H.R. 3211 — American Foreign Investment Incentive and Deficit Reduction Act of 1999 | PoliFocus

H.R. 3211106th Congress

American Foreign Investment Incentive and Deficit Reduction Act of 1999

To provide incentive for United States corporations to invest in developing nations to provide debt relief to poor, emerging, and developing nations, to provide a method of repayment of moneys owed to the United States, and to provide for the reduction of the deficit.

Subjects

Foreign Trade and International Finance

Summary

American Foreign Investment Incentive and Deficit Reduction Act of 1999 - Directs the President to allow poor, emerging, and developing countries to repay their debt to the United States in their own currency, providing such debt is repaid in full by September 29, 2000. Directs the Secretary of the Treasury to sell at a reduced rate the dollars of the previously indebted countries to corporations whose national or international headquarters are located within the United States, under specified conditions. Requires U.S. investors who purchase the currency to agree to invest such funds in new and active businesses and industrial developments in the original debtor's country. Directs the President to report to the appropriate congressional committees with respect to the relief provided under this Act.

Full Text

Legislative Actions

1999-11-03
Introduced in House
1999-11-03
Introduced in House
1999-11-03
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-11-03
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-11-03
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
1999-12-02
Referred to the Subcommittee on Domestic and International Monetary Policy.

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