An act to Urge the Sec. of Treas. To ask IMF, etc. to cancel Haiti's debts, 2p

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Title:
An act to Urge the Sec. of Treas. To ask IMF, etc. to cancel Haiti's debts, 2p
Physical Description:
Mixed Material
Publisher:
Wash., GP{O, 2010

Notes

General Note:
4-trUS-2010
General Note:
SLU-LAW-GOVDOCS AE2.110:111-158

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University of Florida
Holding Location:
ILLMC
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All applicable rights reserved by the source institution and holding location.
Resource Identifier:
LLMC31967
System ID:
AA00001292:00001

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Saint Louis University Law Library




AE 2.110:111-158
PUBLIC LAW 111-158--A~ Zb, zuIU


124 STAT. 1121


Public Law 111-158
111th Congress


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An Act


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To urge the Secretary of the Treasury to instruct the United States Executive
Directors at the International Monetary Fund, the World Bank, the Inter-American
Development Bank, and other multilateral development institutions to use the
voice, vote, and influence of the United States to cancel immediately and com-
pletely Haiti's debts to such institutions, 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 "Haiti Debt Relief and Earthquake
Recovery Act of 2010".
SEC. 2. DEBT RELIEF FOR HAITI.
Title XVI of the International Financial Institutions Act (22
U.S.C. 262p et seq.) is amended by adding at the end the following
new section:
"SEC. 1628. CANCELLATION OF HAITI'S DEBTS TO INTERNATIONAL
FINANCIAL INSTITUTIONS.
"(a) IN GENERAL.-The Secretary of the Treasury should direct
the United States Executive Director at the International Monetary
Fund, the International Development Association, the Inter-Amer-
ican Development Bank, the International Fund for Agricultural
Development, and other multilateral development institutions (as
defined in section 1701(c)(3)) to use the voice, vote and influence
of the United States at each such institution to seek to achieve-
"(1) the immediate and complete cancellation of any and
all remaining debts owed by Haiti to such institutions;
"(2) the suspension of Haiti's debt service payments to
such institutions until such time as the debts are canceled
completely; and
"(3) the provision, before February 1, 2015, of emergency,
humanitarian and reconstruction assistance from such institu-
tions to Haiti in the form of grants or other assistance such
that Haiti does not accumulate debt.
"(b) USE OF CERTAIN FUNDS FOR ASSISTANCE TO HAITI.-The
Secretary of the Treasury should instruct the United States Execu-
tive Director of the International Monetary Fund to advocate the
use of some of the realized windfall profits that exceed the required
contribution to the Poverty Reduction and Growth Trust (as ref-
erenced in the IMF Reforms Financial Facilities for Low-Income
Countries Public Information Notice (PIN) No. 09/94) from the
ongoing sale of 12,965,649 ounces of gold acquired since the second
Amendment of the Fund's Article of Agreement, to provide debt


Apr. 26, 2010
[H.R. 4573]


Haiti Debt Relief
and Earthquake
Recovery Act of
2010.
22 USC 261 note.


22 USC 262p-12.











Deadline.


50
.A26






PUBLIC LAW 111-158-APR. 26, 2010


stock relief and debt service relief for Haiti and, before February
1, 2015, to provide grants for Haiti.
"(c) SECURING OTHER RELIEF FOR HAITI.-The Secretary of
the Treasury and the Secretary of State should use all appropriate
diplomatic influence to secure cancellation of any and all remaining
bilateral, multilateral and private creditor debt owed by Haiti.".
SEC. 3. INFRASTRUCTURE INVESTMENT.
(a) TRUST FUND.-The Secretary of the Treasury should support
the creation and utilization of a multilateral trust fund for Haiti
that would leverage potential United States contributions and pro-
mote bilateral donations to such a fund for the purpose of making
investments in Haiti's future and future generations, including
efforts to combat soil degradation and promote reforestation and
infrastructure investments such as electric grids, roads, water and
sanitation facilities, and other critical infrastructure projects.
(b) INCREASE IN TRANSFER OF EARNINGS.-The Secretary of
the Treasury should direct the United States Executive Director
of the Inter-American Development Bank to seek to increase the
transfer of its earnings to the Fund for Special Operations and
to a trust fund or grant facility for Haiti.


Approved April 26, 2010.


LEGISLATIVE HISTORY-H.R. 4573:
CONGRESSIONAL RECORD, Vol. 156 (2010):
Mar. 10, considered and passed House.
Mar. 26, considered and passed Senate, amended.
Apr. 14, House concurred in Senate amendments.
O


Saint Louis University Law Library


220-000996603


124 STAT. 1122