Independent accountability mechanisms

(a) In general The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as defined in section 1701(c)(4) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to support and increase the effectiveness of the independent accountability mechanisms (in this section referred to as IAM) of the respective bank, through engagement with bank management and other executive directors at the bank. (b) Responsible exit policies The Secretary of the Treasury shall instruct the United States Executive Director at each multilateral development bank (as so defined) to use the voice, vote, and influence of the United States to advocate for the adoption by the respective bank of responsible exit policies for projects that require remediation before exit, and to support the prohibition of project exit during the accountability process without the consent of complainants. (c) Report to Congress The Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate annual written reports on— (1) all IAM cases that have been opened in the year covered by the report or remain open; and (2) provision of information on the engagement by each such bank in the IAM cases including implementation of Management Action Plans developed in response to IAM cases, noting when any such bank has not sufficiently implemented a Management Action Plan in a timely manner.