text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Justice and Understanding By 
  International Loan Elimination and Equity Act of 2004'' or the 
  ``JUBILEE Act of 2004''.
  
  SEC. 2. FINDINGS.
  
      The Congress finds the following:
              (1) Many poor countries have been struggling under the 
          burden of international debts for many years.
              (2) Many poor countries have debts that are odious because 
          they were incurred by dictatorships that did not use the funds 
          in ways that benefitted the population of the country.
              (3) The international Jubilee coalitions have been working 
          to raise awareness of the needs of these impoverished countries 
          for full debt cancellation.
              (4) The International Monetary Fund (IMF) has imposed 
          onerous structural adjustment requirements on many poor 
          countries as a condition of past loans and of participation in 
          debt relief programs.
              (5) Justice requires that these countries receive full 
          cancellation of their debts.
  
  SEC. 3. CANCELLATION OF DEBT OWED BY ELIGIBLE POOR COUNTRIES.
  
      Title XVI of the International Financial Institutions Act (22 
  U.S.C. 262p-262p-8) is amended by adding at the end the following:
  
  ``SEC. 1626. CANCELLATION OF DEBT OWED BY ELIGIBLE POOR COUNTRIES.
  
      ``(a) In General.--
              ``(1) Cancellation of debt.--In order to achieve 
          multilateral debt cancellation and promote human and economic 
          development and poverty alleviation in eligible poor countries, 
          the Secretary of the Treasury shall commence immediate efforts, 
          within the Paris Club of Official Creditors, the International 
          Monetary Fund (IMF), the International Bank for Reconstruction 
          and Development (World Bank), and the other international 
          financial institutions (as defined in section 1701(c)(2)), to 
          accomplish the following:
                      ``(A) Each international financial institution 
                  shall cancel all debts owed to the institution by 
                  eligible poor countries. To the extent possible, each 
                  institution shall finance the debt cancellation from 
                  their ongoing operations, procedures, and accounts.
                      ``(B) Any waiting period before receiving debt 
                  cancellation shall not exceed 1 month from the date of 
                  an eligible poor country's application for debt 
                  cancellation.
                      ``(C) The government of each eligible poor country 
                  shall be encouraged to allocate at least 20 percent of 
                  its national budget, including the savings from the 
                  cancellation of debt, for the provision of basic health 
                  care services, education services, and clean water 
                  services to individuals in the country. In providing 
                  such services, the government should seek input from a 
                  broad cross-section of members of civil society.
              ``(2) Establishment of framework for creditor 
          transparency.--In order to ensure that creditor activity is 
          known and assessed by all stakeholders, the Secretary of the 
          Treasury shall commence immediate efforts, within the Paris 
          Club of Official Creditors, the International Monetary Fund 
          (IMF), the International Bank for Reconstruction and 
          Development (World Bank), and the other international financial 
          institutions (as so defined), to ensure that each of such 
          institutions--
                      ``(A) continues to make efforts to promote greater 
                  transparency regarding the activities of the 
                  institution, including project design, project 
                  monitoring and evaluation, project implementation, 
                  resource allocation, and decisionmaking; and
                      ``(B) supports continued efforts to allow informed 
                  participation and input by affected communities, 
                  including translation of information on proposed 
                  projects, provision of information through information 
                  technology application, oral briefings, and outreach to 
                  and dialogue with community organizations and 
                  institutions in affected areas.
              ``(3) Availability on treasury department website of 
          remarks of united states executive directors at meetings of 
          international financial institutions' boards of directors.--The 
          Secretary of the Treasury shall make available on the website 
          of the Department of the Treasury the full record of the 
          remarks of the United States Executive Director at meetings of 
          the Board of Directors of the International Monetary Fund 
          (IMF), the International Bank for Reconstruction and 
          Development (World Bank), and the other international financial 
          institutions (as so defined), about cancellation or reduction 
          of debts owed to the institution involved, with redaction by 
          the Secretary of the Treasury of material deemed too sensitive 
          for public distribution, but showing the topic, amount of 
          material redacted, and reason for the redaction.
              ``(4) Report from the comptroller general.--Within 1 year 
          after the date of the enactment of this section, the 
          Comptroller General of the United States shall prepare and 
          submit to the Committee on Financial Services of the House of 
          Representatives and the Committee on Banking, Housing, and 
          Urban Affairs of the Senate a report on the availability of the 
          ongoing operations, procedures, and accounts of the 
          International Monetary Fund (IMF), the International Bank for 
          Reconstruction and Development (World Bank), and the other 
          international financial institutions (as so defined) for 
          canceling the debt of eligible poor countries.
              ``(5) Annual reports from the president.--Not later than 
          December 31 of each year, the President shall submit to the 
          Committees on Financial Services and on International Relations 
          of the House of Representatives and the Committees on Foreign 
          Relations and on Banking, Housing, and Urban Affairs of the 
          Senate a report, which shall be made available to the public, 
          on the activities undertaken under this section, and other 
          progress made in accomplishing the purposes of this section, 
          for the prior fiscal year. The report shall include a list of 
          the countries that have received debt cancellation, a list of 
          the countries whose request for such debt cancellation has been 
          denied and the reasons therefor, and a list of the countries 
          whose requests for such debt cancellation are under 
          consideration.
      ``(b) Promotion of Equitable Burden Sharing.--In order to promote 
  equitable burden sharing by bilateral, multilateral, and private 
  creditors, the Secretary of the Treasury shall commence immediate 
  efforts to ensure that such creditors draw upon their own resources to 
  finance debt reduction to the extent possible without diverting funds 
  from other high-priority poverty alleviation programs.
      ``(c) Eligible Poor Country Defined.--In this section, the term 
  `eligible poor country' means Angola, Bangladesh, Benin, Bolivia, 
  Botswana, Burkina Faso, Burundi, Cambodia, Cameroon, Central African 
  Republic, Chad, Cote d'Ivoire, Democratic Republic of Congo, Ethiopia, 
  Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Jamaica, 
  Kenya, Lao PDR, Liberia, Madagascar, Malawi, Mali, Mauritania, Morocco, 
  Mozambique, Namibia, Nepal, Nicaragua, Niger, Nigeria, Peru, 
  Philippines, Republic of Congo, Rwanda, Sao Tome and Principe, Senegal, 
  Sierra Leone, South Africa, Tanzania, Togo, Uganda, Vietnam, Yemen, and 
  Zambia, but not if--
              ``(1) the government of the country has an excessive level 
          of military expenditures;
              ``(2) the government of the country has repeatedly provided 
          support for acts of international terrorism, as determined by 
          the Secretary of State under section 6(j)(1) of the Export 
          Administration Act of 1979 (50 U.S.C. App. 2405(j)(1)), or 
          section 620A(a) of the Foreign Assistance Act of 1961 (22 
          U.S.C. 2371(a));
              ``(3) the government of the country is failing to cooperate 
          on international narcotics control matters;
              ``(4) the government of the country (including its military 
          or other security forces) engages in a consistent pattern of 
          gross violations of internationally recognized human rights; or
              ``(5) in the case of Haiti, the government of the country 
          has not been elected through free and fair elections.''.
  
  SEC. 4. PROHIBITION OF STRUCTURAL ADJUSTMENT PROGRAMS.
  
      Title XVI of the International Financial Institutions Act (22 
  U.S.C. 262p-262p-8) is further amended by adding at the end the 
  following:
  
  ``SEC. 1627. PROHIBITION OF STRUCTURAL ADJUSTMENT PROGRAMS.
  
      ``(a) Prohibition of Structural Adjustment Conditions.--In order to 
  promote human and economic development and poverty alleviation in 
  eligible poor countries (as defined in section 1626(c)), the Secretary 
  of the Treasury shall commence immediate efforts within the Paris Club 
  of Official Creditors, as well as the International Monetary Fund 
  (IMF), the International Bank for Reconstruction and Development (World 
  Bank), and the other international financial institutions (as defined 
  in section 1701(c)(2)), to ensure that the provision of debt 
  cancellation to the countries is not conditioned on any agreement by 
  such a country to implement or comply with policies that deepen poverty 
  or degrade the environment, including any policy that--
              ``(1) implements or extends user fees on primary education 
          or primary health care, including prevention and treatment 
          efforts for HIV/AIDS, tuberculosis, malaria, and infant, child, 
          and maternal well-being;
              ``(2) provides for increased cost recovery from poor people 
          to finance basic public services such as education, health 
          care, or sanitation;
              ``(3) would have the effect of increasing the cost to 
          consumers with incomes of less than $2 per day for access to 
          clean drinking water through--
                      ``(A) decreased public subsidy for water supply, 
                  treatment, disposal, distribution, or management;
                      ``(B) reduced intrasectoral or intersectoral 
                  subsidization of residential water consumers with 
                  incomes of less than $2 per day;
                      ``(C) reduced government ability to regulate; or
                      ``(D) mandated privatization of water; or
              ``(4) undermines workers' ability to exercise effectively 
          their internationally recognized worker rights, as defined 
          under section 526(e) of the Foreign Operations, Export 
          Financing and Related Programs Appropriations Act, 1995 (22 
          U.S.C. 262p-4p).
      ``(b) Annual Reports to the Congress.--Not later than December 31 
  of each year, the President shall submit to the Committees on Financial 
  Services and on International Relations of the House of Representatives 
  and the Committees on Foreign Relations and on Banking, Housing, and 
  Urban Affairs of the Senate a report, which shall be made available to 
  the public, on the activities undertaken under this section, and other 
  progress made in accomplishing the purposes of this section, for the 
  prior fiscal year.''.
target: Justice and Understanding By International Loan Elimination and Equity (JUBILEE) Act of 2004 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to commence immediate efforts, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other international financial institutions (multilateral development institutions (MDI's)) to accomplish: (1) the cancellation of all debts owed to each institution by specified eligible poor countries, and the financing of such debt cancellation from the institution's ongoing operations, procedures, and accounts; (2) the limitation of any waiting period before receipt of debt cancellation to one month from the date of an eligible poor country's application for it; and (3) encouragement of the government of each eligible poor country to allocate at least 20 percent of its national budget, including the savings from such debt cancellation, for the provision of basic health care services, education services, and clean water services to individuals in the country.
  
  Sets forth requirements for: (1) establishment of a framework to ensure transparency regarding each international financial institution's activities; and (2) availability on the Treasury Department's website of U.S. Executive Directors' remarks at meetings of international financial institutions' Boards of Directors.
  
  Requires the Secretary to commence immediate efforts, within the Paris Club, the IMF, and other appropriate MDI's, to ensure that the provision of debt cancellation to such countries is not conditioned on any agreement by such a country to implement or comply with specified policies that deepen poverty or degrade the environment.
feat_title: To provide for the cancellation of debts owed to international financial institutions by poor countries, and for other purposes.