H.R.3428 - International Development, Trade, and Finance Act of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. Oakar, Mary Rose [D-OH-20] (Introduced 09/26/1991)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Committee Reports:||H.Rept 102-657|
|Latest Action:||House - 07/08/1992 Placed on the Union Calendar, Calendar No. 367. (All Actions)|
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Summary: H.R.3428 — 102nd Congress (1991-1992)All Information (Except Text)
Reported to House with amendment(s) (07/08/1992)
International Development, Trade, and Finance Act of 1992 - Title I: International Monetary Fund - Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Monetary Fund (IMF) to: (1) consent to an increase in the U.S. quota in the IMF; and (2) accept the amendments to the Articles of Agreement of the IMF proposed in resolution 45-3 of the IMF's Board of Governors. Appropriates a specified amount for such increase.
Authorizes the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to approve the IMF's pledge to sell a specified amount of the IMF's gold to restore the resources of the Reserve Account of the Enhanced Structural Adjustment Facility Trust to meet obligations to lenders who have made loans to the Trust for financing programs of members who are in arrears to the IMF.
Expresses the sense of the Congress that: (1) encouragement should be given to the efforts being made to address the political and economic problems of nations making the transition to more open political and economic systems; (2) consideration should be given to developing relationships between such nations, the IMF, the International Bank for Reconstruction and Development (World Bank), and other international financial institutions as part of assisting such nations in making such transitions; (3) continued U.S. support for the utilization of the resources of such institutions should take into consideration the efforts of such nations to move toward more open economic and political systems; and (4) encouragement should be given to the efforts of such nations to promote free enterprise, private property rights, stable legal and monetary systems, and open trading systems.
Requires the Secretary to instruct the U.S. Executive Director of the IMF to encourage the IMF to adopt procedures for the publication of economic reviews of the major industrialized nations and other commentary, as appropriate.
Expresses the sense of the Congress that procedures should be instituted to review the activities of the IMF and the World Bank for purposes of coordinating the international economic activities of international financial institutions at the Board, management, and staff levels.
Directs the Secretary to instruct the U.S. Executive Director of the IMF to: (1) advocate specified actions concerning poverty alleviation and policy framework papers; and (2) urge renewal of debt and debt service reduction programs.
Requires the Secretary to report to the Congress on the debt incurred by the former Soviet Union held by commercial banks outside the states obligated on such debt and the prospects for repayment of such debt.
Directs the Secretary to instruct the U.S. Executive Director of the IMF to encourage environmental considerations in IMF programs.
Requires the Secretary to instruct the U.S. Executive Director of the IMF to support the development of programs that recognize the importance of social issues, including certain actions concerning child survival and basic education issues. Directs the Secretary, in the annual report of the National Advisory Council on International Monetary and Financial Policies, to report on: (1) the progress made by the Director in implementing such programs; and (2) any votes cast in opposition to such programs.
Requires the U.S. Executive Director of the IMF to urge the IMF to: (1) develop an economic methodology to measure the level of military spending by borrowing countries; (2) provide the Executive Board with annual reports estimating the level of such spending by each borrowing country; and (3) include in every article IV consultation with the borrowing country an analysis of the level of military spending and whether such spending is consistent with the achievement of sustainable, long-term economic growth.
Requires the U.S. Executive Directors of the IMF and the World Bank to oppose loans to a borrowing country unless the IMF has certified that military spending by such country is consistent with sustainable, long-term economic growth. Waives such restriction if the Secretary determines that the country is confronted with a military threat which justifies such level of military spending, the country has made commitments to reduce the level of such spending to a level consistent with such growth, or the country faces exceptional short-term liquidity needs which require bridge financing but not long-term development lending.
Supports U.S. participation in a currency stabilization fund for the independent states that have replaced the Soviet Union.
Directs the Secretary to instruct the U.S. Executive Director of the IMF to urge the IMF to study the need for and feasibility of a currency stabilization fund for the Ukraine and to make recommendations for the economic and policy conditions required for the success of such a fund.
Title II: International Bank for Reconstruction and Development and Affiliates - Subtitle A: International Finance Corporation - Amends the International Finance Corporation Act to increase the amount authorized to be appropriated for the U.S. subscription to capital stock of the International Finance Corporation.
Expresses the sense of the Congress that the President should ensure that the Corporation provides ambitious lending and investment programs for the independent states that have replaced the Soviet Union.
Authorizes the U.S. Governor of the Corporation to: (1) vote in favor of any increase in the Corporation's capital stock that may be needed to accommodate the requirements of such states; and (2) agree to amendments to the Corporation's Articles of Agreement to increase the votes needed to increase the capital stock and to amend the Articles of Agreement.
Authorizes the U.S. Governor of the Corporation to vote for the creation of a trust fund to pay the costs of consultants to facilitate projects to raise the standard of living in developing countries by developing capital markets, privatizing public enterprises, and developing private businesses. Reserves 90 percent of the fund for consultants who are U.S. citizens and businesses and joint ventures owned or controlled by such citizens.
Subtitle B: International Bank for Reconstruction and Development - Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to instruct the U.S. Executive Director of the World Bank to advocate specified measures to alleviate poverty.
Expresses the sense of the Congress that the Bank and the International Development Association should: (1) give greater programmatic and budgetary priority to the survival and development of children; and (2) make a commitment to devoting at least five percent of the annual lending of such entities to primary health and basic education, respectively.
Directs the Secretary to instruct the U.S. Executive Director of the Bank to urge: (1) renewal of debt and debt service reduction programs; (2) the establishment or continuation of a program to provide technical assistance to the Baltic States and the Soviet Union in support of democratic reforms, human rights, the rule of law, and market-oriented reforms; and (3) the coordination of such program with the programs of other donors.
Defines "Soviet Union" as any successor states to the Soviet Union.
Requires the Secretary to instruct the U.S. Executive Director of the Bank to urge the Bank to create two trust funds to pay the costs of consultants to facilitate projects to raise the standard of living in developing countries through the use of state-of-the-art goods and services. Reserves 90 percent of each fund for consultants who are U.S. citizens and businesses or joint ventures owned or controlled by such citizens. Provides for specified contributions to the first fund for general purposes and to the second for the promotion of energy efficiency and environmental objectives.
Subtitle C: Financial Assistance for Global Environmental Protection - Global Environmental Protection Assistance Act of 1992 - Authorizes the Secretary to contribute a specified amount to the Global Environmental Facility of the World Bank to cover the cost of U.S. membership if the Secretary has certified to specified congressional committees that the Facility has made progress toward implementing certain measures set forth in this Act.
Expresses the sense of the Congress that the Global Environmental Facility should support environmental activities agreed to by the participants in the United Nations Conference on the Environment and Development of June 1992 and expand its scope to new program areas consistent with the principles agreed to by such participants.
Amends the International Financial Institutions Act to direct the Secretary of the Treasury to report to the House Committee on Banking, Finance and Urban Affairs and the Senate Foreign Relations Committee on the progress made by the multilateral development banks in achieving objectives concerning debt-for-nature exchanges and lending for the environment.
Title III: Enterprise for the Americas Initiative - Declares that it is the purpose of this title to support improvement in the lives of the people of Latin America and the Caribbean and economic growth through initiatives to promote debt reduction, investment reforms, trade liberalization, and community-based conservation and sustainable use of the environment.
Subtitle A: Provisions Relating to the Enterprise for the Americas Investment Fund at the Inter-American Development Bank - Amends the Inter-American Development Bank Act to direct the Secretary of the Treasury to instruct the U.S. Executive Director of the Inter-American Development Bank to seek the establishment of a fund that meets the requirements of this title. Authorizes the Secretary to seek contributions to the fund from other countries. Sets forth as the requirements for this title that: (1) the U.S. Government and the President of the Bank have concluded an agreement that establishes and sets forth conditions for the use of an Enterprise for the Americas Investment Fund at the Bank; (2) at least three different governments have made a commitment to donate to the Fund; (3) substantial amounts are pledged as contributions to the Fund; and (4) the Secretary has transmitted a copy of the agreement to the chairman of the House Committee on Banking, Finance and Urban Affairs and the President of the Senate.
Authorizes the Secretary to contribute to the Fund if such requirements are met. Authorizes appropriations.
Directs the Secretary, if a Fund is established, to instruct the U.S. Executive Director of the Bank to oppose any proposed action of the Fund that would have a significant adverse environmental impact unless an impact assessment has been available for at least 120 days before the vote.
Subtitle B: Enterprise for the Americas Facility - Establishes in the Department of the Treasury the Enterprise for the Americas Facility to administer debt reduction operations for countries that meet investment reforms and other policy conditions. Makes eligible for Facility benefits Latin American or Caribbean countries that: (1) have in effect, received approval for, or are making progress toward, specified IMF arrangements and structural or sectoral adjustment loans from the World Bank or the International Development Association; (2) have put in place major investment reforms in conjunction with an Inter-American Development Bank loan or are implementing or making progress toward an open investment regime; and (3) have agreed with commercial bank lenders on a financing program for debt or debt service reduction.
Subtitle C: Sales, Reductions, or Cancellations of Loans - Authorizes the President to: (1) sell to any eligible purchaser any loan made to an eligible country before 1991 pursuant to the Export-Import Bank Act of 1945; and (2) reduce or cancel such loan on receipt of payment from an eligible purchaser only for purposes of facilitating debt-for-equity, debt-for-development, or debt-for-nature swaps. Authorizes appropriations.
Subtitle D: Reports and Consultations - Sets forth reporting and congressional consultation requirements for the President with respect to the Enterprise for the Americas Facility.
Title IV: Asian Development Bank - Amends the Asian Development Bank Act to increase the amount authorized to be appropriated for the U.S. subscription to the capital stock of the Asian Development Bank.
Title V: African Development Fund - Amends the African Development Fund Act to increase the amount authorized to be appropriated for the U.S. contribution to the sixth replenishment of the African Development Fund.
Title VI: Export-Import Bank - Authorizes the President, with respect to any of the independent states that have replaced the Soviet Union, to waive the application of any law (other than title IV of the Trade Act of 1974) that would have restricted the eligibility of the Soviet Union (and might be construed to apply to the independent states) with respect to financing, development, trade, or monetary policy.
Amends the Export-Import Bank Act to remove Czechoslovakia, Estonia, East Germany, Hungary, Latvia, Lithuania, Albania, Bulgaria, Poland, Yugoslavia, Romania, and the Soviet Union from the list of Marxist-Leninist countries to which Export-Import Bank assistance is prohibited.
Directs the Export-Import Bank to: (1) develop a program for providing guarantees and insurance with respect to the export of high technology items to eligible Eastern European countries (defined under the Support for East European Democracy (SEED) Act of 1989); and (2) inform high technology companies about Bank programs for U.S. companies interested in exporting high technology goods to such countries. Earmarks funding for such programs.
Directs the Bank to report to the Congress on the demand for loans, guarantees, and insurance for trade between the United States and the Baltic States and the Soviet Union (includes all successor states) and to make recommendations for the promotion of trade between the United States and such countries.
Prohibits the Bank from guaranteeing, insuring, or participating in an extension of credit in connection with any credit sale of defense articles or services to foreign countries (currently, countries designated under a section of the Internal Revenue Code as economically less developed countries). Exempts from such prohibition articles or services sold on or before September 30, 1994, that will be used only for antinarcotics purposes. Applies such exemption with respect to sales to a country that has previously obtained defense articles or services from a U.S. person only if the President determines that the country: (1) has complied with all U.S. restrictions on the end use of such articles and services; and (2) has not used such articles and services to engage in a consistent pattern of human rights violations.
Requires the Comptroller General to study and report to the House Committee on Banking, Finance and Urban Affairs and the Senate Committee on Banking, Housing, and Urban Affairs on the Bank's participation in financing such sales.
Requires the Bank to report to the Congress on the competitive effects of a certain Act that requires exports financed by U.S. Government instrumentalities to be carried on U.S. vessels.
Makes amendments of this title effective October 1, 1991.
Title VII: Multilateral Development Banks - Subtitle A: Energy Efficiency - International Energy Efficiency Financing Act of 1992 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to instruct the U.S. Executive Directors of the multilateral development banks to: (1) demonstrate programs for measuring the application of systems energy efficiency planning and techniques; and (2) advocate procedures that require assessments of the impacts of proposed actions that would have a significant impact on energy efficiency before votes in favor of such actions.
Directs the Secretary to seek the adoption of policies which result in access to the public of energy efficiency assessments by the borrowing countries and the lending institutions.
Subtitle B: Alleviation of Poverty, Reduction of Barriers to Economic and Social Progress, and Other Provisions - Requires the Secretary to instruct the U.S. Executive Directors of: (1) the regional multilateral development banks to advocate the establishment of an organizational unit to aid bank management policies for the reduction of poverty and of barriers to economic and social progress and equity; and (2) the multilateral development banks that are against U.S. policy to require, as a condition of approving a loan or releasing funds, that the borrowing country reach an agreement on debt reduction with its commercial bank creditors.
Directs the Secretary to instruct the U.S. Executive Directors of the international financial institutions to: (1) encourage borrowing countries to involve women in development activities and to develop fair labor practices guidelines for such countries; (2) urge such institutions to reflect the diversity of the population in hiring practices and to strengthen and expand recruitment, hiring, and promotion of minorities and women; and (3) urge such institutions to adopt compensation policies to ensure that comparable pay is provided for people in comparable jobs.
Requires the Secretary to instruct the U.S. Executive Directors of the multilateral development banks to oppose any loan, except for basic human needs, to Ethiopia, Somalia, or Sudan until the President certifies to the Senate Foreign Relations Committee and the House Committees on Banking, Finance and Urban Affairs and Foreign Affairs, respectively, that the government of the country has: (1) begun to implement peace or national reconciliation agreements; (2) demonstrated a commitment to human rights; (3) manifested a commitment to democracy and has held or scheduled free and fair elections; and (4) agreed to distribute development assistance without discrimination.
Directs the Secretary to instruct the U.S. Executive Directors of international financial institutions to: (1) develop guidelines for, and encourage borrowing countries to follow, practices to protect the health and safety of consumers and the environment; and (2) support the inclusion in loan and assistance agreements of requirements that funds will only be used on projects that adhere to consumer health and safety and environmental practices which are no less stringent than those required under U.S. laws and regulations.
Adds the European Bank for Reconstruction and Development and the IMF to the list of institutions through which the United States shall advance human rights. Directs the Secretary to instruct the U.S. Executive Directors of international financial institutions, in assessing human rights, to consider: (1) the extent to which the recipient country appropriates property without full compensation to the owner; and (2) in relation to assistance to Russia and countries resulting from the Soviet Union's dissolution, the responsiveness of such governments to providing a substantial accounting of Americans missing in action.
Subtitle C: Financial Integrity - Requires the Secretary to instruct the U.S. Executive Directors of the international financial institutions to ensure the establishment of offices of Inspectors General in such institutions.
Subtitle D: Debt Restructuring - Amends the Bretton Woods Agreements Act to direct the U.S. Executive Directors of the World Bank and the IMF to: (1) ensure that such institutions provide financial guarantees only for debt restructurings that will reduce commercial debt to levels which will enable debtors to achieve self-sustaining growth; and (2) request such institutions, at the time they enter into any debt restructuring agreement, to report on the projected annual growth rate and debt service capacity and requirements for the country for the five-year period following the agreement.
Title VIII: Consolidation of Reports - Requires annual reports submitted by the Chairman of the National Advisory Council on International Monetary and Financial Policies to include summaries of reports required under the Bretton Woods Agreements Act.