summary
Introduced
07/20/2017
07/20/2017
In Committee
07/25/2017
07/25/2017
Crossed Over
01/18/2018
01/18/2018
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill 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.
AI Summary
This bill, the World Bank Accountability Act of 2017, aims to increase accountability, combat corruption, and strengthen management effectiveness at the World Bank. The key provisions of the bill are:
1. It withholds 15% of appropriations for the World Bank's International Development Association (IDA) each fiscal year from 2018 to 2023 until certain conditions are met, such as the World Bank implementing institutional incentives that prioritize poverty reduction and development outcomes, addressing past management failures, and strengthening trust fund management.
2. It withholds an additional 15% of IDA appropriations until the World Bank emphasizes support for secure property rights, due process of law, and economic freedom, stops approving loans or grants to countries designated as state sponsors of terrorism, takes steps to conduct forensic audits of projects, and works to detect and minimize corruption in development policy lending.
3. It requires the U.S. to oppose World Bank assistance to governments that fail to implement or enforce sanctions required under applicable UN Security Council resolutions.
4. It authorizes the U.S. to contribute $3.291 billion to the 18th replenishment of the IDA's resources, subject to appropriations.
Overall, the bill seeks to improve the World Bank's effectiveness, governance, and accountability in its development efforts.
Committee Categories
Business and Industry, Government Affairs
Sponsors (2)
Last Action
Received in the Senate and Read twice and referred to the Committee on Foreign Relations. (on 01/18/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
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