Summary: S.2271 — 96th Congress (1979-1980)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (09/18/1980)

(Measure passed House, amended, in lieu of H.R. 7244, roll call #565 (184-129))

Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Monetary Fund to consent to an increase in the U.S. quota in the Fund limited as provided in advance in appropriation Acts.

Directs the President to instruct the Secretaries of the Treasury and State and other appropriate Federal officials to encourage countries to safeguard jobs, investment, income redistribution programs, and social programs in formulating economic adjustment programs to deal with their balance of payments difficulties.

Directs the U.S. representatives to the Fund to recommend and work for changes that would: (1) permit the extension of standby arrangements to enable Fund members to implement their adjustment programs successfully taking into account the effects of such programs; (2) work for programs to promote employment, investment, real income per capita, income redistribution, and social programs and to ameliorate any adverse effects of economic adjustment programs on the poor; (3) seek coordination of Fund and World Bank financing activities to safeguard basic human needs and facilitate development of a productive economic base; and (4) request periodic analyses of the effects of economic adjustment programs supported by Fund or World Bank financing. Directs the U.S. Executive Director of the Fund to review and take into account specified factors before voting on the approval of a standby arrangement with respect to any economic adjustment program.

Requires the National Advisory Council on International Monetary and Financial Policies to include a report on such actions in its annual report to Congress.

Repeals provisions of such Act which limit the applicability of certain stabilization program requirements to only those programs entered into pursuant to loans from the Supplementary Financing Facility.

Reaffirms the congressional commitment that in fiscal year 1981 Federal budget outlays shall not exceed receipts.

Expresses the sense of Congress that oil exporting countries should assume a greater burden of financing balance of payments deficits through recycling their surpluses and contributing more to the Fund and to international lending institutions.

Directs the Secretary of the Treasury, with the U.S. Executive Director of the Fund, to study and report to Congress concerning the adequacy of Fund resources and the feasibility of increasing Fund liquidity through various means. Expresses the sense of Congress that such officials shall encourage Fund members to negotiate a dollar-Special Drawing Rights substitution account and report on their progress to Congress.

Expresses the sense of Congress that Taiwan shall be granted appropriate membership in the Fund.

Declares it the policy of the United States that the Palestine Liberation Organization (PLO) should not be given membership in or observer status with the Fund. Directs the President to report recommendations to Congress with regard to U.S. participation in the Fund if the PLO is given official status.

Expresses the sense of Congress that the Fund and the World Bank should encourage programs which assist the private sector in stabilizing a nation's economy, particularly with respect to El Salvador and Nicaragua.

Requires the U.S. Executive Director to the Fund to insure that Fund salaries do not exceed specified levels and that travel costs are minimized.

Directs the Secretary of the Treasury to establish and chair a commission to study U.S. policy concerning the role of gold in the domestic and international monetary systems. Requires such Commission to report to Congress with its findings and recommendations.

Prohibits the appropriation of funds authorized under this Act before October 1, 1980.