[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3138 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3138

  To require congressional approval for certain uses of the exchange 
                          stabilization fund.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 1998

  Mr. Bachus (for himself, Mr. Paul, and Mr. Aderholt) introduced the 
  following bill; which was referred to the Committee on Banking and 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require congressional approval for certain uses of the exchange 
                          stabilization fund.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Foreign Government Bailout 
Accountability Act of 1998''.

SEC. 2. CONGRESSIONAL APPROVAL REQUIRED FOR CERTAIN USES OF THE 
              EXCHANGE STABILIZATION FUND.

    (a) Presidential Certification.--Section 5302 of title 31, United 
States Code, is amended by adding at the end the following new 
subsection:
    ``(e) Certification.--The Secretary may not make any loan or 
extension of credit under this section with respect to a single foreign 
entity or government of a foreign country (including agencies or other 
entities of such government), unless the President certifies to the 
Committee on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Banking and Financial Services of the House of 
Representatives that--
            ``(1) there is no projected cost (as that term is defined 
        in section 502 of the Federal Credit Reform Act of 1990) to the 
        United States from the proposed loan or extension of credit; 
        and
            ``(2) any proposed obligation or expenditure of United 
        States funds to or on behalf of the foreign government is 
        adequately backed by an assured source of repayment to ensure 
        that all United States funds will be repaid.''.
    (b) Limitation on Use of Exchange Stabilization Fund.--Section 5302 
of title 31, United States Code, is amended by inserting after 
subsection (e) (as added by subsection (a) of this section) the 
following new subsection:
    ``(f) Limitation on Use of Fund.--Notwithstanding subsection 
(a)(2), except as provided by an Act of Congress, the Secretary may not 
make any loan or extension of credit under this section with respect to 
a single foreign entity or government of a foreign country (including 
agencies or other entities of such government) that would result in 
expenditures and obligations, including contingent obligations, 
aggregating more than $1,000,000,000 with respect to such foreign 
country for more than 180 days during the 12-month period beginning on 
the date on which the first such action is taken.''.
    (c) Technical Amendment.--Section 5302(b) of title 31, United 
States Code, is amended by striking the 2d sentence.
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