,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #fedi  ,,in ,,the ,,house ,,of  
,,representatives  ,february #a1        
#bjbb,ms4 ,ocasio-,cortez introduced the
 following bill2 which was referred to  
the ,committee on ,financial ,services  
,a ,,bill  ,to provide support for      
international initiatives to provide    
debt relief to developing countries with
 unsustainable levels of debt1 and for  
other purposes4  #a4 ,support for       
international initiatives to provide    
debt relief to developing countries with
 unsustainable levels of debt  7a7 ,debt
 relief ,the ,secretary of the          
,treasury1 in consultation with the     
,secretary of ,state1 shall-- 7#a7      
engage with international financial     
institutions and official and commercial
 creditors to advance support for prompt
 and effective implementation and       
improvement of the ,common ,framework   
for ,debt ,treatments beyond the ,debt  
,service ,suspension ,initiative 7in    
this section referred to as the ,common 

,framework71 and any successor framework
 or similar coordinated international   
debt treatment process through the      
establishment and publication of clear  
and accountable-- 7,a7 debt treatment   
benchmarks designed to achieve debt     
sustainability for each participating   
debtor2  7,b7 standards for equitable   
burden sharing among all creditors with 
material claims on each participating   
debtor1 without regard for their        
official1 private1 or hybrid status2    
7,c7 robust debt disclosure1 including  
but not limited to inter-creditor data  
sharing and a broad presumption in favor
 of public disclosure of material terms 
and conditions of claims on             
participating debtors2  7,d7 expanded   
eligibility criteria to include all     
countries with unsustainable levels of  
sovereign debt2  7,e7 standards for     
comprehensive creditor participation    
consistent with robust application of   
the policies of the ,international      
,monetary ,funds relating to lending    

into arrears2 and  7,f7 consistent      
enforcement and improvement of the      
policies of multilateral institutions   
relating to asset-based and             
revenue-based borrowing by participating
 debtors1 and coordinated standards on  
restructuring collateralized debt2  7#b7
 engage with international financial    
institutions and official and commercial
 creditors to advance support for a     
comprehensive and effective debt payment
 standstill for each participating      
debtor from the time of its application 
for1 and until the completion of its    
negotiations under1 the ,common         
,framework1 or any successor framework  
or similar coordinated international    
debt treatment process3 provided1       
however1 that any such standstill should
 incentivize prompt and comprehensive   
debt restructuring agreement and provide
 temporary cash flow relief for the     
debtor1 without exacerbating its        
vulnerability to debt distress2 and     
7#c7 instruct the ,united ,states       

,executive ,director at the             
,international ,monetary ,fund and the  
,united ,states ,executive ,director at 
the ,world ,bank to use the voice and   
vote of the ,united ,states to advance  
the efforts described in paragraphs 7#a7
 and 7#b71 including by urging          
international financial institutions to 
participate in debt relief1 without     
undermining their ability to continue to
 provide new and additional flows of aid
 and assistance4  7b7 ,reporting        
requirement ,not later than #abj days   
after the date of the enactment of this 
,act1 and annually thereafter until the 
end of the ,,covid-#ai pandemic1 as     
determined by the ,world ,health        
,organization1 the ,secretary of the    
,treasury1 in coordination with the     
,secretary of ,state1 shall submit to   
the ,committees on ,banking1 ,housing1  
and ,urban ,affairs and ,foreign        
,relations of the ,senate and the       
,committees on ,financial ,services and 
,foreign ,affairs of the ,house of      

,representatives a report that          
describes-- 7#a7 actions that have been 
taken1 in coordination with             
international financial institutions1 by
 official creditors1 including the      
government of1 and state-owned          
enterprises in1 the ,people's ,republic 
of ,china1 and relevant commercial      
creditor groups to advance debt relief  
for countries with unsustainable debt   
that have sought relief under the       
,common ,framework1 any successor       
framework or mechanism1 or under any    
other coordinated international         
arrangement for sovereign debt          
restructuring2  7#b7 any implementation 
challenges that hinder the ability of   
the ,common ,framework to provide timely
 debt restructuring for any country with
 unsustainable debt that seeks debt     
relief or debt payment relief1 including
 any refusal of any creditors to        
participate in equitable burden sharing1
 including but not limited to failure to
 share 7or publish1 as appropriate7 all 

material information needed to assess   
debt sustainability and inter-creditor  
equity2  7#c7 recommendations on how to 
address challenges identified in        
paragraph 7#b72  7#d7 any ,united       
,states policy concerns with respect to 
providing debt relief to specific       
countries2 and  7#e7 the transparency   
and accountability measures established 
or proposed to ensure that resources    
freed up by the debt relief described in
 paragraph 7#a7 are used for activities 
that respond to the health1 economic1   
and social effects of the ,,covid-#ai   
pandemic1 climate change resiliency1 or 
help ensure equitable recoveries and    
growth4