Title: Ukraine Comprehensive Debt Payment Relief Act of 2022
Policy area: International Affairs

Summary:
Ukraine Comprehensive Debt Payment Relief Act
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, and (2) provide concessional financial assistance to Ukraine.
Treasury must also immediately pursue, through bilateral and multilateral frameworks, comprehensive debt payment relief for Ukraine from other governments and commercial creditor groups.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7081 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7081

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2022

  Mr. Garcia of Illinois (for himself, Mr. Himes, Mr. David Scott of 
 Georgia, Ms. Ocasio-Cortez, and Mr. Quigley) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
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''.

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.

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 Secretary of the Treasury may waive the 
requirements of section 2 on notifying the Congress in writing that the 
waiver is important to the national interest of the United States.
    (b) Termination.--The 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.
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