Official Summary

5/26/2005--Introduced.Development Bank Reform and Authorization Act of 2005 - Authorizes the Secretary of the Treasury to seek the creation of a pilot program that establishes an Anti-Corruption Trust at the World Bank, whose purposes shall include: (1) assisting poor countries in investig

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Official Summary

5/26/2005--Introduced.
Development Bank Reform and Authorization Act of 2005 - Authorizes the Secretary of the Treasury to seek the creation of a pilot program that establishes an Anti-Corruption Trust at the World Bank, whose purposes shall include:
(1) assisting poor countries in investigations and prosecutions of fraud and corruption related to a Bank loan, grant, or credit; and
(2) determining whether such a pilot program should be carried out at other multilateral development banks. Directs the Secretary to monitor pilot program fund use.
Amends the International Financial Institutions Act to direct the Secretary to use U.S. influence to promote goals at multilateral development banks (the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the Inter-American Development Bank, the World Bank, and their subsidiaries or affiliates) relating to:
(1) transparency;
(2) financial disclosure;
(3) anti-corruption;
(4) enhanced auditing;
(5) compensation for people negatively affected by bank projects;
(6) borrower country qualifications; and
(7) resource dependent country revenue transparency.
Expresses the sense of Congress in support of the Extractive Industry Transparency Initiative and the 2003 and 2004 G-8 agreements. Amends the International Development Association Act to authorize the contribution of specified sums on behalf of the United States to the fourteenth replenishment of the International Development Association.
Amends the African Development Fund Act to authorize the contribution of specified sums on behalf of the United States to the tenth replenishment of the Fund.
Amends the Asian Development Bank Act to authorize the contribution of specified sums on behalf of the United States to the eighth replenishment of the Fund.

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