IV 

116TH CONGRESS 

2D SESSION H. CON. RES. 110 

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 HOUSE OF REPRESENTATIVES 

AUGUST 18, 2020 

Mr. GREEN of Tennessee submitted the following concurrent resolution; which 

was referred to the Committee on Financial Services, and in addition to 

the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

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; 


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•HCON 110 IH 

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 acVerDate Sep 11 2014 02:32 Aug 21, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\HC110.IH HC110

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•HCON 110 IH 

cumulating compound interest for more than 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 House of Representatives (the Senate 

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 


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