Press Releases

WASHINGTON D.C. — Today, Congressman French Hill (AR-02) released the following statement after introducing H.R. 5888, which allows the Secretary of the Treasury to waive counterproductive voting mandates at the International Financial Institutions (IFIs) on a case-by-case basis.

“The International Financial Institutions are subject to legislative mandates that dictate which projects and policies the United States can endorse. For example, if the World Bank votes to approve a lending project to expand clean water access in Kenya, the United States might have to abstain or vote against it due to outdated legislative directives that may no longer advance our national interest or cooperation with our allies. This can end up isolating America in a way that prevents us from negotiating better projects and stronger results.” said Congressman Hill. “This legislation creates opportunities for Treasury to properly perform their required functions and gives our nation the necessary ownership over important financing decisions to help us collaborate with our allies more effectively.”

Background:

The full text of the H.R. 5888 can be found HERE.

This legislation would give the Treasury Secretary authority to waive certain legislative mandates on a case-by-case basis in order to enable the United States to better pursue broader goals and enhance international cooperation. Per the legislation, the authority will sunset after two years. Each time the Secretary waives a mandate, it must be reported to Congress with a detailed explanation and a certification that the waiver does not undermine the United States’ ability to promote the mandate’s policy objectives. It also requires Treasury to review the existing legislative mandates and submit to Congress within 12 months of enactment recommendations on how to streamline.