H.R.5888

            I 

116TH CONGRESS 
2D SESSION H. R. 5888 

To increase effectiveness in the pursuit of United States interests and multi-
lateral cooperation at the international financial institutions, and for 
other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 13, 2020 
Mr. HILL of Arkansas introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 
To increase effectiveness in the pursuit of United States 

interests and multilateral cooperation at the international 
financial institutions, and for other purposes. 

Be it enacted by the Senate and House of Representa-1

tives of the United States of America in Congress assembled, 2

SECTION 1. PILOT AUTHORITY TO WAIVE VOICE AND VOTE 3

REQUIREMENTS, ON A CASE-BY-CASE BASIS, 4

IN THE INTERNATIONAL FINANCIAL INSTITU-5

TIONS. 6

(a) IN GENERAL.—The Secretary may waive, on a 7

case-by-case basis, a statutory requirement that directs 8

the United States Executive Director at an international 9

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2 

•HR 5888 IH

financial institution with respect to the use of the voice 1

and vote of the United States. 2

(b) DEFINITIONS.—In this section: 3

(1) INTERNATIONAL FINANCIAL INSTITU-4

TION.—The term ‘‘international financial institu-5

tion’’ has the meaning given the term in section 6

1701(c)(2) of the International Financial Institu-7

tions Act. 8

(2) SECRETARY.—The term ‘‘Secretary’’ means 9

the Secretary of the Treasury. 10

(c) REPORT DESCRIBED.—Within 30 days after 11

issuing a waiver under subsection (a), the Secretary shall 12

submit to the Committee on Financial Services of the 13

House of Representatives and the Committee on Foreign 14

Relations of the Senate a written report that includes the 15

following: 16

(1) A description of any project, policy, or other 17

matter to which the waiver would apply. 18

(2) An explanation of the reasons for the waiv-19

er. 20

(3) A certification that— 21

(A) the United States Executive Director 22

continues to promote the objectives of the re-23

quirement at the international financial institu-24

tion; 25

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3 

•HR 5888 IH

(B) the waiver does not undermine the 1

ability of the United States to promote the ob-2

jectives; and 3

(C) the waiver allows for the United States 4

to more effectively advance multilateral co-5

operation at the international financial institu-6

tion. 7

(d) NO RETROACTIVE APPLICATION.—A waiver 8

under this section shall not apply retroactively. 9

(e) RECOMMENDATIONS BY THE SECRETARY.—With-10

in 12 months after the date of the enactment of this Act, 11

the Secretary shall submit to the committees specified in 12

subsection (c) any recommendations to revise or sunset a 13

statutory requirement that directs the United States Exec-14

utive Director at an international financial institution with 15

respect to the use of the voice and vote of the United 16

States. The recommendations should be aimed at achiev-17

ing the following objectives with regard to the inter-18

national financial institution: 19

(1) Strengthening United States leadership in 20

the design, execution, and evaluation of activities. 21

(2) Facilitating multilateral cooperation, par-22

ticularly between the United States and its allies. 23

(3) Updating a requirement to appropriately re-24

flect changing conditions. 25

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4 

•HR 5888 IH

(4) Permitting the United States Executive Di-1

rector to more effectively support policies, projects, 2

and other initiatives that advance the national inter-3

est of the United States. 4

(5) Allowing for all appropriate accountability 5

to the Congress with respect to United States gov-6

ernance and participation. 7

(f) SUNSET.—The preceding provisions of this sec-8

tion shall have no force or effect on and after the date 9

that is 2 years after the date of the enactment of this 10

Act. 11

Æ 

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		Superintendent of Documents
	2020-02-20T20:56:35-0500
	US GPO, Washington, DC 20401
	Superintendent of Documents
	GPO attests that this document has not been altered since it was disseminated by GPO