The Biden administration has a unique window to capitalize on pro-transparency sentiment at home, and the reform momentum abroad, to implement a series of much-needed updates to the US domestic financial transparency apparatus.

Swift and orderly action on international debt is a moral, political, economic, and security imperative for the United States. A series of disorderly and protracted debt crises would be catastrophic for the world’s poorest countries. A Biden administration can raise the G20’s ambition level to avert...