To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.

3/31/2025, 10:41 AM

Summary of Bill HR 692

Bill 118 hr 692, also known as the International Financial Institutions Act, aims to make changes to the U.S. policy on co-financing arrangements at multilateral development banks. The bill provides instructions on how the United States should approach co-financing agreements with these institutions.

Co-financing arrangements involve multiple parties, including the United States and other countries, working together to fund development projects through multilateral development banks. The bill seeks to ensure that the U.S. government is actively involved in these co-financing agreements and that American interests are protected.

In addition to addressing co-financing arrangements, the bill also includes provisions for other purposes related to international financial institutions. These provisions may involve oversight, reporting requirements, or other measures to ensure that the United States is effectively engaging with these institutions. Overall, Bill 118 hr 692 is focused on shaping U.S. policy towards co-financing arrangements at multilateral development banks and ensuring that American interests are represented in these international financial institutions.

Congressional Summary of HR 692

This bill requires U.S. representatives to vote against any program or project at a multilateral development bank (e.g., the World Bank) that includes joint or parallel financing provided by the Asian Infrastructure Investment Bank (AIIB) unless the Department of the Treasury certifies that the AIIB (1) has the authority and resources to provide grants and concessional assistance to countries eligible to borrow from the International Development Association on terms similar to those provided to these countries by the International Development Association, and (2) has a demonstrated history of providing such assistance to these countries.

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Current Status of Bill HR 692

Bill HR 692 is currently in the status of Bill Introduced since January 31, 2023. Bill HR 692 was introduced during Congress 118 and was introduced to the House on January 31, 2023. Bill HR 692's most recent activity was Referred to the House Committee on Financial Services. as of January 31, 2023

Bipartisan Support of Bill HR 692

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 692

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 692

To amend the International Financial Institutions Act to provide instructions with respect to the U.S. policy on co-financing arrangements at the multilateral development banks, and for other purposes.