(TargetLiberty.org) – There’s a lot of concern among Republicans about the expanding influence China has across the world via the misuse of World Bank loans. For years, the Communist country has been granted these loans funded by US taxpayer dollars and used the money to extend its influence across the globe. One group of concerned Republicans is fighting to limit influence by denying access to these loans that should instead be going to debt financing for developing nations.
On April 30, Republican Senators Marco Rubio (FL), Rick Scott (FL), Tom Cotton (AR), Ted Cruz (TX) and Chuck Grassley (IA) reintroduced the World Bank Integrity Preservation Act. The senators believe China has been exploiting the World Bank (and US taxpayers) by getting these low-cost loans and misappropriating the money for reasons like the repression of Uyghurs and other ethnic minorities. The legislation would cut off the nation’s access to these loans.
Sen. Rubio, @ChuckGrassley, @SenTomCotton, @SenTedCruz, & @SenRickScott reintroduced the #WorldBankIntegrityPreservationAct of 2021. This legislation seeks to curb China’s access to the World Bank’s low-rate debt financing intended for developing nations. https://t.co/LodLkXhqNh
— Senator Rubio Press (@SenRubioPress) April 30, 2021
Senator Marco Rubio released a statement saying the Beijing government has been allowed to exploit the World Bank for too long. The new legislation would force the bank to “uphold US interests” and also to “reaffirm America’s continued commitment to religious freedom worldwide.” Senator Scott said he was proud to join the other senators in their mission to “protect taxpayer dollars” and to hold China responsible for its “horrific crimes” against the Uyghurs.
Democratic senators have not said whether they will support the bill.
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