,,ii  #aafth ,,congress  #ast ,session  
,s4 #cjag  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #aa1 
#bjai,mr4 ,grassley 7for himself and    
,mr4 ,cotton7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,foreign ,relations
  ,a ,,bill  ,to increase transparency  
and accountability with respect to      
,world ,bank lending for the ,people's  
,republic of ,china1 and for other      
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,accountability for 
,world ,bank ,loans to ,china ,act of   
#bjai4  #b4 ,findings ,congress finds as
 follows3 7#a7 ,possessing more than    
#c1jjj1jjj1jjj1jjj in foreign exchange  
reserves1 the ,people's ,republic of    
,china has devoted state resources to   
establish the ,asian ,infrastructure    
,investment ,bank1 the ,new ,development
 ,bank1 and activities under the ,belt  
and ,road ,initiative1 potentially      
creating rivals to the multilateral     
development banks led by the ,united    

,states and its allies4  7#b7 ,the      
,international ,bank for ,reconstruction
 and ,development 7,,ibrd71 the ,world  
,bank's primary financing institution   
for middle-income countries1 ceases to  
finance 7graduates7 countries that are  
able to sustain long-term development   
without recourse to ,bank resources4    
7#c7 ,the ,,ibrd examines a country's   
potential graduation when the country   
reaches the ,graduation ,discussion     
,income 7,,gdi71 which amounts to a     
,gross ,national ,income 7,,gni7 per    
capita of #f1ige4  7#d7 ,the ,world     
,bank calculates ,china's ,,gni per     
capita as equivalent to #i1dgj4  7#e7   
,according to the ,center for ,global   
,development1 ,china has received       
#g1hjj1jjj1jjj in ,,ibrd commitments    
since crossing the ,,gdi threshold in   
#bjaf4  #c4 ,united ,states support for 
graduation of ,china from ,world ,bank  
assistance  7a7 ,in general ,the ,united
 ,states ,governor of the ,international
 ,bank for ,reconstruction and          

,development 7in this section referred  
to as the ,,ibrd7 shall instruct the    
,united ,states ,executive ,director at 
the ,,ibrd that it is the policy of the 
,united ,states to pursue the           
expeditious graduation of the ,people's 
,republic of ,china from assistance by  
the ,,ibrd1 consistent with the lending 
eligibility criteria of the ,,ibrd4  7b7
 ,sunset ,subsection 7a7 shall have no  
force or effect on or after the earlier 
of-- 7#a7 the date that is #g years     
after the date of the enactment of this 
,act2 or  7#b7 the date that the        
,secretary of the ,treasury reports to  
the ,committee on ,financial ,services  
of the ,house of ,representatives and   
the ,committee on ,foreign ,relations of
 the ,senate that termination of        
subsection 7a7 is important to the      
national interest of the ,united        
,states1 with a detailed explanation of 
the reasons therefor4  #d4              
,accountability for ,world ,bank loans  
to the ,people's ,republic of ,china    

7a7 ,in general ,not later than #cfj    
days after the date of the enactment of 
this ,act1 the ,united ,states ,governor
 of the ,international ,bank for        
,reconstruction and ,development 7in    
this section referred to as the ,,ibrd7 
shall submit the report described in    
subsection 7b7 to the ,committee on     
,financial ,services of the ,house of   
,representatives and the ,committee on  
,foreign ,relations of the ,senate4  7b7
 ,report described ,the report described
 in this subsection shall include the   
following3 7#a7 ,a detailed description 
of the efforts of the ,united ,states   
,governor of the ,international         
,development ,association and the       
,united ,states ,governor of the ,,ibrd 
to enforce the timely graduation of     
countries from the ,international       
,development ,association and the       
,,ibrd1 with a particular focus on the  
efforts with regard to the ,people's    
,republic of ,china4  7#b7 ,if the      
,people's ,republic of ,china is a      

member country of the ,,ibrd1 an        
explanation of any economic or political
 factors that have prevented the        
graduation of the ,people's ,republic of
 ,china from the ,,ibrd4  7#c7 ,a       
discussion of any effects resulting from
 fungibility and ,,ibrd lending to      
,china1 including the potential for     
,,ibrd lending to allow for funding by  
the ,government of the ,people's        
,republic of ,china of activities that  
may be inconsistent with the national   
interest of the ,united ,states4  7#d7  
,an action plan to help ensure that the 
,people's ,republic of ,china graduates 
from the ,,ibrd not later than #b years 
after submission of the report1         
consistent with the lending eligibility 
criteria of the ,,ibrd4  7c7 ,waiver of 
requirement that report include action  
plan ,the ,secretary of the ,treasury   
may waive the requirement of subsection 
7b77#d7 on reporting to the ,committee  
on ,financial ,services of the ,house of
 ,representatives and the ,committee on 

,foreign ,relations of the ,senate that 
the waiver is important to the national 
interest of the ,united ,states1 with a 
detailed explanation of the reasons     
therefor4  #e4 ,ensuring debt           
transparency with respect to the ,belt  
and ,road ,initiative ,not later than   
#ahj days after the date of the         
enactment of this ,act1 the ,secretary  
of the ,treasury shall submit to the    
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,foreign ,relations of the
 ,senate a report that includes the     
following3  7#a7 ,an analysis of debt   
management assistance provided by the   
,world ,bank1 the ,international        
,monetary ,fund1 and the ,office of     
,technical ,assistance of the           
,department of the ,treasury to         
borrowing countries of the ,belt and    
,road ,initiative of the ,people's      
,republic of ,china 7or any comparable  
initiative or successor initiative of   
,china74  7#b7 ,a discussion of ,united 

,states efforts at the ,world ,bank1 the
 ,international ,monetary ,fund1 and any
 other international financial          
institution to promote debt transparency
 with respect to credit provided by     
,china4