A bill to prohibit new loans to be made to Communist countries, and to provide for the purchase by the United States of outstanding loans to such countries.

Prohibits any financial or lending institution operating under U.S. law or any other U.S. person from making any loan to the government of or any other person in a Communist country.

Prohibits Federal agencies or departments from making loans to the government of or any other person in a Communist country. Authorizes the President to waive such prohibition if the President certifies to Congress that the transaction is in the national interest.

Directs the Secretary of the Treasury to submit to Congress, within 90 days of enactment of this act, a plan providing for the purchase by the United States of all such outstanding loans and other extensions of credit. Requires the Secretary to make such purchase upon enactment of a joint resolution by the Congress approving the plan. Provides for the purchase of outstanding loans and other extensions of credit by financial or lending institutions in other countries to Communist countries.

Sets forth enforcement and penalty provisions.

Directs the President to urge other countries to put similar provisions into effect with respect to loans and other extensions of credit to Communist countries.