Robust International Response to Pandemic Act

I 117TH CONGRESS 1ST SESSION H. R. 986 To provide support for a robust global response to the COVID–19 pandemic. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 11, 2021 Mr. GARCI´A of Illinois (for himself, Ms. SCHAKOWSKY, Mr. TAKANO, Mr. CAS- TRO 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Robust International 4 Response to Pandemic Act’’. 5 SEC. 2. SUPPORT FOR A ROBUST GLOBAL RESPONSE TO 6 THE COVID–19 PANDEMIC. 7 (a) UNITED STATES POLICIES AT THE INTER- 8 NATIONAL FINANCIAL INSTITUTIONS.— 9 VerDate Sep 11 2014 03:39 Mar 08, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H986.IH H986 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 986 IH (1) IN GENERAL.—The Secretary of the Treas- 1 ury shall instruct the United States Executive Direc- 2 tor at each international financial institution (as de- 3 fined in section 1701(c)(2) of the International Fi- 4 nancial Institutions Act (22 U.S.C. 262r(c)(2))) to 5 use the voice and vote of the United States at the 6 respective institution— 7 (A) to seek to ensure adequate fiscal space 8 for world economies in response to the global 9 coronavirus disease 2019 (commonly referred to 10 as ‘‘COVID–19’’) pandemic through— 11 (i) the suspension of all debt service 12 payments to the institution; and 13 (ii) the relaxation of fiscal targets for 14 any government operating a program sup- 15 ported by the institution, or seeking fi- 16 nancing from the institution, in response 17 to the pandemic; 18 (B) to oppose the approval or endorsement 19 of any loan, grant, document, or strategy that 20 would lead to a decrease in health care spend- 21 ing or in any other spending that would impede 22 the ability of any country to prevent or contain 23 the spread of, or treat persons who are or may 24 be infected with, the SARS–CoV–2 virus; and 25 VerDate Sep 11 2014 03:39 Mar 08, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H986.IH H986 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 986 IH (C) to require approval of all Special 1 Drawing Rights allocation transfers from 2 wealthier member countries to countries that 3 are emerging markets or developing countries, 4 based on confirmation of implementable trans- 5 parency mechanisms or protocols to ensure the 6 allocations are used for the public good and in 7 response to the global pandemic. 8 (2) IMF ALLOCATION OF SPECIAL DRAWING 9 RIGHTS.—The United States Governor of the Inter- 10 national Monetary Fund shall advocate for an allo- 11 cation of not less than 2,000,000,000,000 Special 12 Drawing Rights by the International Monetary Fund 13 so that governments are able to access additional re- 14 sources to finance their responses to the global 15 COVID–19 pandemic. 16 (3) ALLOCATION OF U.S. SPECIAL DRAWING 17 RIGHTS.—Of the Special Drawing Rights allocated 18 to the United States pursuant to the allocation de- 19 scribed in paragraph (2), the Secretary of the Treas- 20 ury shall lend 1,100,000,000 Special Drawing 21 Rights to the Poverty Reduction and Growth Trust 22 or other special purpose vehicle of the International 23 Monetary Fund, to help eligible low-income countries 24 VerDate Sep 11 2014 03:39 Mar 08, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H986.IH H986 pbinns on DSKJLVW7X2PROD with BILLS 4 •HR 986 IH respond to the health and economic effects of the 1 global COVID–19 pandemic. 2 (4) AUTHORIZATIONS.— 3 (A) IN GENERAL.—Notwithstanding sec- 4 tion 6(a) of the Special Drawing Rights Act (22 5 U.S.C. 286q(a)), the United States Governor of 6 the International Monetary Fund may vote to 7 allocate up to 2,000,000,000,000 Special Draw- 8 ing Rights under article XVIII of the Articles 9 of the Agreement of the International Monetary 10 Fund. 11 (B) Section 5(f) of the Bretton Woods 12 Agreements Act (22 U.S.C. 286c(f)) shall not 13 apply to any loan made by the Secretary of the 14 Treasury to the Poverty Reduction and Growth 15 Trust or other special purpose vehicle of the 16 International Monetary Fund, in an amount not 17 to exceed 1,100,000,000 Special Drawing 18 Rights in the aggregate, in order to enhance the 19 International Monetary Fund’s support to eligi- 20 ble low-income countries: Provided, That the 21 cost of the amounts authorized herein shall be 22 determined as provided under the Federal Cred- 23 it Reform Act of 1990 (2 U.S.C. 661 et seq.): 24 Provided further, That section 504(b) of the 25 VerDate Sep 11 2014 03:39 Mar 08, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H986.IH H986 pbinns on DSKJLVW7X2PROD with BILLS 5 •HR 986 IH Federal Credit Reform Act of 1990 (2 U.S.C. 1 661c(b)) shall not apply. 2 (b) UNITED STATES POLICY AT THE G20.—The Sec- 3 retary of the Treasury shall commence immediate efforts 4 to reach an agreement with the Group of Twenty to extend 5 through the end of 2021 the current moratorium on debt 6 service payments to official bilateral creditors by the 7 world’s poorest countries. 8 (c) REPORT REQUIRED.—The Chairman of the Na- 9 tional Advisory Council on International Monetary and Fi- 10 nancial Policies shall include in the annual report required 11 by section 1701 of the International Financial Institutions 12 Act (22 U.S.C. 262r) a description of progress made to- 13 ward advancing the policies described in subsection (a) of 14 this section. 15 (d) TERMINATION.—Subsections (a) and (c) shall 16 have no force or effect on or after December 31, 2023. 17 Æ VerDate Sep 11 2014 03:39 Mar 08, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H986.IH H986 pbinns on DSKJLVW7X2PROD with BILLS