Ukraine Reconstruction Accountability and Transparency Act

Ukraine Reconstruction Accountability and Transparency Act

This bill requires the Department of the Treasury to instruct the United States Executive Directors at each international financial institution to use their voice, vote, and influence to prevent such institutions from entering into contracts for reconstruction in Ukraine with companies in countries supporting the Russian invasion of Ukraine. The international financial institutions include the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation.

Specifically, the bill requires such instructions to prevent the institutions from contracting with firms, including subcontractors, that are located or have operations in designated countries or in countries whose government has provided material or diplomatic support for the Russian invasion of Ukraine.

The bill also authorizes Treasury to waive such instructions for countries specified by the bill if the government of that country (1) publicly opposes the Russian invasion of Ukraine, or (2) provides material support to Ukraine to evict Russian forces from its territory.

Bill 118 hr 4341, also known as the Ukraine Reconstruction Accountability and Transparency Act, was introduced in the US Congress with the aim of providing oversight and accountability for US assistance to Ukraine. The bill seeks to ensure that funds provided to Ukraine for reconstruction efforts are used effectively and transparently.

The key provisions of the bill include requiring the Secretary of State to submit a report to Congress detailing the use of funds provided to Ukraine for reconstruction purposes. This report would include information on the projects funded, the amount of funds allocated, and the progress made on these projects.

Additionally, the bill calls for the establishment of an independent oversight board to monitor the use of funds and ensure that they are being used in accordance with US interests and values. This board would have the authority to investigate any misuse of funds and report its findings to Congress. Overall, the Ukraine Reconstruction Accountability and Transparency Act aims to ensure that US assistance to Ukraine is being used effectively and transparently, and that the interests of the United States are being protected in the reconstruction efforts in Ukraine.