To require the Secretary of the Treasury to instruct the United States Executive Directors at the international financial institutions to advocate opposition to projects that make use of forced labor.
About This Bill
Committee
Latest Action · January 29, 2024
Referred to the House Committee on Financial Services.
This bill requires the U.S. Treasury Secretary to instruct American representatives at international financial institutions, such as the World Bank, to oppose loans and funding for projects that pose a significant risk of using forced labor or are carried out by state-owned entities in China's Xinjiang Uyghur Autonomous Region. The legislation is a response to findings by the International Labor Organization and Congressional-Executive Commission on China documenting forced labor practices in that region, and a 2022 Atlantic Council report showing some World Bank entities were financing companies participating in activities against Uyghur people. The Treasury Secretary must also require these financial institutions to provide detailed explanations for each project showing how they vetted it for forced labor risks and what steps they took to reduce those risks. The bill mandates that the Treasury Secretary submit annual reports to Congress for six years detailing any approved projects where forced labor could occur and efforts to convince other countries to oppose such projects. The Treasury must also make these reports publicly available in unclassified form.
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