United States opposition to international financial institution loans for projects that would use, or have a significant risk of using, forced labor

(a) In general Title VII of the International Financial Institutions Act (22 U.S.C. 262d, 262c note, 262e, and 262d note) is amended by adding at the end the following: 706. United States opposition to loans for projects that would use, or have a significant risk of using, forced labor (a) In general The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2)) to use the voice, vote, and influence of the United States, to the maximum extent practicable, to— (1) oppose the provision of a loan to any project that will— (A) pose a significant risk of using forced labor; or (B) be carried out by a state-owned or heavily state-influenced entity in the Xinjiang Uyghur Autonomous Region of the People's Republic of China; and (2) require the institution to provide, with respect to each project supported by the institution, an explanation, specific to the project, of— (A) how the institution has vetted the project for forced labor risks; and (B) the actions taken to mitigate, track, and reverse that risk. (b) Definition of forced labor In this section, the term forced labor — (1) has the meaning given the term in section 307 of the Tariff Act of 1930 (19 U.S.C. 1307); and (2) includes convict labor and indentured labor under penal sanctions.. (b) Report (1) In general Not later than 1 year after the date of the enactment of this Act, and annually thereafter for the next 5 years, the Secretary of the Treasury shall submit to the committees specified in paragraph (2) a written report on the implementation of the amendment made by subsection (a), which shall include details about— (A) any project approved by an international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r(c)(2))) in which forced labor could possibly be used; and (B) the efforts of the United States Executive Director at each such institution to convince other countries to oppose any project in which forced labor could be used. (2) Committees specified The committees specified in this paragraph are— (A) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives; and (B) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. (3) Public availability The Secretary of the Treasury shall make the report (or an unclassified version of the report) available to the public.