,,ii #aagth ,,congress #b;d ,session ,s4 #dfag ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #bf1 #bjbb,mr4 ,menendez introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,a ,,bill ,to authorize contributions to international financial institutions to help build the resilience of member countries1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,international ,financial ,institutions ,mobilization ,act of #bjbb4 #b4 ,statement of policy on ,united ,states leadership at international financial institutions ,it is the policy of the ,united ,states-- 7#a7 to recognize rising debt stock in emerging market and developing countries as a national security and economic security threat and raise its importance in multilateral fora2 7#b7 to leverage the voice and vote of the ,united ,states at international financial institutions to prevent future unsustainable debt stocks in emerging market and developing countries2 7#c7 to promote rule-writing standards for transparency and disclosure that hold both debtors and creditors accountable1 allow accurate debt sustainability assessments1 and promote better debt management2 7#d7 to lead the international community in translating the ,g#bj ,common ,framework for ,debt ,treatments beyond the ,debt ,service ,suspension ,initiative 7commonly known as the ,common ,framework7 into tangible action1 including effective standstill for debt payments and credit revisions for petitioner countries and finalizing the debt treatment for the petitioner countries1 beginning with ,chad1 ,ethiopia1 and ,zambia2 7#e7 to reduce timelines and increase confidence in outcomes for the ,common ,framework so that private creditors continue to provide sufficient finances to petitioner countries and other countries witness the benefits of petitioning2 7#f7 to expand the ,common ,framework and offer its financial assistance to other heavily indebted lower-middle-income countries1 beyond those currently covered2 7#g7 to cooperate with counterparts in the ,group of ,twenty 7,g#bj71 international financial institutions1 private credit rating agencies1 and regulators to explore and develop new bond and loan contract issuance standards that authorize temporary suspensions of debt services to both private and public creditors without triggering a default in crisis situations2 7#h7 to engage with petitioner countries1 before those countries exhaust their reserves1 to strategize their ascension into the ,common ,framework and prevent further economic costs2 7#i7 to leverage the voice and vote of the ,united ,states in the ,international ,monetary ,fund and the ,world ,bank so that the ,fund and the ,bank complete preliminary assessments of the debt relief needed by each country eligible for ,common ,framework treatment before such countries petition for debt relief2 7#aj7 that assessments described in paragraph 7#i7 should-- 7,a7 include realistic growth and fiscal projections2 7,b7 include implications of ,common ,framework debt relief2 and 7,c7 be based on accurate and comprehensive debt data2 7#aa7 to support international financial institutions lending into arrears for the ,common ,framework in the case that private lenders fail to uphold their initial commitments2 7#ab7 to leverage the voice and vote of the ,united ,states at international financial institutions to promote and finance international initiatives to procure and deploy more affordable and accessible ,,covid-#ai vaccinations and treatments for emerging market and developing countries2 and 7#ac7 to address the near-term problems associated with the pandemic-induced global recession and longer term problems of unsustainable credit lending and borrowing that victimize emerging market and developing countries4 #c4 ,loans to ,international ,monetary ,fund facilities and trust funds 7a7 ,authorization of appropriations 7#a7 ,in general ,there are authorized to be appropriated to the ,secretary of the ,treasury for fiscal year #bjbc1 #bj1jjj1jjj1 for contribution to the ,poverty ,reduction and ,growth ,trust or the ,resilience and ,sustainability ,trust of the ,international ,monetary ,fund4 7#b7 ,availability of amounts ,amounts appropriated pursuant to the authorization of appropriations under paragraph 7#a7 shall remain available until ,december #ca1 #bjca4 7b7 ,loans authorized 7#a7 ,in general ,the ,secretary of the ,treasury may make loans to the ,poverty ,reduction and ,growth ,trust or the ,resilience and ,sustainability ,trust of the ,international ,monetary ,fund4 7#b7 ,use of amounts ,amounts described in paragraph 7#c7 shall be available-- 7,a7 to cover the cost 7as defined in section #ejb of the ,congressional ,budget ,act of #aigd 7#b ,u4,s4,c4 #ffa;a77 of loans authorized under paragraph 7#a72 and 7,b7 to subsidize gross obligations for the principal amount of such loans1 not to exceed #ba1jjj1jjj1jjj in the aggregate4 7#c7 ,amounts described ,amounts described in this paragraph are-- 7,a7 amounts appropriated pursuant to the authorization of appropriations under subsection 7a72 and 7,b7 amounts-- 7i7 appropriated under the heading ,contributions to the ,international ,monetary ,fund ,facilities and ,trust ,funds in any ,act making appropriations for the ,department of ,state1 foreign operations1 and related programs for a fiscal year before fiscal year #bjbc2 and 7ii7 available for obligation as of the date of the enactment of this ,act4 7#d7 ,authorization of certain transactions ,the ,exchange ,stabilization ,fund established under section #ecjb of title #ca1 ,united ,states ,code1 and the financing account corresponding to transactions with the ,international ,monetary ,fund are authorized to enter into such transactions as are necessary to effectuate loans authorized under paragraph 7#a74 #d4 ,international ,development ,association twentieth replenishment ,the ,international ,development ,association ,act 7#bb ,u4,s4,c4 #bhd et seq47 is amended by adding at the end the following3 #cb4 ,twentieth replenishment 7a7 ,in general ,the ,united ,states ,governor of the ,international ,development ,association is authorized to contribute on behalf of the ,united ,states #c1ejj1jjj1jjj to the twentieth replenishment of the resources of the ,association1 subject to obtaining the necessary appropriations4 7b7 ,authorization of appropriations ,in order to pay for the ,united ,states contribution provided for in subsection 7a71 there are authorized to be appropriated1 without fiscal year limitation1 #c1ejj1jjj1jjj for payment by the ,secretary of the ,treasury4 4 #e4 ,asian ,development ,fund twelfth replenishment ,the ,asian ,development ,bank ,act 7#bb ,u4,s4,c4 #bhe et seq47 is amended by adding at the end the following3 #cg4 ,twelfth replenishment 7a7 ,in general ,the ,united ,states ,governor of the ,bank is authorized to contribute1 on behalf of the ,united ,states1 #agg1ddj1jjj to the twelfth replenishment of the resources of the ,fund1 subject to obtaining the necessary appropriations4 7b7 ,authorization of appropriations ,in order to pay for the ,united ,states contribution provided for in subsection 7a71 there are authorized to be appropriated1 without fiscal year limitation1 #agg1ddj1jjj for payment by the ,secretary of the ,treasury4 4 #f4 ,support for ,inter-,american ,development ,bank ,group reform and ,,idb ,invest capital increase 7a7 ,support for reform of ,inter-,american ,development ,bank ,group ,the ,secretary of the ,treasury shall instruct the ,united ,states ,executive ,director of the ,inter-,american ,development ,bank 7in this section referred to as the ,bank7 to use the voice and vote of the ,united ,states to take steps to advance operational and institutional reforms to improve the effectiveness of the ,inter-,american ,development ,bank ,group and accelerate modernization efforts that strengthen its responsiveness to the varied development challenges of the countries of ,latin ,america and the ,caribbean1 with particular attention to enhancing the region's ability to attract private investment1 increase social inclusion1 and raise climate ambition4 7b7 ,support for new business model for ,,idb ,invest 7#a7 ,in general ,the ,secretary shall instruct the ,united ,states ,executive ,director of the ,bank to use the voice and vote of the ,united ,states to take steps to advance a proposal for a new vision and business model for the ,inter-,american ,investment ,corporation 7commonly known as ,,idb ,invest7 to increase sustainable and inclusive private investment in ,latin ,america and the ,caribbean1 including-- 7,a7 elaboration on the financial1 resource1 operational1 and institutional implications1 such as the potential recalibration of shareholding at the ,board of ,directors of ,,idb ,invest1 of implementing the new vision and business model2 and 7,b7 as necessary1 the redesign and modification of the management of ,,idb ,invest to reflect the new vision and business model4 7#b7 ,contingent support for increase in capital ,stock of ,,idb ,invest 7,a7 ,in general ,if and when the ,boards of ,directors of the ,bank and the ,,idb ,invest endorse a proposal described in paragraph 7#a71 the ,secretary shall commence negotiations for an increase in the authorized capital stock of ,,idb ,invest4 7,b7 ,consultations ,the ,secretary shall consult with the ,committee on ,foreign ,relations of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives regarding the progress of any negotiations described in subparagraph 7,a71 including with respect to anticipated timelines for such negotiations4 7c7 ,authorization to subscribe to additional shares of stock of ,,idb ,invest 7#a7 ,sense of ,congress ,it is the sense of ,congress that the ,united ,states ,governor to the ,bank should use the voice and vote of the ,united ,states to take steps-- 7,a7 to redouble the commitment of the ,united ,states to ,,idb ,invest and the ,inter-,american ,development ,bank ,group2 and 7,b7 to double the financial capacity of ,,idb ,invest4 7#b7 ,authorization 7,a7 ,in general ,after a decision by the ,board of ,governors of ,,idb ,invest to increase the authorized capital stock of ,,idb ,invest1 the ,united ,states ,governor is authorized to subscribe on behalf of the ,united ,states to additional shares of stock in such amounts as the ,governor considers appropriate1 subject to subparagraph 7,b74 7,b7 ,limitation ,the ,united ,states ,governor may not subscribe on behalf of the ,united ,states to additional shares of stock in ,,idb ,invest if such additional shares would result in the share of stock held by the ,united ,states in ,,idb ,invest to exceed the share of stock held by the ,united ,states in the ,bank4 7#c7 ,report required 7,a7 ,in general ,not later than #ae days after the conclusion of negotiations described in subsection 7b77#b7 and not less than #ae days before the ,united ,states ,governor subscribes on behalf of the ,united ,states to additional shares of stock in ,,idb ,invest under paragraph 7#b71 the ,secretary shall submit to the ,committee on ,foreign ,relations of the ,senate and the ,committee on ,financial ,services of the ,house of ,representatives a report setting forth-- 7i7 the amount of the proposed increase in the capital stock of ,,idb ,invest2 7ii7 the amount of shares proposed for subscription by the ,united ,states in connection with the proposed increase2 7iii7 the share of the stock of ,,idb ,invest held by each member country and the corresponding change in that share associated with the proposed increase2 7iv7 the anticipated increased financing levels to be achieved by the proposed increase2 7v7 the expected financial and operational impact of the proposed increase1 including a description of relevant institutional reforms by ,,idb ,invest2 and 7vi7 a description of whether the ,bank and ,,idb ,invest are successfully responding to the mandates outlined by their respective ,boards of ,governors in resolutions ,,ag-#g_/bb and ,,cii_/,,ag-#c_/bb of ,march #bh1 #bjbb4 7#d7 ,authorization of appropriations ,there are authorized to be appropriated such sums as may be necessary to pay for the subscription to additional shares of stock in ,,idb ,invest authorized by paragraph 7#b74