Ukraine Comprehensive Debt Payment Relief Act of 2022
Bill: H.R.7081 | Sponsor: Rep. Garcia, Jesus G. "Chuy" (D-IL)
Policy area: International Affairs

Summary:
Ukraine Comprehensive Debt Payment Relief Act of 2022
This bill requires the Department of the Treasury to make efforts to secure debt relief for Ukraine.
Specifically, Treasury must order U.S. representatives to international financial institutions to advocate for such institutions to (1) immediately suspend all debt service payments owed by Ukraine to the respective institution, (2) provide concessional financial assistance to Ukraine, and (3) provide economic support for refugees from Ukraine (including refugees of African descent) and the countries receiving such refugees.
Treasury must also immediately pursue, through bilateral and multilateral frameworks, comprehensive debt payment relief for Ukraine from other governments and commercial creditor groups.

To seek immediate bilateral, multilateral, and commercial debt service 
                      payment relief for Ukraine.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Ukraine Comprehensive Debt Payment 
Relief Act of 2022''.

SEC. 2. SUSPENSION OF MULTILATERAL DEBT PAYMENTS OF UKRAINE.

    (a) United States Position in the International Financial 
Institutions.--The Secretary of the Treasury shall instruct the United 
States Executive Director at each international financial institution 
(as defined in section 1701(c)(2) of the International Financial 
Institutions Act) to use the voice, vote, and influence of the United 
States to advocate that the respective institution immediately suspend 
all debt service payments owed to the institution by Ukraine.
    (b) Official Bilateral and Commercial Debt Service Payment 
Relief.--The Secretary of the Treasury, working in coordination with 
the Secretary of State, shall commence immediate efforts with other 
governments and commercial creditor groups, through the Paris Club of 
Official Creditors and other bilateral and multilateral frameworks, 
both formal and informal, to pursue comprehensive debt payment relief 
for Ukraine.
    (c) Multilateral Financial Support for Ukraine.--The Secretary of 
the Treasury shall direct the United States Executive Director at each 
international financial institution (as defined in section 1701(c)(2) 
of the International Financial Institutions Act) to use the voice and 
vote of the United States to support, to the maximum extent 
practicable, the provision of concessional financial assistance for 
Ukraine.
    (d) Multilateral Financial Support for Refugees.--The Secretary of 
the Treasury shall direct the United States Executive Director at each 
international financial institution (as defined in section 1701(c)(2) 
of the International Financial Institutions Act) to use the voice and 
vote of the United States to seek to provide economic support for 
refugees from Ukraine, including refugees of African descent, and for 
countries receiving refugees from Ukraine.

SEC. 3. REPORT TO THE CONGRESS.

    Not later than December 31 of each year, the President shall--
            (1) submit to the Committees on Financial Services, on 
        Appropriations, and on Foreign Affairs of the House of 
        Representatives and the Committees on Foreign Relations and on 
        Appropriations of the Senate, a report on the activities 
        undertaken under this Act; and
            (2) make public a copy of the report.

SEC. 4. WAIVER AND TERMINATION.

    (a) Waiver.--The President may waive the provisions of this Act if 
the President determines that a waiver is in the national interest of 
the United States and reports to the Congress an explanation of the 
reasons therefor.
    (b) Termination.--The preceding provisions of this Act shall have 
no force or effect on or after the date that is 7 years after the date 
of the enactment of this Act.

            Passed the House of Representatives May 11, 2022.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.