Lawmakers press for more scrutiny over China's 'malign influence' at development bank

abcnews.go.com:

Lawmakers intent on reducing China’s influence on the U.S. economy are seeking to push the Treasury Department to reduce the scale of Beijing’s influence at the Inter-American Development Bank, which supports economic and social development in Latin Am...

WASHINGTON — Lawmakers intent on reducing China 's influence on the U.S. economy are pushing the Treasury Department to help curb the outsized role of Beijing at the Inter-American Development Bank, which supports economic and social development in Latin America and Caribbean.

The bipartisan group of lawmakers say Beijing is using the bank as a tool to expand its influence in the region. And they want the U.S., the biggest voice at the bank, to do more to rein in the awarding of projects to Chinese firms and to block Chinese attempts to acquire more shares at the bank.

Rep. Mike Gallagher, the Republican chairman of a new House select committee focused on China, is the lead sponsor of of the legislation, which is being introduced Tuesday, seeking to understand and reduce Beijing's power at the bank.

The Inter-American Development Bank Transparency Act would require the Treasury to issue a report every two years on the scope and scale of Chinese influence and involvement in all aspects of the bank, including a list of Chinese-funded projects and an action plan for the U.S. to reduce Chinese involvement at the bank.

“For too long, the Chinese Communist Party has exploited its presence in the Inter-American Development Bank to advance its own geopolitical, economic, and technological goals,” Gallagher said in a statement. “Latin American citizens deserve to have the IDB serve their economic development, not as a vector of CCP malign influence.”

The IDB is a