[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3054 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 3054
To amend the Federal Credit Reform Act of 1990 to require
appropriations to cover the estimated subsidy costs of monetary
resources provided by the United States Government to the International
Monetary Fund, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
June 23, 2005
Mr. Saxton introduced the following bill; which was referred to the
Committee on the Budget, and in addition to the Committee on Financial
Services, for a period to be subsequently determined by the Speaker, in
each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
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A BILL
To amend the Federal Credit Reform Act of 1990 to require
appropriations to cover the estimated subsidy costs of monetary
resources provided by the United States Government to the International
Monetary Fund, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FINDINGS AND PURPOSE.
(a) Findings.--With regard to the treatment of expenses incurred by
the United States through its participation in the International
Monetary Fund, the Congress finds that--
(1) the Government provides monetary resources to the
International Monetary Fund directly, and also to its member
nations through the SDR Department of the International
Monetary Fund;
(2) these resources, along with those provided by other
donor countries, are used by the International Monetary Fund to
provide credit to borrowing nations at interest rates below the
cost to the Government after appropriate adjustments for
maturity and credit risk; and
(3) the International Monetary Fund's lending at interest
rates below the cost to the Government constitutes a provision
of loan subsidies by the United States to the International
Monetary Fund and its borrowing nations.
(b) Purpose.--It is the purpose of this Act to require that the
cost of providing these loan subsidies should be included as an
expenditure in the budget of the United States and be subject to annual
appropriation.
SEC. 2. APPROPRIATIONS REQUIRED FOR U.S. SHARE OF IMF SUBSIDY COSTS.
Section 504 of the Federal Credit Reform Act of 1990 is amended by
adding at the end the following new subsection:
``(h) Appropriations Required for IMF Subsidy Costs.--Beginning
with fiscal year 2007, no appropriation may be made for an increase in
the quota of the United States in the International Monetary Fund
unless that appropriation includes new budget authority sufficient to
cover the estimated costs to the United States of providing credit to
International Monetary Fund borrowing nations at interest rates below
the cost to the Government after appropriate adjustments for maturity
and credit risk.''.
SEC. 3. TREATMENT IN PRESIDENT'S BUDGET.
Section 504 of the Federal Credit Reform Act of 1990 is further
amended by adding at the end the following new subsection:
``(i) Treatment of IMF Subsidy Costs in President's Budget.--
Beginning with fiscal year 2007, the expenditures in the President's
budget shall reflect the costs to the Government of providing credit to
International Monetary Fund borrowing nations at interest rates below
the cost to the Government after appropriate adjustments for maturity
and credit risk.''.
SEC. 4. DEFINITION.
Paragraph (5) of section 502 of the Federal Credit Reform Act of
1990 is amended by adding at the end the following new subparagraph:
``(G) The term `cost' when applied to subsections (h) and
(i) of section 504 means the estimated cost to the Government
of providing funds of the same maturity and adjusted for credit
risk for its share of direct loans, loan guarantees, other
financing mechanisms, and modifications thereof made by or
through the International Monetary Fund.''.
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