H.R.4150 - 1998 International Monetary Fund Appropriations Act105th Congress (1997-1998)
|Sponsor:||Rep. Stenholm, Charles W. [D-TX-17] (Introduced 06/25/1998)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||07/17/1998 Referred to the Subcommittee on Domestic and International Monetary Policy. (All Actions)|
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Summary: H.R.4150 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (06/25/1998)
1998 International Monetary Fund Appropriations Act - Makes appropriations for FY 1998 for: (1) loans to the International Monetary Fund (IMF) under the New Arrangements to Borrow, including specified amounts for Special Drawing Rights; and (2) an increase in the U.S. IMF quota of Special Drawing Rights.
(Sec. 101) Prohibits the obligation of funds for the U.S. IMF quota until 30 days after the Secretary of the Treasury certifies that the major IMF shareholders, including the United States, Japan, Germany, France, Italy, the United Kingdom, and Canada have publicly agreed to, and will seek to implement in the IMF, policies that provide for conditions in standby agreements or other arrangements regarding the use of IMF resources, requiring that the recipient country: (1) liberalize restrictions on trade in goods and services and on investment, at a minimum consistent with the terms of all international trade obligations and agreements; and (2) to eliminate the practice or policy of government directed lending on non- commercial terms or provision of market distorting subsidies to favored industries, enterprises, parties, or institutions.
Directs the United States to exert its influence with the IMF and its members to encourage it to include as part of its conditions of stand-by agreements or other uses of the IMF's resources that the recipient country take action to remove discriminatory treatment between foreign and domestic creditors in its debt resolution proceedings.
Directs the United States to exert its influence with the IMF and its members to encourage it to include as part of its conditions of assistance that the recipient country take action to adopt modern insolvency laws (bankruptcy) that meet specified goals.
(Sec. 102) Directs the Secretary of the Treasury to certify to the appropriate congressional committees that the Board of Executive Directors of the IMF has agreed to provide timely access by the Comptroller General to information and documents relating to IMF operations, program and policy reviews, and decisions regarding stand- by agreements and other uses of IMF resources.
(Sec. 103) Directs the President to establish an International Financial Institution Advisory Commission, which shall report to the appropriate congressional committees on the future role and responsibilities, if any, of the IMF and the merit, costs and related implications of consolidation of the organization, management, and activities of the IMF, the International Bank for Reconstruction and Development (World Bank), and the World Trade Organization (WTO). Directs the President to call for a Bretton Woods Conference of representatives of the member countries of IMF, the World Bank, and the WTO to consider the structure, management and activities of such institutions, their possible merger and their capacity to contribute to exchange rate stability and economic growth and to respond effectively to financial crises.
(Sec. 105) Requires specified reports.
(Sec. 106) Directs the Secretary of the Treasury to certify to the appropriate congressional committees that: (1) no IMF resources have resulted in support to the semiconductor, steel, automobile, shipbuilding, or textile and apparel industries; (2) the IMF has not guaranteed or underwritten the private loans of such industries; and (3) officials from the IMF and the Department of the Treasury have monitored the implementation of stabilization programs in effect after July 1, 1997, and all of the conditions have either been met, or the recipient government has committed itself to fulfill all of the conditions according to an explicit timetable for completion. Requires that such certifications be made 14 days before any IMF resources are disbursed to the borrower. Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use his or her voice to oppose disbursement of further funds if such certification is not given.
Directs the Secretary of Commerce to establish a team of Department of Commerce employees to: (1) collect data on import volumes and prices, and statistics in certain industries; (2) monitor the effect of the Asian economic crisis on such industries; (3) collect accounting data from Asian producers; and (4) work to prevent import surges in such industries or to assist U.S. industries affected by such surges in their efforts to protect themselves under U.S. trade laws.
(Sec. 107) Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use the U.S. vote to: (1) prevent the extension of IMF resources directly to or for the direct benefit of the President of Indonesia or any member of the President's family; and (2) oppose further disbursement of funds to Indonesia on any IMF terms or conditions less stringent than those imposed on the Republic of Korea and the Philippines Republic.
(Sec. 108) Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use the U.S. vote to vigorously promote policies to encourage the opening of markets for agricultural commodities and products by requiring recipient countries to make efforts to reduce trade barriers.
(Sec. 109) Directs the Secretary of the Treasury to establish an IMF Advisory Committee to meet with him or her to review and provide advice on the extent to which individual IMF country programs meet certain requisite policy goals.
(Sec. 110) Directs the Secretary of the Treasury to consult with the office of the U.S. Trade Representative before instructing the U.S. Executive Director of the IMF on the U.S. position regarding loans or credits to prospective IMF borrower countries.