Federal HB7516 mandates U.S. opposition to international financial institution loans for projects using forced labor.
Federal HB7516, the No Funds for Forced Labor Act, requires the Secretary of the Treasury to instruct U.S. Executive Directors at international financial institutions to oppose projects using forced labor. The bill mandates annual reports on these efforts, including vetting processes and mitigation actions. It emphasizes the U.S. commitment to eliminating forced labor globally, particularly in the Xinjiang Uyghur Autonomous Region of China. The act also defines forced labor to include convict and indentured labor under penal sanctions.
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