H.R.4405 - Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009

To provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes. as introduced.
  • Short: Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
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12/16/09
 
 
 
 
 
 
 

Official Summary

Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 - Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruc

Official Summary

Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 - Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development, and other defined international financial institutions, to:
(1) provide for debt cancellation of eligible low-income countries to such institutions and to the United States;
(2) ensure that the provision of debt cancellation to such countries is not followed by a reduction in the provision of any other development assistance; and
(3) encourage such countries' governments to allocate at least 20% of their national budgets towards poverty-alleviation programs. Directs the Secretary to begin efforts to:
(1) promote greater transparency within such institutions;
(2) establish a responsible lending framework; and
(3) ensure that debt cancellation to eligible low-income governments is subject only to specified conditions. Directs the Government Accountability Office (GAO) to:
(1) audit the debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where there is significant evidence that onerous or illegal loans were made to the government; and
(2) report to Congress.

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