This legislation aims to prevent international financial institutions from providing debt relief to the People's Republic of China, either directly or indirectly, by mandating the withdrawal of the United States from such organizations if they do so. Specifically, it requires the Secretary of the Treasury to initiate the withdrawal of the U.S. from the International Monetary Fund if the IMF provides any loan relief to China. The bill also mandates U.S. withdrawal from the World Bank Group or the Asian Development Bank if they provide debt relief to any country that subsequently aids China in its own debt relief efforts. The Secretary must complete the withdrawal process within 60 days, with a report to Congress required if non-compliance occurs, and the U.S. would be prohibited from re-joining. Additionally, the legislation directs the U.S. Executive Director at the IMF to actively oppose any debt relief for China and requires monthly reports to Congress on financial transactions involving China from these institutions. Finally, the bill explicitly states that it is the policy of the United States for Congress to have the authority to direct the actions of the U.S. in any international financial institution.