Ensuring Chinese Debt Transparency Act of 2020

IIB 116TH CONGRESS 2D SESSION H. R. 5932 IN THE SENATE OF THE UNITED STATES MARCH 3, 2020 Received; read twice and referred to the Committee on Foreign Relations AN ACT To ensure greater transparency regarding the terms and conditions of financing provided by the People’s Republic of China to member states of the international financial institutions. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 23:02 Mar 03, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5932.RFS H5932 pamtmann on DSKBC07HB2PROD with BILLS 2 HR 5932 RFS SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Ensuring Chinese Debt 2 Transparency Act of 2020’’. 3 SEC. 2. ENSURING CHINESE DEBT TRANSPARENCY. 4 (a) UNITED STATES POLICY AT THE INTERNATIONAL 5 FINANCIAL INSTITUTIONS.—The Secretary of the Treas- 6 ury shall instruct the United States Executive Director at 7 each international financial institution (as defined in sec- 8 tion 1701(c)(2) of the International Financial Institutions 9 Act) that it is the policy of the United States to use the 10 voice and vote of the United States at the respective insti- 11 tution to seek to secure greater transparency with respect 12 to the terms and conditions of financing provided by the 13 government of the People’s Republic of China to any mem- 14 ber state of the respective institution that is a recipient 15 of financing from the institution, consistent with the rules 16 and principles of the Paris Club. 17 (b) REPORT REQUIRED.—The Chairman of the Na- 18 tional Advisory Council on International Monetary and Fi- 19 nancial Policies shall include in the annual report required 20 by section 1701 of the International Financial Institutions 21 Act— 22 (1) a description of progress made toward ad- 23 vancing the policy described in subsection (a) of this 24 section; and 25 VerDate Sep 11 2014 23:02 Mar 03, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5932.RFS H5932 pamtmann on DSKBC07HB2PROD with BILLS 3 HR 5932 RFS (2) a discussion of financing provided by enti- 1 ties owned or controlled by the government of the 2 People’s Republic of China to the member states of 3 international financial institutions that receive fi- 4 nancing from the international financial institutions, 5 including any efforts or recommendations by the 6 Chairman to seek greater transparency with respect 7 to the former financing. 8 (c) SUNSET.—Subsections (a) and (b) of this section 9 shall have no force or effect after the earlier of— 10 (1) the date that is 7 years after the date of the 11 enactment of this Act; or 12 (2) 30 days after the date that the Secretary 13 reports to the Committee on Financial Services of 14 the House of Representatives and the Committee on 15 Foreign Relations of the Senate that the People’s 16 Republic of China is in substantial compliance with 17 the rules and principles of the Paris Club. 18 Passed the House of Representatives March 2, 2020. Attest: CHERYL L. JOHNSON, Clerk. VerDate Sep 11 2014 23:02 Mar 03, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5932.RFS H5932 pamtmann on DSKBC07HB2PROD with BILLS