Summary: H.R.2617 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.2617. Bill summaries are authored by CRS.

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Introduced in House (07/24/2001)

International Monetary Stability Act of 2001 - Authorizes the Secretary of the Treasury to qualify 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 qualification of a country, to pay to the government of such country, every three months, an amount determined according to a specified formula. Prohibits the Secretary from making payment to previously dollarized British Virgin Islands, East Timor, the Republic of El Salvador, the Republic of the Marshall Islands, the Federated States of Micronesia, the Republic of Palau, the Republic of Panama, or the Turks and Caicos Islands, until specified conditions are met.