Text: H.Res.1129 — 111th Congress (2009-2010)

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Introduced in House (03/02/2010)


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[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H. Res. 1129 Introduced in House (IH)]

111th CONGRESS
  2d Session
H. RES. 1129

 Expressing the sense of the House that the Secretary of the Treasury 
      should direct the United States Executive Directors to the 
  International Monetary Fund and the World Bank to use the voice and 
vote of the United States to oppose making any loans to the Government 
of Antigua and Barbuda until that Government cooperates with the United 
  States and compensates the victims of the Stanford Financial Group 
                                 fraud.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2010

 Mr. Coffman of Colorado submitted the following resolution; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
 Expressing the sense of the House that the Secretary of the Treasury 
      should direct the United States Executive Directors to the 
  International Monetary Fund and the World Bank to use the voice and 
vote of the United States to oppose making any loans to the Government 
of Antigua and Barbuda until that Government cooperates with the United 
  States and compensates the victims of the Stanford Financial Group 
                                 fraud.

Whereas thousands of investors, many of them in the United States, lost billions 
        of dollars that they invested in fraudulent Stanford International Bank 
        certificates of deposit;
Whereas Allen Stanford had close ties with the Government of Antigua and Barbuda 
        and, among other things, Mr. Stanford is alleged to have loaned at least 
        $85,000,000 to the Government of Antigua and Barbuda, which likely came 
        from investor funds;
Whereas the relationship of the Stanford Financial Group with the Government of 
        Antigua and Barbuda was described in a joint statement by the Stanford 
        Financial Group and the Cabinet of Antigua and Barbuda as a ``productive 
        and mutually beneficial relationship'';
Whereas the United States Securities and Exchange Commission alleged that Leroy 
        King, the chief executive officer of the Financial Services Regulatory 
        Commission of Antigua and Barbuda, was bribed by Mr. Stanford not to 
        investigate the Stanford International Bank, to provide Mr. Stanford 
        with access to the Financial Services Regulatory Commission's 
        confidential files, to allow Mr. Stanford to dictate the Financial 
        Services Regulatory Commission's responses to inquiries by the 
        Securities and Exchange Commission about the Stanford International 
        Bank, and to withhold information from the Securities and Exchange 
        Commission;
Whereas, after the fraud allegedly perpetrated by the Stanford Financial Group 
        was made public, the Government of Antigua and Barbuda seized Stanford 
        property in Antigua and Barbuda worth up to several hundred million 
        dollars;
Whereas, in an October 28, 2009, report, the United States court-appointed 
        receiver, Ralph Janvey, reported that ``the total of all cash collected 
        is $128.8 million, of which $71.5 million remains on hand after payment 
        of expenses'', which falls far short of investor losses;
Whereas Janvey's report also noted that ``the Antiguan liquidators object to 
        every attempt to secure and liquidate assets, world-wide'', and ``[t]he 
        government of Antigua refuses to recognize US orders even as to entities 
        for which there is no other owner i.e. the Antiguan liquidators were 
        only appointed to liquidate two of the more than 150 Stanford entities, 
        but we are hindered by Antigua's refusal to recognize the Court's orders 
        even as to non-disputed entities''; and
Whereas the Government of Antigua and Barbuda is seeking loans from the 
        International Monetary Fund and the World Bank: Now, therefore, be it
    Resolved, That it is the sense of the House that the Secretary of 
the Treasury should direct the United States Executive Directors to the 
International Monetary Fund and World Bank to use the voice and vote of 
the United States to ensure that any loan made by the International 
Monetary Fund or the World Bank to the Government of Antigua and 
Barbuda is conditioned on providing complete redress to the victims of 
the Stanford Financial Group fraud, including through--
            (1) the full cooperation of the Government of Antigua and 
        Barbuda and the liquidators appointed for the liquidation 
        proceeding relating to the Stanford International Bank in 
        Antigua and Barbuda with the Securities and Exchange 
        Commission, the Department of Justice, and the United States 
        court-appointed receiver in investigating the Stanford 
        Financial Group fraud and marshaling the assets of Mr. Stanford 
        and Stanford-affiliated entities;
            (2) an agreement by the Government of Antigua and Barbuda 
        to be subject to the jurisdiction and bound by the judgment of 
        any United States court or international court that is 
        adjudicating the claims of victims of the Stanford Financial 
        Group fraud;
            (3) the transfer of the assets seized by the Government of 
        Antigua and Barbuda and the liquidators in Antigua and Barbuda 
        to the United States court-appointed receiver for the benefit 
        of victims of the Stanford Financial Group fraud;
            (4) a contribution by the Government of Antigua and Barbuda 
        to the United States receivership estate, for the benefit of 
        victims of the Stanford Financial Group fraud, in an amount 
        equal to the amount of any funds provided to Antigua and 
        Barbuda by Mr. Stanford or any Stanford-affiliated entity; and
            (5) a contribution by the Government of Antigua and Barbuda 
        to the United States receivership estate, for the benefit of 
        victims of the Stanford Financial Group fraud, in an amount 
        equal to any payments made by Mr. Stanford or the Stanford 
        Financial Group to officials of the Government of Antigua and 
        Barbuda for the purpose of subverting regulatory oversight of 
        the Stanford International Bank.
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