[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 30 Referred in House (RFH)]

  2d Session
S. CON. RES. 30


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 1998

      Referred to the Committee on Banking and Financial Services

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                         CONCURRENT RESOLUTION


 
    Expressing the sense of Congress that the rules of multilateral 
 economic institutions, including the International Monetary Fund and 
 the International Bank for Reconstruction and Development, should be 
  amended to allow membership for the Republic of China on Taiwan and 
                       other qualified economies.

Whereas the Republic of China on Taiwan (hereafter referred to as ``Taiwan'') 
        possesses a free economy with the 19th largest gross domestic product in 
        the world;
Whereas Taiwan has the 14th largest trading economy in the world and the 7th 
        largest amount of foreign investment in the world and holds one of the 
        largest amounts of foreign exchange reserves in the world;
Whereas Taiwan is a democracy committed to the economic and political norms of 
        the international community;
Whereas the purpose of the International Monetary Fund (hereafter referred to as 
        ``IMF'') is to promote exchange stability, to establish a multilateral 
        system of payments, to facilitate the expansion of world trade, and to 
        provide capital to assist developing nations;
Whereas changes to the IMF Charter that would allow Taiwan and other qualified 
        economies to become members of the IMF would benefit the world economy, 
        especially those developing countries in need of capital, and would 
        contribute to the purposes of the IMF;
Whereas the IMF aims to further economic liberalization and globalization and 
        conducts conferences, exchanges, and training programs in international 
        monetary management which would be beneficial to Taiwan;
Whereas membership in the IMF is a prerequisite for accession to the 
        International Bank for Reconstruction and Development and to regional 
        banks in which Taiwan's membership would be beneficial; and
Whereas Taiwan is already a member of regional multilateral economic 
        institutions including the Asia-Pacific Economic Cooperation Forum and 
        the Asian Development Bank: Now, therefore, be it
    Resolved by the Senate (the House of Representatives concurring), 
That it is the sense of the Senate (the House of Representatives 
concurring) that it should be United States policy to--
            (1) support changes to the International Monetary Fund 
        Charter that would allow the Republic of China on Taiwan and 
        other qualified economies to become members of the 
        International Monetary Fund; and
            (2) support the admission of Taiwan to membership in other 
        international economic organizations for which it is qualified, 
        including the International Bank for Reconstruction and 
        Development.

            Passed the Senate July 10, 1998.

            Attest:

                                                    GARY SISCO,

                                                             Secretary.