[Congressional Record Volume 166, Number 121 (Wednesday, July 1, 2020)]
[Senate]
[Page S4139]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DURBIN (for himself, Mr. Sanders, Mr. Reed, Mr. Cardin, 
        and Mr. Merkley):
  S. 4139. A bill to encourage support by international financial 
institutions for a robust global response to the COVID-19 pandemic; to 
the Committee on Foreign Relations.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 4139

       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 ``Support for Global Financial 
     Institution Pandemic Response Act of 2020''.

     SEC. 2. SUPPORT FOR A ROBUST GLOBAL RESPONSE TO THE COVID-19 
                   PANDEMIC.

       (a) United States Policies at the International Financial 
     Institutions.--
       (1) In general.--The Secretary of the Treasury shall 
     instruct the United States Executive Director of each 
     international financial institution (as defined in section 
     1701(c)(2) of the International Financial Institutions Act 
     (22 U.S.C. 262r(c)(2)) to use the voice and vote of the 
     United States at that institution--
       (A) to seek to ensure adequate fiscal space for world 
     economies in response to the global coronavirus disease 2019 
     (commonly referred to as ``COVID-19'') pandemic through--
       (i) the suspension of all debt service payments to the 
     institution; and
       (ii) the relaxation of fiscal targets for any government 
     operating a program supported by the institution, or seeking 
     financing from the institution, in response to the pandemic;
       (B) to oppose the approval or endorsement of any loan, 
     grant, document, or strategy that would lead to a decrease in 
     health care spending or in any other spending that would 
     impede the ability of any country to prevent or contain the 
     spread of, or treat persons who are or may be infected with, 
     the SARS-CoV-2 virus; and
       (C) to require approval of all Special Drawing Rights 
     allocation transfers from wealthier member countries to 
     countries that are emerging markets or developing countries, 
     based on confirmation of implementable transparency 
     mechanisms or protocols to ensure the allocations are used 
     for the public good and in response the global pandemic.
       (2) IMF issuance of special drawing rights.--The Secretary 
     of the Treasury shall instruct the United States Executive 
     Director of the International Monetary Fund to use the voice 
     and vote of the United States to support the issuance of a 
     special allocation of not less than 2,000,000,000,000 Special 
     Drawing Rights so that governments are able to access 
     additional resources to finance their responses to the global 
     COVID-19 pandemic.
       (b) Report Required.--The Chairman of the National Advisory 
     Council on International Monetary and Financial Policies 
     shall include in the annual report required by section 1701 
     of the International Financial Institutions Act (22 U.S.C. 
     262r) a description of progress made toward advancing the 
     policies described in subsection (a).
       (c) Termination.--Subsections (a) and (b) shall have no 
     force or effect after the earlier of--
       (1) the date that is one year after the date of the 
     enactment of this Act; or
       (2) the date that is 30 days after the date on which the 
     Secretary of the Treasury submits to the Committee on Foreign 
     Relations of the Senate and the Committee on Financial 
     Services of the House of Representatives a report stating 
     that the SARS-CoV-2 virus is no longer a serious threat to 
     public health in any part of the world.
                                 ______