Robust International Response to Pandemic Act

Bill: 117-hr-986
Sponsor: full_name: Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Introduced: 2021-02-11
Policy area: International Affairs
Subjects: Advisory bodies

Cardiovascular and respiratory health

Congressional oversight

Emergency medical services and trauma care

Foreign loans and debt

Health programs administration and funding

Health promotion and preventive care

Infectious and parasitic diseases

International monetary system and foreign exchange

International organizations and cooperation

Multilateral development programs

Rule of law and government transparency

World health
Latest action: action_date: 2021-02-11
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-02-11
action_desc: Introduced in House
text: <p><b>Robust International Response to Pandemic Act </b></p> <p>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).</p> <p>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 </p> <ul> <li> seek the suspension of debt service payments to the&nbsp;institution and the relaxation of fiscal targets for certain programs, </li> <li>oppose programs or loan agreements that would reduce countries' health care spending or other spending related to their responses to COVID-19, and </li> <li>require approval of all Special Drawing Rights (a currency support tool) allocation transfers from wealthier member countries to countries that are emerging or developing to ensure the allocations are used for the public good and in response to the global pandemic.</li> </ul> <p>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.</p> <p>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.<br /></p>

tv_txt: I 117th CONGRESS 1st Session H. R. 986 IN THE HOUSE OF REPRESENTATIVES February 11, 2021 Mr. García 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.

1. Short title This Act may be cited as the Robust International Response to Pandemic Act . 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 G 20 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.