III 

116TH CONGRESS 

2D SESSION S. CON. RES. 43 

Expressing the sense of Congress that the President should do everything 

in his power to achieve resolution and repayment of the defaulted sovereign debt of the People’s Republic of China held by 20,000 families 

in the United States represented by the American Bondholders Foundation, LLC. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 13, 2020 

Ms. MCSALLY (for herself and Mrs. BLACKBURN) submitted the following concurrent resolution; which was referred to the Committee on Foreign Relations 

CONCURRENT RESOLUTION 

Expressing the sense of Congress that the President should 

do everything in his power to achieve resolution and 

repayment of the defaulted sovereign debt of the People’s 

Republic of China held by 20,000 families in the United 

States represented by the American Bondholders Foundation, LLC. 

Whereas sovereign debt obligations (in this preamble referred 

to as ‘‘bonds’’) of the Government of the People’s Republic of China were offered and sold in United States capital markets; 


pamtmann on DSKBC07HB2PROD with BILLS
2 

•SCON 43 IS 

Whereas the bonds constitute full faith and credit sovereign 

obligations of the internationally recognized Government 

of the People’s Republic of China; 

Whereas the People’s Republic of China subsequently defaulted on those bonds; 

Whereas the bonds constitute an unpaid general obligation of 

the Government of the People’s Republic of China; 

Whereas, under the successor government doctrine of settled 

international law (relating to establishing the continuity 

of obligations among successor governments), the repayment obligation for the bonds is the obligation of the 

Government of the People’s Republic of China; 

Whereas the Government of the People’s Republic of China 

continues to refuse to repay the bonds held by United 

States citizens and has officially repudiated the debts, 

which is a clear violation of United States law, international law, and the rules and regulations of the World 

Bank and the International Monetary Fund; 

Whereas the Government of the People’s Republic of China 

honored repayment of the exact same bonds held by citizens of the United Kingdom while rejecting the claims of 

citizens of the United States; 

Whereas, since the normalization of bilateral relations between the United States and the People’s Republic of 

China in the 1970s, the United States has shown good 

will to the People’s Republic of China by focusing on an 

expansion of bilateral trade while deferring discussion of 

repayment of the People’s Republic of China’s defaulted 

national debt; 

Whereas, under standard legal principles, the People’s Republic of China’s defaulted sovereign gold debt has been 


pamtmann on DSKBC07HB2PROD with BILLS
3 

•SCON 43 IS 

accumulating compound interest for more 82 years and 

is estimated to exceed the total amount of the United 

States national debt to the People’s Republic of China; 

Whereas, as representative of United States bondholders who 

own the People’s Republic of China’s defaulted sovereign 

gold bonds, American Bondholders Foundation, LLC, has 

proposed using the People’s Republic of China’s obligations as payment for the United States national debt to 

the People’s Republic of China; 

Whereas, the Government of the People’s Republic of China 

covered up the outbreak of the coronavirus disease 2019 

(commonly referred to as ‘‘COVID–19’’) during its early 

stages, resulting in a global pandemic and more than 

$2,000,000,000,000 in financial damage to the United 

States; and 

Whereas the United States Government pays its debts, and 

so should the Government of the People’s Republic of 

China: Now, therefore, be it 

1 Resolved by the Senate (the House of Representatives 

2 concurring), That it is the sense of Congress that the 

3 President should do everything in his power to achieve res4 olution and repayment of the defaulted sovereign debt of 

5 the People’s Republic of China held by 20,000 families 

6 in the United States who are represented by the American 

7 Bondholders Foundation, LLC, for the benefit of the 

8 bondholders and the people of the United States. 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS