[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 207 Introduced in House (IH)]







105th CONGRESS
  2d Session
H. CON. RES. 207

 Expressing the sense of the Congress that the International Monetary 
Fund should raise funds in private financial markets, rather than from 
member countries, in order to reduce the risk of loss to United States 
                               taxpayers.


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                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 1998

  Mr. Saxton submitted the following concurrent resolution; which was 
      referred to the Committee on Banking and Financial Services

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                         CONCURRENT RESOLUTION


 
 Expressing the sense of the Congress that the International Monetary 
Fund should raise funds in private financial markets, rather than from 
member countries, in order to reduce the risk of loss to United States 
                               taxpayers.

Whereas the current methods of financing the International Monetary Fund (IMF) 
        are cumbersome and rely excessively on government contributions that put 
        taxpayers' money at risk;
Whereas the lending activities of the IMF can encourage unsound investment and 
        associated moral hazard problems;
Whereas the United States Government has adopted a comprehensive emphasis on 
        performance and results in evaluating government programs and policies;
Whereas the operation of the IMF is not consistent with United States policy 
        with regard to transparency of financial transactions;
Whereas some of the conditions imposed by the IMF on borrowing countries can be 
        counterproductive; and
Whereas the issuance of IMF bonds would work to reduce moral hazard, limit 
        taxpayer risk, promote transparency, and make counterproductive 
        conditions less likely: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that the International Monetary 
Fund should raise funds in private financial markets such as through 
the sale of bonds or notes, rather than from member countries, in order 
to reduce the risk of loss to United States taxpayers.
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