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 Peopleâ€™s Republic of China held by 20,000 families in the United States represented by the American Bondholders Foundation, LLC.

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 Peopleâ€™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 Whereas the bonds constitute full faith and credit sovereign obligations of the internationally recognized Government of the Peopleâ€™s Republic of China; Whereas the Peopleâ€™s Republic of China subsequently defaulted on those bonds; Whereas the bonds constitute an unpaid general obligation of the Government of the Peopleâ€™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 Peopleâ€™s Republic of China; Whereas the Government of the Peopleâ€™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 Peopleâ€™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 Peopleâ€™s Republic of China by focusing on an expansion of bilateral trade while deferring discussion of repayment of the People's Republic of Chinaâ€™s defaulted national debt; Whereas, under standard legal principles, the People's Republic of Chinaâ€™s defaulted sovereign gold debt has been 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 Chinaâ€™s obligations as payment for the United States national debt to the People's Republic of China; Whereas, the Government of the Peopleâ€™s Republic of China covered up the outbreak of the coronavirus disease 2019 (commonly referred to as COVIDâ€“19 Whereas the United States Government pays its debts, and so should the Government of the Peopleâ€™s Republic of China: Now, therefore, be it That it is 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 Peopleâ€™s Republic of China held by 20,000 families in the United States who are represented by the American Bondholders Foundation, LLC, for the benefit of the bondholders and the people of the United States.

Summary: This concurrent resolution expresses the sense of Congress that the President should do everything within his power to achieve resolution and repayment by China of the defaulted Chinese bonds held by 20,000 families in the United States.