Summary: H.R.3493 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.3493. Bill summaries are authored by CRS.

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Introduced in House (11/18/1999)

International Monetary Stability Act of 2000 - Authorizes the Secretary of the Treasury to certify a country as officially dollarized (when a country substantially or totally eliminates its domestic currency and adopts the U.S. dollar as legal tender), after consideration of whether the country has taken specified actions with respect to its currency. Directs the Secretary, upon certification of a country, to issue to the dollarized country a consol equal to the amount of dollars exchanged for U.S. Treasury securities by the Federal Reserve System with the dollarized country for purposes of dollarization under this Act. Prohibits the previously dollarized Republic of the Marshall Islands, the Federated States of Micronesia, the Republic of Palau, Panama, the Turks and Caicos Islands, and the British Virgin Islands from being certified as officially dollarized or issued consols until specified conditions are met.