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Presidential Memorandum

Delegation of Authority With Respect to Debt Reduction for the Poorest Countries

This memorandum delegates presidential authority to the Secretary of the Treasury for implementing debt reduction programs for the poorest countries under the 1994 Foreign Operations Appropriations Act and the Export-Import Bank Act. The delegation requires consultation with the Secretaries of State and Defense for certain functions, and with the Secretary of State and the President of the Export-Import Bank for others.

Federal Register 59 FR 33413
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Impact dates

  1. Publication of memorandum in Federal Register

Key directives

  • Delegate to Secretary of Treasury functions under section 570(a) of Public Law 103-87, with consultation requirements to Secretary of State and Secretary of Defense
  • Delegate to Secretary of Treasury functions under section 570(b) of Public Law 103-87 and section 14(a) of Export-Import Bank Act, with consultation to Secretary of State and President of Export-Import Bank
  • Secretary of Treasury to publish memorandum in Federal Register

Who is ordered

Timeline

Immediate

  • Delegation of authority takes effect upon signing

Near term (90d)

  • Treasury Secretary to exercise delegated authorities for debt reduction negotiations and implementations

Long term

  • Potential debt relief for eligible poorest countries
  • Ongoing US participation in international debt reduction frameworks

Risks & tensions

  • Consultation requirements with multiple cabinet members and Export-Import Bank president may create bureaucratic friction in implementation
  • Debt reduction for poorest countries involves tension between fiscal austerity and development goals
  • Unclear which specific countries are targeted or dollar amounts involved in this delegation
Presidential Memorandum: Delegation of Authority With Respect to Debt Reduction for the Poorest Countries · Executive Orders