[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1458 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1458

        To restrict the use of the exchange stabilization fund.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            November 8, 1997

 Mr. Faircloth introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
        To restrict the use 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 ``Accountability for International 
Bailouts Act of 1997''.

SEC. 2. CONGRESSIONAL APPROVAL.

    Section 5302 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(e) Congressional Approval.--Notwithstanding any other provision 
of this section, the Secretary of the Treasury may not make any 
expenditure or loan, incur any other obligation, or make any guarantee 
in excess of $250,000,000 through the stabilization fund, for the 
purpose of engaging in a coordinated international rescue plan for any 
foreign entity or any government of a foreign country, without the 
approval of Congress.''.
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