Text: H.R.4573 — 111th Congress (2009-2010)All Information (Except Text)
Public Law No: 111-158 (04/26/2010)
[111th Congress Public Law 158]
[From the U.S. Government Printing Office]
[[Page 124 STAT. 1121]]
Public Law 111-158
To urge the Secretary of the Treasury to instruct the United States
Executive Directors at the International Monetary Fund, the World Bank,
the Inter-American Development Bank, and other multilateral development
institutions to use the voice, vote, and influence of the United States
to cancel immediately and completely Haiti's debts to such institutions,
and for other purposes. <<NOTE: Apr. 26, 2010 - [H.R. 4573]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Haiti Debt
Relief and Earthquake Recovery Act of 2010. 22 USC 261 note.>>
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Haiti Debt Relief and Earthquake
Recovery Act of 2010''.
SEC. 2. DEBT RELIEF FOR HAITI.
Title XVI of the International Financial Institutions Act (22 U.S.C.
262p et seq.) is amended by adding at the end the following new section:
``SEC. 1628. <<NOTE: 22 USC 262p-12.>> CANCELLATION OF HAITI'S
DEBTS TO INTERNATIONAL FINANCIAL
``(a) In General.--The Secretary of the Treasury should direct the
United States Executive Director at the International Monetary Fund, the
International Development Association, the Inter-American Development
Bank, the International Fund for Agricultural Development, and other
multilateral development institutions (as defined in section 1701(c)(3))
to use the voice, vote and influence of the United States at each such
institution to seek to achieve--
``(1) the immediate and complete cancellation of any and all
remaining debts owed by Haiti to such institutions;
``(2) the suspension of Haiti's debt service payments to
such institutions until such time as the debts are canceled
``(3) <<NOTE: Deadline.>> the provision, before February 1,
2015, of emergency, humanitarian and reconstruction assistance
from such institutions to Haiti in the form of grants or other
assistance such that Haiti does not accumulate debt.
``(b) Use of Certain Funds for Assistance to Haiti.--The Secretary
of the Treasury should instruct the United States Executive Director of
the International Monetary Fund to advocate the use of some of the
realized windfall profits that exceed the required contribution to the
Poverty Reduction and Growth Trust (as referenced in the IMF Reforms
Financial Facilities for Low-Income Countries Public Information Notice
(PIN) No. 09/94) from the ongoing sale of 12,965,649 ounces of gold
acquired since the second Amendment of the Fund's Article of Agreement,
to provide debt
[[Page 124 STAT. 1122]]
stock relief and debt service relief for Haiti and, before February 1,
2015, to provide grants for Haiti.
``(c) Securing Other Relief for Haiti.--The Secretary of the
Treasury and the Secretary of State should use all appropriate
diplomatic influence to secure cancellation of any and all remaining
bilateral, multilateral and private creditor debt owed by Haiti.''.
SEC. 3. INFRASTRUCTURE INVESTMENT.
(a) Trust Fund.--The Secretary of the Treasury should support the
creation and utilization of a multilateral trust fund for Haiti that
would leverage potential United States contributions and promote
bilateral donations to such a fund for the purpose of making investments
in Haiti's future and future generations, including efforts to combat
soil degradation and promote reforestation and infrastructure
investments such as electric grids, roads, water and sanitation
facilities, and other critical infrastructure projects.
(b) Increase in Transfer of Earnings.--The Secretary of the Treasury
should direct the United States Executive Director of the Inter-American
Development Bank to seek to increase the transfer of its earnings to the
Fund for Special Operations and to a trust fund or grant facility for
Approved April 26, 2010.
LEGISLATIVE HISTORY--H.R. 4573:
CONGRESSIONAL RECORD, Vol. 156 (2010):
Mar. 10, considered and passed House.
Mar. 26, considered and passed Senate, amended.
Apr. 14, House concurred in Senate amendments.