Nepal Recovery Act

Bill: 114-s-1882
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Introduced: 2015-07-29 in the Senate
Policy area: International Affairs
Subjects: Asia
Aviation and airports
Building construction
Child safety and welfare
Congressional oversight
Disaster relief and insurance
Domestic violence and child abuse
Foreign aid and international relief
Foreign loans and debt
Government lending and loan guarantees
Government trust funds
Human rights
Military assistance, sales, and agreements
Multilateral development programs
Natural disasters
Nepal
Reconstruction and stabilization
Refugees, asylum, displaced persons
Sovereignty, recognition, national governance and status
U.S. and foreign investments
Women's employment
Women's rights
Youth employment and child labor

Summary:
action_date: 2015-07-29
text: 

Nepal Recovery Act

 
This bill urges the Department of the Treasury to direct the U.S. Executive Director of each international financial institution to advocate in such institution: 
 
 
cancellation of remaining debt obligations of Nepal, including debt obligations incurred after enactment of this Act; 
 
provision of debt service relief for all remaining payments of Nepal until the debt can be cancelled; and 
 
extension of any new assistance to Nepal primarily as grants rather than loans. 
 
 
Treasury and the Department of State are urged to use all appropriate diplomatic influence to secure the cancellation of Nepal's remaining bilateral debt. 
 
Treasury is also urged to support the creation of a World Bank trust fund for Nepal that would leverage potential U.S. contributions and promote bilateral donations to promote transparency, donor coordination, and Nepalese ownership. 
 
The U.S. government may establish a Nepal Recovery Private Investment Fund to provide loans, equity investments, and other forms of support to small- and medium-sized private enterprises to: 
 
 
promote Nepal's private sector, particularly small- and medium-sized enterprises; 
 
promote and test innovative policies and practices to strengthen Nepal's private sector; 
 
enhance domestic engineering, construction, and accounting capacity; 
 
advance good governance and transparency in Nepal, particularly within the private sector; 
 
create jobs; and 
 
foster greater adherence to Nepal's tax code. 
 
 
The U.S. Agency for International Development (USAID) may provide a seed investment to capitalize the funds to be matched or exceeded by investments from private equity firms, as well as private funds raised from other limited investors.
 
The Fund should liquidate its assets and dissolve by April 25, 2030, unless the Department of State determines that it should be extended. 
 
USAID may provide accelerated response in Nepal for: 
 
 
project identification and investment analyses; 
 
trade capacity building and sector development activities, including technical assistance and feasibility studies that support investments in infrastructure that contribute to overseas development; and 
 
trade capacity building and sector development assistance supporting the establishment of industry standards, rules, and market liberalization.


action_date: 2016-02-02
text: 

Nepal Recovery Act

 
(Sec. 5) This bill authorizes the President to provide technical and financial assistance for programs that: (1) improve Nepal's basic infrastructure following the earthquakes in affected communities; (2) support economic growth, including through agriculture and small-scale enterprise opportunities; (3) promote health and basic education programs; and (4) support democracy programs that promote political reforms, including strengthening democratic institutions and rule of law. 
 
The United States Trade and Development Agency may provide accelerated response in Nepal for: 
 
 
project identification and investment analyses; 
 
trade capacity building and sector development activities, including technical assistance and feasibility studies that support investments in infrastructure that contribute to overseas development; and 
 
trade capacity building and sector development assistance supporting the establishment of industry standards, market liberalization, and other policy reform, with a particular focus on engineering and construction.
 
 
(Sec. 6) The U.S Agency for International Development shall report to Congress regarding: 
 
 
the effectiveness of U.S. investment in Nepal in disaster risk reduction and recovery program improvement; and 
 
the effectiveness of international humanitarian and reconstruction assistance provided to Nepal, and a related assessment of U.S. anti-corruption efforts.
 
 
The Department of State shall report to Congress regarding impediments to Nepal's recovery efforts.
 
(Sec. 7) FY 2017-FY2018 appropriations are authorized.
 


Legislative actions:
action_date: 2016-02-02
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 357.
action_date: 2016-02-02
text: Committee on Foreign Relations. Reported by Senator Corker with an amendment in the nature of a substitute. Without written report.
action_date: 2016-02-02
text: Committee on Foreign Relations. Reported by Senator Corker with an amendment in the nature of a substitute. Without written report.
action_date: 2016-01-28
text: Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
action_date: 2015-07-29
text: Read twice and referred to the Committee on Foreign Relations.
action_date: 2015-07-29
text: Introduced in Senate