Bill · H.R. 2325· House(119-HR-2325)
CEMAC Act
- Introduced
- 3/25/2025
- Last activity
- 3/25/2025 — Referred to the House Committee on Financial Services.
- Sponsored by
- Bill Huizenga
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "CEMAC Act," aims to withhold United States support for actions within the International Monetary Fund (IMF) regarding member states of the Central African Economic Monetary Community (CEMAC). The United States will withhold its vote on IMF actions related to these states, including increasing quotas or modifying access policies, until a specific determination is made. This determination requires the IMF to publicly clarify that funds provided by international oil companies for site rehabilitation are ineligible to count toward a country's gross foreign exchange reserves. The Secretary of the Treasury is tasked with coordinating this effort and providing reports to Congress. This action is intended to address issues regarding foreign exchange regulations and the classification of funds.
Who it would affect, and how
Potential Positive Impacts for People
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Protection of American Company Investments: The bill seeks to protect tens of billions of dollars of international oil company investments in the CEMEst region by pressuring the IMF to clarify reserve eligibility (Section 2, Finding 10; Section 3, Policy 2).
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Clarification of Financial Policies: The policy aims to ensure the IMF accurately clarifies which assets are eligible or ineligible to count toward gross foreign exchange reserves, which helps countries create appropriate financial policies (Section 3, Policy 3).
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Addressing Investment Risks: By withholding support, the bill attempts to address a regulation that is expected to cause a lasting negative impact on oil and gas investment in the Central African region (Section 2, Finding 5).
Potential Negative Impacts for People
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Impact on IMF Actions for CEMAC States: The bill directs the United States to oppose any proposal to increase the quota in the IMF or modify the exceptional access policy for any CEMAC member state (Section 4, a, 2).
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Withholding of Support: The President, or any person/agency acting for the United States, is prohibited from voting to approve any action by the IMF relating to any CEMAC member state until a determination is made (Section 4, a, 1).
- 4/1/2025
- 1 Cosponsor added.
- 3/25/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
John JamesRepublican · Michigan
Daniel MeuserRepublican · Pennsylvania