Title: Support for Global Financial Institution Pandemic Response Act of 2020
Policy area: International Affairs

Summary:
Support for Global Financial Institution Pandemic Response Act of 2020
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
Further, the U.S. Executive Director at the International Monetary Fund must support the issuance of Special Drawing Rights 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]
[S. 4139 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 4139

  To encourage support by international financial institutions for a 
            robust global response to the COVID-19 pandemic.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              July 1, 2020

  Mr. Durbin (for himself, Mr. Sanders, Mr. Reed, Mr. Cardin, and Mr. 
   Merkley) introduced the following bill; which was read twice and 
             referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
  To encourage support by international financial institutions for a 
            robust global response to the 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 ``Support for Global Financial 
Institution Pandemic Response Act of 2020''.

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 of each 
        international financial institution (as defined in section 
        1701(c)(2) of the International Financial Institutions Act (22 
        U.S.C. 262r(c)(2)) to use the voice and vote of the United 
        States at that institution--
                    (A) to seek to ensure adequate fiscal space for 
                world economies in response to the global coronavirus 
                disease 2019 (commonly referred to as ``COVID-19'') 
                pandemic through--
                            (i) the suspension of all debt service 
                        payments to the institution; and
                            (ii) the relaxation of fiscal targets for 
                        any government operating a program supported by 
                        the institution, or seeking financing from the 
                        institution, in response to the pandemic;
                    (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 SARS-CoV-2 virus; 
                and
                    (C) to require approval of all Special Drawing 
                Rights allocation transfers from wealthier member 
                countries to countries that are emerging markets or 
                developing countries, based on confirmation of 
                implementable transparency mechanisms or protocols to 
                ensure the allocations are used for the public good and 
                in response the global pandemic.
            (2) IMF issuance of special drawing rights.--The Secretary 
        of the Treasury shall instruct the United States Executive 
        Director of the International Monetary Fund to use the voice 
        and vote of the United States to support the issuance of a 
        special allocation of not less than 2,000,000,000,000 Special 
        Drawing Rights so that governments are able to access 
        additional resources to finance their responses 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 (22 U.S.C. 262r) a description of progress made toward 
advancing the policies described in subsection (a).
    (c) Termination.--Subsections (a) and (b) shall have no force or 
effect after the earlier of--
            (1) the date that is one year after the date of the 
        enactment of this Act; or
            (2) the date that is 30 days after the date on which the 
        Secretary of the Treasury submits to the Committee on Foreign 
        Relations of the Senate and the Committee on Financial Services 
        of the House of Representatives a report stating that the SARS-
        CoV-2 virus is no longer a serious threat to public health in 
        any part of the world.
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