,i #aai? ,,congress #a/ ,session ,h4 ,r4 #bcbe ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #be1 #bjbe,mr4 ,huiz5ga 7= himself & ,mr4 ,meus]7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to )hold ,unit$ ,/ates support = any action 9 ! ,int]national ,monet>y ,fund relat+ to memb] /ates ( ! ,c5tral ,african ,economic ,monet>y ,community until a det]m9ation z to gross =eign ex*ange res]ves is made4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,c5tral ,african ,exploitation & ,manipulation ( ,am]ican ,companies ,act or ! ,,cemac ,act4 #b4 ,f9d+s ,! ,congress f9ds z foll[s3 7#a7 ,! memb] /ates ( ! ,c5tral ,african ,economic ,monet>y ,community 7,,cemac7 hold significant oil & gas res]ves & h enjoy$ decades long relation%ips & inve/m5ts ) int]national oil companies 7,i,o,cs74 7#b7 ,9 #bjah1 ! c5tral bank = ,,cemac1 ! ,bank ( ,c5tral ,african ,/ates 7,,beac7 introduc$ & int5d$ to enact a =eign ex*ange regulation t m&ates extractive indu/ry companies repatriate re/oration funds = site rehabilitation to ! ,,beac4 7#c7 ,significant progress has be5 made 9 m$iat$ dialogues ov] ! la/ #g ye>s to rectify #bc issues ) ?is regulation rais$ by ! ,i,o,cs4 ,h[ev]1 significant issues rema9 includ+ ! refusal ( ,,beac to remove its sov]eign immunity f execution1 ! role ( ,,beac z cu/odian ( re/oration fund acc\nts1 & ! implem5tation ( d\ble jeop>dy & mat]ial adv]se *ange clauses4 7#d7 ,,beac has impos$ a completely arbitr>y deadl9e ( ,april #cj1 #bjbe1 = ! ,i,o,cs to sign ?is agreem5t ) p5alties equival5t to #aej p]c5t ( ! re/oration fund />t+ ,may #a1 #bjbe4 7#e7 ,implem5tation ( ?is regulation is expect$ to create a la/+ negative impact on oil & gas inve/m5t 9 ! ,c5tral ,african region1 & w dra/ically comp\nd an already *all5g+ inve/m5t environm5t4 7#f7 ,! memb] /ates ( ,,beac h indicat$ t ^! re/oration funds w help !m %ore up _! =eign ex*ange res]ves1 despite re/oration funds be+ exclusively allocat$ = re/oration "w co/s & !re=e n meet+ ! crit]ia ( ! ,int]national ,monet>y ,fund 7,,imf7 = =eign ex*ange res]ves4 7#g7 ,! ,,imf's ,balance ( ,paym5ts & ,int]national ,inve/m5t ,position ,manual /ates t assets mu/ be readily available & controll$ by a c\ntry's monet>y au?orities to c\nt t[>ds a c\ntry's =eign ex*ange res]ves4 7#h7 ,oil & gas inve/m5ts 9 ! ,,cemac region h be5 decl9+ s9ce #bjah & ?is ,,beac =eign ex*ange regulation is expect$ to dra/ically accel]ate ?is decl9e4 7#i7 ,/&>d ,poor's e/imates t ! regulation by #bjej w result 9 a r$uction ( gov]nm5t rev5ue = ,,cemac memb] /ates ( #hf1jjj1jjj1jjj1 & a r$uction 9 capital inve/m5t ( #de1jjj1jjj1jjj 9 ! region4 7#aj7 ,by refus+ to cl>ify t ^! re/oration funds w n c\nt t[>ds gross =eign ex*ange res]ves1 ! ,,imf has misl$ ! ,,cemac memb] /ates & directly put t5s ( billions ( doll>s ( ,i,o,cs inve/m5t 9 ! region at risk4 #c4 ,/atem5t ( policy ,x is ! policy ( ! ,unit$ ,/ates t-- 7#a7 ! pres5ce ( ,unit$ ,/ates companies is a good ?+ = ! regions 9 :i* !y inve/2 7#b7 any funds provid$ to ! ,bank ( ,c5tral ,african ,/ates 79 ?is ,act ref]r$ to z ,,beac7 by any extractive indu/ry company = site rehabilitation are ineligible to c\nt t[>ds ! gross =eign ex*ange res]ves ( a memb] /ate ( ! ,c5tral ,african ,economic ,monet>y ,community 79 ?is ,act ref]r$ to z ,,cemac7 bas$ on ! requirem5ts ( ! ,balance ( ,paym5ts & ,int]national ,inve/m5t ,position ,manual ( ! ,int]national ,monet>y ,fund 79 ?is ,act ref]r$ to z ! ,,imf72 7#c7 ! ,,imf has a responsibility to accurately cl>ify to c\ntries :at are eligible & ineligible assets to c\nt t[>ds ! gross =eign ex*ange res]ves ( a c\ntry1 s t c\ntries are able to create appropriate f9ancial policies2 & 7#d7 ! ,,imf w\ld be responsible = ! loss ( inve/m5t t ! ,,cemac region w\ld face if a =eign ex*ange regulation t m&ates extractive indu/ry companies repatriate re/oration funds = site rehabilitation to ! ,,beac is enact$4 #d4 ,)drawal ( fund+ 7a7 ,9 g5]al ,until ! ,secret>y ( ! ,treasury1 9 coord9ation ) ! ,unit$ ,/ates ,executive ,director at ! ,,imf & ! ,secret>y ( ,/ate1 makes ! det]m9ation describ$ 9 subsection 7b7-- 7#a7 nei!r ! ,presid5t nor any p]son or ag5cy %all1 on behalf ( ! ,unit$ ,/ates1 vote to approve any action by ! ,,imf relat+ to any ,,cemac memb] /ate2 & 7#b7 ! ,secret>y ( ! ,treasury %all direct ! ,unit$ ,/ates ,executive ,director at ! ,,imf to use ! voice & vote ( ! ,unit$ ,/ates to oppose any proposal to-- 7,a7 increase ! quota 9 ! ,,imf = any ,,cemac memb] /ate2 or 7,b7 modify ! exceptional access policy ( ! ,,imf = any ,,cemac memb] /ate4 7b7 ,det]m9ation ,! det]m9ation ref]r$ to 9 subsection 7a7 is a det]m9ation t ! ,,imf has publicly cl>ifi$ t any funds provid$ to ,,beac by any int]national oil company = site rehabilitation are ineligible to c\nt t[>ds ! gross =eign ex*ange res]ves ( any c\ntry4 7c7 ,publication ,on mak+ ! det]m9ation describ$ 9 subsection 7b71 ! ,secret>y ( ! ,treasury %all publicize ! det]m9ation & transmit a copy ( ! det]m9ation to ! appropriate congressional committees4 7d7 ,report ,no lat] ?an #cj days aft] ! date ! det]m9ation describ$ 9 subsection 7b7 is made1 & no lat] ?an #ahj days aft] ! enactm5t ( ?is ,act if ! det]m9ation has1 by !n1 n be5 made1 ! ,secret>y ( ! ,treasury %all provide to ! appropriate congressional committees a report t details ! actions tak5 by ! ,unit$ ,/ates ,gov]nm5t at ! ,int]national ,monet>y ,fund1 includ+ ^? by ! ,unit$ ,/ates ,executive ,director at ! ,,imf1 to h ! ,,imf publicly cl>ify t any funds provid$ to ,,beac by any int]national oil company = site rehabilitation are ineligible to c\nt t[>ds ! gross =eign ex*ange res]ves ( a c\ntry4 7e7 ,appropriate congressional committees ,9 ?is section1 ! t]m appropriate congressional committees means-- 7#a7 ! ,committee on ,f9ancial ,s]vices & ! ,committee on ,=eign ,affairs ( ! ,h\se ( ,repres5tatives2 & 7#b7 ! ,committee on ,f9ance & ! ,committee on ,=eign ,relations ( ! ,s5ate4