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Support for Global Financial Institution Pandemic Response Act of 2021

USA117th CongressS-67| Senate 
| Updated: 1/27/2021
Richard J. Durbin

Richard J. Durbin

Democratic Senator

Illinois

Cosponsors (7)
Patrick J. Leahy (Democratic)Jack Reed (Democratic)Alex Padilla (Democratic)Bernard Sanders (Independent)Benjamin L. Cardin (Democratic)Jeff Merkley (Democratic)Ron Wyden (Democratic)

Foreign Relations Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Support for Global Financial Institution Pandemic Response Act of 2021 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.
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Timeline

Bill from Previous Congress

S 116-4139
Support for Global Financial Institution Pandemic Response Act of 2020
Jan 27, 2021
Introduced in Senate
Jan 27, 2021
Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)
  • Bill from Previous Congress

    S 116-4139
    Support for Global Financial Institution Pandemic Response Act of 2020


  • January 27, 2021
    Introduced in Senate


  • January 27, 2021
    Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)

International Affairs

Budget deficits and national debtCardiovascular and respiratory healthCongressional oversightDebt collectionDiplomacy, foreign officials, Americans abroadEconomic developmentEconomic performance and conditionsEmergency medical services and trauma careForeign aid and international reliefForeign loans and debtHealth programs administration and fundingInfectious and parasitic diseasesInternational monetary system and foreign exchangeInternational organizations and cooperationMultilateral development programsWorld health

Support for Global Financial Institution Pandemic Response Act of 2021

USA117th CongressS-67| Senate 
| Updated: 1/27/2021
Support for Global Financial Institution Pandemic Response Act of 2021 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 116-4139
Support for Global Financial Institution Pandemic Response Act of 2020
Jan 27, 2021
Introduced in Senate
Jan 27, 2021
Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)
  • Bill from Previous Congress

    S 116-4139
    Support for Global Financial Institution Pandemic Response Act of 2020


  • January 27, 2021
    Introduced in Senate


  • January 27, 2021
    Read twice and referred to the Committee on Foreign Relations. (text: CR S177-178)
Richard J. Durbin

Richard J. Durbin

Democratic Senator

Illinois

Cosponsors (7)
Patrick J. Leahy (Democratic)Jack Reed (Democratic)Alex Padilla (Democratic)Bernard Sanders (Independent)Benjamin L. Cardin (Democratic)Jeff Merkley (Democratic)Ron Wyden (Democratic)

Foreign Relations Committee

International Affairs

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Budget deficits and national debtCardiovascular and respiratory healthCongressional oversightDebt collectionDiplomacy, foreign officials, Americans abroadEconomic developmentEconomic performance and conditionsEmergency medical services and trauma careForeign aid and international reliefForeign loans and debtHealth programs administration and fundingInfectious and parasitic diseasesInternational monetary system and foreign exchangeInternational organizations and cooperationMultilateral development programsWorld health