Bill > HR2325

This bill aims to address concerns about a foreign exchange regulation by the Bank of Central African States (BEAC) that could negatively impact oil and gas investments in the Central African Economic Monetary Community (CEMAC) region. The bill requires the U.S. Treasury Secretary to withhold support for International Monetary Fund (IMF) actions related to CEMAC member states until the IMF publicly clarifies that restoration funds from international oil companies cannot be counted towards a country's gross foreign exchange reserves. Specifically, the bill prohibits U.S. representatives from voting to approve IMF actions for CEMAC states, opposes increases in IMF quotas or modifications to access policies, and requires the Treasury Secretary to report on efforts to achieve this clarification. The bill is motivated by findings that BEAC's regulation, which mandates repatriation of site rehabilitation funds by December 2025, could potentially result in significant economic losses, with Standard & Poor's estimating a potential $86 billion reduction in government revenue and $45 billion reduction in capital investment by 2050. The legislation seeks to protect international oil companies' investments and prevent what it views as misleading financial practices by the IMF and BEAC.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/2325/all-info