[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3305 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 3305

  To require the Secretary of the Treasury to report quarterly to the 
  Congress on the programs led by the International Monetary Fund to 
              financially stabilize East Asian countries.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 3, 1998

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

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of the Treasury to report quarterly to the 
  Congress on the programs led by the International Monetary Fund to 
              financially stabilize East Asian countries.

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

SECTION 1. QUARTERLY REPORTS ON EAST ASIAN FINANCIAL STABILIZATION 
              PROGRAMS LED BY THE INTERNATIONAL MONETARY FUND.

    (a) In General.--The Secretary of the Treasury shall prepare 
reports on the implementation of financial stabilization programs led 
by the International Monetary Fund in East Asian countries, which shall 
include the following:
            (1) A description of the current condition of the economies 
        of the East Asian countries requiring the financial 
        stabilization programs, including their monetary, fiscal, and 
        exchange rate policies.
            (2) A description of the degree to which the East Asian 
        countries requiring the financial stabilization programs have 
        fully implemented financial sector restructuring and reform 
        measures, including--
                    (A) ensuring full respect for the commercial 
                orientation of commercial bank lending;
                    (B) ensuring that governments will not intervene in 
                bank management and lending decisions (except in regard 
                to prudential supervision);
                    (C) the passage of appropriate financial reform 
                legislation;
                    (D) strengthening the domestic financial system, 
                through financial sector restructuring, as well as 
                improved transparency and supervision; and
                    (E) the opening of domestic capital markets.
            (3) A description of the degree to which the East Asian 
        countries requiring the financial stabilization programs have 
        fully implemented reforms directed at corporate governance and 
        corporate structure, including making nontransparent 
        conglomerate practices more transparent through the application 
        of internationally accepted accounting practices, independent 
        external audits, full disclosure, and provision of consolidated 
        statements, as well as ensuring that no government subsidized 
        support or tax privileges will be provided to bail out 
        individual corporations, particularly in the semiconductor, 
        steel, and paper industries.
            (4) A description of the implementation of reform measures 
        to deregulate and privatize economic activity by ending 
        domestic monopolies, undertaking trade liberalization, and 
        opening up restricted areas of the economy to foreign 
        investment and competition.
            (5) A description of governmental efforts to construct 
        durable social safety nets, undertake labor market reform, and 
        strengthen environmental laws and regulations.
            (6) The amount, rate of interest, and repayment schedule of 
        any funds disbursed from the stabilization fund established 
        under section 5302 of title 31, United States Code, in the form 
        of loans, credits, guarantees, or swaps in conjunction with 
        United States offers of conditional supplemental assistance in 
        conjunction with the November 5, 1997, and December 4, 1997, 
        International Monetary Fund standby arrangements for Indonesia 
        and South Korea, respectively.
            (7) The disbursement schedule of the International Monetary 
        Fund program funds for the East Asian countries requiring the 
        financial stabilization programs, accompanying rates of 
        interest, and repayment dates.
    (b) Timing.--The Secretary of the Treasury shall submit to the 
Committees on Banking and Financial Services and International 
Relations of the House of Representatives and the Committees on Foreign 
Relations, and Banking, Housing, and Urban Affairs of the Senate 
quarterly reports on the matters described in subsection (a), the first 
of which is due by April 30, 1998, and the last of which is due by 
October 31, 1999.
                                 <all>