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

Summary:
Robust International Response to Pandemic Act
This bill requires the Department of the Treasury and 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. Governor at the International Monetary Fund (IMF) must advocate for the issuance of Special Drawing Rights so that governments may access additional resources to finance their responses to COVID-19. Of these Special Drawing Rights allocated to the United States, Treasury must lend a specified amount to the Poverty Reduction and Growth Trust or other special purpose vehicle of the IMF to help eligible low-income countries respond to COVID-19.
Treasury must also advocate for an extension of the current moratorium on debt service payments to official bilateral creditors by the world's poorest countries.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 986 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 986

    To provide support for a robust global response to the COVID-19 
                               pandemic.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 2021

 Mr. Garcia of Illinois (for himself, Ms. Schakowsky, Mr. Takano, Mr. 
 Castro of Texas, Mr. Lynch, Mr. McGovern, Mr. Levin of Michigan, Ms. 
 Omar, Mr. Cicilline, Mr. Espaillat, Mr. Pocan, Mr. Cohen, Mr. Johnson 
  of Georgia, Ms. Pressley, and Ms. Jayapal) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To provide support 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 ``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 (22 
        U.S.C. 262r(c)(2))) to use the voice and vote of the United 
        States at the respective 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 to the global pandemic.
            (2) IMF allocation of special drawing rights.--The United 
        States Governor of the International Monetary Fund shall 
        advocate for an allocation of not less than 2,000,000,000,000 
        Special Drawing Rights by the International Monetary Fund so 
        that governments are able to access additional resources to 
        finance their responses to the global COVID-19 pandemic.
            (3) Allocation of u.s. special drawing rights.--Of the 
        Special Drawing Rights allocated to the United States pursuant 
        to the allocation described in paragraph (2), the Secretary of 
        the Treasury shall lend 1,100,000,000 Special Drawing Rights to 
        the Poverty Reduction and Growth Trust or other special purpose 
        vehicle of the International Monetary Fund, to help eligible 
        low-income countries respond to the health and economic effects 
        of the global COVID-19 pandemic.
            (4) Authorizations.--
                    (A) In general.--Notwithstanding section 6(a) of 
                the Special Drawing Rights Act (22 U.S.C. 286q(a)), the 
                United States Governor of the International Monetary 
                Fund may vote to allocate up to 2,000,000,000,000 
                Special Drawing Rights under article XVIII of the 
                Articles of the Agreement of the International Monetary 
                Fund.
                    (B) Section 5(f) of the Bretton Woods Agreements 
                Act (22 U.S.C. 286c(f)) shall not apply to any loan 
                made by the Secretary of the Treasury to the Poverty 
                Reduction and Growth Trust or other special purpose 
                vehicle of the International Monetary Fund, in an 
                amount not to exceed 1,100,000,000 Special Drawing 
                Rights in the aggregate, in order to enhance the 
                International Monetary Fund's support to eligible low-
                income countries: Provided, That the cost of the 
                amounts authorized herein shall be determined as 
                provided under the Federal Credit Reform Act of 1990 (2 
                U.S.C. 661 et seq.): Provided further, That section 
                504(b) of the Federal Credit Reform Act of 1990 (2 
                U.S.C. 661c(b)) shall not apply.
    (b) United States Policy at the G20.--The Secretary of the Treasury 
shall commence immediate efforts to reach an agreement with the Group 
of Twenty to extend through the end of 2021 the current moratorium on 
debt service payments to official bilateral creditors by the world's 
poorest countries.
    (c) 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) of this section.
    (d) Termination.--Subsections (a) and (c) shall have no force or 
effect on or after December 31, 2023.
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