[Congressional Record Volume 140, Number 4 (Friday, January 28, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: January 28, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                  FOREIGN RELATIONS AUTHORIZATION ACT

  The PRESIDENT pro tempore. Under the previous order, the Senate will 
now resume consideration of S. 1281, which the clerk will report.
  The assistant legislative clerk read as follows:

       A bill (S. 1281) to authorize appropriations for the fiscal 
     years 1994 and 1995 for the Department of State, the United 
     States Information Agency, and related agencies, to provide 
     for the consolidation of international broadcasting 
     activities, and for other purposes.

  The Senate resumed consideration of the bill.

       Pending:
       Brown Amendment No. 1286, to prohibit the sale of defense 
     articles and defense services to countries that participate 
     in the secondary and tertiary boycott of Israel.

  The PRESIDENT pro tempore. Under the order previously entered, the 
Senator from Pennsylvania [Mr. Specter] is recognized to offer his 
amendment relating to collateral aid.


                           Amendment No. 1287

   (Purpose: To require that bilateral assistance and international 
  lending be collateralized by petroleum products, minerals, or other 
                              commodities)

  Mr. SPECTER. Mr. President, I send an amendment to the desk and ask 
for its immediate consideration.
  The PRESIDENT pro tempore. The clerk will report.
  The assistant legislative clerk read as follows:

       The Senator from Pennsylvania [Mr. Specter] proposes an 
     amendment numbered 1287.

  Mr. SPECTER. Mr. President, I ask unanimous consent that reading of 
the amendment be dispensed with.
  The PRESIDENT pro tempore. Without objection, it is so ordered.
  The amendment is as follows:

       On page 179, after line 6, insert the following new 
     section:

     SEC. 714. BILATERAL ASSISTANCE AND INTERNATIONAL LENDING 
                   REQUIRED TO BE COLLATERALIZED BY PETROLEUM 
                   PRODUCTS, MINERALS, OR OTHER COMMODITIES.

       (a) United States Action.--(1) Immediately upon enactment 
     of this Act, to the greatest extent possible, all bilateral 
     loans or credits extended by the United States to government 
     and nongovernment entities of the independent states of the 
     former Soviet Union must be collateralized by reserves of 
     petroleum products, minerals, or other commodities and any 
     revenues earned from the sales thereof.
       (2) Not later than 60 days after the date of enactment of 
     this Act, with respect to 1994, and not later than January 1 
     of each calendar year thereafter, the President of the United 
     States shall certify to Congress that, with respect to all 
     bilateral loans or credits extended to the independent states 
     of the former Soviet Union, all opportunities to seek 
     collateral for such loans or credits have been considered and 
     that, in the case of such loans which are not collateralized, 
     such states are adhering to the debt repayment schedules 
     stipulated by the terms of such loans or credits.
       (3) If the President cannot certify that the conditions 
     contained in paragraph (2) for any state or entity in such 
     state have been met, then no further bilateral loans or 
     credits to that state or entity in such state shall be 
     extended in that calendar year.
       (b) Multilateral Actions.--Not later than 60 days after the 
     date of enactment of this Act, and not later than January 1 
     of each calendar year thereafter, the Secretary of the 
     Treasury shall--
       (1) certify that each independent state of the former 
     Soviet Union is adhering to the debt repayment schedules 
     stipulated by multilateral lending institutions; or
       (2) with respect to any state or entity in such state that 
     is not adhering to such schedules, direct the Secretary of 
     the Treasury to instruct the United States executive 
     directors to the International Bank for Reconstruction and 
     Development and to the European Bank for Reconstruction and 
     Development to propose that such institutions establish 
     policies in opposition to the extension of any credit, or the 
     issuance of any guarantee with respect to any credit, in that 
     calendar year, for the purpose of assisting that state or 
     entities in such state unless such credits or guarantees are 
     collateralized by reserves of petroleum products, minerals, 
     or other commodities and any revenues earned from the sales 
     thereof.
       (c) Use of Collateral.--With respect to all bilateral and 
     multilateral loans for which collateral is obtained, such 
     collateral shall be converted in such a way as not to unduly 
     disrupt the underlying market of the relevant commodity.
       (d) Exception.--Bilateral and multilateral loans made 
     explicitly for humanitarian purposes shall not be subject to 
     the terms specified in this section.
       (e) Definitions.--As used in this section--
       (1) the term ``independent states of the former Soviet 
     Union'' has the same meaning given to that term by section 3 
     of the FREEDOM Support Act (22 U.S.C. 5801); and
       (2) the term ``petroleum product'' means crude oil, 
     residual fuel oil, or any refined petroleum product 
     (including any natural liquid and any natural gas liquid 
     product).

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