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HR 4978 100th Congress House International Affairs Africa American economic assistance Credit Finance and Financial Sector Foreign Trade and Investments Foreign loans Subsaharan Africa

A bill to require the President to authorize United States Government lending institutions to forgive the outstanding debt of certain sub-Saharan nations.

Introduced: July 6, 1988 See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 1, 1988
Executive Comment Requested from State, Treasury, AID.
Jul 18, 1988
Referred to Subcommittee on Africa.
Jul 18, 1988
Referred to Subcommittee on International Economic Policy and Trade.
Jul 15, 1988
Referred to Subcommittee on International Finance, Trade and Monetary Policy.
Jul 15, 1988
Referred to Subcommittee on International Development Institutions and Finance.
Jul 6, 1988
Referred to House Committee on Foreign Affairs.
Jul 6, 1988
Referred to House Committee on Banking, Finance and Urban Affairs.
Jul 6, 1988
Introduced in House
 Plain-English summary Congressional Research Service

Requires the President to authorize U.S. Government lending institutions to forgive all or part of any outstanding loans to any sub-Saharan African nation experiencing difficulty in making debt service payments and the per capita gross national product of which for 1986 does not exceed $500.

Defines "forgive" as: (1) releasing the debtor from the obligation to repay part or all of the loan; (2) providing an interest subsidy to the debtor with respect to the loan; (3) extending the maturity of the loan; or (4) taking any other action which would reduce the total outstanding debt of the debtor.

Specifies that the provisions of this Act shall not be construed to authorize the President to reduce any foreign assistance provided under the Foreign Assistance Act of 1961, the Export-Import Bank Act of 1945, the Arms Export Control Act, or any other law.

What's happening now August 1, 1988

Executive Comment Requested from State, Treasury, AID.

 Committees of jurisdiction 6
 Cosponsors 1
All 1 Democratic 1