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H.R. 3326: World Bank Accountability Act of 2017

Title: World Bank Accountability Act of 2017

Introduced: Jul 20, 2017 (115th Congress)

Sponsor: (No First Name Found) (No Last Name Found) [-]

Status: Passed House - Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

Summary: World Bank Accountability Act of 2017 This bill provides that for each of FY2018-FY2023, 15% of appropriations for the World Bank's International Development Association shall be withheld and not disbursed until the Department of the Treasury reports to Congress that the International Bank for Reconstruction and Development: (1) is implementing institutional incentives that prioritize poverty reduction, development outcomes, and capable project management over the Bank's lending and grant making volume; (2) is taking, or has completed, steps to address the management failures from the Uganda Transport Sector Development Project; and (3) is strengthening its trust fund management in order to increase accountability for poverty reduction and development outcomes. An additional 15% of appropriations for such fiscal years shall be withheld and not disbursed until Treasury reports that the International Bank for Reconstruction and Development: (1) is emphasizing its support for secure property rights, due process of law, and economic freedom as essential to sustained poverty reduction in World Bank borrowing countries; (2) has not approved any loans or grants to a country designated by the U.S. as a state sponsor of terrorism and is strengthening the ability of Bank-funded projects to undermine violent extremism; (3) is taking steps to conduct randomized forensic audits of projects receiving Bank assistance; and (4) is working to detect and minimize corruption in projects involving development policy lending. Such conditions will be considered to have been satisfied for a fiscal year if they have been satisfied for the preceding three fiscal years. The bill amends the International Development Association Act to authorize the Governor of the International Development Association to contribute a specified amount on behalf of the United States to the 18th replenishment of the association's resources.

Votes

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