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HR 4854 100th Congress House Foreign Trade and International Finance Agricultural economics Agricultural price supports Agriculture and Rural Affairs Agriculture in foreign trade Costa Rica Credit Economic development El Salvador Finance and Financial Sector Foreign Trade and Investments Foreign loans Guatemala Honduras Import quotas Imports Interest Interest rates Nicaragua Sugar and sugar trade

A bill to encourage economic development in Central America, and to increase the sugar import quota.

Introduced: June 16, 1988 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 14 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 1, 1988
Referred to Subcommittee on International Finance, Trade and Monetary Policy.
Jul 1, 1988
Referred to Subcommittee on International Development Institutions and Finance.
Jun 27, 1988
Referred to Subcommittee on Western Hemisphere Affairs.
Jun 27, 1988
Referred to Subcommittee on International Economic Policy and Trade.
Jun 21, 1988
Referred to Subcommittee on Trade.
Jun 20, 1988
Referred to Subcommittee on Investigations.
Jun 20, 1988
Executive Comment Requested from DOD.
Jun 20, 1988
Referred to Subcommittee on Cotton, Rice, and Sugar.
Jun 16, 1988
Referred to House Committee on Ways and Means.
Jun 16, 1988
Referred to House Committee on Foreign Affairs.
Jun 16, 1988
Referred to House Committee on Banking, Finance and Urban Affairs.
Jun 16, 1988
Referred to House Committee on Armed Services.
Jun 16, 1988
Referred to House Committee on Agriculture.
Jun 16, 1988
Introduced in House
 Plain-English summary Congressional Research Service

Authorizes the President, during FY 1988 and 1989, to issue new U.S. guarantees of eligible debt obligations made or issued by the Governments of Costa Rica, El Salvador, Guatemala, or Honduras in exchange for existing debt obligations owed by such countries to private financial institutions.

Requires that the United States guarantee certain debt obligations which Costa Rica and Guatemala issue in exchange for no more than 40 percent, and which El Salvador and Honduras issue in exchange for no more than 100 percent, of the existing debt obligations owed by such countries to private financial institutions.

Directs specified U.S. Government lending institutions with loans outstanding to any such country to take steps to reduce the interest rate applicable to such loans to the prevailing rate minus four percentage points. Directs the Department of the Treasury and the Department of State to take steps to implement such reductions and encourage other creditor countries to such countries to make similar reductions.

Increases the import quota on sugars, syrups, and molasses. Allocates additional amounts for such products of: (1) Guatemala, Honduras, El Salvador, and Costa Rica; and (2) Nicaragua, if the Nicaraguan Reconciliation Commission reaches conclusions satisfactory to all participants.

Amends the Food Security Act of 1985 to extend the sugar price support program indefinitely. (Currently such program applies through the 1990 crops of sugarcane and sugar beets).

What's happening now July 1, 1988

Referred to Subcommittee on International Finance, Trade and Monetary Policy.

 Committees of jurisdiction 12