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S 4139 116th Congress Senate International Affairs Budget deficits and national debt Cardiovascular and respiratory health Congressional oversight Debt collection Diplomacy, foreign officials, Americans abroad Economic development Economic performance and conditions Emergency medical services and trauma care Foreign aid and international relief Foreign loans and debt Health programs administration and funding Infectious and parasitic diseases International monetary system and foreign exchange International organizations and cooperation Multilateral development programs World health

Support for Global Financial Institution Pandemic Response Act of 2020

Introduced: July 1, 2020 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 1, 2020
Read twice and referred to the Committee on Foreign Relations. (text: CR S4139)
Jul 1, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Support for Global Financial Institution Pandemic Response Act of 2020

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.

What's happening now July 1, 2020

Read twice and referred to the Committee on Foreign Relations. (text: CR S4139)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Independent 1