Sec. 4. RESTRICTIONS ON INTERNATIONAL FINANCIAL INSTITUTIONS RELATING TO NICARAGUA
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## SEC. 4 RESTRICTIONS ON INTERNATIONAL FINANCIAL INSTITUTIONS RELATING TO NICARAGUA **[**[50 U.S.C. 1701 note](/us/usc/t50/s1701)**]** Section 4 of the Nicaragua Investment Conditionality Act of 2018 is amended— ####
(1)by redesignating subsections (a), (b), and
(c)as subsections (b), (c), and (d), respectively; ####
(2)by inserting before subsection (b), as redesignated by paragraph (1), the following: > > ### “(a) Sense of Congress > > It is the sense of Congress that the Secretary of the Treasury should take all possible steps, including through the full implementation of the exceptions set forth in subsection (c), to ensure that the restrictions required under subsection
(b)do not negatively impact the basic human needs of the people of Nicaragua.” > ; ####
(3)in subsection (c), as so redesignated, by striking “subsection (a)” and inserting “subsection (b)”; and ####
(4)by striking subsection (d), as so redesignated, and inserting the following: > > ### “(d) Increased Oversight > > > #### “(1) In general > > The United States Executive Director at each international financial institution of the World Bank Group, the United States Executive Director at the Inter-American Development Bank, and the United States Executive Director at each other international financial institution, including the International Monetary Fund, shall take all practicable steps— > > > ##### “(A) > > to increase scrutiny of any loan or financial or technical assistance provided for a project in Nicaragua; and > > > ##### “(B) > > to ensure that the loan or assistance is administered through an entity with full technical, administrative, and financial independence from the Government of Nicaragua. > > > #### “(2) Mechanisms for increased scrutiny > > The United States Executive Director at each international financial institution described in paragraph
(1)shall use the voice, vote, and influence of the United States to encourage that institution to increase oversight mechanisms for new and existing loans or financial or technical assistance provided for a project in Nicaragua. > > > ### “(e) Interagency Consultation > > Before implementing the restrictions described in subsection (b), or before exercising an exception under subsection (c), the Secretary of the Treasury shall consult with the Secretary of State and with the Administrator of the United States Agency for International Development to ensure that all loans and financial or technical assistance to Nicaragua are consistent with United States foreign policy objectives as defined in section 3. > > > ### “(f) Report > > Not later than 180 days after the date of the enactment of the RENACER Act, and annually thereafter until the termination date specified in section 10, the Secretary of the Treasury, in coordination with the Secretary of State and the Administrator of the United States Agency for International Development, shall submit to the appropriate congressional committees a report on the implementation of this section, which shall include— > > > #### “(1) > > summary of any loans and financial and technical assistance provided by international financial institutions for projects in Nicaragua; > > > #### “(2) > > a description of the implementation of the restrictions described in subsection (b); > > > #### “(3) > > an identification of the occasions in which the exceptions under subsection
(c)are exercised and an assessment of how the loan or assistance provided with each such exception may address basic human needs or promote democracy in Nicaragua; > > > #### “(4) > > a description of the results of the increased oversight conducted under subsection (d); and > > > #### “(5) > > a description of international efforts to address the humanitarian needs of the people of Nicaragua.” > .
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Sec. 4
RESTRICTIONS ON INTERNATIONAL FINANCIAL INSTITUTIONS RELATING TO NICARAGUA
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