Summary: S.853 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for S.853. Bill summaries are authored by CRS.

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Introduced in Senate (03/18/1983)

Amends the Foreign Assistance Act of 1961 to prohibit the furnishing of assistance under such Act to establish or enhance the capacity of any foreign country to produce a commodity for export if: (1) the commodity is in surplus or is likely to be in surplus on the world market at the time the resulting productive capactiy is expected to become operative; and (2) such assistance will cause substantial injury to U.S. producers of the same, similar, or competing commodity (surplus competing commodities).

Requires the Secretary of the Treasury to instruct the U.S. executive directors of the International Bank for Reconstruction and Development, International Development Association, International Monetary Fund, International Finance Corporation, Inter-American Development Bank, Asian Development Bank, and the African Development Bank to oppose assistance by these institutions (using any funds made available under U.S. law) to establish or enhance the capacity of any country to produce surplus competing commodities.

Requires the Secretary of the Treasury to report to Congress on all applications for assistance which have been filed with the aforementioned institutions at 30-day intervals beginning 30 days after the enactment of this Act.