[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 43 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
S. CON. RES. 43

     Expressing the sense of Congress that the President should do 
  everything in his power to achieve resolution and repayment of the 
  defaulted sovereign debt of the People's Republic of China held by 
   20,000 families in the United States represented by the American 
                      Bondholders Foundation, LLC.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            August 13, 2020

 Ms. McSally (for herself and Mrs. Blackburn) submitted the following 
 concurrent resolution; which was referred to the Committee on Foreign 
                               Relations

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
     Expressing the sense of Congress that the President should do 
  everything in his power to achieve resolution and repayment of the 
  defaulted sovereign debt of the People's Republic of China held by 
   20,000 families in the United States represented by the American 
                      Bondholders Foundation, LLC.

Whereas sovereign debt obligations (in this preamble referred to as ``bonds'') 
        of the Government of the People's Republic of China were offered and 
        sold in United States capital markets;
Whereas the bonds constitute full faith and credit sovereign obligations of the 
        internationally recognized Government of the People's Republic of China;
Whereas the People's Republic of China subsequently defaulted on those bonds;
Whereas the bonds constitute an unpaid general obligation of the Government of 
        the People's Republic of China;
Whereas, under the successor government doctrine of settled international law 
        (relating to establishing the continuity of obligations among successor 
        governments), the repayment obligation for the bonds is the obligation 
        of the Government of the People's Republic of China;
Whereas the Government of the People's Republic of China continues to refuse to 
        repay the bonds held by United States citizens and has officially 
        repudiated the debts, which is a clear violation of United States law, 
        international law, and the rules and regulations of the World Bank and 
        the International Monetary Fund;
Whereas the Government of the People's Republic of China honored repayment of 
        the exact same bonds held by citizens of the United Kingdom while 
        rejecting the claims of citizens of the United States;
Whereas, since the normalization of bilateral relations between the United 
        States and the People's Republic of China in the 1970s, the United 
        States has shown good will to the People's Republic of China by focusing 
        on an expansion of bilateral trade while deferring discussion of 
        repayment of the People's Republic of China's defaulted national debt;
Whereas, under standard legal principles, the People's Republic of China's 
        defaulted sovereign gold debt has been accumulating compound interest 
        for more 82 years and is estimated to exceed the total amount of the 
        United States national debt to the People's Republic of China;
Whereas, as representative of United States bondholders who own the People's 
        Republic of China's defaulted sovereign gold bonds, American Bondholders 
        Foundation, LLC, has proposed using the People's Republic of China's 
        obligations as payment for the United States national debt to the 
        People's Republic of China;
Whereas, the Government of the People's Republic of China covered up the 
        outbreak of the coronavirus disease 2019 (commonly referred to as 
        ``COVID-19'') during its early stages, resulting in a global pandemic 
        and more than $2,000,000,000,000 in financial damage to the United 
        States; and
Whereas the United States Government pays its debts, and so should the 
        Government of the People's Republic of China: Now, therefore, be it
    Resolved by the Senate (the House of Representatives concurring), 
That it is the sense of Congress that the President should do 
everything in his power to achieve resolution and repayment of the 
defaulted sovereign debt of the People's Republic of China held by 
20,000 families in the United States who are represented by the 
American Bondholders Foundation, LLC, for the benefit of the 
bondholders and the people of the United States.
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