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US HB2325
Bill
Status
3/25/2025
Primary Sponsor
Bill Huizenga
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AI Summary
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Withholds U.S. support for any IMF action relating to Central African Economic Monetary Community (CEMAC) member states until the IMF clarifies that site rehabilitation funds from oil companies cannot count toward gross foreign exchange reserves
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Prohibits the President or any U.S. agency from voting to approve IMF actions for CEMAC states, and directs opposition to any IMF quota increases or exceptional access policy modifications for these countries
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Addresses a 2018 BEAC (Bank of Central African States) regulation requiring extractive industry companies to repatriate restoration funds, with a compliance deadline of April 30, 2025 and 150% penalties starting May 1, 2025
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Standard & Poor's estimates the BEAC regulation will reduce CEMAC government revenue by $86 billion and capital investment by $45 billion by 2050
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Requires Treasury Secretary to report to Congress within 30 days of making the required determination, or within 180 days of enactment if no determination is made
Legislative Description
CEMAC Act Central African Exploitation and Manipulation of American Companies Act
International affairs
Last Action
Referred to the House Committee on Financial Services.
3/25/2025