No Funds for Forced Labor Act

This legislation directs the Secretary of the Treasury to instruct United States Executive Directors at international financial institutions (IFIs) to actively oppose projects that use or pose a significant risk of using forced labor . This includes projects carried out by state-owned or heavily state-influenced entities in the Xinjiang Uyghur Autonomous Region of the People's Republic of China. The bill emphasizes that IFIs should not fund entities credibly accused of using forced labor, aligning with a Sense of Congress. Additionally, the bill requires IFIs to provide specific explanations for each project, detailing how they have vetted for forced labor risks and the actions taken to mitigate or reverse those risks. The Secretary of the Treasury must also submit annual reports for five years, outlining the bill's implementation, identifying projects where forced labor could be used, and detailing U.S. efforts to garner international opposition to such projects. These reports, which define "forced labor" by reference to existing U.S. law, will be made publicly available to ensure transparency.