Blocking International Funding for Projects Using Forced Labor.
This Act mandates the U.S. to actively oppose the funding of projects by international financial institutions (like the World Bank) that use or pose a significant risk of using forced labor. This ensures that U.S.-backed international loans do not support entities or regions, particularly in China's Xinjiang region, that rely on forced labor practices. For citizens, this means their government is promoting ethical labor standards globally, potentially impacting international supply chains.
Key points
U.S. to Block Loans: The Treasury Secretary must instruct U.S. Executive Directors at international financial institutions to oppose loans for projects with a significant risk of using forced labor.
Focus on China: Specific opposition is directed at projects carried out by state-owned or heavily state-influenced entities in the Xinjiang Uyghur Autonomous Region (XUAR) of China.
Transparency Requirement: Financial institutions must provide a project-specific explanation of how they vetted the project for forced labor risks and the actions taken to mitigate that risk.
Annual Reporting: The Treasury Secretary must submit an annual public report for five years detailing the implementation of the Act and any projects approved where forced labor could potentially be used.
Expired
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