Introduction of the Robust International Response to Pandemic Act

Floor Speech

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Mr. GARCIA of Illinois. Madam Speaker, I rise today to introduce the Systemic Risk Mitigation Act with my colleagues, Representative Jan Schakowsky of Illinois and Representative Mark Takano of California.

As COVID-19 devastates nearly every country in the world, it is more important than ever to affirm that the United States will support developing countries in getting the help they need from International Financial Institutions (IFIs) like the World Bank and International Monetary Fund (IMF). This bill accomplishes that by: Instructing U.S. representatives to the IFis to support a suspension of debt payments to those institutions during the COVID-19 pandemic; Instructing U.S. representatives to the IFis to oppose programs that undermine countries' ability to respond to COVID-19, such as those that encourage cuts to public health spending; Instructing the U.S. representative to the IMF to support issuing 3 trillion ``Special Drawing Rights.''

The issuance of ``Special Drawing Rights'' will help countries avoid depleting their reserves during the turbulent economic times ahead; 3 trillion SDR's will help all of us--and especially emerging markets and developing economies--avoid financial catastrophe.

I urge this body to advance this legislation.

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