S 2166 in Congressional Session 110
Official Summary
Bill Number : S 2166 |
Title : A bill to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. |
SUMMARY AS OF:
(Sec. 3) Expresses the sense of Congress that U.S. debt cancellation or international debt relief to eligible low-income countries should not be followed by a reduction in other development assistance to such countries. (Sec. 4) 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 to such institutions and to the United States; (2) require low-income countries to allocate debt cancellation savings towards poverty-reducing expenditures; and (3) provide for establishment of frameworks for creditor transparency and responsible lending. States that the Government Accountability Office (GAO) should audit the multilateral debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where significant concern exists that unsustainable loans were made to the government. Directs the Secretary to make available on the Department of the Treasury website the full record of the U.S. Executive Director's remarks at meetings of the boards of directors of the IMF, the World Bank, and other international financial institutions about cancellation or reduction of debts owed to the institution involved. Requires five annual reports to the House Committees on Financial Services and on Foreign Affairs and to the Senate Committees on Foreign Relations and on Banking, Housing, and Urban Affairs (committees) by: (1) GAO regarding operations of the IMF, the World Bank, and other international financial institutions for canceling the debt of eligible low-income countries; and (2) the Secretary regarding activities undertaken under this section, and other progress made in accomplishing the purposes of this section, for the prior fiscal year, including a list of countries whose debt cancellation requests have been granted, denied or are under consideration. Defines "eligible low-income country." (Sec. 5) Directs the Secretary to commence immediate efforts within the Paris Club of Official Creditors, the IMF, the World Bank and other international financial institutions to ensure that the provision of debt cancellation to eligible low-income countries is not conditioned on any agreement by such a country to implement or comply with policies that deepen poverty, significantly increase the costs of public services for low-income households, or degrade the environment. Requires a report to the committees concerning previous rounds of debt cancellation. (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. (Sec. 7) Directs the Secretary, by June 30, 2009, to report to the committees regarding the feasibility and design of a facility to provide temporary financing to relieve debt service burdens in the case of shocks to the economies of low-income countries beyond their control, including natural disasters and commodity price spikes. |
Votes
| Title : A bill to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. | |
| Votes in the US Senate | |
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| Votes in the US House | |
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Sponsors
| Congressional Sponsors of S 2166 |
| Bill Number : S 2166 |
| Title : A bill to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. |
| Sponsor: Sen Casey, Robert P., Jr. [PA] (introduced 10/16/2007) |
| ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort:
by date) Sen Biden, Joseph R., Jr. [DE] - 10/16/2007 Sen Boxer, Barbara [CA] - 10/22/2007 Sen Brown, Sherrod [OH] - 10/18/2007 Sen Clinton, Hillary Rodham [NY] - 12/14/2007 Sen Coleman, Norm [MN] - 10/17/2007 Sen Collins, Susan M. [ME] - 11/5/2007 Sen Dodd, Christopher J. [CT] - 10/16/2007 Sen Durbin, Richard [IL] - 10/23/2007 Sen Feingold, Russell D. [WI] - 4/9/2008 Sen Hagel, Chuck [NE] - 3/12/2008 Sen Isakson, Johnny [GA] - 12/3/2007 Sen Kerry, John F. [MA] - 1/22/2008 Sen Klobuchar, Amy [MN] - 4/2/2008 Sen Leahy, Patrick J. [VT] - 12/17/2007 Sen Lieberman, Joseph I. [CT] - 12/3/2007 Sen Lugar, Richard G. [IN] - 10/16/2007 Sen McCaskill, Claire [MO] - 2/25/2008 Sen Menendez, Robert [NJ] - 12/17/2007 Sen Mikulski, Barbara A. [MD] - 10/24/2007 Sen Nelson, Bill [FL] - 6/10/2008 Sen Obama, Barack [IL] - 10/16/2007 Sen Schumer, Charles E. [NY] - 1/22/2008 Sen Smith, Gordon H. [OR] - 12/17/2007 Sen Snowe, Olympia J. [ME] - 12/11/2007 Sen Sununu, John E. [NH] - 10/16/2007 Sen Wyden, Ron [OR] - 12/18/2007 |
Other Info
| Bill Number : S 2166 | ||||||||||||
| Title : A bill to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. | ||||||||||||
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