US SB4139 | 2019-2020 | 116th Congress

Status

Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on July 1 2020 - 25% progression
Action: 2020-07-01 - Read twice and referred to the Committee on Foreign Relations. (text: CR S4139)
Pending: Senate Foreign Relations Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Support for Global Financial Institution Pandemic Response Act of 2020

Sponsors


History

DateChamberAction
2020-07-01SenateRead twice and referred to the Committee on Foreign Relations. (text: CR S4139)

Same As/Similar To

HB6581 (Related) 2020-04-21 - Referred to the House Committee on Financial Services.

Subjects


US Congress State Sources


Bill Comments

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