Senate Bill 67
117th Congress(2021-2022)
Support for Global Financial Institution Pandemic Response Act of 2021
Introduced
Introduced in Senate on Jan 27, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
67
Congress
117
Policy Area
International Affairs
International Affairs
Primary focus of measure is matters affecting foreign aid, human rights, international law and organizations; national governance; arms control; diplomacy and foreign officials; alliances and collective security. Measures concerning trade agreements, tariffs, foreign investments, and foreign loans may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
Support for Global Financial Institution Pandemic Response Act of 2021
This bill requires each U.S. Executive Director at an international financial institution to take certain actions in support of the global response to COVID-19 (i.e., coronavirus disease 2019).
Specifically, each U.S. Executive Director at an international financial institution (e.g., the International Bank for Reconstruction and Development or the International Finance Corporation) must
- seek the suspension of debt service payments to the institution and the relaxation of fiscal targets for certain programs,
- oppose programs or loan agreements that would reduce countries' health care spending or other spending related to their responses to COVID-19, and
- require approval of all Special Drawing Rights (a currency support tool) allocation transfers from wealthier member countries to countries that are emerging or developing to ensure the allocations are used for the public good and in response to the global pandemic.
Further, the U.S. Executive Director at the International Monetary Fund must support the issuance of Special Drawing Rights so that governments may access additional resources to finance their responses to COVID-19.
January 27, 2021
01/27/2021
Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)
01/27/2021
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:47:29 PM