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Financial Services Committee Passes Congresswoman Waters' Amendments to Assist Impoverished Nations

July 30, 2009

The House Financial Services Committee today passed H.R. 6306, a bill to reauthorize funds for certain multilateral development banks (including the World Bank) that provide grants, loans and assistance to developing countries.  The legislation included three amendments offered by Congresswoman Maxine Waters (D-CA) to assist impoverished nations, particularly at a time when their populations are experiencing severe hardship because of the global food crisis.

The first amendment requires the Secretary of the Treasury to urge the multilateral development banks to increase significantly their emphasis on food security and agricultural development in developing countries.

The second amendment requires the Secretary of the Treasury to urge the multilateral development banks to allow Haiti to suspend immediately debt service payments or provide immediate debt cancellation to Haiti.

The third amendment authorizes up to $5 million to assist Liberia in buying back its commercial debt.  This would free Liberia from the burden of repaying debts owed to private creditors. 

Congresswoman Waters said, "We are fortunate to live in a prosperous and powerful country.  The United States has the capacity – and the moral obligation – to use our wealth and influence to alleviate human suffering.  I am proud that the Financial Services Committee passed my amendments with bipartisan support.  These measures will enable the governments of developing countries to dedicate their limited resources to meeting the fundamental needs of their people."

Congresswoman Waters has been a leader in Congress in efforts to assist Haiti, the poorest nation in the Western Hemisphere, with democratization and economic development.  She has also championed international debt cancellation for poor nations through legislation such as the Jubilee Act.
 

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