The House of Representatives passed H.R. 3326, the World Bank Accountability Act introduced by Congressman Andy Barr (KY-06). The legislation would withhold up to 30 percent of future U.S. appropriations for the World Bank’s International Development Association until the Secretary of the Treasury certifies that the Bank has undertaken reforms to fight corruption, strengthen management accountability, and combat violent extremism.
“Giving the World Bank a blank check from U.S. taxpayers has enabled the poverty-fighting organization to lose its way,” said Congressman Barr. “The World Bank Accountability Act, which I introduced and the House passed today, makes our future contributions to the Bank conditional on reforms that will help better fight poverty, uphold human rights and democracy, prevent the flow of funds to corrupt governments and those who support terrorism, and improve oversight and accountability. I appreciate the support of my colleagues, and Chairman Hensarling in particular, as we work to hold the World Bank more accountable and to help it better achieve its mission of reducing poverty around the world.”
Congressman Barr spoke before the vote in support of H.R. 3326, click here to watch the full video of his remarks.