[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4111 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 4111

 To require the Secretary of the Treasury to direct the United States 
Executive Director at the International Monetary Fund to advocate that 
   the Fund provide technical assistance to Fund members seeking to 
  enhance their capacity to evaluate the legal and financial terms of 
           sovereign debt contracts, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 23, 2021

Ms. Waters (for herself and Mr. McHenry) introduced the following bill; 
       which was referred to the Committee on Financial Services

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                                 A BILL


 
 To require the Secretary of the Treasury to direct the United States 
Executive Director at the International Monetary Fund to advocate that 
   the Fund provide technical assistance to Fund members seeking to 
  enhance their capacity to evaluate the legal and financial terms of 
           sovereign debt contracts, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Sovereign Debt Contract Capacity 
Act''.

SEC. 2. SUPPORT TO ENHANCE THE CAPACITY OF INTERNATIONAL MONETARY FUND 
              MEMBERS TO EVALUATE THE LEGAL AND FINANCIAL TERMS OF 
              SOVEREIGN DEBT CONTRACTS.

    (a) In General.--Title XVI of the International Financial 
Institutions Act (22 U.S.C. 262p-262p-13) is amended by adding at the 
end the following:

``SEC. 1630. SUPPORT TO ENHANCE THE CAPACITY OF FUND MEMBERS TO 
              EVALUATE THE LEGAL AND FINANCIAL TERMS OF SOVEREIGN DEBT 
              CONTRACTS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the International Monetary Fund to use the voice 
and vote of the United States to advocate that the Fund promote 
international standards and best practices with respect to sovereign 
debt contracts and provide technical assistance to Fund members, and in 
particular to lower middle-income countries and countries eligible to 
receive assistance from the International Development Association, 
seeking to enhance their capacity to evaluate the legal and financial 
terms of sovereign debt contracts with multilateral, bilateral, and 
private sector creditors.''.
    (b) Report to the Congress.--Within 1 year after the date of the 
enactment of this Act, and annually thereafter for the next 4 years, 
the Secretary of the Treasury shall report to the Committee on 
Financial Services of the House of Representatives and the Committee on 
Foreign Relations of the Senate on--
            (1) the activities of the International Monetary Fund in 
        the then most recently completed fiscal year to provide 
        technical assistance described in section 1630 of the 
        International Financial Institutions Act, including the ability 
        of the Fund to meet the demand for the assistance; and
            (2) the efficacy of efforts by the United States to achieve 
        the policy goal described in such section and any further 
        actions that should be taken, if necessary, to implement that 
        goal.
    (c) Sunset.--The amendment made by subsection (a) shall have no 
force or effect after the 5-year period that begins with the date of 
the enactment of this Act.
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