OH HCR12

In 1969, Peru's military government expropriated millions of acres of agricultural land and issued agrarian reform bonds to thousands of landholders as compensation.

Peru defaulted on the agrarian reform bonds during the 1980s and ceased all payments by 1992; Peru's Constitutional Tribunal ruled in 2001 that full reimbursement at current value was required, but Peru has failed to comply.

Approximately $5 billion is owed to agrarian reform bond holders (with estimates ranging from $1 billion to $10 billion), including approximately 216 U.S. state, municipal, and trade union pension funds in 33 states affecting thousands of Ohio retirees.

Urges the U.S. Secretary of State to encourage Peru to negotiate repayment with U.S. bondholders and the U.S. Secretary of the Treasury to submit an IMF complaint recommending remedial actions or sanctions against Peru for failing to accurately report the debt.

Directs the Ohio House Clerk to transmit copies of the resolution to the U.S. Secretary of State, U.S. Secretary of the Treasury, U.S. Ambassador to Peru, and Ohio's Congressional delegation.