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HR 3326 - World Bank Accountability Act of 2017 - National Key Vote

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Title: World Bank Accountability Act of 2017

Vote Smart's Synopsis:

A vote to pass a bill that authorizes up to 30% of the United States' contribution to the World Bank for loans to underdeveloped countries to be withheld if certain conditions are not met.

Highlights:

  • Appropriates $3.3 billion for the United States’ share of the 18th replenishment of the International Development Association (IDA), through which the World Bank makes loans to underdeveloped countries (Sec. 5).

  • Requires the Secretary of Treasury to withhold 15% of that appropriation if countries borrowing from the IDA are not implementing the United Nations Security Council resolution to impose sanctions on North Korea (Sec. 4).

  • Authorizes the Secretary of Treasury to withhold an additional 15% if it verifies that in the preceding fiscal year, the World Bank approved a loan to a country designated by the U.S. as a state sponsor of terrorism (Sec. 2).

  • Authorizes the President to waive these provisions if a country’s failure to meet the conditions is due exclusively to a lack of capacity of the country’s government (Sec. 4).

  • Specifies that the President can also waive these provisions if doing so is “vital to the national security interests” of the United States (Sec. 4).

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