117th CONGRESS 2d Session |
To authorize the tenth general capital increase for the Inter-American Development Bank, and for other purposes.
May 11, 2022
Ms. Plaskett (for herself and Mr. Crawford) introduced the following bill; which was referred to the Committee on Financial Services
To authorize the tenth general capital increase for the Inter-American Development Bank, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Inter-American Development Bank General Capital Increase Act of 2022”.
SEC. 2. Addressing China’s sovereign lending practices in Latin America and the Caribbean.
(a) Sense of congress.—It is the sense of Congress that—
(1) since 2005, the Government of the People’s Republic of China has expanded sovereign lending to governments in Latin America and the Caribbean with loans that are repaid or collateralized with natural resources or commodities;
(2) several countries in Latin American and the Caribbean that have received a significant amount of sovereign lending from the Government of the People’s Republic of China face challenges in repaying such loans;
(3) the Government of the People’s Republic of China’s predatory economic practices and sovereign lending practices in Latin America and the Caribbean negatively influence United States national interests in the Western Hemisphere;
(4) the Inter-American Development Bank, the premier multilateral development bank dedicated to the Western Hemisphere, should play a significant role supporting the countries of Latin America and the Caribbean in achieving sustainable and serviceable debt structures; and
(5) a tenth general capital increase for the Inter-American Development Bank would strengthen the Bank’s ability to help the countries of Latin America and the Caribbean achieve sustainable and serviceable debt structures.
(b) Support for a general capital increase.—The President shall take steps to support a tenth general capital increase for the Inter-American Development Bank, including advancing diplomatic engagement to build support among member countries of the Bank for a tenth general capital increase for the Bank.
(c) Tenth capital increase.—The Inter-American Development Bank Act (22 U.S.C. 283 et seq.) is amended by adding at the end the following:
“SEC. 42. Tenth capital increase.
“(a) Vote authorized.—The United States Governor of the Bank is authorized to vote in favor of a resolution to increase the capital stock of the Bank by $80,000,000,000 over a period not to exceed 5 years.
“(b) Subscription authorized.—
“(1) IN GENERAL.—The United States Governor of the Bank may subscribe on behalf of the United States to 1,990,714 additional shares of the capital stock of the Bank.
“(2) LIMITATION.—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.
“(c) Limitations on authorization of appropriations.—
“(1) IN GENERAL.—In order to pay for the increase in the United States subscription to the Bank under subsection (b), there is authorized to be appropriated $24,014,857,191 for payment by the Secretary of the Treasury.
“(2) ALLOCATION OF FUNDS.—Of the amount authorized to be appropriated under paragraph (1)—
“(A) $600,371,430 shall be for paid in shares of the Bank; and
“(B) $23,414,485,761 shall be for callable shares of the Bank.”.
(d) Addressing china’s sovereign lending in the americas.—The Secretary of the Treasury and the United States Executive Director to the Inter-American Development Bank shall use the voice, vote, and influence of the United States—
(1) to advance efforts by the Bank to help countries restructure debt resulting from sovereign lending by the Government of the People’s Republic of China in order to achieve sustainable and serviceable debt structures; and
(2) to establish appropriate safeguards and transparency and conditionality measures to protect debt-vulnerable member countries of the Inter-American Development Bank that borrow from the Bank for the purposes of restructuring Chinese bilateral debt held by such countries and preventing such countries from incurring subsequent Chinese bilateral debt.
(1) IMPLEMENTATION.—Not later than 90 days after the date of the enactment of this Act, and every 90 days thereafter for 6 years, the President shall provide to the Committee on Foreign Relations of the Senate, the Committee on Finance of the Senate, the Committee on Foreign Affairs of the House of Representatives, and the Committee on Financial Services of the House of Representatives a briefing detailing efforts to carry out subsections (b) and (d) and the amendment made by subsection (c).
(2) PROGRESS IN ACHIEVING SUSTAINABLE AND SERVICEABLE DEBT STRUCTURES.—Not later than 180 days after the successful completion of a tenth general capital increase for the Inter-American Development Bank, and every 180 days thereafter for a period of 3 years, the President shall provide to the Committee on Foreign Relations of the Senate, the Committee on Finance of the Senate, the Committee on Foreign Affairs of the House of Representatives, and the Committee on Financial Services of the House of Representatives a briefing on efforts by the Bank to support countries in Latin American and the Caribbean in their efforts to achieve sustainable and serviceable debt structures.