§1738q Notification to Congressional Committees

Summary

Require the Secretaries of State and the Treasury to tell certain congressional committees in advance about debt-relief actions. Whenever possible, they must notify those committees at least 15 days before any formal negotiation. The Secretary of State must give the committees a copy of any debt-relief agreement and a detailed explanation of the U.S. interest at least 30 days before the agreement takes effect. By February 1 each year, the appropriate Secretary must send a single report showing the budget effects of all debt-relief deals that took effect in the prior fiscal year. The “designated congressional committees” are: the House Committee on Agriculture, the House Committee on Foreign Affairs, and the Senate Committee on Agriculture, Nutrition, and Forestry.