IV 
117TH CONGRESS 
1ST SESSION 
H. RES. 289 
Urging the United States Secretary of State to take action regarding unpaid 
Peruvian agrarian reform bonds. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 1, 2021 
Mr. NORCROSS (for himself, Mr. MCKINLEY, Mr. KILDEE, Mr. ZELDIN, Mr. 
THOMPSON of California, Mr. MCGOVERN, Mrs. TRAHAN, Mr. RUPPERS-
BERGER, Ms. SHERRILL, Mr. KATKO, Mr. LYNCH, Mr. TURNER, Mrs. 
TORRES of California, Mr. LEVIN of California, Mrs. DINGELL, Mr. 
SIRES, Mr. GOTTHEIMER, Mrs. BEATTY, Mr. SUOZZI, Mrs. MURPHY of 
Florida, and Mr. KEATING) submitted the following resolution; which was 
referred to the Committee on Foreign Affairs 
RESOLUTION 
Urging the United States Secretary of State to take action 
regarding unpaid Peruvian agrarian reform bonds. 
Whereas, beginning in 1969, Peruvian General Juan Velasco 
Alvarado and his military government expropriated mil-
lions of acres of agricultural land as part of a broad 
agrarian reform, and compensated thousands of land-
holders with agrarian reform bonds; 
Whereas, in the 1980s and 1990s, Peru experienced severe 
hyperinflation and twice changed its currency, leaving the 
agrarian reform bonds worthless; 
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•HRES 289 IH 
Whereas, during the 1980s, Peru defaulted on the agrarian 
reform bonds, and by 1992, Peru’s Government had 
ceased making payments on the agrarian reform bonds; 
Whereas Peru’s Constitutional Tribunal has repeatedly ruled 
that the agrarian reform bonds should be fully reim-
bursed by the Peruvian Government; 
Whereas despite this court ruling, Peru has begun a process 
of payment to bondholders based on a valuation that is 
not consistent with the current value set by Peru’s Con-
stitutional Tribunal in 2001; 
Whereas Peru values the agrarian reform bonds at only tens 
of millions of dollars, even though most outside estimates 
of the current value of the bonds range from between $1 
billion and $10 billion; 
Whereas, since the 1990s, Peru has become one of Latin 
America’s fastest growing economies, with free-trade 
agreements with China and countries in Europe; 
Whereas Peruvian agrarian reform bonds are beneficially 
owned by institutional investors that include not fewer 
than 200 American State, municipal, union, and other 
pension funds located in at least 25 States; and 
Whereas the failure of the Peruvian Government to repay the 
agrarian reform bonds at their current value affects the 
retirement of over 5,000,000 United States pensioners: 
Now, therefore be it 
Resolved, That the House of Representatives urges 
the Secretary of State to take action concerning unpaid 
Peruvian agrarian reform bonds to ensure the retirement 
security of over 5,000,000 United States pensioners across 
the Nation, by encouraging the Peruvian Government to 
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•HRES 289 IH 
negotiate in good faith with United States bondholders, 
including pension funds, regarding payment of the agrar-
ian reform bonds. 
Æ 
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