Title: Robust International Response to Pandemic Act
Policy area: International Affairs

Summary:
Robust International Response to Pandemic Act
This bill requires each U.S. Executive Director at an international financial institution to take certain actions in support of the global response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, each U.S. Executive Director at an international financial institution (e.g., the International Bank for Reconstruction and Development or the International Finance Corporation) must (1) seek the suspension of debt service payments to the institution and the relaxation of fiscal targets for certain programs, and (2) oppose programs or loan agreements that would reduce countries' health care spending or other spending related to their responses to COVID-19. Further, the U.S. Executive Director at the International Monetary Fund must support the issuance of Special Drawing Rights (a currency support tool) so that governments may access additional resources to finance their responses to COVID-19.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6581 Introduced in House (IH)]

<DOC>






116th CONGRESS
  2d Session
                                H. R. 6581

  To ensure international financial institution support for a robust 
        international response to the global COVID-19 pandemic.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 21, 2020

 Mr. Garcia of Illinois (for himself, Ms. Schakowsky, Mr. Takano, Mr. 
Lynch, Mr. McGovern, Mr. Levin of Michigan, Ms. Lee of California, Ms. 
 Norton, Ms. Wilson of Florida, Mr. Pocan, Mr. Rush, Mr. Connolly, Mr. 
 Cohen, Mr. Grijalva, Ms. Tlaib, and Mr. Carson of Indiana) introduced 
 the following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To ensure international financial institution support for a robust 
        international response to the global COVID-19 pandemic.

    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 ``Robust International Response to 
Pandemic Act''.

SEC. 2. SUPPORT FOR A ROBUST GLOBAL RESPONSE TO THE COVID-19 PANDEMIC.

    (a) United States Policies at the International Financial 
Institutions.--
            (1) In general.--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 and vote of the United States in the respective 
        institution--
                    (A) to seek to ensure adequate fiscal space for 
                world economies in response to the global COVID-19 
                pandemic through the suspension of all debt service 
                payments to the institution, and the relaxation of 
                fiscal targets for any government operating a program 
                supported by such an institution and for any government 
                who seeks financing from such an institution in 
                response to the pandemic; and
                    (B) to oppose the approval or endorsement of any 
                loan, grant, document, or strategy that would lead to a 
                decrease in health care spending or in any other 
                spending that would impede the ability of any country 
                to prevent or contain the spread of, or treat persons 
                who are or may be infected with, the COVID-19 virus.
            (2) IMF issuance of special drawing rights.--The Secretary 
        of the Treasury shall instruct the United States Executive 
        Director at the International Monetary Fund to use the voice 
        and vote of the United States to support the issuance of a 
        special allocation of at least 3,000,000,000,000 Special 
        Drawing Rights so that governments are able to access 
        additional resources to finance their response to the global 
        COVID-19 pandemic.
    (b) Report Required.--The Chairman of the National Advisory Council 
on International Monetary and Financial Policies shall include in the 
annual report required by section 1701 of the International Financial 
Institutions Act a description of progress made toward advancing the 
policies described in subsection (a) of this section.
    (c) Sunset.--Subsections (a) and (b) of this section shall have no 
force or effect after the earlier of--
            (1) the date that is 1 year after the date of the enactment 
        of this Act; or
            (2) 30 days after the date that the Secretary of the 
        Treasury reports to the Committee on Financial Services of the 
        House of Representatives and the Committee on Foreign Relations 
        of the Senate that the COVID-19 virus is no longer a serious 
        threat to public health in any part of the world.
                                 <all>