S. 2166 (110th): Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008

Introduced:
Oct 16, 2007 (110th Congress, 2007–2009)
Status:
Died (Reported by Committee)
Sponsor
Robert “Bob” Casey Jr.
Senator from Pennsylvania
Party
Democrat
Text
Read Text »
Last Updated
Oct 16, 2007
Length
18 pages
Related Bills
H.R. 2634 (Related)
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008

Passed House
Last Action: Apr 16, 2008

 
Status

This bill was introduced on June 24, 2008, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 16, 2007
Referred to Committee Oct 16, 2007
Reported by Committee Jun 24, 2008
 
Full Title

A bill to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes.

Summary

No summaries available.

Cosponsors
26 cosponsors (17D, 8R, 1I) (show)
Committees

Senate Foreign Relations

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


8/1/2008--Reported to Senate amended.
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008 -
Section 3 -
Expresses the sense of Congress that U.S. debt cancellation or international debt relief to eligible low-income countries should not be followed by a reduction in other development assistance to such countries.
Section 4 -
Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other international financial institutions to:
(1) provide for debt cancellation of eligible low-income countries to such institutions and to the United States;
(2) require low-income countries to allocate debt cancellation savings towards poverty-reducing expenditures; and
(3) provide for establishment of frameworks for creditor transparency and responsible lending.
States that the Government Accountability Office (GAO) should audit the multilateral debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where significant concern exists that unsustainable loans were made to the government.
Directs the Secretary to make available on the Department of the Treasury website the full record of the U.S. Executive Director's remarks at meetings of the boards of directors of the IMF, the World Bank, and other international financial institutions about cancellation or reduction of debts owed to the institution involved.
Requires five annual reports to the House Committees on Financial Services and on Foreign Affairs and to the Senate Committees on Foreign Relations and on Banking, Housing, and Urban Affairs (committees) by:
(1) GAO regarding operations of the IMF, the World Bank, and other international financial institutions for canceling the debt of eligible low-income countries; and
(2) the Secretary regarding activities undertaken under this section, and other progress made in accomplishing the purposes of this section, for the prior fiscal year, including a list of countries whose debt cancellation requests have been granted, denied or are under consideration.
Defines "eligible low-income country."
Section 5 -
Directs the Secretary to commence immediate efforts within the Paris Club of Official Creditors, the IMF, the World Bank and other international financial institutions to ensure that the provision of debt cancellation to eligible low-income countries is not conditioned on any agreement by such a country to implement or comply with policies that deepen poverty, significantly increase the costs of public services for low-income households, or degrade the environment.
Requires a report to the committees concerning previous rounds of debt cancellation.
Section 6 -
Expresses the sense of Congress that due to the current humanitarian and political instability in Haiti, including food shortages and political turmoil, the Secretary should use the Secretary's influence to expedite cancellation of Haiti's debts to all international financial institutions, or if such debt cancellation cannot be provided, to urge the institutions to suspend Haiti's debt service payments.
Section 7 -
Directs the Secretary, by June 30, 2009, to report to the committees regarding the feasibility and design of a facility to provide temporary financing to relieve debt service burdens in the case of shocks to the economies of low-income countries beyond their control, including natural disasters and commodity price spikes.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 2166 (110th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus