S.Amdt. 969

1. Adds Sec. 7088. (a) Subject to subsections (b), (c), and (d), the Secretary of the Treasury shall direct the United States Executive Director of each international financial institution-- at the end of title VII of division C

   Adds a section

   Inserted: Sec. 7088. (a) Subject to subsections (b), (c), and (d), the Secretary of the Treasury shall direct the United States Executive Director of each international financial institution--

   Inserted: (1) to use the voice and vote of the United States to oppose the provision of a loan to the Government of Argentina by that institution; and

   Inserted: (2) to initiate discussions with the other Executive Directors of the institution to advocate for and vigorously promote efforts to encourage the Government of Argentina--

   Inserted: (A) to repay debts owed to the official creditors of Argentina;

   Inserted: (B) to repay debts owed to the private creditors of Argentina;

   Inserted: (C) to comply with recommendations of the Financial Action Task Force; and

   Inserted: (D) to comply with dispute settlement proceedings under the auspices of the International Centre for Settlement of Investment Disputes.

   Inserted: (b) Subsection (a)(1) does not apply to loans to the Government of Argentina to serve basic human needs.

   Inserted: (c) The President may waive the application of subsection (a)(1) if the President determines and reports to Congress that--

   Inserted: (1) applying that subsection would cause serious harm to the national security of the United States; or

   Inserted: (2) it is in the vital economic interests of the United States to do so.

   Inserted: (d) The provisions of this section shall terminate on the date on which the Secretary of the Treasury certifies to Congress that the Government of Argentina has made substantial progress in each of the following areas:

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   Inserted: (1) Repaying debts owed to the official creditors of Argentina.

   Inserted: (2) Repaying debts owed to the private creditors of Argentina.

   Inserted: (3) Complying with recommendations of the Financial Action Task Force.

   Inserted: (4) Complying with dispute settlement proceedings under the auspices of the International Centre for Settlement of Investment Disputes.

   Inserted: (e) In this section, the term "international financial institution" means any of the institutions specified in section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r(c)(2)).

   Original wording

   At the end of title VII of division C, add the following:

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As printed