Wednesday, April 16, 2008

Iran Provision Added to Debt Cancellation Legislation

Special thanks to Mark Harrison for sending information. I had no idea Iran would be so central to the debt cancellation debates.

Today, the U.S. House of Representatives voted on H.R. 2634, legislation "to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries." There was a motion to recommit the bill back to the Financial Services Committee with instructions to include a provision that no country that has a business relationship with Iran can receive debt cancellation. The motion carried.

Rep. Barney Frank (D-MA), chair of the Financial Services Committee, later returned to the House floor, to state that the Committee accepted the language. The debt cancellation bill then passed with the Iran language.

I will check Congressional record tomorrow for specific language and post.

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