No More Debt Relief to China Act

Key Points

• The bill would force the Treasury Secretary to pull the US out of the IMF, World Bank, or Asian Development Bank if any of them help China get debt relief on loans it made to other countries.
• Once a withdrawal notice is sent, the US has only 60 days to fully leave the institution, and the law bans the US from ever rejoining it.
• The bill also directs the US representative at the IMF to vote against any debt relief for China, using America's influence to block such deals before they happen.
• It requires monthly reports from these institutions on all their financial transactions involving China, including any forgiven debt, which must be shared with Congress.
• The bill also states it is US policy that Congress has authority to direct US actions inside these international financial institutions, asserting a broader oversight role.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.