WASHINGTON (HRNW) — Lawmakers intent on reducing China ‘s influence on the U.S. economy are pushing the Treasury Department to help curb the outsized role of Beijing at the Inter-American Development Bank, which supports economic and social development in Latin America and Caribbean.
The bipartisan group of lawmakers say Beijing is using the bank as a tool to expand its influence in the region. And they want the U.S., the biggest voice at the bank, to do more to rein in the awarding of projects to Chinese firms and to block Chinese attempts to acquire more shares at the bank.
Rep. Mike Gallagher, the Republican chairman of a new House select committee focused on China, is the lead sponsor of of the legislation, which is being introduced Tuesday, seeking to understand and reduce Beijing’s power at the bank.
The Inter-American Development Bank Transparency Act would require the Treasury to issue a report every two years on the scope and scale of Chinese influence and involvement in all aspects of the bank, including a list of Chinese-funded projects and an action plan for the U.S. to reduce Chinese involvement at the bank.
More than a dozen Republican and Democratic lawmakers have signed on with Gallagher as co-sponsors of the legislation, including Sen. Robert Menendez, the Democratic chairman of the Senate Committee on Foreign Relations.