[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1752 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1752

To amend the Bretton Woods Agreements Act to provide for public notice 
  of all conditions imposed on any country with respect to the use of 
       resources by the International Monetary Fund for monetary 
  stabilization, and to provide for the proposal of amendments to the 
   Articles of Agreement of the Fund to require each member country 
government to make monthly public reports on the financial condition of 
                              the country.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 6, 1995

  Mr. Zimmer introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Bretton Woods Agreements Act to provide for public notice 
  of all conditions imposed on any country with respect to the use of 
       resources by the International Monetary Fund for monetary 
  stabilization, and to provide for the proposal of amendments to the 
   Articles of Agreement of the Fund to require each member country 
government to make monthly public reports on the financial condition of 
                              the country.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PUBLIC NOTICE OF CONDITIONS IMPOSED ON ANY COUNTRY WITH 
              RESPECT TO THE USE OF RESOURCES BY THE INTERNATIONAL 
              MONETARY FUND FOR MONETARY STABILIZATION.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286mm) is amended 
by adding at the end the following:

``SEC. 61. NOTIFICATION OF CONDITIONS IMPOSED ON ANY COUNTRY WITH 
              RESPECT TO THE USE OF RESOURCES BY THE INTERNATIONAL 
              MONETARY FUND FOR MONETARY STABILIZATION.

    ``(a) Availability of Federal Funds Conditioned on Provision of 
Information.--No funds appropriated after the date of the enactment of 
this section may be paid to the Fund, unless--
            ``(1) the Fund has agreed that, before the Fund uses any 
        resources for monetary stabilization, the Fund shall transmit 
        to the Secretary of the Treasury a report that details all 
        conditions, limitations, and restrictions imposed on any 
        country with respect to such use of resources; and
            ``(2) the Fund has not violated the agreement.
    ``(b) Release of Information.--Upon receipt of a report of the type 
described in subsection (a)(1), the Secretary of the Treasury shall 
submit to the Congress a copy of the report, and shall make a copy of 
the report available for public inspection.

``SEC. 62. PROPOSAL OF AMENDMENTS TO ARTICLES OF AGREEMENT OF THE FUND 
              TO REQUIRE MONTHLY PUBLIC REPORTS OF FINANCIAL CONDITION.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director of the Fund to propose, and use the voice and vote 
of the United States to urge the members of the Fund to adopt, such 
amendments to the Articles of Agreement of the Fund as may be necessary 
to require, as a condition of membership in the Fund, that each member 
country government make public, on a monthly basis, a report that 
specifies the following:
            ``(1) The total amount of the outstanding sovereign debt of 
        the country as of the reporting date, including with respect to 
        each sovereign debt obligation of the country--
                    ``(A) the period to maturity of the obligation;
                    ``(B) the currency in which the obligation is 
                denominated; and
                    ``(C) the extent (if any) to which the obligation 
                is collateralized.
            ``(2) The total amount of unobligated funds (including 
        foreign currency reserves) and other highly liquid assets of 
        the country that are on hand as of the reporting date.
            ``(3) A reasonable estimate of the amount by which the 
        national budget of the country will be in surplus or deficit 
        for the fiscal year of the country in which the reporting date 
        occurs.
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