[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3533 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 3533

       To amend the Federal Credit Reform Act of 1990 to require 
    appropriations to cover the estimated subsidy costs of monetary 
resources provided by the United States Government to the International 
                 Monetary Fund, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2003

  Mr. Saxton introduced the following bill; which was referred to the 
Committee on the Budget, and in addition to the Committee on Financial 
Services, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
       To amend the Federal Credit Reform Act of 1990 to require 
    appropriations to cover the estimated subsidy costs of monetary 
resources provided by the United States Government to the International 
                 Monetary Fund, 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. FINDINGS AND PURPOSE.

    (a) Findings.--With regard to the treatment of expenses incurred by 
the United States through its participation in the International 
Monetary Fund, the Congress finds that--
            (1) the Government provides monetary resources to the 
        International Monetary Fund directly, and also to its member 
        nations through the SDR Department of the International 
        Monetary Fund;
            (2) these resources, along with those provided by other 
        donor countries, are used by the International Monetary Fund to 
        provide credit to borrowing nations at interest rates below the 
        cost to the Government after appropriate adjustments for 
        maturity and credit risk; and
            (3) the International Monetary Fund's lending at interest 
        rates below the cost to the Government constitutes a provision 
        of loan subsidies by the United States to the International 
        Monetary Fund and its borrowing nations.
    (b) Purpose.--It is the purpose of this Act to require that the 
cost of providing these loan subsidies should be included as an 
expenditure in the budget of the United States and be subject to annual 
appropriation.

SEC. 2. APPROPRIATIONS REQUIRED FOR U.S. SHARE OF IMF SUBSIDY COSTS.

     Section 504 of the Federal Credit Reform Act of 1990 is amended by 
adding at the end the following new subsection:
    ``(h) Appropriations Required for IMF Subsidy Costs.--Beginning 
with fiscal year 2005, no appropriation may be made for an increase in 
the quota of the United States in the International Monetary Fund 
unless that appropriation includes new budget authority sufficient to 
cover the estimated costs to the United States of providing credit to 
International Monetary Fund borrowing nations at interest rates below 
the cost to the Government after appropriate adjustments for maturity 
and credit risk.''.

SEC. 3. TREATMENT IN PRESIDENT'S BUDGET.

     Section 504 of the Federal Credit Reform Act of 1990 is further 
amended by adding at the end the following new subsection:
    ``(i) Treatment of IMF Subsidy Costs in President's Budget.--
Beginning with fiscal year 2005, the expenditures in the President's 
budget shall reflect the costs to the Government of providing credit to 
International Monetary Fund borrowing nations at interest rates below 
the cost to the Government after appropriate adjustments for maturity 
and credit risk.''.

SEC. 4. DEFINITION.

     Paragraph (5) of section 502 of the Federal Credit Reform Act of 
1990 is amended by adding at the end the following new subparagraph:
            ``(G) The term `cost' when applied to subsections (h) and 
        (i) of section 504 means the estimated cost to the Government 
        of providing funds of the same maturity and adjusted for credit 
        risk for its share of direct loans, loan guarantees, other 
        financing mechanisms, and modifications thereof made by or 
        through the International Monetary Fund.''.
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