II 

116TH CONGRESS 

2D SESSION S. 4139 

To encourage support by international financial institutions for a robust 

global response to the COVID–19 pandemic. 

IN THE SENATE OF THE UNITED STATES 

JULY 1, 2020 

Mr. DURBIN (for himself, Mr. SANDERS, Mr. REED, Mr. CARDIN, and Mr. 

MERKLEY) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations 

A BILL 

To encourage support by international financial institutions 

for a robust global response to the COVID–19 pandemic. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Support for Global 

5 Financial Institution Pandemic Response Act of 2020’’. 

6 SEC. 2. SUPPORT FOR A ROBUST GLOBAL RESPONSE TO 

7 THE COVID–19 PANDEMIC. 

8 (a) UNITED STATES POLICIES AT THE INTER9 NATIONAL FINANCIAL INSTITUTIONS.— 


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1 (1) IN GENERAL.—The Secretary of the Treas2 ury shall instruct the United States Executive Direc3 tor of each international financial institution (as de4 fined in section 1701(c)(2) of the International Fi5 nancial Institutions Act (22 U.S.C. 262r(c)(2)) to 

6 use the voice and vote of the United States at that 

7 institution— 

8 (A) to seek to ensure adequate fiscal space 

9 for world economies in response to the global 

10 coronavirus disease 2019 (commonly referred to 

11 as ‘‘COVID–19’’) pandemic through— 

12 (i) the suspension of all debt service 

13 payments to the institution; and 

14 (ii) the relaxation of fiscal targets for 

15 any government operating a program sup16 ported by the institution, or seeking fi17 nancing from the institution, in response 

18 to the pandemic; 

19 (B) to oppose the approval or endorsement 

20 of any loan, grant, document, or strategy that 

21 would lead to a decrease in health care spend22 ing or in any other spending that would impede 

23 the ability of any country to prevent or contain 

24 the spread of, or treat persons who are or may 

25 be infected with, the SARS–CoV–2 virus; and 


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1 (C) to require approval of all Special 

2 Drawing Rights allocation transfers from 

3 wealthier member countries to countries that 

4 are emerging markets or developing countries, 

5 based on confirmation of implementable trans6 parency mechanisms or protocols to ensure the 

7 allocations are used for the public good and in 

8 response the global pandemic. 

9 (2) IMF ISSUANCE OF SPECIAL DRAWING

10 RIGHTS.—The Secretary of the Treasury shall in11 struct the United States Executive Director of the 

12 International Monetary Fund to use the voice and 

13 vote of the United States to support the issuance of 

14 a special allocation of not less than 

15 2,000,000,000,000 Special Drawing Rights so that 

16 governments are able to access additional resources 

17 to finance their responses to the global COVID–19 

18 pandemic. 

19 (b) REPORT REQUIRED.—The Chairman of the Na20 tional Advisory Council on International Monetary and Fi21 nancial Policies shall include in the annual report required 

22 by section 1701 of the International Financial Institutions 

23 Act (22 U.S.C. 262r) a description of progress made to24 ward advancing the policies described in subsection (a). 


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1 (c) TERMINATION.—Subsections (a) and (b) shall 

2 have no force or effect after the earlier of— 

3 (1) the date that is one year after the date of 

4 the enactment of this Act; or 

5 (2) the date that is 30 days after the date on 

6 which the Secretary of the Treasury submits to the 

7 Committee on Foreign Relations of the Senate and 

8 the Committee on Financial Services of the House of 

9 Representatives a report stating that the SARS– 

10 CoV–2 virus is no longer a serious threat to public 

11 health in any part of the world. 

Æ 


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