H.R.391 - Responsible Debt Relief and Democracy Reform Act107th Congress (2001-2002)
|Sponsor:||Rep. Wolf, Frank R. [R-VA-10] (Introduced 01/31/2001)|
|Committees:||House - International Relations; Financial Services|
|Latest Action:||House - 03/02/2001 Referred to the Subcommittee on Domestic Monetary Policy, Technology and Economic Growth, for a period to be subsequently determined by the Chairman. (All Actions)|
This bill has the status Introduced
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Summary: H.R.391 — 107th Congress (2001-2002)All Information (Except Text)
Responsible Debt Relief and Democracy Reform Act - Amends the Foreign Assistance Act of 1961 to authorize the President to cancel or reduce amounts owed to the United States by foreign countries as a result of concessional or nonconcessional loans made, guarantees issued, or credits extended under any other provision of law, but only if, in addition to satisfying specified requirements for debt cancellation or reduction, such country: (1) ensures certain democratic freedoms; (2) provides for the reduction or elimination of corruption among its public officials; (3) does not engage in a consistent pattern of gross violations of internationally recognized human rights; and (4) does not repeatedly provide support for acts of international terrorism. Sets forth specified circumstances under which the President may waive one or more of such requirements.
Introduced in House (01/31/2001)
Expresses the sense of Congress that the President should instruct the U.S. Executive Director at each international financial institution to use the U.S. voice, vote, and influence to urge that the cancellation or reduction of debt owed to the institution by a country be provided only if it meets the additional requirements of this Act.