H.R. 4573: Debt Relief for Earthquake Recovery in Haiti Act of 2010

H.R. 4573

Debt Relief for Earthquake Recovery in Haiti Act of 2010

Sponsor
Rep. Maxine Waters

Date
March 10, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

The House is expected to consider H.R. 4573, on the House floor on Wednesday, March 10, 2010, under a motion to suspend the rules, requiring a two-thirds majority vote for passage.  This legislation was introduced by Rep. Maxine Waters (D-CA) on February 2, 2010.

Bill Summary

H.R. 4573 would amend the International Financial Institutions Act to direct the Treasury Secretary to instruct the U.S. Executive Directors at the International Monetary Fund (IMF), the International Bank for Reconstruction and Development, the Inter-American Development Bank, and other multilateral development institutions to: (1) cancel all debts owed by Haiti to such institutions; (2) suspend Haiti's debt payments to such institutions until the debts are canceled completely; and (3) provide additional assistance from such institutions to Haiti in grant form in order to avoid additional debt accumulation.  The bill also directs the Secretary to urge other bilateral, multilateral, and private creditors to cancel all debts owed by Haiti to such creditors.

Cost

A CBO cost estimate of H.R. 4573 is not yet available.