H R 2870 in Congressional Session 105
Official Summary
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Bill Number : H R 2870 |
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Title : To amend the Foreign Assistance Act of 1961 to facilitate protection of tropical forests through debt reduction with developing countries with tropical forests.
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SUMMARY AS OF:
(Sec. 1) Makes eligible for Facility benefits developing countries with tropical forests that: (1) meet certain requirements applicable to Latin American and Caribbean countries for eligibility for Enterprise for the Americas Facility benefits; and (2) have put in place major investment reforms, as evidenced by the conclusion of a bilateral investment treaty with the United States, implementation of an investment sector loan with the Inter-American Development Bank, World Bank-supported investment reforms, or other appropriate measures. Authorizes the President to: (1) reduce debt owed to the United States (outstanding as of January 1, 1998) by eligible countries as a result of concessional loans made under the Foreign Assistance Act of 1961 or predecessor foreign economic assistance legislation, or credits (subject to advance appropriations) extended under the Agricultural Trade Development and Assistance Act of 1954; and (2) sell to any eligible purchaser any concessional loans or credits or, on receipt of payment from an eligible purchaser, reduce or cancel such loans or credits (or portion thereof), only for the purpose of facilitating a debt-for-nature swap or debt buy back (by an eligible country of its own qualified debt) to support activities to preserve or restore tropical forests. Authorizes appropriations. Authorizes the Secretary of State to enter into a Tropical Forest Agreement with any eligible country concerning the operation and use of the Tropical Forest Fund which any eligible country must establish in order to receive payments of interest on new obligations issued under this Act. Requires the use of Funds to provide grants to conserve, maintain, and restore tropical forests in beneficiary countries. Provides that grants shall be made to: (1) nongovernmental environmental, forestry, conservation, and indigenous peoples organizations in beneficiary countries; (2) other appropriate local or regional entities; or (3) governments of such countries, in exceptional circumstances. Makes grants of more than $100,000 subject to veto by the U.S. Government or the government of the beneficiary country. Directs the Enterprise for the Americas Board established under the Agricultural Trade Development and Assistance Act of 1954 (in addition to its other required duties) to: (1) advise the Secretary of State on the negotiations of Tropical Forest Agreements; (2) ensure that a suitable administering body is identified for each Fund; and (3) review the programs, operations, and fiscal audits of each administering body. Requires the President to report annually to the Congress on the Facility. |
Votes
| Title : To amend the Foreign Assistance Act of 1961 to facilitate protection of tropical forests through debt reduction with developing countries with tropical forests.
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Sponsors
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| Congressional Sponsors of H R 2870 |
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| Bill Number : H R 2870 |
| Title : To amend the Foreign Assistance Act of 1961 to facilitate protection of tropical forests through debt reduction with developing countries with tropical forests.
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| Sponsor: Rep Portman, Rob [OH-2] (introduced 11/7/1997) |
| ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort:
by date) Rep Ackerman, Gary L. [NY-5] - 2/12/1998 Rep Ballenger, Cass [NC-10] - 3/4/1998 Rep Bereuter, Doug [NE-1] - 3/11/1998 Rep Bilbray, Brian P. [CA-49] - 2/12/1998 Rep Brown, Sherrod [OH-13] - 1/27/1998 Rep Camp, Dave [MI-4] - 1/28/1998 Rep Campbell, Tom [CA-15] - 3/4/1998 Rep Chabot, Steve [OH-1] - 1/27/1998 Rep Dooley, Calvin M. [CA-20] - 2/5/1998 Rep English, Phil [PA-21] - 3/11/1998 Rep Ewing, Thomas W. [IL-15] - 11/9/1997 Rep Faleomavaega, Eni F.H. [AS] - 2/3/1998 Rep Frank, Barney [MA-4] - 3/5/1998 Rep Furse, Elizabeth [OR-1] - 11/8/1997 Rep Gallegly, Elton [CA-23] - 2/12/1998 Rep Gutierrez, Luis V. [IL-4] - 3/3/1998 Rep Hamilton, Lee H. [IN-9] - 11/7/1997 Rep Hastert, J. Dennis [IL-14] - 11/13/1997 Rep Hobson, David L. [OH-7] - 2/12/1998 Rep Kaptur, Marcy [OH-9] - 3/12/1998 Rep Kasich, John R. [OH-12] - 11/7/1997 Rep Kelly, Sue W. [NY-19] - 2/12/1998 Rep Klug, Scott L. [WI-2] - 1/27/1998 Rep Kolbe, Jim [AZ-5] - 2/3/1998 Rep Lantos, Tom [CA-12] - 3/4/1998 Rep Latham, Tom [IA-5] - 1/28/1998 Rep LaTourette, Steven C. [OH-19] - 1/27/1998 Rep Leach, James A. [IA-1] - 2/24/1998 Rep Lipinski, William O. [IL-3] - 2/3/1998 Rep Luther, Bill [MN-6] - 2/12/1998 Rep Maloney, Carolyn B. [NY-14] - 11/13/1997 Rep Manzullo, Donald A. [IL-16] - 3/11/1998 Rep McHugh, John M. [NY-24] - 2/26/1998 Rep Pastor, Ed [AZ-2] - 1/27/1998 Rep Porter, John Edward [IL-10] - 3/12/1998 Rep Pryce, Deborah [OH-15] - 1/27/1998 Rep Sawyer, Thomas C. [OH-14] - 1/27/1998 Rep Shays, Christopher [CT-4] - 2/24/1998 Rep Sherman, Brad [CA-24] - 2/11/1998 Rep Skaggs, David E. [CO-2] - 3/5/1998 Rep Smith, Christopher H. [NJ-4] - 3/4/1998 Rep Stokes, Louis [OH-11] - 1/27/1998 Rep Wexler, Robert [FL-19] - 2/3/1998 Rep Woolsey, Lynn C. [CA-6] - 3/3/1998 |
Other Info
| Bill Number : H R 2870 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title : To amend the Foreign Assistance Act of 1961 to facilitate protection of tropical forests through debt reduction with developing countries with tropical forests.
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