Debt Emancipation to Enable Democracies (DEED) Act of 1999

Summary

Debt Emancipation to Enable Democracies (DEED) Act of 1999 - Directs the President to cancel all amounts owed to the United States by an eligible heavily indebted poor country (HIPC) and Haiti as a result of concessional and nonconcessional loans made, guarantees issued, or credits extended under any provision of law. Sets forth eligibility requirements for cancellation of debt for a HIPC. (Sec. 4) Provides that cancellation of debt shall not be considered assistance for purposes of any law limiting assistance to a country. (Sec. 5) Prohibits funds appropriated in this Act from being made available to the International Monetary Fund (IMF) until it: (1) has canceled all debts owed to the IMF by an eligible HIPC and Haiti; (2) has terminated the Enhanced Structural Adjustment Facility; and (3) the Secretary of the Treasury has certified to specified congressional committees that such debts have been canceled, and the IMF has ceased linking loans to an eligible HIPC and Haiti to implementation of structural adjustment policies. (Sec. 6) Amends the Foreign Assistance Act of 1961 to authorize the Overseas Private Investment Corporation (OPIC) to issue insurance, guaranties, or reinsurance, make loans, acquire securities, or enter into risk sharing arrangements for an eligible HIPC and Haiti with respect to which the United States and the IMF have provided debt cancellation under this Act, only if the President certifies to Congress that the government of such country is using funds available because of such debt cancellation for poverty reduction in the country. (Sec. 7) Sets forth certain notification requirements with respect to each eligible HIPC and Haiti. (Sec. 8) Authorizes a U.S. citizen to bring an action in any U.S. district court seeking compliance by the United States with the requirements of this Act.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 October 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 7 October 1999

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• Introduced in House

  summary · EN · 7 October 1999

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