Restrictions on use of United States funds for foreign Governments; protection of American taxpayers
The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to evaluate, prior to consideration by the Board of Executive Directors of the Fund, any proposal submitted to the Board for the Fund to make a loan to a country if:
- the amount of the public debt of the country exceeds the gross domestic product of the country as of the most recent year for which such information is available;
- the country is not eligible for assistance from the International Development Association.
If any such evaluation indicates that the proposed loan is not likely to be repaid in full, the Secretary of the Treasury shall instruct the United States Executive Director at the Fund to use the voice and vote of the United States to oppose the proposal.
Within 30 days after the Board of Executive Directors of the Fund approves a proposal described
For the duration of any program approved under such proposals, the Secretary of the Treasury shall report in writing to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate assessing the likelihood that loans made pursuant to such proposals will be repaid in full, including:
- the borrowing country’s current debt status, including, to the extent possible, its maturity structure, whether it has fixed or floating rates, whether it is indexed, and by whom
- it is held
- the borrowing country’s external and internal vulnerabilities that could potentially affect its ability to repay
- the borrowing country’s debt management strategy
Sense of congress on exploitation and trade of conflict minerals originating in the Democratic Republic of the Congo
It is the sense of Congress that the exploitation and trade of conflict minerals originating in the Democratic Republic of the Congo is helping to finance conflict characterized by extreme levels of violence in the eastern Democratic Republic of the Congo ,particularly sexual- and gender-based violence, and contributing to an emergency humanitarian situation therein, warranting the provisions of section 13(p) of the Securities Exchange Act of 1934.
Not later than 270 days after the date of the enactment of this subsection, the Commission
shall promulgate regulations requiring any person described in paragraph (2) to disclose annually, beginning with the person’s first full fiscal year that begins after the date of promulgation of such regulations, whether conflict minerals that are necessary ,for which such reporting is required,
did originate in the Democratic Republic of the Congo or an adjoining country and, in cases in which such conflict minerals did originate in any such country, submit to the Commission a report that includes, with respect to the period covered by the report:
- a description of the measures taken by the person to exercise due diligence on the source and
- chain of custody of such minerals, which measures shall include an independent private sector audit of such report submitted through the Commission that is conducted in accordance with standards established by the Comptroller General of the United States, in accordance with rules promulgated by the Commission, in consultation with the Secretary of State.
- a description of the products manufactured or contracted to be manufactured that are not DRC conflict free (‘DRC conflict free’ is defined to mean the products that do not contain minerals that directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or an adjoining country), the entity that conducted the independent private sector audit in accordance with clause (i), the facilities used to process the conflict minerals, the country of origin of the conflict minerals, and the efforts to determine the mine or location of origin with the greatest possible specificity.
The person submitting a report shall certify the audit that is included in such report. Such a certified audit shall constitute a critical component of due diligence in establishing the source and chain of custody of such minerals.
If a report required to be submitted by a person under relies on a determination of an independent private sector audit,or other due diligence processes previously determined by the Commission to be unreliable, the report shall not satisfy the requirements of the regulations.
DRC Conflict Free
A product may be labeled as ‘DRC conflict free’ if the product does not contain conflict minerals that directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or an adjoining country.
Information available to the public. Each person shall make available to the public on the Internet website of such person the information disclosed by such person.
Strategy and map to address linkages between conflict minerals and armed groups
Not later than 180 days after the date of the enactment of this Act, the Secretary of State,
in consultation with the Administrator of the United States Agency for International Development, shall submit to the appropriate congressional committees a strategy to address the linkages between human rights abuses, armed groups, mining of conflict minerals, and commercial products.
The strategy shall include the following:
A plan to promote peace and security in the Democratic Republic of the Congo by supporting efforts of the Government of the Democratic Republic of the Congo, including the Ministry of Mines and other relevant agencies, adjoining countries, and the international community, in particular the United Nations Group of Experts on the Democratic Republic of Congo, to:
- monitor and stop commercial activities involving the natural resources of the Democratic Republic of the Congo that contribute to the activities of armed groups and human rights violations in the Democratic Republic of the Congo
- stronger governance and economic institutions that can facilitate and improve transparency in the cross-border trade involving the natural resources of the Democratic Republic of the Congo to reduce exploitation by armed groups and promote local and regional development.
- A plan to provide guidance to commercial entities seeking to exercise due diligence on and formalize the origin and chain of custody of conflict minerals used in their products and on their suppliers to ensure that conflict minerals used in the products of such suppliers do not directly or indirectly finance armed conflict or result in labor or human rights violations.
- A description of punitive measures that could be taken against individuals or entities whose commercial activities are supporting armed groups and human rights violations in the Democratic Republic of the Congo.
Not later than 180 days after the date of the enactment of this Act, the Secretary of State
shall, in accordance with the recommendation of the United Nations Group of Experts on the Democratic Republic of the Congo in their December 2008 report:
- produce a map of mineral-rich zones, trade routes, and areas under the control of armed groups
- in the Democratic Republic of the Congo and adjoining countries based on data from multiple sources, including
- the United Nations Group of Experts on the Democratic Republic of the Congo;
- the Government of the Democratic Republic of the Congo, the governments of adjoining countries, and the governments of other Member States of the United Nations
- local and international nongovernmental organizations;
- make such map available to the public
- provide to the appropriate congressional committees an explanatory note describing the sources
- of information from which such map is based and the identification, where possible, of the armed groups or other forces in control of the mines depicted.
The map required shall be known as the ‘‘Conflict Minerals Map’’ ,and mines located in areas under the control of armed groups in the Democratic Republic of the Congo and adjoining countries, as depicted on such Conflict Minerals Map, shall be known as ‘‘Conflict Zone Mines’’.
The Secretary of State shall update the map required not less frequently than once every 180 days.
Publication in Federal Agency
The Secretary of State shall add minerals to the list of minerals in the definition of conflict minerals under section 1502, as appropriate. The Secretary shall publish in the Federal Register notice of intent to declare a mineral as a conflict mineral included in such definition not later than one year before such declaration.