Pete Sessions: “This legislation follows on the heels of legislation passed just 2 weeks ago providing aid to mostly African and…”

“This legislation follows on the heels of legislation passed just 2 weeks ago providing aid to mostly African and Caribbean countries to fight AIDS and promote development programs in underdeveloped countries, including programs to improve food, water, the treatment of other infectious diseases, poverty alleviation programs, microcredit, schools and teachers, legal aid, agricultural assistance and biomedical research. Today's legislation would follow up on this enormous prior financial commitment by further reducing or eliminating the debt obligations of the world's poorest nations. It attempts to accomplish this goal by creating a framework to having the debts of low-income countries owed to the United States and to international financial institutions eliminated. To do this, this bill authorizes the Secretary of the Treasury to negotiate the full cancellation of these countries' debts with the Paris Club, the IMF, and the World Bank, and to reach agreements on future creditor transparency and responsible lending.”