Rep. García's Bill to Suspend Ukraine's International Debt Payments Passed Unanimously out of Financial Services Committee

Statement

Today the House Financial Services Committee voted unanimously to approve the Ukraine Comprehensive Debt Repayment Relief Act, H.R. 7081 introduced earlier this week by Congressman Jesús "Chuy" García (IL-04), Congressman Jim Himes (CT-04), Congressman David Scott (GA-13), Congresswoman Alexandria Ocasio-Cortez (NY-14), and Congressman Mike Quigley (IL-05). This bill will direct the Treasury to use its influence at the International Monetary Fund, the World Bank, other multilateral development banks, and with private creditors to press for the suspension of all debt owed by Ukraine. This year alone, Ukraine owes $4.6 billion in debt payments even as the country fights Russia's illegal and unprovoked invasion.

A full video of Congressman García's remarks from the Financial Services Committee markup of the legislation can be found by clicking here.

"Today's unanimous, bipartisan vote in the Financial Services Committee to provide debt relief for Ukraine is a crucial act of solidarity with the people of Ukraine as they defend their country against Russian aggression. Now is not the time for international financial institutions to come collecting debts from Ukraine, and the United States will lead the world in a call for debt relief," said Congressman García. "My bill will allow the people of Ukraine to defend their country and rebuild a prosperous and independent nation when the war is over."

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