Summary: H.R.5892 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for H.R.5892. Bill summaries are authored by CRS.

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Introduced in House (10/22/1990)

Enterprise for the Americas Initiative Act of 1990 - Title I: Enterprise for the Americas Facility - Establishes in the Department of the Treasury the Enterprise for the Americas Facility to support improvement in the lives of the people of Latin America and the Caribbean through market-oriented reforms and economic growth with actions to promote debt reduction, investment reforms, and community based conservation and sustainable use of the environment. Makes eligible for Facility benefits Latin American or Caribbean countries that: (1) have in effect, received approval for, or are making progress toward, specified International Monetary Fund arrangements and structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association; (2) have put in place major investment reforms in conjunction with an Inter-American Development Bank loan or are implementing or making progress toward an open investment regime; and (3) have agreed with commercial bank lenders on a financing program for debt or debt service reduction.

Title II: Debt Reduction - Authorizes the President to reduce the amount owed to the United States (as a result of concessional loans made pursuant to the Foreign Assistance Act of 1961 or predecessor foreign economic assistance legislation) by any country eligible for Facility benefits.

Declares that this title supersedes specified provisions of the Foreign Assistance Act of 1961 and the International Development and Food Assistance Act of 1975 concerning repayments of loans outstanding after September 19, 1966, and the settlement of debts owed to the United States.

Sets forth requirements with respect to the exchange of obligations, repayment of principal, and interest on new obligations issued by beneficiary countries.

Title III: Enterprise for the Americas Environmental Funds - Requires beneficiary countries that enter into Environmental Framework Agreements to establish Enterprise for the Americas Environmental Funds. Authorizes the Secretary of State to enter into Environmental Framework Agreements concerning the operation and use of Environmental Funds with countries eligible for Facility benefits. Directs administering bodies in each beneficiary country to administer the Environmental Funds and to make grants for environmental activities. Requires grants from the Funds to be used for activities that link the conservation and sustainable use of natural resources with local community development. Subjects grants of more than $100,000 to veto by the U.S. Government or the government of the beneficiary country.

Establishes an Environment for the Americas Board to: (1) advise the Secretary on the negotiations of Environmental Framework Agreements; (2) ensure that a suitable administering body is identified for each Environmental Fund; and (3) review the programs, operations, and fiscal audits of administering bodies.

Declares that the President should encourage other official creditors of beneficiary countries whose debt is reduced under this Act to provide debt reduction to such countries.

Requires the President to ensure that Environmental Funds are able to receive donations from private and public entities and private creditors of beneficiary countries.

Title IV: Reports - Directs the President to report annually to the Speaker of the House and the President of the Senate on the Facility.

Title V: Caribbean Regional Development Act - Amends the Foreign Assistance Act of 1961 to implement the Caribbean Regional Development Act of 1990.

Sets forth U.S. policy with respect to development and economic assistance for the Caribbean. Provides that priority in providing development assistance be given to supporting indigenous democratic Caribbean institutions that represent and benefit the poor.

Requires priority in the allocation of assistance to the Caribbean to be given to: (1) increased food production; (2) rural development; (3) community-based agro-industries; (4) small- and medium-sized farm and manufacturing enterprises; (5) the expansion of tourism; (6) regional integration; (7) the upgrading of technical and managerial skills; (8) support for renewable natural resources; (9) private sector development; (10) democratic development and the administration of justice; and (11) human services and human resources development.

Directs the President, in providing assistance to a Caribbean country, to take into account whether the government of such country has failed to protect worker rights and is taking steps to implement laws that demonstrate advancement in providing such rights.

Prohibits the Agency for International Development (AID) from providing assistance for the use of any substance in a Caribbean country if such use is prohibited under the country's or U.S. public health laws.

Declares that AID should ensure the active participation of women in the development process.

States that AID should: (1) take into account the perspectives of the poor in the development process; and (2) monitor socioeconomic conditions in the Caribbean and the effect of U.S. assistance on such conditions.