Summary

H.Res. 586: Expressing the concern of Congress regarding the Argentine Republic’s willful and repeated disregard for the rule of law in the United States. Read More

Status

This resolution was introduced on Mar 16, 2012, in a previous session of Congress, but was not passed.

Date Introduced
Mar 16, 2012

Co-Sponsors

Bill Text

RESOLUTION

Expressing the concern of Congress regarding the Argentine Republic's willful and repeated disregard for the rule of law in the United States.

Whereas Argentina ranks as one of the most important economies of South America and bears the responsibilities of membership in the Group of Twenty Finance Ministers and Central Bank Governors (G-20); Whereas in 2001, Argentina declared its default on over $81,000,000,000 of its sovereign debt, including approximately $9,900,000,000 of Argentine sovereign bonds owned by United States citizens and corporations; Whereas in 2005, after terminating negotiations with its creditors, Argentina unilaterally sought to impose upon those creditors a 73 percent reduction on the face value of its debts, a proportion drastically greater than international norms that did not reflect Argentina's capacity to pay; Whereas Argentina then sought to repudiate all debts owed to the approximately one-quarter of its eligible bondholders who rejected its unilateral offer, notwithstanding the legally and traditionally voluntary nature of such exchanges; Whereas in 2005, the Argentine administration and legislature codified the repudiation of the Republic's debts by passing the so-called ``Lock Law'', which prohibited the Argentine government from reopening its debt exchange or making any other future offer to bondholders; Whereas in 2006, Argentina demonstrated its capacity to repay its debts in full by repaying $9,800,000,000 owed by the country to the International Monetary Fund (IMF); Whereas in 2009, Argentina enacted Law 26,547, which temporarily suspended the ``Lock Law'' for the government's convenience so as to conduct a second debt exchange, with a coercive...

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Bill Summary

H.Res. 585 Celebrating the centennial of the birth of First Lady Patricia Nixon. H.Res. 587 Providing for consideration of the bill (H.R. 2087) to remove restric...