S. 955 would authorize United States participation in, and appropriations for the United States contribution to, the African Development Fund and the Multilateral Debt Relief Initiative, it would require budgetary disclosures by multilateral development banks, and it would encourage multilateral development banks to endorse the principles of the Extractive Industries Transparency Initiative.
Detailed Summary
<b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b>
African Development Fund Replenishment Act of 2009 - Amends the African Development Fund Act to authorize the U.S. Governor of the African Development Fund to contribute to the 11th replenishment of the Fund. Authorizes appropriations.
Authorizes the Secretary of the Treasury to contribute to the Fund for the purpose of funding debt relief under the Multilateral Debt Relief Initiative. Authorizes appropriations.
Defines "Multilateral Debt Relief Initiative" as the proposal set out in the G8 Finance Ministers' Joint Communique entitled "Conclusions on Development," London, June 11, 2005, and reaffirmed by G8 Heads of State at the Gleneagles Summit on July 8, 2005.
Directs the Secretary to: (1) seek to ensure that each multilateral development bank discloses to member countries the bank's operating budget, including expenses for staff, consultants, travel, and facilities; and (2) submit a related report to Congress.
Directs the Secretary to: (1) require that the U.S. Executive Director of each multilateral development bank use U.S. influence to ensure that the bank endorses and integrates the principles of the Extractive Industry Transparency Initiative; and (2) submit a related report to Congress.
States that: (1) "multilateral development bank" has the meaning given that term in specified provisions of the International Financial Institutions Act; and (2) "principles of the Extractive Industry Transparency Initiative" means the principles contained in the Statement of Principles and Agreed Actions of the Extractive Industries Transparency Initiative, agreed to in London June 17, 2003.
Status of the Legislation
Latest Major Action: 7/16/2009: Placed on Senate Legislative Calendar under General Orders. Calendar No. 113.
Points in Favor
(Log in to edit the wiki and be the first to show why the bill should pass!)
Points Against
(Log in to edit the wiki and be the first to show why the bill should not pass!)
From the Blog
WashingtonWatch.com Digest - June 15, 2009
Here is the WashingtonWatch.com email newsletter for June 15, 2009. Subscribe here. email newsletter | tell a friend | wiki | about | home | log in On the WashingtonWatch.com Blog A bill introduced in the House last week would require the ...