II 

Calendar No. 276 

111TH CONGRESS 

2D SESSION S. 2961 

[Report No. 111–128] 

To provide debt relief to Haiti, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 28, 2010 

Mr. DODD (for himself, Mr. LUGAR, Mr. DURBIN, and Mr. KERRY) introduced 

the following bill; which was read twice and referred to the Committee 

on Foreign Relations 

FEBRUARY 25, 2010 

Reported by Mr. KERRY, with amendments 

[Omit the part struck through and insert the part printed in italic] 

A BILL 

To provide debt relief to Haiti, and for other purposes. 

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 ‘‘Haiti Recovery Act’’. 

5 SEC. 2. DEBT RELIEF FOR HAITI. 

6 (a) IN GENERAL.— 


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1 (1) CANCELLATION OF DEBT.—The Secretary 

2 of the Treasury should direct the United States Ex3 ecutive Director to each international financial insti4 tution to advocate in such institution— 

5 (A) the cancellation of any and all remain6 ing debt obligations of Haiti, including debt ob7 ligations incurred afterbefore the date of the en8 actment of this Act and before February 1, 

9 2012; 

10 (B) the provision of debt service relief for 

11 all remaining payments of Haitipayments of 

12 Haiti remaining on the date of the enactment of 

13 this Act; and 

14 (C) to the extent practicable, the extension 

15 of any new assistance to Haiti be primarily in 

16 the form of grants, not loansuntil February 1, 

17 2012. 

18 (2) INTERNATIONAL FINANCIAL INSTITU19 TION.—The term ‘‘international financial institu20 tion’’ means each of the institutions listed in section 

21 1701(c)(2) of the International Financial Institu22 tions Act (22 U.S.C. 262r(c)(2)) and includes the 

23 International Development Fund for Agricultural 

24 Development. 


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1 (3) SENSE OF THE SENATE.—It is the sense of 

2 the Senate that international financial institutions 

3 should cancel any debt incurred by Haiti after the 

4 date of the enactment of this Act and before February 

5 1, 2012, so that Haiti can rebuild after the devasta6 tion of the earthquake of January 2010. 

7 (b) USE OF CERTAIN FUNDS FOR POVERTY REDUC8 TION.—The Secretary of the Treasury should instruct the 

9 United States Executive Director of the International 

10 Monetary Fund to advocate the use of the proceeds, in 

11 excess of May 2009 projectionssome of the realized windfall 

12 profits that exceed the required contribution to the Poverty 

13 Reduction and Growth Trust (as referenced in the IMF Re14 forms Financial Facilities for Low-Income Countries Pub15 lic Information Notice (PIN) No. 09/94) from the ongoing 

16 sale of 12,965,649 ounces of gold acquired since the sec17 ond Amendment of the Fund’s Article of Agreement, to 

18 provide debt stock relief, debt service relief, loan subsidies, 

19 and grants for low-income countries that are eligible for 

20 the Poverty Reduction and Growth Facility or any other 

21 programs designed to assist low-income countries, includ22 ing HaitiHaiti. 

23 (c) SECURING OTHER RELIEF FOR HAITI.—The Sec24 retary of the Treasury and the Secretary of State should 


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1 use all appropriate diplomatic influence to secure cancella2 tion of any and all remaining bilateral debt of Haiti. 

3 SEC. 3. INFRASTRUCTURE INVESTMENT. 

4 (a) TRUST FUND.—The Secretary of the Treasury 

5 should support the creation and utilization of an Inter6 American Development Banka multilateral trust fund for 

7 Haiti that would leverage potential United States con8 tributions and promote bilateral donations to such a fund 

9 for the purpose of making investments in Haiti’s infra10 structurefuture, including efforts to combat soil degradation 

11 and promote reforestation and infrastructure investments 

12 such as electric grids, roads, water and sanitation facili13 ties, and other critical infrastructure projects. 

14 (b) INCREASE IN TRANSFER OF EARNINGS.—The 

15 Secretary of the Treasury should direct the United States 

16 Executive Director of the Inter-American Development 

17 Bank to seek to increase the transfer of its earnings to 

18 the Fund for Special Operations, which finances program19 ming in Haiti and other weak economies in the Western 

20 Hemisphere.and to a trust fund or grant facility for Haiti. 


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rfrederick on DSKD9S0YB1PROD with BILLS
Calendar No. 276 

111TH CONGRESS 

2D SESSION S. 2961 

[Report No. 111–128] 

A BILL 

To provide debt relief to Haiti, and for other 

purposes. 

FEBRUARY 25, 2010 

Reported with amendments 


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