H.R. 7081 — Introduced in House

I 117th CONGRESS 2d Session H. R. 7081 IN THE HOUSE OF REPRESENTATIVES March 15, 2022Mr. García of Illinois (for himself, Mr. Himes, Mr. David Scott of Georgia, Ms. Ocasio-Cortez, and Mr. Quigley) introduced the following bill; which was referred to the Committee on Financial Services A BILL To seek immediate bilateral, multilateral, and commercial debt service payment relief for Ukraine. 1. Short title This Act may be cited as the Ukraine Comprehensive Debt Payment Relief Act. 2. Suspension of multilateral debt payments of Ukraine (a) United States position in the international financial institutions The Secretary of the Treasury shall instruct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice, vote, and influence of the United States to advocate that the respective institution immediately suspend all debt service payments owed to the institution by Ukraine. (b) Official bilateral and commercial debt service payment relief The Secretary of the Treasury, working in coordination with the Secretary of State, shall commence immediate efforts with other governments and commercial creditor groups, through the Paris Club of Official Creditors and other bilateral and multilateral frameworks, both formal and informal, to pursue comprehensive debt payment relief for Ukraine. (c) Multilateral financial support for Ukraine The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to support, to the maximum extent practicable, the provision of concessional financial assistance for Ukraine. 3. Report to the congress Not later than December 31 of each year, the President shall— (1) submit to the Committees on Financial Services, on Appropriations, and on Foreign Affairs of the House of Representatives and the Committees on Foreign Relations and on Appropriations of the Senate, a report on the activities undertaken under this Act; and (2) make public a copy of the report. 4. Waiver and termination (a) Waiver The Secretary of the Treasury may waive the requirements of section 2 on notifying the Congress in writing that the waiver is important to the national interest of the United States. (b) Termination The provisions of this Act shall have no force or effect on or after the date that is 7 years after the date of the enactment of this Act.