Support for Global Financial Institution Pandemic Response Act of 2021

Bill: 117-s-67
Sponsor: full_name: Sen. Durbin, Richard J. [D-IL]
Introduced: 2021-01-27
Policy area: International Affairs
Subjects: Budget deficits and national debt

Cardiovascular and respiratory health

Congressional oversight

Debt collection

Diplomacy, foreign officials, Americans abroad

Economic development

Economic performance and conditions

Emergency medical services and trauma care

Foreign aid and international relief

Foreign loans and debt

Health programs administration and funding

Infectious and parasitic diseases

International monetary system and foreign exchange

International organizations and cooperation

Multilateral development programs

World health
Latest action: action_date: 2021-01-27
text: Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)

Summaries:
action_date: 2021-01-27
action_desc: Introduced in Senate
text: <p><b>Support for Global Financial Institution Pandemic Response Act of 2021</b></p> <p>This bill requires 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. Executive Director at the International Monetary Fund must support the issuance of Special Drawing Rights so that governments may access additional resources to finance their responses to COVID-19. </p>

tv_txt: II 117th CONGRESS 1st Session S. 67 IN THE SENATE OF THE UNITED STATES January 27, 2021 Mr. Durbin (for himself, Mr. Sanders , Mr. Reed , Mr. Cardin , Mr. Merkley , and Mr. Leahy ) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations A BILL To support efforts by international financial institutions to provide a robust global response to the COVID–19 pandemic.

1. Short title This Act may be cited as the Support for Global Financial Institution Pandemic Response Act of 2021 . 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 of 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 that 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 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 the global pandemic. (2) 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 paragraph (1). (b) IMF issuance of special drawing rights (1) United States support for issuance The Secretary of the Treasury shall instruct the United States Executive Director of the International Monetary Fund to use the voice and vote of the United States to support the issuance of a special allocation of not less than 2,000,000,000,000 Special Drawing Rights so that governments are able to access additional resources to finance their responses to the global COVID–19 pandemic. (2) Authorization to vote for allocation 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 Agreement of the International Monetary Fund. (c) Termination Subsections (a) and (b) shall have no force or effect after the earlier of— (1) the date that is one year after the date of the enactment of this Act; or (2) the date that is 30 days after the date on which the Secretary of the Treasury, in consultation with the Secretary of Health and Human Services and the heads of other relevant Federal agencies, submits to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives a report stating that the SARS–CoV–2 virus is no longer a serious threat to public health in any part of the world.