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North American Development Bank [Updated November 4, 2019]
From the Introduction: "The North American Development Bank (NADB) is a binational financial institution created and funded by Mexico and the United States. The NADB provides loans and grants to public and private entities for environmental and infrastructure projects on both sides of the U.S.-Mexico border. Modeled after the multilateral development banks (MDBs), such as the World Bank, the NADB has a unique environmental focus and is the only development bank that also finances projects in the United States."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2019-11-04
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Strategic Competition and Foreign Policy: What is 'Political Warfare'? [March 8, 2019]
From the Document: "In recent years, scholars have formed a consensus around the notion that the United States has reentered an international strategic competition with other great powers, notably Russia and China. This great power competition has political, economic and military dimensions, with potentially far-reaching implications for U.S. foreign and national security policy."
Library of Congress. Congressional Research Service
McInnis, Kathleen J.; Weiss, Martin A.
2019-03-08
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International Monetary Fund: Background and Issues for Congress [July 17, 2014]
"The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system. Created in 1946 with 46 members, it has grown to include 188 countries. The IMF has six purposes that are outlined in Article I of the IMF Articles of Agreement: promoting international monetary cooperation; expanding the balanced growth of international trade; facilitating exchange rate stability; eliminating restrictions on the international flow of capital; ensuring confidence by making the general resources of the Fund temporarily available to members; and adjusting balance-of-payments imbalances in an orderly manner."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2014-07-17
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IMF Reforms: Issues for Congress [March 11, 2014]
"In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Nelson, Rebecca M.
2014-03-11
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IMF Reforms: Issues for Congress [January 14, 2014]
"In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a wide-ranging set of institutional reforms. If enacted, this reform package would increase the institution's core source of funding and expand the representation of dynamic emerging market and developing countries, such as Brazil, China, and Mexico, within the institution. In order for key parts of the reform package to take effect, IMF rules dictate that the reforms must be formally accepted by three-fifths of IMF members (113) representing 85% of the total voting power. Under this formula, although unanimous support is not required, approval by the United States, the IMF's largest stakeholder with 16.75% of the total voting power, is essential (see text box). To date, the United States has not formally approved these reforms. Congress plays a pivotal role in determining the U.S. position on the current IMF reform agenda. Under U.S. law, specific congressional authorization is required for the United States to consent to change the U.S. quota, or 'shares' in the Fund, which determine the United States' total voting power. Furthermore, depending on the budgetary treatment of any new authorized U.S. contributions to the IMF, appropriations are generally also required. A majority of IMF member countries have approved these reforms, and with U.S. support, the IMF would meet the thresholds necessary for the reforms to become effective. News reports indicate that inaction by the United States on the reforms created tensions at the IMF-World Bank Annual Meetings in October 2012. Some commentators have suggested that a lack of U.S. action may be frustrating for other IMF member countries, since the U.S. Administration was instrumental in advancing some of the reforms earlier in the process."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Weiss, Martin A.
2014-01-14
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International Monetary Fund [Updated August 30, 2019]
From the Document: "The International Monetary Fund (IMF, the Fund), founded in 1945, is an international organization that works to ensure the stability of the international monetary system. The United States is a founding member of the IMF and the largest financial contributor. This In Focus report provides a brief overview of the IMF and its operations."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2019-08-30
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Multilateral Development Banks: General Capital Increases [October 28, 2011]
"For the first time in the history of the institutions, each of the major Multilateral Development Banks (MDBs) are simultaneously seeking increases in their capital bases to fund the continued expansion of their development lending programs. The requests come after several years of increased lending by the banks. If the increases are fully funded, the resources of the World Bank, African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (AsDB), and Inter-American Development Bank (IDB) would increase by between 31% and 200%. Collectively, the requested capital increases are worth around $348 billion. President Obama has included authorizations and appropriations for U.S. participation in the capital increases at the MDBs in his FY2011 and FY2012 requests. U.S. participation in any funding request for the MDBs requires authorization and appropriations from Congress. In addition to the MDBs' role in furthering broad U.S. foreign policy interests, the 112th Congress may choose to consider whether increasing the size of the MDBs is necessary to meet developing country needs and whether sufficient progress has been made on MDB reform to justify fully funding the President's request. Members' views on the following policy issues may also affect their decision on whether to support or oppose increasing the size of the MDBs and the scale of their operations."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-10-28
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Arab League Boycott of Israel [January 17, 2013]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League. The U.S. government has often been at the forefront of international efforts to end the boycott and its enforcement. Despite U.S. efforts, however, many Arab League countries continue to support the boycott's enforcement. U.S. legislative action related to the boycott dates from 1959 and includes multiple statutory provisions expressing U.S. opposition to the boycott, usually in foreign assistance legislation. In 1977, Congress passed laws making it illegal for U.S. companies to cooperate with the boycott and authorizing the imposition of civil and criminal penalties against U.S. violators. U.S. companies are required to report to the Department of Commerce any requests to comply with the Arab League Boycott."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-01-17
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IMF Reforms: Issues for Congress [December 4, 2012]
"In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Weiss, Martin A.
2012-12-04
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International Monetary Fund: Background and Issues for Congress [September 19, 2011]
"The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system. Created in 1946 with 46 members, it has grown to include 187 countries. The IMF has six purposes that are outlined in Article I of the IMF Articles of Agreement: promoting international monetary cooperation; expanding the balanced growth of international trade; facilitating exchange rate stability; eliminating restrictions on the international flow of capital; ensuring confidence by making the general resources of the Fund temporarily available to members; and adjusting balance-of-payments imbalances in an orderly manner. […] At the Bretton Woods conference, the IMF was tasked with coordinating the system of fixed exchange rates to help the international economy recover from two world wars and the instability in the interwar period caused by competitive devaluations and protectionist trade policies. From 1946 until 1973, the IMF managed the 'par value adjustable peg' system. The U.S. dollar was fixed to gold at $35 per ounce, and all other member countries' currencies were fixed to the dollar at different rates. This system of fixed rates ended in 1973 when the United States removed itself from the gold standard. The IMF has evolved significantly as an institution since it was created. Floating exchange rates and more open capital markets in the 1990s created a new role for the IMF--the resolution of frequent and volatile international financial crises. The Asian financial crisis of 1997-1998 and subsequent crises in Russia and Latin America revealed many weaknesses of the world monetary system, which have only become more apparent in the wake of the 2008-2009 global financial crisis and the more recent sovereign debt crises in Europe."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-09-19
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IMF Reforms: Issues for Congress [February 1, 2013]
"In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Weiss, Martin A.
2013-02-01
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IMF Reforms: Issues for Congress [December 12, 2012]
"In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Nelson, Rebecca M.
2012-12-12
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International Monetary Fund: Selecting a Managing Director [May 20, 2011]
"On May 14, 2011, Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund (IMF), was arrested at John F. Kennedy Airport and charged with the attempted rape, criminal sexual assault, and unlawful imprisonment of a maid at the New York City Sofitel hotel. He resigned his leadership position on May 18, 2011. Mr. Strauss-Kahn's arrest comes at a challenging time for the IMF, which he had led since 2007. Under his leadership, the IMF reasserted its role as the premier international organization for international economic corporation. In the wake of the financial crisis, Mr. Strauss-Kahn persuaded countries to substantially increase their funding to the IMF, enabling the IMF to sharply increase its financial support to troubled economies and its capacity to monitor global economic risks. The IMF is heavily involved in the current economic crisis in Europe. The resignation has put the selection of Fund leadership back into the spotlight. Controversy focuses on whether a transatlantic 'gentlemen's agreement' reserving the IMF leadership for a European and the World Bank leadership for a U.S. citizen is adequate for the current global economy. Proposals for a more open, transparent, and merit-based leadership selection process have been made consistently in the past, and at times have been incorporated in communiqués of various leaders summits, but have yet to change the outcome at either of the institutions. Although Congress can pass legislation directing the U.S. representatives at the IMF or hold oversight hearings, there is no congressional involvement in the selection of Fund management. U.S. participation in the IMF is authorized by the Bretton Woods Agreement Act of 1945. The Act delegates to the President ultimate authority under U.S. law to direct U.S. policy and instruct the U.S. representatives at the IMF. The President, in turn, has generally delegated authority to the Secretary of the Treasury. The largest shareholder of the IMF, United States has a 16.8% voting share."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-05-20
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Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief [March 29, 2011]
"Following the ouster of the Saddam Hussein regime in spring 2003, Iraq's external debt was estimated to be around $130 billion. Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external debt. Iraq's external debt comprised four components: Paris Club bilateral debt ($42.5 billion), non- Paris Club bilateral debt ($67.4 billion), commercial debt ($20 billion) and multilateral debt ($0.5 billion). Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial debt is largely complete."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-03-29
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U.S. Dollar Intervention: Options and Issues for Congress [August 21, 2019]
From the Document: "After falling to its lowest value since the introduction of floating currencies in 1973, the U.S. dollar has appreciated by 25% between July 2011 and July 2019--its highest value since the early 2000s. President Trump and others have argued that the dollar's current relative strength is holding back growth since a strong dollar makes U.S. exports more expensive in foreign markets while at the same time making it difficult for domestic producers to compete with cheaper imports. This has raised questions about what policy options are available to potentially reduce the value of the dollar. Interventions are more likely to succeed if paired with fiscal or monetary policy changes and supported by major trading partners."
Library of Congress. Congressional Research Service
Labonte, Marc; Weiss, Martin A.
2019-08-21
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International Investment Agreements (IIAs): Frequently Asked Questions [May 15, 2015]
From the Summary: "In recent decades, the United States has entered into binding investment agreements with foreign countries to facilitate investment flows, reduce restrictions on foreign investment and expand market access, and enhance investor protections, while balancing other policy interests. Some World Trade Organization (WTO) agreements address investment issues in a limited manner. In the absence of a comprehensive multilateral agreement, bilateral investment treaties (BITs) and investment chapters in free trade agreements (FTAs), known as international investment agreements (IIAs), have been the primary tools for promoting and protecting international investment. This report answers frequently asked questions about U.S. IIAs including provisions for investor-state dispute settlement."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias; Murrill, Brandon J. . . .
2015-05-15
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IMF Reforms: Issues for Congress [April 9, 2015]
"In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Nelson, Rebecca M.
2015-04-09
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International Investment Agreements (IIAs): Frequently Asked Questions [May 5, 2015]
"In recent decades, the United States has entered into binding investment agreements with foreign countries to facilitate investment flows, reduce restrictions on foreign investment and expand market access, and enhance investor protections, while balancing other policy interests. Some World Trade Organization (WTO) agreements address investment issues in a limited manner. In the absence of a comprehensive multilateral agreement, bilateral investment treaties (BITs) and investment chapters in free trade agreements (FTAs), known as international investment agreements (IIAs), have been the primary tools for promoting and protecting international investment. This report answers frequently asked questions about U.S. IIAs including provisions for investor-state dispute settlement."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias; Murrill, Brandon J. . . .
2015-05-05
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Arab League Boycott of Israel [June 10, 2015]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League. Since the boycott is sporadically applied and ambiguously enforced, its impact, measured by capital or revenue denied to Israel by companies adhering to the boycott, is difficult to measure. The effect of the primary boycott appears limited since intra-regional trade and investment are small. Enforcement of the secondary and tertiary boycotts has decreased over time, reducing their effect. Thus, it appears that since intra-regional trade is small, and that the secondary and tertiary boycotts are not aggressively enforced, the boycott may not currently have an extensive effect on the Israeli economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2015-06-10
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Remittances: Background and Issues for Congress [May 9, 2016]
"This report focuses on remittances, transfers of money and capital sent by migrants and foreign immigrant communities to their home country. At over $432 billion in 2015, remittances sent home by international migrants to developing countries is larger than official development assistance (ODA) and more stable than private capital flows to these countries. The United States is the largest destination for international migrants and by far the largest source of global remittances. The World Bank estimates $56.3 billion in official remittance outflows from the United States in 2014. As the market for remittances has ballooned, banks, traditional money transfer companies, and entrepreneurs have responded to increased demand by increasing the amount of remittance channels available to migrants, including mobile, Internet, and card-based options."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2016-05-09
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U.S.-EU Data Privacy: From Safe Harbor to Privacy Shield [May 19, 2016]
"This report provides background on U.S. and EU data protection policies and the Safe Harbor Agreement, discusses the CJEU [Court of Justice of the European Union] ruling, and reviews the key elements of the newly-proposed Privacy Shield. It also explores various issues for Congress, including implications for U.S. firms of Safe Harbor's invalidation and the role of the Judicial Redress Act in helping to ameliorate U.S.-EU tensions on data privacy and protection issues."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Archick, Kristin
2016-05-19
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Multilateral Development Banks: How the United States Makes and Implements Policy [March 7, 2013]
"This report analyzes how the United States makes policy towards the multilateral development banks (MDBs) and identifies ways by which Congress can shape U.S. policy and influence the activities of the banks themselves. The executive branch and Congress share responsibility for U.S. policy towards the MDBs and each has primary control over a different part of the policy process. The Administration is responsible for negotiating with other countries and for managing day-to-day U.S. participation in the MDBs. Congress has ultimate authority over the level of U.S. financial commitments and the criteria that govern U.S. participation in these institutions. Congress has authorized the President to direct U.S. participation in the MDBs, and the President has delegated that authority to the Secretary of the Treasury. Other agencies also have reasons for being concerned about U.S. policy and the MDBs. The Administration created a new process, starting in 2009, to help coordinate interagency views on MDB issues. […] Congress exercises its influence over MDB policy through its control over authorizations and appropriations and through oversight. The authorizing committees have included in MDB authorizing legislation many directives which affect the goal and direction of U.S. policy. Congress has also used its control over the funding process--its 'power of the purse'--to set priorities and encourage the Administration and MDBs to consider changes in their policies or procedures. Congress has used hearings and required reports to get information about U.S. policy and the MDBs onto the public record and to draw the Treasury Department's attention to issues of pressing concern. Since the Administration knows it must come to Congress for future authorizations and MDB funding, the views expressed by Congress through hearings have often had an impact on the focus and direction of U.S. policy regarding particular concerns."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Weiss, Martin A.
2013-03-07
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Arab League Boycott of Israel [March 5, 2013]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League. […] The current list of countries that request U.S. companies to participate or agree to participate in boycotts prohibited under U.S. law includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen. This report provides background information on the boycott and U.S. efforts to end its enforcement. More information on Israel is contained in CRS [Congressional Research Service] Report RL33476, 'Israel: Background and U.S. Relations,' by Jim Zanotti."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-03-05
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U.S. International Investment Agreements: Issues for Congress [April 29, 2013]
"The global landscape for foreign direct investment (FDI) is undergoing significant transformation. Over the past few decades, investment flows have increased with greater economic integration of the global economy and the growth of international value chains. Although global FDI flows dipped amid the 2008 international financial crisis, they surpassed pre-crisis levels in 2011. Previous distinctions between advanced country/capital exporters and developing country/capital importers are being blurred as more and more countries are both sources of and hosts for FDI. The United States, which remains a major source of and destination for FDI, seeks to facilitate investment flows by reducing restrictions on foreign investment and enhancing protections for investors, while balancing other policy interests. In 2011, the Obama Administration issued a statement reaffirming the United States' commitment to an open investment policy that treats all investors in a fair and equitable manner under the law, and encourages and supports business investment from both domestic and foreign sources. […] This report provides an overview of U.S. international investment agreements, focusing specifically on BITs [bilateral investment treaties] and investment chapters in FTAs [free trade agreements]. It discusses key trends in U.S. and international investment flows, governance structures for investment at the bilateral and multilateral levels, the goals and basic components of investment provisions in U.S. international investment agreements, the outcomes of the Administration's Model BIT review, and key policy issues for Congress."
Library of Congress. Congressional Research Service
Weiss, Martin A.; Akhtar, Shayerah Ilias
2013-04-29
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International Monetary Fund: Background and Issues for Congress [March 21, 2013]
"This report provides background information and potential policy issues for Congress concerning the International Monetary Fund (IMF, the Fund), which is the central multilateral organization for international monetary cooperation. The United States is the largest financial contributor to the IMF. Congressional interest in IMF activities has increased since the onset of the financial crisis in 2008. IMF lending has surged in recent years, including large loans to Greece, Ireland, and Portugal. Potential policy issues for Congress include the role of the IMF as a lender of last resort, the adequacy of IMF resources, and the effectiveness of IMF surveillance of financial and monetary conditions in its member countries and of the world economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-03-21
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Iraq: Paris Club Debt Relief [Updated January 19, 2005]
"Iraq's public debt was estimated to be US$120.2 billion in nominal value as of the end of 2004. The debt owed to Paris Club creditors as of December 31, 2004, was estimated to be US$38.9 billion. The U.S. share of this amount is around $4 billion. Non-Paris Club countries, mostly Persian Gulf countries, are owed around $60 - $65 billion. The remaining debts are to private commercial creditors. Iraqi debt relief is a high priority for both the President and Congress (H.R. 2482). This report will discuss efforts to implement Iraqi debt relief and highlight some policy concerns. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-01-19
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Low-Income Country Debt Cancellation: H.R. 2634 and S. 2166 [August 25, 2008]
"In recent decades, the rapid growth in poor country debt has emerged as a foreign policy concern. There have been many efforts to help reduce poor country debt. In 1988, a group of major creditor nations, known as the Paris Club, agreed for the first time to cancel debts owed to them instead of refinancing them on easier terms as they had done previously. In 1996, the International Monetary Fund (IMF), the World Bank, and the regional development banks agreed to allow a portion of debts owed to them by a select group of countries to be cancelled. This effort is known as the Debt Relief Initiative for Heavily Indebted Poor Countries (HIPC). At the Gleneagles Summit of the Group of Eight (G8) nations in July 2005, the HIPC effort was expanded to provide 100% cancellation of all multilateral debt for countries that have completed the HIPC program. This expanded effort is known as the Multilateral Debt Relief Initiative (MDRI). Some analysts believe that existing multilateral debt relief initiatives are insufficient. They want debt relief for more countries than are currently eligible. To this end, Members of the 110th Congress introduced the Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008 (H.R. 2634/S. 2166). The bill has been approved by the House of Representatives and reported favorably by the Senate Foreign Relations Committee."
Library of Congress. Congressional Research Service
Sanford, Jonathan E.; Weiss, Martin A.
2008-08-25
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Peacekeeping/Stabilization and Conflict Transitions: Background and Congressional Action on the Civilian Response/Reserve Corps and Other Civilian Stabilization and Reconstruction Capabilities [Updated September 18, 2008]
"The State Department's Office of the Coordinator for Reconstruction and Stabilization (S/CRS) was established in 2004 to address longstanding concerns, both within Congress and the broader foreign policy community, over the perceived lack of the appropriate capabilities and processes to deal with transitions from conflict to stability. These capabilities and procedures include adequate planning mechanisms for stabilization and reconstruction operations, efficient interagency coordination structures and procedures in carrying out such tasks, and appropriate civilian personnel for many of the non-military tasks required. Effectively distributing resources among the various executive branch actors, maintaining clear lines of authority and jurisdiction, and balancing short- and long-term objectives are major challenges for designing, planning, and conducting post-conflict operations, as is fielding the appropriate civilian personnel. In his January 23, 2007, State of the Union address, President Bush called for Congress to work with his Administration 'to design and establish a volunteer Civilian Reserve Corps.' Included in the Administration's February 4, 2008, budget request for FY2009 is a $248.6 million Civilian Stabilization Initiative that seeks to establish that corps."
Library of Congress. Congressional Research Service
Serafino, Nina M.; Weiss, Martin A.
2008-09-18
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International Monetary Fund [May 24, 2018]
"This report provides background information for Congress concerning the International Monetary Fund (IMF, the Fund), the central multilateral organization for international monetary cooperation. The United States is the largest financial contributor to the IMF and congressional interest in IMF activities has increased since the onset of the international financial crisis in 2008. IMF lending has surged during the past decade, including large loans to Greece, Ireland, and Portugal. Potential policy issues for Congress include the role of the IMF as a lender of last resort, the adequacy of IMF resources, and the effectiveness of IMF surveillance of financial and monetary conditions in its member countries and of the world economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2018-05-24
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Arab League Boycott of Israel [August 25, 2017]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2017-08-25
