IDB Transparency Act
3/9/2024, 4:45 AMSummary of Bill HR 4865
The IDB Transparency Act, also known as Bill 118 hr 4865, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase transparency and accountability within the Inter-American Development Bank (IDB), which is an international financial institution that provides loans and grants to countries in Latin America and the Caribbean.The IDB Transparency Act aims to achieve this goal by requiring the IDB to publish detailed information about its projects, including the amount of funding provided, the intended beneficiaries, and the expected outcomes. This information would be made available to the public on the IDB's website, allowing for greater scrutiny and oversight of the bank's activities.
Additionally, the bill would require the IDB to establish a mechanism for receiving and addressing complaints from individuals and communities affected by its projects. This would help ensure that the IDB is held accountable for any negative impacts its projects may have on local populations. Overall, the IDB Transparency Act seeks to promote greater transparency, accountability, and effectiveness within the IDB, ultimately leading to better outcomes for the countries and communities that rely on its funding.
Congressional Summary of HR 4865
IDB Transparency Act
This bill directs the U.S. Executive Director at the Inter-American Development Bank (IDB) to act to reduce China's influence and to promote greater transparency about China's role in the IDB.
Specifically, the U.S. Executive Director must vote and advocate to reduce the influence of China's government and Chinese companies at the IDB, including by opposing any IDB funding or projects that (1) are at least 10% funded by China or Chinese companies, and (2) present risks to U.S. national interests. Additionally, the U.S. Executive Director must vote against and take other actions to oppose the acquisition of IDB stock by China or Chinese companies.
The bill also directs the Department of the Treasury to provide Congress with a report on China's influence at the IDB, including an action plan to reduce Chinese involvement in IDB projects. If the report is not provided within 180 days of the bill's enactment, and until it is, the U.S. Executive Director must vote against or act to prevent a quorum for any vote related to the IDB budget.
