The CEMAC Act would limit U.S. actions at the International Monetary Fund (IMF) involving member states of the Central African Economic and Monetary Community until the IMF publicly clarifies that oil companies’ site-restoration funds held by the regional central bank do not count as foreign exchange reserves. Until that clarification, the United States could not vote to approve IMF actions involving a CEMAC member state and would oppose increases to those states’ IMF quotas or changes to their exceptional access to IMF funding. The Treasury Secretary would have to report to Congress on U.S. efforts to obtain the clarification.
The bill concerns U.S. participation in the IMF and does not describe a direct change for individuals. No publicly available information.
The bill does not specify an appropriation or estimate government costs.
The bill’s findings say that counting site-restoration funds as foreign exchange reserves could put oil and gas investment in the region at risk. It states that these funds are intended for restoration work and should not count as reserves under IMF rules.
No publicly available information.