I 
117TH CONGRESS 
2D SESSION 
H. R. 6549 
To provide support for international initiatives to provide debt relief to 
developing countries with unsustainable levels of debt, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 1, 2022 
Ms. OCASIO-CORTEZ introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To provide support for international initiatives to provide 
debt relief to developing countries with unsustainable 
levels of debt, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SUPPORT FOR INTERNATIONAL INITIATIVES 
TO PROVIDE DEBT RELIEF TO DEVELOPING 
COUNTRIES WITH UNSUSTAINABLE LEVELS 
OF DEBT. 
(a) DEBT RELIEF.—The Secretary of the Treasury, 
in consultation with the Secretary of State, shall— 
(1) engage with international financial institu-
tions and official and commercial creditors to ad-
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vance support for prompt and effective implementa-
tion and improvement of the Common Framework 
for Debt Treatments beyond the Debt Service Sus-
pension Initiative (in this section referred to as the 
‘‘Common Framework’’), and any successor frame-
work or similar coordinated international debt treat-
ment process through the establishment and publica-
tion of clear and accountable— 
(A) debt treatment benchmarks designed 
to achieve debt sustainability for each partici-
pating debtor; 
(B) standards for equitable burden sharing 
among all creditors with material claims on 
each participating debtor, without regard for 
their official, private, or hybrid status; 
(C) robust debt disclosure, including but 
not limited to inter-creditor data sharing and a 
broad presumption in favor of public disclosure 
of material terms and conditions of claims on 
participating debtors; 
(D) expanded eligibility criteria to include 
all countries with unsustainable levels of sov-
ereign debt; 
(E) standards for comprehensive creditor 
participation consistent with robust application 
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of the policies of the International Monetary 
Funds relating to lending into arrears; and 
(F) consistent enforcement and improve-
ment of the policies of multilateral institutions 
relating to asset-based and revenue-based bor-
rowing by participating debtors, and coordi-
nated standards on restructuring collateralized 
debt; 
(2) engage with international financial institu-
tions and official and commercial creditors to ad-
vance support for a comprehensive and effective debt 
payment standstill for each participating debtor 
from the time of its application for, and until the 
completion of its negotiations under, the Common 
Framework, or any successor framework or similar 
coordinated international debt treatment process: 
provided, however, that any such standstill should 
incentivize prompt and comprehensive debt restruc-
turing agreement and provide temporary cash flow 
relief for the debtor, without exacerbating its vulner-
ability to debt distress; and 
(3) instruct the United States Executive Direc-
tor at the International Monetary Fund and the 
United States Executive Director at the World Bank 
to use the voice and vote of the United States to ad-
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vance the efforts described in paragraphs (1) and 
(2), including by urging international financial insti-
tutions to participate in debt relief, without under-
mining their ability to continue to provide new and 
additional flows of aid and assistance. 
(b) REPORTING REQUIREMENT.—Not later than 120 
days after the date of the enactment of this Act, and annu-
ally thereafter until the end of the COVID–19 pandemic, 
as determined by the World Health Organization, the Sec-
retary of the Treasury, in coordination with the Secretary 
of State, shall submit to the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations of the 
Senate and the Committees on Financial Services and 
Foreign Affairs of the House of Representatives a report 
that describes— 
(1) actions that have been taken, in coordina-
tion with international financial institutions, by offi-
cial creditors, including the government of, and 
state-owned enterprises in, the People’s Republic of 
China, and relevant commercial creditor groups to 
advance debt relief for countries with unsustainable 
debt that have sought relief under the Common 
Framework, any successor framework or mechanism, 
or under any other coordinated international ar-
rangement for sovereign debt restructuring; 
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(2) any implementation challenges that hinder 
the ability of the Common Framework to provide 
timely debt restructuring for any country with 
unsustainable debt that seeks debt relief or debt 
payment relief, including any refusal of any creditors 
to participate in equitable burden sharing, including 
but not limited to failure to share (or publish, as ap-
propriate) all material information needed to assess 
debt sustainability and inter-creditor equity; 
(3) recommendations on how to address chal-
lenges identified in paragraph (2); 
(4) any United States policy concerns with re-
spect to providing debt relief to specific countries; 
and 
(5) the transparency and accountability meas-
ures established or proposed to ensure that resources 
freed up by the debt relief described in paragraph 
(1) are used for activities that respond to the health, 
economic, and social effects of the COVID–19 pan-
demic, climate change resiliency, or help ensure eq-
uitable recoveries and growth. 
Æ 
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