Bill > HR7516

This bill, titled the "No Funds for Forced Labor Act," aims to prevent international financial institutions from funding projects that involve forced labor. It directs the Secretary of the Treasury to instruct U.S. representatives at these institutions to actively oppose loans for any project that carries a significant risk of using forced labor, or that is carried out by entities in China's Xinjiang Uyghur Autonomous Region, which has been identified as a region with extensive forced labor. The bill also requires these institutions to explain how they vet projects for forced labor risks and what steps they take to mitigate those risks. Furthermore, the Secretary of the Treasury must submit an annual report to Congress detailing the implementation of these provisions and making this report publicly available. This legislation is a response to findings by organizations like the International Labour Organization and the Congressional-Executive Commission on China regarding the use of forced labor, particularly against Uyghur and other Muslim populations in Xinjiang.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/7516/all-info