Bill Overview
Title: Ukraine Comprehensive Debt Payment Relief Act of 2022
Description: of 2022 This bill requires the Department of the Treasury to make efforts to secure debt relief for Ukraine. Specifically, Treasury must order U.S. representatives to international financial institutions to advocate for such institutions to (1) immediately suspend all debt service payments owed by Ukraine to the respective institution, (2) provide concessional financial assistance to Ukraine, and (3) provide economic support for refugees from Ukraine (including refugees of African descent) and the countries receiving such refugees. Treasury must also immediately pursue, through bilateral and multilateral frameworks, comprehensive debt payment relief for Ukraine from other governments and commercial creditor groups.
Sponsors: Rep. Garcia, Jesus G. "Chuy" [D-IL-4]
Target Audience
Population: People living in Ukraine
Estimated Size: 0
- Ukraine has a population of approximately 44 million people as of 2021.
- Debt relief would free up government resources in Ukraine to potentially improve living standards or fund critical services, potentially impacting the entire population.
- The economic stability facilitated by debt relief can have macroeconomic effects benefiting the general population of a country.
- The bill targets Ukraine's relationship with international financial institutions and creditors, directly affecting financial sectors and indirectly affecting the broader citizenry.
Reasoning
- The direct impact of the policy on U.S. citizens is limited, as the primary objective is to benefit Ukraine through international financial mechanisms. Therefore, most U.S. citizens won't perceive immediate changes in their day-to-day lives.
- Those who might experience indirect effects include employees of institutions financially engaged with Ukraine, people with familial or business ties to Ukraine, and individuals interested in foreign policy outcomes.
- Given the broad scale of the target population in Ukraine, the policy's effects will mainly reflect in how financial relief there influences international markets, potentially impacting macroeconomic indicators globally which could subsequently have minor effects in the U.S.
- Pose an example of financial aid affecting the U.S. economy indirectly through improved international trade conditions, stability, and potential shifts in foreign policy priorities.
- Direct public perception or daily life changes in the U.S. may not occur; more significant impacts could emerge in specific economic sectors related to defense, electronics, or agricultural exports to Eastern Europe.
Simulated Interviews
Financial Analyst (New York City, NY)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- I see debt relief for Ukraine as positive for financial stability in the region.
- I believe it's important for international trade toward economic recovery in Eastern Europe.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Government Employee (Washington, D.C.)
Age: 60 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- I'm supportive of actions that stabilize allies and regions of strategic interest.
- This policy aligns with our foreign objectives and preserves our nation's international influence.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Tech Entrepreneur (San Francisco, CA)
Age: 30 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Any economic stability in Ukraine could open markets for tech collaboration and expansion.
- I am cautiously optimistic about indirect benefits.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Educator (Chicago, IL)
Age: 54 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 5/20
Statement of Opinion:
- A more stable Ukraine fits into global peace efforts and educational curriculum changes.
- The educational perspective benefits from real-world diplomacy efforts such as this.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
NGO Worker (Seattle, WA)
Age: 28 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 7/20
Statement of Opinion:
- Debt relief might improve the operational conditions in Ukraine, but the direct effects on our NGO work remain minimal.
- Long-term stability might provide opportunities to expand programs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Retiree (Boston, MA)
Age: 65 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 0.0 years
Commonness: 10/20
Statement of Opinion:
- I support stable foreign policies that focus on debt relief, theoretically preventing conflicts.
- Day-to-day, I don't see an immediate change from this policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 6 | 6 |
Oil Industry Worker (Houston, TX)
Age: 38 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 6/20
Statement of Opinion:
- Economic stability globally can influence oil markets, an interest for Americans.
- I feel that improved stability could indirectly protect jobs here.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
College Student (Atlanta, GA)
Age: 22 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 0.0 years
Commonness: 15/20
Statement of Opinion:
- Being informed on international matters helps in academia for political science.
- My interest lies in understanding the ripple effects of policies like these.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Small Business Owner (Miami, FL)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 4.0 years
Commonness: 8/20
Statement of Opinion:
- Stable economic conditions could favor business dealings due to better market confidence.
- I might experience indirect benefits if Eastern markets stabilize.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Retired Diplomat (Phoenix, AZ)
Age: 70 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 1/20
Statement of Opinion:
- Supportive of diplomatic actions that enhance peace and economic aid.
- This policy might open channels for more constructive international dialogue.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Cost Estimates
Year 1: $2000000000 (Low: $1500000000, High: $2500000000)
Year 2: $2000000000 (Low: $1500000000, High: $2500000000)
Year 3: $2000000000 (Low: $1500000000, High: $2500000000)
Year 5: $2000000000 (Low: $1500000000, High: $2500000000)
Year 10: $500000000 (Low: $250000000, High: $750000000)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The direct US financial involvement stems mainly from advocacy roles, rather than direct financial aid or loans.
- Political implications include fostering US's international influence and shaping Eastern Europe's stability, which can have long-term strategic benefits.
- The success of advocacy for debt relief can impact US-Ukraine relations and influence global financial stability mechanisms.