Support for Global Financial Institution Pandemic Response Act of 2020

II 116TH CONGRESS 2D SESSION S. 4139 To encourage support by international financial institutions for a robust global response to the COVID–19 pandemic. IN THE SENATE OF THE UNITED STATES JULY 1, 2020 Mr. DURBIN (for himself, Mr. SANDERS, Mr. REED, Mr. CARDIN, and Mr. MERKLEY) introduced the following bill; which was read twice and re- ferred to the Committee on Foreign Relations A BILL To encourage support by international financial institutions 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 ‘‘Support for Global 4 Financial Institution Pandemic Response Act of 2020’’. 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 00:57 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S4139.IS S4139 pbinns on DSKJLVW7X2PROD with BILLS 2 •S 4139 IS (1) IN GENERAL.—The Secretary of the Treas- 1 ury shall instruct the United States Executive Direc- 2 tor of 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 that 6 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 00:57 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S4139.IS S4139 pbinns on DSKJLVW7X2PROD with BILLS 3 •S 4139 IS (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 the global pandemic. 8 (2) IMF ISSUANCE OF SPECIAL DRAWING 9 RIGHTS.—The Secretary of the Treasury shall in- 10 struct the United States Executive Director of the 11 International Monetary Fund to use the voice and 12 vote of the United States to support the issuance of 13 a special allocation of not less than 14 2,000,000,000,000 Special Drawing Rights so that 15 governments are able to access additional resources 16 to finance their responses to the global COVID–19 17 pandemic. 18 (b) REPORT REQUIRED.—The Chairman of the Na- 19 tional Advisory Council on International Monetary and Fi- 20 nancial Policies shall include in the annual report required 21 by section 1701 of the International Financial Institutions 22 Act (22 U.S.C. 262r) a description of progress made to- 23 ward advancing the policies described in subsection (a). 24 VerDate Sep 11 2014 00:57 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S4139.IS S4139 pbinns on DSKJLVW7X2PROD with BILLS 4 •S 4139 IS (c) TERMINATION.—Subsections (a) and (b) shall 1 have no force or effect after the earlier of— 2 (1) the date that is one year after the date of 3 the enactment of this Act; or 4 (2) the date that is 30 days after the date on 5 which the Secretary of the Treasury submits to the 6 Committee on Foreign Relations of the Senate and 7 the Committee on Financial Services of the House of 8 Representatives a report stating that the SARS– 9 CoV–2 virus is no longer a serious threat to public 10 health in any part of the world. 11 Æ VerDate Sep 11 2014 00:57 Jul 12, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S4139.IS S4139 pbinns on DSKJLVW7X2PROD with BILLS