April 21, 2020 - Issue: Vol. 166, No. 75 — Daily Edition116th Congress (2019 - 2020) - 2nd Session

[Extensions of Remarks]
[Page E376]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF THE ROBUST INTERNATIONAL RESPONSE TO PANDEMIC ACT

                                 ______
                                 

                     HON. JESUS G. ``CHUY'' GARCIA

                              of illinois

                    in the house of representatives

                        Tuesday, April 21, 2020

  Mr. GARCIA of Illinois. Madam Speaker, I rise today to introduce the 
Systemic Risk Mitigation Act with my colleagues, Representative Jan 
Schakowsky of Illinois and Representative Mark Takano of California.
  As COVID-19 devastates nearly every country in the world, it is more 
important than ever to affirm that the United States will support 
developing countries in getting the help they need from International 
Financial Institutions (IFIs) like the World Bank and International 
Monetary Fund (IMF). This bill accomplishes that by: Instructing U.S. 
representatives to the IFis to support a suspension of debt payments to 
those institutions during the COVID-19 pandemic; Instructing U.S. 
representatives to the IFis to oppose programs that undermine 
countries' ability to respond to COVID-19, such as those that encourage 
cuts to public health spending; Instructing the U.S. representative to 
the IMF to support issuing 3 trillion ``Special Drawing Rights.''
  The issuance of ``Special Drawing Rights'' will help countries avoid 
depleting their reserves during the turbulent economic times ahead; 3 
trillion SDR's will help all of us--and especially emerging markets and 
developing economies--avoid financial catastrophe.
  I urge this body to advance this legislation.

                          ____________________