[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1688 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1688

 To direct the Secretary of the Treasury to instruct the United States 
Executive Director at the International Monetary Fund to oppose any new 
 loan by the International Monetary Fund to any country that is acting 
   to restrict oil production to the detriment of the United States 
              economy, except in emergency circumstances.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 2, 2001

    Mr. Saxton (for himself, Mr. DeLay, Mr. Duncan, Mr. McHugh, Mr. 
  Schaffer, Mr. Rohrabacher, Mr. Pitts, and Mr. Paul) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To direct the Secretary of the Treasury to instruct the United States 
Executive Director at the International Monetary Fund to oppose any new 
 loan by the International Monetary Fund to any country that is acting 
   to restrict oil production to the detriment of the United States 
              economy, except in emergency circumstances.

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

SECTION 1. OPPOSITION BY THE UNITED STATES TO ANY NEW LOAN BY THE IMF 
              TO ANY COUNTRY ACTING TO RESTRICT OIL PRODUCTION TO THE 
              DETRIMENT OF THE UNITED STATES ECONOMY; EXCEPTION.

    Title XV of the International Financial Institutions Act (22 U.S.C. 
(XV 262o--262o-2) is amended by adding at the end the following:

``SEC. 1504. OPPOSITION BY THE UNITED STATES TO ANY NEW LOAN BY THE IMF 
              TO ANY COUNTRY ACTING TO RESTRICT OIL PRODUCTION TO THE 
              DETRIMENT OF THE UNITED STATES ECONOMY; EXCEPTION.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the Fund to use the voice, vote, and influence of 
the United States to oppose any new loan by the Fund to any country 
which the Secretary of Energy determines is a member of the 
Organization of Petroleum Exporting Countries and is acting to restrict 
oil production to the detriment of the United States economy, or is 
acting in concert with that organization to do so, unless the provision 
of the loan is necessary to address a systemic risk to the 
international financial system.''.
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