Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008

Bill: 110-hr-2634
Sponsor: Rep. Waters, Maxine [D-CA-35]
Introduced: 2007-06-07 in the House
Policy area: Foreign Trade and International Finance
Subjects: Africa (Sub-Saharan)
Agriculture and Food
Armed Forces and National Security
Auditing
Caribbean area
Civil Rights and Liberties, Minority Issues
Congress
Congress and foreign policy
Congressional investigations
Congressional reporting requirements
Crime and Law Enforcement
Debt agreements
Debt relief
Defense budgets
Democratic Republic of Congo
Developing countries
Development credit institutions
Drug abuse
Drug law enforcement
Economic growth
Economics and Public Finance
Environmental Protection
Environmental degradation
Finance and Financial Sector
Food supply
Foreign loans
Government Operations and Politics
Government publicity
Haiti
Human rights
International Affairs
International cooperation
Latin America
Negotiations
Poverty
Social Welfare
South Africa
State-sponsored terrorism

Summary:
action_date: 2007-06-07
text: 
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2007 - Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other international financial institutions, to: (1) provide for debt cancellation of eligible low-income countries (as defined by this Act) to such institutions and to the United States; (2) provide for establishment of frameworks for creditor transparency and responsible lending; and (3) provide that such debt cancellation is not conditioned on harmful economic or environmental conditions.

Directs the Government Accountability Office (GAO) to audit the debt portfolios of previous governments in certain countries, including South Africa and the Democratic Republic of Congo.

action_date: 2008-04-10
text: 
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008 - (Sec. 3) Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other defined international financial institutions, to negotiate an agreement to accomplish the following: (1) debt cancellation of eligible low-income countries to such institutions and to the United States; (2) ensuring that the provision of debt cancellation to eligible low-income countries is not followed by a reduction in the provision of any other development assistance; and (3) encouraging the government of each eligible low-income country to allocate at least 20% of its national budget towards poverty-alleviation programs. 
 
Directs the Secretary to commence immediate efforts, within the Paris Club of Official Creditors, the IMF, the World Bank, and the other defined international financial institutions to ensure that each of the institutions continues to make efforts to promote greater transparency regarding the activities of the institution.
 
Directs the Secretary to commence immediate efforts to establish a framework for responsible lending that will ensure that all creditors contribute to preserving the gains of debt relief for low-income debtor countries.
 
Directs the Government Accountability Office (GAO) to: (1) audit the debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where there is significant evidence that onerous or illegal loans were made to the government and report to the appropriate congressional committees; and (2) report to Congress on the availability of the ongoing operations, procedures, and accounts of the IMF, the World Bank, and the other international financial institutions for low-income country debt cancellation.
 
Directs the Secretary to make available on the Department of the Treasury website the full record of the remarks of the United States Executive Director respecting debt cancellation or reduction owed to respective institutions.
 
Directs the President to report annually to the appropriate congressional committees on the progress made in accomplishing the purposes of this section, including a list of the countries that have received debt cancellation and countries whose request for debt cancellation has been denied or is under consideration. 
 
Defines &quot;eligible low-income country.&quot;
 
(Sec. 4) Directs the Secretary to begin immediate efforts, within the Paris Club of Official Creditors, the IMF, the World Bank, and the other defined international financial institutions to ensure that debt cancellation to eligible low-income governments is provided without any conditions except requiring the government of such a country to take specified steps, including: (1) applying the financial benefits of debt relief to combat poverty and to redress environmental degradation; (2) making transparent policy and budget decisions; (3) adopting an integrated development strategy to support poverty reduction through economic growth; and (4) broadening public participation. 
 
Directs the President to report annually to the appropriate congressional committees respecting such activities.
 
(Sec. 5) Expresses the sense of Congress that to further debt reduction goals for low-income countries, in addition to the efforts under this Act, the United States should pay off outstanding arrearages of $595.8 million to the International Development Association and regional development banks, and become current on all debt reduction efforts, including those carried out by the International Development Association and under the Enhanced Heavily Indebted Poor Countries Initiative and the Multilateral Debt Relief Initiative.

action_date: 2008-04-16
text: 
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008 - (Sec. 3) Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other defined international financial institutions, to negotiate an agreement to accomplish the following: (1) debt cancellation of eligible low-income countries to such institutions (without undermining their financial integrity) and to the United States; (2) ensuring that the provision of debt cancellation to eligible low-income countries is not followed by a reduction in the provision of any other development assistance; and (3) encouraging the government of each eligible low-income country to allocate at least 20% of its national budget towards poverty-alleviation programs. 
 
Directs the Secretary to commence immediate efforts, within the Paris Club of Official Creditors, the IMF, the World Bank, and the other defined international financial institutions to ensure that each of the institutions continues to make efforts to promote greater transparency regarding the activities of the institution.
 
Directs the Secretary to commence immediate efforts to establish a framework for responsible lending that will ensure that all creditors contribute to preserving the gains of debt relief for low-income debtor countries.
 
Directs the Government Accountability Office (GAO) to: (1) audit the debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where there is significant evidence that onerous or illegal loans were made to the government and report to the appropriate congressional committees; and (2) report to Congress on the availability of the ongoing operations, procedures, and accounts of the IMF, the World Bank, and the other international financial institutions for low-income country debt cancellation.
 
Directs the Secretary to make available on the Department of the Treasury website the full record of the remarks of the United States Executive Director respecting debt cancellation or reduction owed to respective institutions.
 
Directs the President to report annually to the appropriate congressional committees on the progress made in accomplishing the purposes of this section, including a list of the countries that have received debt cancellation and countries whose request for debt cancellation has been denied or is under consideration. 
 
Defines &quot;eligible low-income country.&quot;
 
(Sec. 4) Directs the Secretary to begin immediate efforts, within the Paris Club of Official Creditors, the IMF, the World Bank, and the other defined international financial institutions to ensure that debt cancellation to eligible low-income governments is subject only to specified conditions, including that a country: (1) take steps to apply the financial benefits of debt relief to combat poverty and to redress environmental degradation; (2) make transparent policy and budget decisions; (3) adopt an integrated development strategy to support poverty reduction through economic growth; and (4) broaden public participation. 
 
Directs the President to report annually to the appropriate congressional committees respecting such activities.
 
(Sec. 5) Expresses the sense of Congress that to further debt reduction goals for low-income countries, in addition to the efforts under this Act, the United States should pay off outstanding arrearages of $595.8 million to the International Development Association and regional development banks, and become current on all debt reduction efforts, including those carried out by the International Development Association and under the Enhanced Heavily Indebted Poor Countries Initiative and the Multilateral Debt Relief Initiative.
 
(Sec. 6) Expresses the sense of Congress that due to the current humanitarian and political instability in Haiti, including food shortages and political turmoil, the Secretary should use the Secretary's influence to expedite cancellation of Haiti's debts to all international financial institutions, or if such debt cancellation cannot be provided, to urge the institutions to suspend Haiti's debt service payments.


Legislative actions:
action_date: 2008-04-24
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2008-04-23
text: CLERK TO CORRECT AUTHORITY - Mr. Bachus asked unanimous consent that in the engrossment of H.R. 2634, the Clerk be directed to execute the second instruction in the amendment conveyed by the motion to recommit as though it read "all that follows on that line" rather than "all that follows". Agreed to without objection.
action_date: 2008-04-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-04-16
text: On passage Passed by recorded vote: 285 - 132 (Roll no. 199).
action_date: 2008-04-16
text: Passed/agreed to in House: On passage Passed by recorded vote: 285 - 132 (Roll no. 199).
action_date: 2008-04-16
text: On motion to recommit with instructions Agreed to by the Yeas and Nays: 291 - 130, 1 Present (Roll no. 198).
action_date: 2008-04-16
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2392)
action_date: 2008-04-16
text: DEBATE - The House proceeded with ten minutes of debate on the Mario Diaz-Balart motion to recommit with instructions. The instructions contained in the motion seek to add language to the bill that excludes any country whose government has business interests with Iran.
action_date: 2008-04-16
text: Mr. Diaz-Balart, M. moved to recommit with instructions to Financial Services. (consideration: CR H2391-2393; text: CR H2391)
action_date: 2008-04-16
text: The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text: CR H2385-2387)
action_date: 2008-04-16
text: The previous question was ordered pursuant to the rule. (consideration: CR H2391)
action_date: 2008-04-16
text: The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2634.
action_date: 2008-04-16
text: UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of the Rohrabacher amendment, which had been debated earlier and on which further proceedings had been postponed.
action_date: 2008-04-16
text: DEBATE - Pursuant to the provisions of H. Res. 1103, the Committee of the Whole proceeded with ten minutes of debate on the Hastings (FL) amendment.
action_date: 2008-04-16
text: POSTPONED PROCEEDINGS - At the end of debate on the Rohrabacher amendment, the Chair put the question on adoption of the amendment, and by voice vote, announced that the ayes had prevailed. Mr. Rohrabacher demanded a recorded vote and the Chair postponed further proceedings on the question until later in the legislative day.
action_date: 2008-04-16
text: DEBATE - Pursuant to the provisions of H. Res. 1109, the Committee of the Whole proceeded with ten minutes of debate on the Rohrabacher amendment.
action_date: 2008-04-16
text: POSTPONED PROCEEDINGS - At the end of debate on the Frank (MA) amendment, the Chair put the question on adoption of the amendment, and by voice vote, announced that the ayes had prevailed. Mr. Frank (MA) demanded a recorded vote and the Chair postponed further proceedings on the question until later in the legislative day.
action_date: 2008-04-16
text: DEBATE - Pursuant to the provisions of H. Res. 1103, the Committee of the Whole proceeded with 10 minutes of debate on the Frank (MA) amendment.
action_date: 2008-04-16
text: GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2634.
action_date: 2008-04-16
text: The Speaker designated the Honorable Ed Pastor to act as Chairman of the Committee.
action_date: 2008-04-16
text: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1103 and Rule XVIII.
action_date: 2008-04-16
text: Rule provides for consideration of H.R. 2634 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
action_date: 2008-04-16
text: Considered under the provisions of rule H. Res. 1103. (consideration: CR H2376-2394)
action_date: 2008-04-16
text: Rule H. Res. 1103 passed House.
action_date: 2008-04-14
text: Rules Committee Resolution H. Res. 1103 Reported to House. Rule provides for consideration of H.R. 2634 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. All points of order against consideration of the bill are waived except those arising under clause 9 or 10 of rule XXI. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill.
action_date: 2008-04-10
text: Placed on the Union Calendar, Calendar No. 354.
action_date: 2008-04-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 110-575.
action_date: 2008-04-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 110-575.
action_date: 2008-04-03
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2008-04-03
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-11-08
text: Subcommittee on Domestic and International Monetary Policy, Trade, and Technology Discharged.
action_date: 2007-11-08
text: Committee Hearings Held.
action_date: 2007-07-17
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2007-06-07
text: Referred to the House Committee on Financial Services.
action_date: 2007-06-07
text: Sponsor introductory remarks on measure. (CR E1244-1245)
action_date: 2007-06-07
text: Introduced in House
action_date: 2007-06-07
text: Introduced in House