Sen. John Barrasso, the No. 3 Republican in the Senate, introduced the bill the day after China's president met with Vladimir Putin in Russia.
Sen. John Barrasso, R-Wy., introduced a bill to curb Xi's government's access to the World Bank and other multilateral development banks.
At the same time, China is the world’s largest holder of foreign reserves, and held more than $3 trillion in foreign-exchange reserves at the end of 2022. The Senate voted 96-0 last year on an amendment declaring that China is not a developing country. In his statement on the bill’s introduction, which he also introduced in the last Congress, Barrasso pointed out the U.S.’s status as the World Bank’s largest shareholder."It’s time to stop sending Americans’ hard-earned tax dollars to the Chinese Communist Party. This legislation will put an end to lending to China and help refocus the development mission of the multilateral development banks," the senator said.
In addition to shifting U.S. posture toward China at the World Bank, the bill would also require the Treasury to provide a comprehensive annual report on China’s status within the world’s multilateral development banks and what other countries are similarly benefiting from their programs despite having graduated from assistance.Get the latest updates from the 2024 campaign trail, exclusive interviews and more Fox News politics content.
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