Section 1 Short title
This Act may be cited as the “No More Debt Relief to China Act”.
No More Debt Relief to China Act
A BILL
To remove the United States from the International Monetary Fund, the World Bank Group, or the Asian Development Bank if such an institution assists in providing debt relief to the People’s Republic of China, and for other purposes.
Sec. 2 Withdrawal of United States from certain international financial institutions if such an institution provides debt relief to, or eases a debt relief burden of, the People's Republic of China
In general—
Withdrawal from the International Monetary Fund— The Secretary of the Treasury shall immediately transmit to the International Monetary Fund a written notice of the withdrawal of the United States from the International Monetary Fund if the Secretary determines that the International Monetary Fund has provided any relief to the People's Republic of China with respect to any loan made, in whole or in part, by the International Monetary Fund to the People's Republic of China.
Withdrawal from the World Bank Group or the Asian Development Bank— The Secretary of the Treasury shall immediately transmit to each institution in the World Bank Group or the Asian Development Bank a written notice of the withdrawal of the United States from each institution in the World Bank Group or the Asian Development Bank, respectively, if the Secretary of the Treasury determines that an institution in the World Bank Group or the Asian Development Bank, respectively—
has provided any relief to a country with respect to any loan made, in whole or in part, by the respective institution to the country; and
the provision of the relief has aided the People's Republic of China in providing relief to the country with respect to any loan made, in whole or in part, by the People's Republic of China to the country.
Completion of withdrawal— Within 60 days after the transmission of a notice under subsection (a), the Secretary of the Treasury shall complete the process of withdrawing the United States from the institution involved.
Report to Congress— If the Secretary of the Treasury does not comply with subsection (b), the President of the United States shall submit to the Congress a report specifying the reasons for the noncompliance within 30 days after the end of the 60-day period provided in subsection (b).
Prohibition on re-Joining— The United States may not become a member of any institution from which the United States has withdrawn pursuant to this section.
Sec. 3 Opposition of IMF relief for the People’s Republic of China
The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to use the voice and vote of the United States to oppose the provision by the International Monetary fund of any relief described in section 2(a).
Sec. 4 Monthly report on financial transactions made by the International Monetary Fund, the World Bank Group, or the Asian Development Bank
The Secretary of the Treasury shall obtain from the International Monetary Fund, each institution in the World Bank Group, and the Asian Development Bank a monthly report on all financial transactions made by the respective institution, including any funds provided to the People's Republic of China, or debt of the People's Republic of China that has been forgiven, in the month covered by the report, and on receipt of any such report shall transmit the report to the Congress.
Sec. 5 Congressional authority to direct United States policy in international financial institutions
It is the policy of the United States that the Congress has the authority to direct the actions of the United States in any international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act).