H.R. 3191House109th Congress (2005-2007)In Committee

Multilateral Debt Relief Act of 2005

Introduced June 30, 2005

Legislative Activity

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Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

July 29, 2005

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HouseIntro Referral

Introduced in House

June 30, 2005

HouseIntro Referral

Referred to the Committee on Financial Services, and in addition to the Committee on International Relations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

June 30, 2005

HouseCommittee

Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

July 29, 2005

Floor Debate

10 members

What members said about H.R. 3191 on the floor

4 Republicans6 Democrats
F. James Sensenbrenner, Jr.
Rep. F. James Sensenbrenner, Jr.R-WI-5 · Sep 21, 2006

Madam Speaker, pursuant to House Resolution 1018, I call up the bill (H.R. 4830) to amend chapter 27 of title 18, United States Code, to prohibit the unauthorized construction, financing, or reckless…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Sep 21, 2006

Madam Speaker, the gentleman from Michigan has been waging a valiant defense, if you will, of the ongoing efforts that we have made to confront this issue. Might I take some of my time to correct the…

Mark E. Souder
Rep. Mark E. SouderR-IN-3 · Sep 21, 2006

Madam Speaker, first off, I have had hearings on this very subject, not as a whole, but because certain gentlemen may only be absorbed in their own realm and may not realize that there is a narcotics…

Adam B. Schiff
Rep. Adam B. SchiffD-CA-29 · Sep 21, 2006

Madam Speaker, I rise today to express my support for H.R. 4830, the Border Tunnel Prevention Act. Since September 11th, I have been extremely concerned with the security of our Nation's points of…

David Dreier
Rep. David DreierR-CA-26 · Sep 21, 2006

Madam Speaker, illegal border tunnels entering our country undermine our efforts to protect the border and pose a significant threat to our national security. Last January, I was shocked to hear that…

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Bennie G. Thompson
Rep. Bennie G. ThompsonD-MS-2 · Sep 21, 2006

Madam Speaker, it is with great disappointment that I stand before you today to discuss a bill that fails once again to provide us with a comprehensive approach to handling border security. Last…

J. D. Hayworth
Rep. J. D. HayworthR-AZ-5 · Sep 21, 2006

Madam Speaker, I thank the chairman of the Judiciary Committee for the recognition. I come to the well of the House to politely but profoundly take issue with my friend from Mississippi. You see,…

John Conyers, Jr.
Rep. John Conyers, Jr.D-MI-14 · Sep 21, 2006

Madam Speaker, I am pleased to yield such time as he may consume to the gentleman from Mississippi (Mr. Thompson), the ranking member of the Homeland Security Committee. Madam Speaker, I yield myself…

Fortney Pete Stark
Rep. Fortney Pete StarkD-CA-13 · Sep 21, 2006

Madam Speaker, I rise in opposition to H.R. 4830, the Border Tunnel Prevention Act, H.R. 6094, the Community Protection Act, and H.R. 6095, the Immigration Law Enforcement Act. Only in the backward…

Earl Blumenauer
Rep. Earl BlumenauerD-OR-3 · Sep 21, 2006

Mr. Speaker, it is time to stop this charade on immigration. Since the Republican leadership is unable to reach an agreement with its members, or even their Republican president, they have become…

Bill Text

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Introduced in HouseIssued June 30, 2005
        [Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3191 Introduced in House (IH)]

109th CONGRESS
1st Session
H. R. 3191

To provide multilateral debt cancellation for Heavily Indebted Poor
Countries, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

June 30, 2005

Mr. Smith of New Jersey (for himself and Mr. Payne) introduced the
following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on International Relations,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of
the committee concerned

_______________________________________________________________________

A BILL

To provide multilateral debt cancellation for Heavily Indebted Poor
Countries, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Multilateral Debt Relief Act of
2005''.

SEC. 2. FINDINGS.

Congress makes the following findings:
(1) In 1996, the international community created the
Heavily Indebted Poor Countries Initiative (the HIPC
Initiative) to reduce the debt burden that curtailed spending
on economic development and poverty-reducing programs in many
impoverished countries.
(2) Since adoption of the original HIPC Initiative in 1996
and the Enhanced HIPC Initiative in 1999, donor countries have
committed more than $50,000,000,000 in bilateral and
multilateral debt stock cancellation to eligible countries.
(3) The 27 countries that have received debt relief through
the HIPC Initiative are estimated by World Bank and the
International Monetary Fund to have increased poverty reduction
expenditures by an average of approximately 75 percent between
1999 and 2004.
(4) Congress has demonstrated its support for bilateral and
multilateral debt relief through the enactment of comprehensive
debt relief initiatives for heavily indebted poor countries by
title V of H.R. 3425 of the 106th Congress, as enacted into law
by section 1000(a)(5) of the Act entitled ``An Act making
consolidated appropriations for the fiscal year ending
September 30, 2000, and for other purposes'', approved November
29, 1999 (Public Law 106-113; 113 Stat. 1501-311) and the
amendments made by such title, title II of H.R. 5526 of the
106th Congress, as enacted into law by section 101(a) of the
Act entitled ``An Act making appropriations for foreign
operations, export financing, and related programs for the
fiscal year ending September 30, 2001, and for other
purposes'', approved November 6, 2000 (Public Law 106-429; 114
Stat. 1900A-5), and title V of the United States Leadership
Against HIV/AIDS, Tuberculosis, and Malaria Act of 2003 (Public
Law 108-25; 117 Stat. 747) and the amendment made by such
title.
(5) A number of countries, including the United States,
have canceled 100 percent of the bilateral loans made by such
countries to countries that are eligible for debt relief under
the Enhanced HIPC Initiative, and other major donor nations
have canceled a large percentage of such loans, however, a
number of countries eligible for such debt relief will continue
to owe substantial debts to international financial
institutions such as the International Monetary Fund, the
International Development Association, and the African
Development Fund.
(6) Permanently canceling 100 percent of the debt owed by
the countries that are eligible for debt relief under the
Enhanced HIPC Initiative to multilateral institutions would
allow countries to increase investments in economic and social
infrastructure, including improving the quality of and access
to health care, education, and poverty reduction programs, and
thereby help them to move towards sustainable economic growth
and to achieve the Millennium Development Goals set out in
United Nations Millennium Declaration, resolution 55/1 adopted
by the General Assembly of the United Nations on September 8,
2000, for eradicating extreme poverty and hunger and promoting
human development.
(7) On June 11, 2005, finance ministers representing the
members of the Group of 8 agreed to make a proposal, prior to
September 2005, to the shareholders of the World Bank, the
International Monetary Fund, and the African Development Bank,
for the immediate cancellation of 100 percent of the debt stock
owed to such institutions by 18 eligible countries, and the
eventual cancellation of such debt owed by an additional 20
countries.
(8) That proposal would cancel approximately
$40,000,000,000 in debt stock owed by 18 countries immediately,
and would ultimately result in the cancellation of a total of
approximately $56,000,000,000 in debt stock owed by 38
countries, saving such countries, on average, $1,500,000,000
each year in debt service payments. To offset foregone interest
and principal repayments, donors would provide additional
resources to the World Bank and African Development Bank for
grants and lending to the poorest countries for investments in
the health, education, and well-being of the people of such
countries.

SEC. 3. DEFINITIONS.

In this Act:
(1) Eligible country.--The term ``eligible country'' means
a country whose government is described in paragraphs (1)
through (5) of section 557(c) of H.R. 3422 of the 106th
Congress, as enacted into law by section 1000(a)(2) of the Act
entitled ``An Act making consolidated appropriations for the
fiscal year ending September 30, 2000, and for other
purposes'', approved November 29, 1999 (Public Law 106-113; 113
Stat. 1501A-101).
(2) Enhanced hipc initiative.--The term ``Enhanced HIPC
Initiative'' has the meaning given that term in section 1625 of
the International Financial Institutions Act (22 U.S.C. 262p-
8).
(3) HIPC initiative.--The term ``HIPC Initiative'' means
the initiative established in 1996 by the World Bank and the
International Monetary Fund for the purpose of reducing the
debt burdens of the world's poorest countries.
(4) International financial institution.--The term
``international financial institution'' means the World Bank,
the International Monetary Fund, the Inter-American Development
Bank, the African Development Bank, and the African Development
Fund.
(5) Members of the group of 8.--The term ``members of the
Group of 8'' means Canada, France, Germany, Italy, Japan,
Russia, the United Kingdom, and the United States.
(6) World bank.--The term ``World Bank'' means the
International Bank for Reconstruction and Development, the
International Development Association, the International
Finance Corporation, and the Multilateral Investment Guarantee
Agency.

SEC. 4. AUTHORITY.

(a) In General.--The Secretary of the Treasury is authorized to
instruct the Untied States Executive Director of each international
financial institution to use the voice and vote of the United States to
reach an agreement among the shareholders of such international
financial institutions to permanently cancel 100 percent of the debts
owed to each such institution by an eligible country.
(b) Relationship to Other Laws.--The authority provided in
subsection (a) is in addition to any other authority of the Secretary
of the Treasury to promote debt relief and may not be construed to
limit any such other authority.
(c) Authorization of Appropriations.--There is authorized to be
appropriated to the President such sums as may be necessary for the
United States contribution to the implementation of the agreement
referred to in subsection (a), if other members of the international
financial institutions contribute funds for such purpose.

SEC. 5. SENSE OF CONGRESS ON DEBT RELIEF.

It is the sense of Congress that the Secretary of the Treasury
should pursue additional bilateral and multilateral debt relief for
each country that is eligible for grant assistance from the
International Development Association.

SEC. 6. CONTRIBUTIONS TO MULTILATERAL DEVELOPMENT BANKS.

(a) World Bank.--The International Development Association Act (22
U.S.C. 284 et seq.) is amended by adding at the end the following new
section:

``SEC. 23. FOURTEENTH REPLENISHMENT.

``(a) Contribution Authority.--
``(1) In general.--The United States Governor of the
Association is authorized to contribute on behalf of the United
States such sums as may be necessary to the fourteenth
replenishment of the resources of the Association.
``(2) Subject to appropriations.--Any commitment to make
the contribution authorized by paragraph (1) shall be effective
only to such extent or in such amounts as are provided in
advance in appropriations Acts.
``(b) Authorization of Appropriations.--For the contribution
authorized by subsection (a), there are authorized to be appropriated
such sums as may be necessary for payment by the Secretary of the
Treasury.''.
(b) African Development Bank Fund.--The African Development Fund
Act (22 U.S.C. 290g et seq.) is amended by adding at the end the
following new section:

``SEC. 218. TENTH REPLENISHMENT.

``(a) Contribution Authority.--
``(1) In general.--The United States Governor of the Fund
is authorized to contribute on behalf of the United States such
sums as may be necessary to the tenth replenishment of the
resources of the Fund.
``(2) Subject to appropriations.--Any commitment to make
the contribution authorized by paragraph (1) shall be effective
only to such extent or in such amounts as are provided in
advance in appropriations Acts.
``(b) Authorization of Appropriations.--For the contribution
authorized by subsection (a), there are authorized to be appropriated
such sums as may be necessary for payment by the Secretary of the
Treasury.''.

SEC. 7. AUTHORIZATION OF APPROPRIATIONS OF THE ENHANCED HIPC
INITIATIVE.

There is authorized to be appropriated to the President such sums
as may be necessary for the President to contribute on behalf of the
United States to fulfill the commitments made by the United States
related to the Enhanced HIPC Initiative.

SEC. 8. REPORTS TO CONGRESS.

(a) Requirement.--Not later than 180 days after the date of
enactment of this Act, and annually thereafter, the Secretary of the
Treasury shall submit to the appropriate congressional committees a
report on the status of negotiations to achieve bilateral and
multilateral debt relief for impoverished, highly indebted countries
that did not benefit from the HIPC Initiative or the Enhanced HIPC
Initiative.
(b) Appropriate Congressional Committees Defined.--In this section,
the term ``appropriate congressional committees'' means the Committee
on Appropriations and the Committee on Foreign Relations of the Senate
and the Committee on Appropriations and the Committee on International
Relations of the House of Representatives.
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