[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2504 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2504

To authorize the United States participation in and appropriations for 
    United States contributions to various international financial 
                 institutions, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 1999

   Mr. Bachus (by request) introduced the following bill; which was 
      referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To authorize the United States participation in and appropriations for 
    United States contributions to various international financial 
                 institutions, and for other purposes.

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

SECTION 1. INTERNATIONAL DEVELOPMENT ASSOCIATION.

    The International Development Association Act (22 U.S.C. 284-284s) 
is amended by adding at the end the following:

``SEC. 22. TWELFTH REPLENISHMENT.

    ``(a) Contribution Authority.--
            ``(1) In general.--The United States Governor may agree on 
        behalf of the United States to contribute $2,410,290,000 to the 
        twelfth replenishment of the resources of the Association.
            ``(2) Subject to appropriations.--Any commitment made under 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For any 
contribution pursuant to a commitment made under subsection (a), there 
are authorized to be appropriated to the Secretary of the Treasury 
$2,410,290,000, without fiscal year limitation.''.

SEC. 2. AFRICAN DEVELOPMENT BANK.

    The African Development Bank Act (22 U.S.C. 290i-290i-10) is 
amended by adding at the end the following:

``SEC. 1344. ADDITIONAL SUBSCRIPTION OF STOCK.

    ``(a) Subscription Authority.--
            ``(1) In general.--The United States Governor of the Bank 
        may subscribe on behalf of the United States to 56,433 
        additional shares of the capital stock of the Bank.
            ``(2) Subject to appropriations.--The authority provided by 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For the 
subscription authorized by subsection (a), there are authorized to be 
appropriated to the Secretary of the Treasury $680,800,000, without 
fiscal year limitation.''.

SEC. 3. AFRICAN DEVELOPMENT FUND.

    The African Development Fund Act (22 U.S.C. 290g-290g-15) is 
amended by adding at the end the following:

``SEC. 217. EIGHTH REPLENISHMENT.

    ``(a) Contribution Authority.--
            ``(1) In general.--The United States Governor of the Fund 
        may contribute on behalf of the United States $300,000,000 to 
        the eighth replenishment of the resources of the Fund.
            ``(2) Subject to appropriations.--The authority provided by 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For the 
contribution authorized by subsection (a), there are authorized to be 
appropriated to the Secretary of the Treasury $300,000,000, without 
fiscal year limitation.''.

SEC. 4. INTER-AMERICAN INVESTMENT CORPORATION ACT.

    The Inter-American Investment Corporation Act (22 U.S.C. 283aa-
283ii) is amended by adding at the end the following:

``SEC. 212. ADDITIONAL SUBSCRIPTIONS OF STOCK.

    ``(a) Subscription Authority.--
            ``(1) In general.--The Secretary of the Treasury may 
        subscribe on behalf of the United States to additional shares 
        of the capital stock of the Corporation.
            ``(2) Subject to appropriations.--The authority provided by 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For the 
subscription authorized by subsection (a), there are authorized to be 
appropriated the Secretary of the Treasury $125,190,000, without fiscal 
year limitation.''.

SEC. 5. MULTILATERAL INVESTMENT GUARANTEE AGENCY.

    The Multilateral Investment Guarantee Agency Act (22 U.S.C. 290k-
290k-11) is amended by adding at the end the following:

``SEC. 415. ADDITIONAL SUBSCRIPTION OF STOCK.

    ``(a) Subscription Authority.--
            ``(1) In general.--The Secretary of the Treasury may 
        subscribe on behalf of the United States to 15,648 additional 
        shares of the capital stock of the Agency.
            ``(2) Subject to appropriations.--The authority provided by 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For the 
subscription authorized by subsection (a), there are authorized to be 
appropriated to the Secretary of the Treasury $180,000,000, without 
fiscal year limitation.''.

SEC. 6. HEAVILY INDEBTED POOR COUNTRIES TRUST FUND.

    (a) Findings.--The Congress finds that--
            (1) multilateral financial institutions lack sufficient 
        resources to fund debt relief commitments that they have made 
        to heavily indebted poor countries;
            (2) the International Bank for Reconstruction and 
        Development has created and administers a trust fund, the HIPC 
        Trust Fund, consisting of contributions from member countries, 
        to help the multilateral financial institutions defray the cost 
        of multilateral debt relief to eligible heavily indebted poor 
        countries;
            (3) the HIPC Trust Fund is seriously in need of additional 
        contributions; and
            (4) a United States contribution could help leverage 
        contributions from other countries.
    (b) Contribution to the HIPC Trust Fund.--The Bretton Woods 
Agreements Act (22 U.S.C. 286-286mm) is amended by adding at the end 
the following:

``SEC. 61. CONTRIBUTION TO THE HEAVILY INDEBTED POOR COUNTRIES TRUST 
              FUND.

    ``(a) Contribution Authority.--
            ``(1) In general.--The Secretary of the Treasury may pay 
        $50,000,000 to the Heavily Indebted Poor Countries Trust Fund 
        administered by the Bank.
            ``(2) Subject to appropriations.--The authority provided by 
        paragraph (1) shall be effective only to such extent or in such 
        amounts as are provided in advance in appropriations Acts.
    ``(b) Limitations on Authorization of Appropriations.--For the 
payment authorized by subsection (a), there are authorized to be 
appropriated to the Secretary of the Treasury $50,000,000, without 
fiscal year limitation.''.

SEC. 7. ENHANCED STRUCTURAL ADJUSTMENT FACILITY/HEAVILY INDEBTED POOR 
              COUNTRIES TRUST FUND.

    The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is further 
amended by adding at the end the following:

``SEC. 62. APPROVAL OF CONTRIBUTIONS TO THE ENHANCED STRUCTURAL 
              ADJUSTMENT FACILITY/HEAVILY INDEBTED POOR COUNTRIES TRUST 
              FUND.

    ``The Secretary of the Treasury may instruct the United States 
Executive Director of the Fund to vote--
            ``(1) to approve the sale of up to 10,000,000 ounces of the 
        gold of the Fund and the transfer of the earnings on the 
        invested profits of such sale to the Trust for Special ESAF 
        Operations for the Heavily Indebted Poor Countries and Interim 
        ESAF Subsidy Operations (ESAF/HIPC Trust Fund); and
            ``(2) to support a decision that would make available to 
        the ESAF/HIPC Trust Fund the resources in Special Contingency 
        Account 2 (SCA-2) of the Fund derived from the extended 
        burdensharing arrangements adopted pursuant to IMF Decision No. 
        9471 (90/98), as amended, including any funds attributable to 
        the United States participation in such arrangements.''.
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