclear energy, including small modular reactors, in the energy systems of client countries; and the delivery of financial and technical assistance described in paragraph

(1)to the countries. . Title XV of the International Financial Institutions Act ( 22 U.S.C. 262o et seq. ) is further amended by adding at the end the following: The Secretary of the Treasury shall instruct the United States Governors of the International Bank for Reconstruction and Development, and, as the Secretary deems appropriate, of other international financial institutions (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States to establish at each such institution a trust fund to be known as the Nuclear Energy Assistance Trust Fund that meets the requirements of subsections

(b)and

(c)of this section. The purposes of such a trust fund shall be the following: To provide financial and technical assistance to support the generation, transmission, and distribution of nuclear energy in borrowing countries. To ensure that the international financial institution makes financing available on competitive terms, including for the purpose of countering credit extended by the government of a country that is not a member of the OECD Arrangement on Officially Supported Export Credits. To exclusively support the adoption of nuclear energy technologies, including small modular reactors, that meet or exceed the quality and safety standards of technologies produced by the United States or a member country of the Organisation for Economic Co-operation and Development. To strengthen the capacity of the international financial institution to assess, implement, and evaluate nuclear energy projects. The revenues of such a trust fund may be made available for activities for the purposes described in subsection (b), or the United States share of the revenues may be remitted to the general fund of the Treasury, as the Secretary finds appropriate. This section shall not be interpreted to affect the ability of the United States Governor of, or the United States Executive Director at, an international financial institution (as so defined) to encourage the provision of financial or technical assistance from non-trust fund resources of the institution to support the generation or distribution of nuclear energy. . During the 7-year period that begins with the date of enactment of this Act, the Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the annual report required by section 1701 of the International Financial Institutions Act a description of any progress made— to promote multilateral development bank (as defined in such section) assistance for nuclear energy; and to establish a trust fund pursuant to section 1507 of such Act or, as the case may be, a summary of the activities of any such trust fund. The preceding provisions of this subsection and the amendments made by the preceding provisions of this subsection shall have no force or effect beginning 10 years after the date of the enactment of this Act. The Secretary of the Treasury shall direct the United States Executive Director at the International Bank for Reconstruction and Development to use the voice and vote of the United States to continue the pause by the Bank on disbursements and the making of new financing commitments to Burma, that was initiated after a military coup overthrew the democratically elected government of Burma in 2021, unless the Secretary of the Treasury determines that it is not in the national interest of the United States to do so. Any securities issued by the International Development Association (including any guaranty by the Association, whether or not limited in scope) and any securities guaranteed by the Association as to both principal and interest shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(2) ) and section 3(a)(12) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(12) ): That the Association shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Association and its operations, and necessary in the public interest or for the protection of investors. Provided, The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Policies, may suspend the provisions of paragraph

(7)at any time as to any or all securities issued or guaranteed by the International Development Association during the period of such suspension: That the Commission shall include in its annual reports to the Congress such information as it shall deem advisable with regard to the operations and effect of this paragraph. Provided, Paragraph

(7)shall take effect 30 days after the date of the enactment of this Act. Notwithstanding subparagraph (A), paragraph

(7)shall not take effect if, before the effective date described in subparagraph (A), the Secretary of the Treasury reports to the Committee on Financial Services of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate that the International Development Association is providing financial assistance to any country the government of which the Secretary of State has determined, for purposes of section 1754 of the National Defense Authorization Act for Fiscal Year 2019, section 620A of the Foreign Assistance Act of 1961, or section 40 of the Arms Export Control Act, to be a government that has repeatedly provided support for acts of international terrorism. The Asian Development Bank Act ( 22 U.S.C. 285 et seq. ) is amended by adding at the end the following: The United States Governor of the Fund may contribute on behalf of the United States $174,440,000 to the thirteenth replenishment of the resources of the Fund, subject to obtaining the necessary appropriations. In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $174,440,000 for payment by the Secretary of the Treasury. . The African Development Bank Act ( 22 U.S.C. 290i et seq. ) is amended by inserting at the end the following: The United States Governor of the Bank may subscribe on behalf of the United States to 800,000 additional shares of the capital stock of the Bank. Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts. For the increase in the United States subscription to the Bank under subsection (a), there is authorized to be appropriated, without fiscal year limitation, $7,800,000,000, for payment by the Secretary of the Treasury for callable shares of the Bank. .

Connectionstraces to 6

Traces to 6 documents

U.S. Code

Citation graph

cites case law

Sec. 7070

Cites 6Cited by 0 across 0 sources