IV 
117TH CONGRESS 
1ST SESSION 
H. CON. RES. 17 
Expressing the sense of Congress that the President should do everything 
in his power to achieve resolution and repayment of the defaulted sov-
ereign debt of the People’s Republic of China held by 20,000 families 
in the United States represented by the American Bondholders Founda-
tion, LLC. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 18, 2021 
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 deter-
mined 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 Foun-
dation, LLC. 
Whereas sovereign debt obligations (in this preamble referred 
to as ‘‘bonds’’) of the Government of the People’s Repub-
lic of China were offered and sold in United States cap-
ital markets; 
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•HCON 17 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 de-
faulted 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 repay-
ment 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, inter-
national 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 citi-
zens of the United Kingdom while rejecting the claims of 
citizens of the United States; 
Whereas, since the normalization of bilateral relations be-
tween 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 Re-
public of China’s defaulted sovereign gold debt has been 
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•HCON 17 IH 
accumulating 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 obliga-
tions 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 
Resolved by the House of Representatives (the Senate 
concurring), That it is the sense of Congress that the 
President should do everything in his power to achieve res-
olution and repayment of the defaulted sovereign debt of 
the People’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. 
Æ 
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