H.R. 2493 (111th): Judgment Evading Foreign States Accountability Act of 2009

Introduced:
May 19, 2009 (111th Congress, 2009–2010)
Status:
Died (Referred to Committee) in a previous session of Congress

This bill was introduced on May 19, 2009, in a previous session of Congress, but was not enacted.

Introduced
May 19, 2009
 
Sponsor
Eric Massa
Representative for New York's 29th congressional district
Party
Democrat
Text
Read Text »
Last Updated
May 19, 2009
Length
17 pages
Related Bills
H.R. 5564 (Related)
Judgment Evading Foreign States Accountability Act of 2010

Referred to Committee
Last Action: Jun 22, 2010

 
Full Title

To prevent wealthy and middle-income foreign states that do business, issue securities, or borrow money in the United States, and then fail to satisfy United States court judgments totaling $100,000,000 or more based on such activities, from inflicting further economic injuries in the United States, from undermining the integrity of United States courts, and from discouraging responsible lending to poor and developing nations by undermining the secondary and primary markets for sovereign debt.

Summary

No summaries available.

 
Cosponsors
31 cosponsors (20D, 11R) (show)
Committees

House Financial Services

House Foreign Affairs

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.

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Notes

H.R. stands for House of Representatives 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.


5/19/2009--Introduced.
Judgment Evading Foreign States Accountability Act of 2009 - States the policy of the United States regarding:
(1) advocacy within the governing bodies of international organizations and other foreign policy settings for the full compensation and fair treatment of persons in whose favor judgments have been awarded by U.S. courts;
(2) protection of economic interests of persons and nations that benefit from a reliable flow of foreign capital by restricting the access to U.S. capital markets of judgment evading foreign states (foreign states that fail to fully satisfy a final judgment exceeding a certain amount for more than two years) and their state-owned corporations, warning of the dangers of dealing financially with such states and state-owned corporations, and congressional scrutiny of requests for aid made by such states; and
(3) protection of the authority of the U.S. courts by preventing such states from willfully flouting the judgments of those courts.
Directs the Securities and Exchange Commission (SEC) to:
(1) deny a judgment evading foreign state access to U.S. capital markets unless the proceeds of borrowing or securities issuance are to be used in the first instance to satisfy in full all final judgments that form the basis for such designation as such a state; and
(2) require all periodic filings made by such a state with the SEC to prominently bear a warning describing its failure to satisfy outstanding judgments.
Imposes similar restrictions on state-owned corporations of such states.
Requires: (1) a proposal to extend bilateral or multilateral assistance to a judgment evading state to bear notice that such state is a judgment evading state; and (2) the Secretary of the Treasury to report annually to Congress identifying each such state.

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

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