[Congressional Record Volume 144, Number 123 (Wednesday, September 16, 1998)]
[House]
[Pages H7915-H7923]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 6 of rule XXIII, proposed amendments were submitted as 
follows:

                               H.R. 4569

                   Offered By: Mr. Burton of Indiana

       Amendment No. 8: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


          limitation on assistance to the government of india

       Sec. 701. None of the funds appropriated or otherwise made 
     available in this Act in title II under the heading 
     ``development assistance'' may be made available to the 
     Government of India.

                               H.R. 4569

                   Offered By: Mr. Burton of Indiana

       Amendment No. 9: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


          limitation on assistance to the government of india

       Sec. 701. Notwithstanding any other provision of law, none 
     of the funds appropriated or otherwise made available in this 
     Act in title II under the heading ``development assistance'' 
     may be made available to the Government of India.

                               H.R. 4569

                   Offered By: Mr. Burton of Indiana

       Amendment No. 10: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


          limitation on assistance to the government of india

       Sec. 701. Notwithstanding title IX of the Agriculture, 
     Rural Development, Food and Drug Administration, and Related 
     Agencies Appropriations Act, 1999, none of the funds 
     appropriated or otherwise made available in this Act in title 
     II under the heading ``development assistance'' may be made 
     available to the Government of India.

                               H.R. 4569

                        Offered By: Mr. Campbell

       Amendment No. 11: In title II, in the item relating to 
     ``international disaster assistance'', after the first dollar 
     amount, insert the following: ``(increased by $30,000,000)''.
       In title II, in the item relating to ``nonproliferation, 
     anti-terrorism, demining and related programs'', after the 
     first dollar amount, insert the following: ``(decreased by 
     $30,000,000)''.

                               H.R. 4569

                        Offered By: Mr. Deutsch

       Amendment No. 12: In title II, in the item relating to 
     ``migration and refugee assistance'', add at the end before 
     the period the following: ``: Provided further, That of the 
     funds appropriated under this heading, not more than 
     $70,000,000 may be made available for contributions to the 
     United Nations Relief and Works Agency in the Near East 
     (UNRWA)''.

                               H.R. 4569

                        Offered By: Mr. Deutsch

       Amendment No. 13: In title II, in the item relating to 
     ``migration and refugee assistance'', add at the end before 
     the period the following: ``: Provided further, That of the 
     funds appropriated under this heading, not more than 
     $630,000,000 may be obligated and expended unless the 
     Secretary of State certifies to the Congress that the primary 
     and secondary educational textbooks acquired and distributed 
     by the United Nations Relief and Works Agency in the Near 
     East (UNRWA) do not promote anti-Semitism''.

                               H.R. 4569

                  Offered By: Mr. Fox of Pennsylvania

       Amendment No. 14: At the end of the bill, insert after the 
     last section (preceding the short title) the following:

[[Page H7916]]

 prohibition on assistance to the palestinian broadcasting corporation

       Sec. __. None of the funds appropriated or otherwise made 
     available by this Act may be used by the Department of State 
     or the United States Information Agency to provide equipment, 
     technical support, training, consulting services, or any 
     other form of assistance to the Palestinian Broadcasting 
     Corporation.

                               H.R. 4569

                         Offered By: Mr. Gilman

       Amendment No. 15: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


  repeal of contingencies provision in foreign assistance act of 1961

       Sec. 701. (a) Repeal.--Chapter 5 of part I of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2261) is hereby repealed.
       (b) Conforming Amendments.--(1) Section 634A(a) of such Act 
     (22 U.S.C. 2394-1(a)) is amended in the first sentence by 
     striking ``, chapter 5 of part I,''.
       (2) Section 653(a) of such Act (22 U.S.C. 2413(a)) is 
     amended by striking ``451 or''.

                               H.R. 4569

                         Offered By: Mr. Gilman

       Amendment No. 16: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


            amendments to the foreign assistance act of 1961

       Sec. 701. (a) Repeal of Contingencies Provision.--
       (1) In general.--Chapter 5 of part I of the Foreign 
     Assistance Act of 1961 (22 U.S.C. 2261) is hereby repealed.
       (2) Conforming amendments.--(A) Section 634A(a) of such Act 
     (22 U.S.C. 2394-1(a)) is amended in the first sentence by 
     striking ``, chapter 5 of part I,''.
       (B) Section 653(a) of such Act (22 U.S.C. 2413(a)) is 
     amended by striking ``451 or''.
       (b) Special Authorities Provision.--Section 614(a)(4)(C) of 
     the Foreign Assistance Act of 1961 (22 U.S.C. 2364(a)(4)(C)) 
     is amended by striking ``$50,000,000'' and inserting 
     ``$35,000,000''.

                               H.R. 4569

                        Offered By: Mr. Goodling

       Amendment No. 17: In title II, in the item relating to 
     ``Other Bilateral Economic Assistance, economic support 
     fund'', after the first dollar amount, insert the following: 
     ``(decreased by $14,000,000)''.
       In title III, in the item relating to ``Funds Appropriated 
     to the President, international military education and 
     training'', after the first dollar amount, insert the 
     following: ``(decreased by $1,400,000)''.

                               H.R. 4569

                        Offered By: Mr. Houghton

       Amendment No. 18: In title II, in the item relating to 
     ``agency for international development, development 
     assistance, (including transfer of funds)'', strike the last 
     proviso (relating to the prohibition on assistance for the 
     central Government of the Republic of South Africa).

                               H.R. 4569

                Offered By: Mr. Kennedy of Massachusetts

       Amendment No. 19: At the end of the bill, insert after the 
     last section (preceding the general short title) the 
     following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


          limitation on assistance for school of the americas

       Sec. 701. Notwithstanding any other provision of this Act, 
     none of the funds appropriated or otherwise made available by 
     this Act may be used for programs at the United States Army 
     School of the Americas located at Fort Benning, Georgia.

                               H.R. 4569

                         Offered By: Mr. Klink

       Amendment No. 20: Page 141, after line 18, insert the 
     following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


      limitation on assistance for the international monetary fund

       Sec. 701. None of the funds made available in this Act may 
     be used to provide funds to the International Monetary Fund 
     until the Secretary of the Treasury certifies to the 
     Committees on International Relations, on Banking and 
     Financial Services, and on Commerce of the House of 
     Representatives and the Committees on Foreign Relations and 
     on Banking, Housing, and Urban Affairs of the Senate that the 
     United States Governor of the International Monetary Fund 
     shall vote against any proposed amendment to the Articles of 
     Agreement of the International Monetary Fund that would 
     expand the jurisdiction of the International Monetary Fund 
     over capital account liberalization.

                               H.R. 4569

                        Offered By Mr. Kucinich

       Amendment No. 21: Page 111, strike lines 7 through 10 (and 
     redesignate the subsequent paragraphs accordingly).

                               H.R. 4569

                        Offered By: Ms. McKinney

       Amendment No. 22: Page 141, after line 18, insert the 
     following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


      limitation on assistance for the international monetary fund

       Sec. 701. (a) In General.--None of the funds made available 
     in this Act may be obligated or made available to the 
     International Monetary Fund unless--
       (1) there is in effect a written certification, made by the 
     Secretary of the Treasury to the Committees on International 
     Relations, on Banking and Financial Services, and on 
     Appropriations of the House of Representatives and the 
     Committees on Foreign Relations and on Appropriations of the 
     Senate, that the International Monetary Fund has adopted such 
     rules as may be necessary to ensure that the International 
     Monetary Fund--
       (A) shall not be a party to any agreement, or provide loans 
     which are to be used in whole or in part to finance the 
     implementation of any agreement, which requires the 
     government of any of the 100 poorest countries to pay an 
     amount that exceeds 10 percent of the annual export earnings 
     of the country towards the servicing of foreign loans; and
       (B) shall publish the policy described in subparagraph (A) 
     in printed materials of the International Monetary Fund, and 
     prominently display the policy on any web site which the 
     International Monetary Fund maintains on the Internet; and
       (2) the Congress has enacted legislation approving the 
     cetification.
       (b) Rule of Interpretation.--Another law shall not be held 
     to supersede or modify this section except to the extent that 
     it does so expressly.

                               H.R. 4569

                  Offered By: Mr. Miller of California

       Amendment No. 23: In section 601(a)--
       (1) strike ``policies'' and all that follows through 
     ``conditions'' and insert ``policies that provide for--
       ``(1) conditions'';
       (2) redesignate paragraphs (1) through (3) as subparagraphs 
     (A) through (C), respectively, and indent such provisions an 
     additional 2 ems to the right; and
       (3) insert ``; and
       ``(D) maintain efforts to enforce environmental protection 
     laws, ensure that the proportion of government spending for 
     environmental protection programs does not decrease relative 
     to government spending for other programs, and make available 
     to the public such spending figures;
       ``(2) the making of loans by the International Monetary 
     Fund subject to adherence to and enforcement of the principle 
     of environmental sustainability as provided for in the 
     Convention on Biological Diversity with regard to parties 
     thereto and in Agenda 21 of the 1992 United Nations 
     Conference on Environment and Development with regard to 
     subscribers thereto;
       ``(3) the availability to the public of all information of 
     the International Monetary Fund relating to the effects on 
     the environment of past and current International Monetary 
     Fund lending programs;
       ``(4)(A) the preparation by the International Monetary 
     Fund, in consultation with the relevant international and 
     national environmental agencies, of environmental impact 
     statements and biological assessments of--
       ``(i) International Monetary Fund policy requirements and 
     alternatives; and
       ``(ii) proposed non-emergency loans, emergency loans made 
     after the date of the enactment of this Act, and a sample of 
     loans made before such date of enactment, by the 
     International Monetary Fund,

     with the public given (in the case of non-emergency loans, 
     advance) notice of, and a meaningful opportunity to comment 
     on, such statements and assessments;
       ``(B) the use in such statements and assessments of full 
     cost accounting for natural resource management, so that such 
     statements and assessments meet the Environmental Assessment 
     standards of Operational Directive 4.01 of the International 
     Bank for Reconstruction and Development, and Article 14 of 
     the Convention on Biological Diversity for nations party to 
     the Convention;
       ``(C) the completion of such statements and assessments--
       ``(i) in the case of policy requirements and alternatives 
     and non-emergency loans, before the policy is adopted or the 
     loan is made; or
       ``(ii) in the case of emergency loans, not later than 6 
     months after the first disbursement is made under the loan; 
     and
       ``(D) the Executive Board of the International Monetary 
     Fund to be responsible for determining whether a loan is an 
     emergency loan and to be required to make public any such 
     determination;
       ``(5) the accounting by the International Monetary Fund for 
     environmental depletion and degradation in the system of 
     national accounts, as recommended by the International 
     Monetary Fund, the International Bank for Reconstruction and 
     Development, the United Nations, the Organization for 
     Economic Cooperation and Development, and the Commission of 
     the European Communities-Eurostat in section XXI.D of the 
     ``System of National Accounts 1993'', as further developed in 
     the 1993 report by the United Nations Statistical Division, 
     entitled ``System for Integrated Environmental and

[[Page H7917]]

     Economic Accounting'', and as demonstrated in the definition 
     of ``Genuine Saving II'' in the report by the International 
     Bank for Reconstruction and Development, entitled ``World 
     Development Indicators 1998'', the use of such information in 
     the analysis by the International Monetary Fund of economic 
     performance (and of the effects of past International 
     Monetary Fund programs), and the public availability of such 
     environmental accounting; and
       ``(6) consultation with the relevant domestic and 
     international agencies to ensure that the policies proposed 
     for any International Monetary Fund loan agreement do not 
     reduce or undermine domestic environmental standards or 
     processes nor diminish compliance with nor the effectiveness 
     of international environmental agreements'' before the 
     period.

                               H.R. 4569

                        Offered By: Mr. Neumann

       Amendment No. 24: Page 13, line 25, after the dollar 
     amount, insert the following: ``(reduced by $1,000,000)''.

                               H.R. 4569

                          Offered By: Mr. Paul

       Amendment No. 25: Page 141, after line 18, insert the 
     following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


   limitation on funds for abortion, family planning, or population 
                            control efforts

       Sec. 701. None of the funds appropriated or otherwise made 
     available by this Act may be made available for--
       (1) population control or population planning programs;
       (2) family planning activities; or
       (3) abortion procedures.

                               H.R. 4569

                         Offered By: Ms. Pelosi

       Amendment No. 26. On page 23, line 19 after ``(IAEA),'' 
     insert, ``a voluntary contribution to the Korean Peninsula 
     Energy Development Organization (KEDO),''
       On page 24, line 12, after ``Agency:'', insert:

     Provided further, That not to exceed $30,000,000 may be made 
     available to the Korean Peninsula Energy Development 
     Organization (KEDO) only for the administrative expenses and 
     heavy fuel oil costs associated with the Agreed Framework: 
     Provbided further, That such funds may be obligated to KEDO 
     only if, 30 days prior to such obligation of funds, the 
     President certifies and so reports to Congress that: (1)(A) 
     the parties to the Agreed Framework are taking steps to 
     assure that progress is made on the implementation of the 
     January 1, 1992, Joint Declaration on the Denuclearization of 
     the Korean Peninsula and the implementation of the North-
     South dialogue, and (B) North Korea is complying with the 
     other provisions of the Agreed Framework between North Korea 
     and the United States and with the Confidential Minute; (2) 
     North Korea is cooperating fully in the canning and safe 
     storage of all spent fuel from its graphite-moderated nuclear 
     reactors; (3) North Korea has not significantly diverted 
     assistance provided by the United States for purposes for 
     which it was not intended; (4) North Korea has terminated its 
     nuclear weapons program; (5) North Korea is not providing 
     ballistic missiles or ballistic missile technology to a 
     country the government of which the Secretary of State has 
     determined is a terrorist government for the purposes of 
     section 40(d) of the Arms Export Control Act or any other 
     comparable provision of law and (6) the United States has 
     satisfactory access to facilities that would be necessary to 
     assure compliance with the Framework Agreement:''

     : Provided further, That the President may waive the 
     certification requirements of the preceding proviso if the 
     President determines that it is vital to the national 
     security interests of the United States: Provided further, 
     That whenever the waiver included in the previous proviso is 
     exercised, the President shall submit to the appropriate 
     congressional committees a report which shall include a 
     detailed explanation of why the certification requirements in 
     the sixth proviso could not be met: Provided further, That no 
     funds may be obligated for KEDO until 30 calendar days after 
     submission to Congress of the waiver permitted under the 
     sixth proviso: Provided further, That the obligation of any 
     funds for KEDO shall be subject to the regular notification 
     procedures of the Committees on Appropriations:

                               H.R. 4569

                         Offered By: Ms. Pelosi

       Amendment No. 27. On page 32, line 17, strike 
     ``42,500,000'' and insert ``92,500,000''.

                               H.R. 4569

                         Offered By: Ms. Pelosi

       Amendment No. 28. On page 110, after line 15, insert:


         united states quota in the international monetary fund

       For an increase in the United States quota in the 
     International Monetary Fund, the dollar equivalent of 
     10,622,500,000 Special Drawing Rights, to remain available 
     until expended.

                               H.R. 4569

                         Offered By: Ms. Pelosi

       Amendment No. 29. On page 110, after line 15, insert:


         united states quota in the international monetary fund

       For an increase in the United States quota in the 
     International Monetary Fund, the dollar equivalent of 
     10,622,500,000 Special Drawing Rights, to remain available 
     until expended.
       On page 117, strike line 11, and all that follows through 
     the end of line 18 on page 141, and insert:

     SECTION 605. SHORT TITLE.

       Sections 605 through 617 of this chapter may be cited as 
     the ``International Monetary Fund Reform and Authorization 
     Act of 1998''.

     SEC. 606. FINDINGS.

       The Congress finds that--
       (1) the International Monetary Fund (IMF) was conceived at 
     Bretton Woods, New Hampshire, to promote a sound and open 
     world economy and a stable international financial system;
       (2) while the international financial system has evolved 
     significantly since the IMF was founded fifty years ago, its 
     core mission remains focused on providing advice on 
     macroeconomic and exchange rate policy and highly conditional 
     financial assistance, including appropriate economic and 
     governance reforms, to countries facing balance of payments 
     or liquidity problems;
       (3) the IMF includes elements in structural adjustment 
     programs that affect industrial and labor policies, which 
     have profound social and political ramifications;
       (4) the IMF has intervened in financial markets in 
     situations of extreme uncertainty and crisis to 
     restore investor and lender confidence, which may result 
     in partially relieving such lenders and investors of the 
     negative consequences of imprudent lending and investment 
     decisions;
       (5) the expanded conditionality which accompanies IMF 
     funding has profound domestic consequences in the United 
     States;
       (6) the United States, as the leading power of the post-
     cold war world, has a greater interest than any other country 
     in a strengthened IMF that multilateralizes the financial 
     support for ongoing economic reforms in countries important 
     to United States interests and that can respond to threats to 
     the international financial system so that the United States 
     does not end up serving as the world's lender of last resort;
       (7) the United States is the only country with veto power 
     over major IMF decisions;
       (8) to sustain its capabilities, the IMF needs to sustain 
     its strength relative to a rapidly expanding global economy 
     characterized by exponential growth of global capital 
     markets;
       (9) the United States financial commitment to the IMF 
     leverages several times as much from other countries, and its 
     general resource financing is not scored as a budgetary 
     outlay;
       (10) the ongoing currency and banking crisis in the Far 
     East has affected United States financial markets and may 
     result in a decline in United States economic growth by as 
     much as one and one-half percent, and the United States has a 
     vested economic and national security interest in utilizing 
     the IMF and other multilateral mechanisms to help stabilize 
     certain Asian economies;
       (11) neither the IMF nor the international financial system 
     predicted or was adequately prepared for the domestic 
     financial instability that has developed in East Asia, 
     particularly the excessive short-term borrowing the private 
     sector institutions, and therefore significant reforms of the 
     IMF and the international financial system are needed to 
     ensure that the world is better prepared to prevent and cope 
     with similar crises;
       (12) the United States also has an interest in not 
     contributing to ``moral hazard'', the belief by private 
     investors and lenders that public credit will be used to bail 
     them out of the consequences of imprudent credit decisions;
       (13) in establishing the terms for its financial support, 
     the IMF must strike a balance between contributing to the 
     stability of the Asian economies and ensuring that the 
     private creditors who contributed to the crisis by their 
     imprudent lending also make a significant contribution to the 
     resolution of such crisis; and
       (14) with respect to some East Asian countries, some 
     observers believe that--
       (A) the IMF has often imposed tight monetary and fiscal 
     policies designed for countries in other parts of the world 
     that follow excessively expansionary fiscal and monetary 
     policies, despite the fact that, by the IMF's own account, 
     the monetary and fiscal policies of the East Asian countries 
     have not contributed to the financial difficulties faced by 
     such countries;
       (B) the rationale for such strategy has been the need to 
     attract foreign capital and provide the means to earn foreign 
     exchange;
       (C) in the absence of solutions to the short term debt 
     overhang problem which requires a rollover of such short term 
     maturities by private creditors, and to the unfettered flow 
     of capital into and out of markets without regard to 
     maturities or purpose, as an integral part of the IMF 
     program, no interest rate is high enough to attract such 
     capital;
       (D) a tight monetary and fiscal austerity program, combined 
     with industrial restructuring and labor market flexibility 
     measures where they are also a part of an IMF program, may 
     excessively depress the local economy, creating potentially 
     explosive social and political problems;
       (E) such a strategy could also create excessive pressure to 
     export and reduce imports, eroding support in the United 
     States for a more open international trading and investment 
     regime, as export markets collapse and a flood of imports 
     puts downward pressure on U.S. wages and employment; and

[[Page H7918]]

       (F) there is a consequent need for the IMF, other 
     international financial institutions, the United States, and 
     other countries, as appropriate, to fashion programs and 
     policies that are adapted to local conditions and integrate 
     private creditor contributions.

     SEC. 607. PARTICIPATION IN QUOTA INCREASE.

       (a) In General.--The Bretton Woods Agreements Act (22 
     U.S.C. 286-286mm) is amended by adding at the end the 
     following:

     ``SEC. 61. QUOTA INCREASE.

       ``(a) In General.--The United States Governor of the Fund 
     may consent to an increase in the quota of the United States 
     in the Fund equivalent to 10,622,500,000 Special Drawing 
     Rights.
       ``(b) Subject to Appropriations.--The authority provided by 
     subsection (a) shall be effective only to such extent or in 
     such amounts as are provided in advance in appropriations 
     Acts.''.
       (b) Effectiveness Subject to Certification.--The amendment 
     made by subsection (a) shall not take effect until the 
     Secretary of the Treasury certifies to the Committee on 
     Banking and Financial Services of the House of 
     Representatives and the Committee on Foreign Relations of the 
     Senate that the investors and banks make a significant 
     contribution in conjunction with a financing package that, in 
     the context of an international financial crisis, might 
     include taxpayer supported official financing.

     SEC. 608. NEW ARRANGEMENTS TO BORROW.

       (a) In General.--Section 17 of the Bretton Woods Agreements 
     Act (22 U.S.C. 286e-2 et seq.) is amended--
       (1) in subsection (a)--
       (A) by striking ``and February 24, 1983'' and inserting 
     ``February 24, 1983, and January 27, 1997''; and
       (B) by striking ``4,250,000,000'' and inserting 
     ``6,712,000,000'';
       (2) in subsection (b), by striking ``4,250,000,000'' and 
     inserting ``6,712,000,000''; and
       (3) in subsection (d)--
       (A) by inserting ``or the Decision of January 27, 1997,'' 
     after ``February 24, 1983,''; and
       (B) by inserting ``or the New Arrangements to Borrow, as 
     applicable'' before the period at the end.
       (b) Effectiveness Subject to Certification.--The amendments 
     made by subsection (a) shall not take effect until the 
     Secretary of the Treasury certifies to the Committee on 
     Banking and Financial Services of the House of 
     Representatives and the Committee on Foreign Relations of the 
     Senate that the investors and banks make a significant 
     contribution in conjunction with a financing package that, in 
     the context of an international financial crisis, might 
     include taxpayer supported official financing.

     SEC. 609. ADVOCACY OF POLICIES TO ENHANCE THE GENERAL 
                   EFFECTIVENESS OF THE INTERNATIONAL MONETARY 
                   FUND.

       (a) In General.--Title XV of the International Financial 
     Institutions Act (22 U.S.C. 262o-262o-1) is amended by adding 
     at the end the following:

     ``SEC. 1503. ADVOCACY OF POLICIES TO ENHANCE THE GENERAL 
                   EFFECTIVENESS OF THE INTERNATIONAL MONETARY 
                   FUND.

       ``(a) In General.--The Secretary of the Treasury shall 
     instruct the United States Executive Director of the 
     International Monetary Fund to use aggressively the voice and 
     vote of the Executive Director to do the following:
       ``(1) Vigorously promote policies to increase the 
     effectiveness of the International Monetary Fund in 
     structuring programs and assistance so as to promote policies 
     and actions that will contribute to exchange rate stability 
     and avoid competitive devaluations that will further 
     destabilize the international financial and trading systems.
       ``(2) Vigorously promote policies to increase the 
     effectiveness of the International Monetary Fund in promoting 
     market-oriented reform, trade liberalization, economic 
     growth, democratic governance, and social stability through--
       ``(A) appropriate liberalization of pricing, trade, 
     investment, and exchange rate regimes of countries to open 
     countries to the competitive forces of the global economy;
       ``(B) opening domestic markets to fair and open internal 
     competition among domestic enterprises by eliminating 
     inappropriate favoritism for small or large businesses, 
     eliminating elite monopolies, creating and effectively 
     implementing anti-trust and anti-monopoly laws to protect 
     free competition, and establishing fair and accessible legal 
     procedures for dispute settlement among domestic enterprises;
       ``(C) privatizing industry in a fair and equitable manner 
     that provides economic opportunities to a broad spectrum of 
     the population, eliminating government and elite monopolies, 
     closing loss-making enterprises, and reducing government 
     control over the factors of production;
       ``(D) economic deregulation by eliminating inefficient and 
     overly burdensome regulations and strengthening the legal 
     framework supporting private contract and intellectual 
     property rights;
       ``(E) establishing or strengthening key elements of a 
     social safety net to cushion the effects on workers of 
     unemployment and dislocation; and
       ``(F) encouraging the opening of markets for agricultural 
     commodities and products by requiring recipient countries to 
     make efforts to reduce trade barriers.
       ``(3) Vigorously promote policies to increase the 
     effectiveness of the International Monetary Fund, in concert 
     with appropriate international authorities and other 
     international financial institutions (as defined in section 
     1701(c)(2)), in strengthening financial systems in developing 
     countries, and encouraging the adoption of sound banking 
     principles and practices, including the development of laws 
     and regulations that will help to ensure that domestic 
     financial institutions meet strong standards regarding 
     capital reserves, regulatory oversight, and transparency.
       ``(4) Vigorously promote policies to increase the 
     effectiveness of the International Monetary Fund, in concert 
     with appropriate international authorities and other 
     international financial institutions (as defined in section 
     1701(c)(2)), in facilitating the development and 
     implementation of internationally acceptable domestic 
     bankruptcy laws and regulations in developing countries, 
     including the provision of technical assistance as 
     appropriate.
       ``(5) Vigorously promote policies that aim at appropriate 
     burden-sharing by the private sector so that investors and 
     creditors bear more fully the consequences of their 
     decisions, and accordingly advocate policies which include--
       ``(A) strengthening crisis prevention and early warning 
     signals through improved and more effective surveillance of 
     the national economic policies and financial market 
     development of countries (including monitoring of the 
     structure and volume of capital flows to identify problematic 
     imbalances in the inflow of short and medium term investment 
     capital, potentially destablizing inflows of offshore lending 
     and foreign investment, or problems with the maturity 
     profiles of capital to provide warnings of imminent economic 
     instability), and fuller disclosure of such information to 
     market participants;
       ``(B) accelerating work on strengthening financial systems 
     in emerging market economies so as to reduce the risk of 
     financial crises;
       ``(C) consideration of provisions in debt contracts that 
     would foster dialogue and consultation between a sovereign 
     debtor and its private creditors, and among those creditors;
       ``(D) consideration of extending the scope of the 
     International Monetary Fund's policy on lending to members in 
     arrears and of other policies so as to foster the dialogue 
     and consultation referred to in subparagraph (C);
       ``(E) intensified consideration of mechanisms to facilitate 
     orderly workout mechanisms for countries experiencing debt or 
     liquidity crises;
       ``(F) consideration of establishing ad hoc or formal 
     linkages between the provision of official financing to 
     countries experiencing a financial crisis and the willingness 
     of market participants to meaningfully participate in any 
     stabilization effort led by the International Monetary Fund;
       ``(G) using the International Monetary Fund to facilitate 
     discussions between debtors and private creditors to help 
     ensure that financial difficulties are resolved without 
     inappropriate resort to public resources;
       ``(H) the International Monetary Fund accompanying the 
     provision of funding to countries experiencing a financial 
     crisis resulting from imprudent borrowing with efforts to 
     achieve a significant contribution by the private creditors, 
     investors, and banks which had extended such credits; and
       ``(I) in the context of International Monetary Fund 
     responses to international financial crises, vigorously 
     promote consideration of appropriate ways in which debtors 
     and private creditors, in consultation with central banks, 
     can be encouraged voluntarily to take steps to achieve 
     resolution of outstanding debts, and to do so in a manner 
     that provides for an appropriate degree of burden-sharing.
       ``(6) Vigorously promote policies that would make the 
     International Monetary Fund a more effective mechanism, in 
     concert with appropriate international authorities and other 
     international financial institutions (as defined in section 
     1701(c)(2)), for promoting good governance principles within 
     recipient countries by fostering structural reforms, 
     including procurement reform, that reduce opportunities for 
     corruption and bribery, and drug-related money laundering.
       ``(7) Vigorously promote the design of International 
     Monetary Fund programs and assistance so that governments 
     that draw on the International Monetary Fund channel public 
     funds away from unproductive purposes, including large `show 
     case' projects and excessive military spending, and toward 
     investment in human and physical capital as well as social 
     programs to protect the neediest and promote social equity.
       ``(8) Work with the International Monetary Fund to foster 
     economic prescriptions that are appropriate to the individual 
     economic circumstances of each recipient country, recognizing 
     that inappropriate stabilization programs may only serve to 
     further destabilize the economy and create unnecessary 
     economic, social, and political dislocation.
       ``(9) Structure International Monetary Fund programs and 
     assistance so that the maintenance and improvement of core 
     labor standards are routinely incorporated as an integral 
     goal in the policy dialogue with recipient countries, so 
     that--
       ``(A) recipient governments commit to affording workers the 
     right to exercise internationally recognized core worker 
     rights, including the right of free association and 
     collective bargaining through unions of their own choosing;

[[Page H7919]]

       ``(B) measures designed to facilitate labor market 
     flexibility are consistent with such core worker rights;
       ``(C) the staff of the International Monetary Fund 
     adequately takes into account the views of the International 
     Labor Organization, particularly with respect to the effect 
     of labor market flexibility measures on core worker rights in 
     such countries; and
       ``(D) the staff of the International Monetary Fund surveys 
     the labor market policies and practices of recipient 
     countries and recommends policy initiatives that will help to 
     ensure the maintenance or improvement of core labor 
     standards.
       ``(10) Vigorously promote the adoption and enforcement of 
     laws promoting respect for internationally recognized worker 
     rights (as defined in section 507(4) of the Trade Act of 1974 
     (19 U.S.C. 2467(4))).
       ``(11) Vigorously promote International Monetary Fund 
     programs and assistance that are structured to the maximum 
     extent feasible to discourage practices which may promote 
     ethnic or social strife in a recipient country.
       ``(12) Vigorously promote recognition by the International 
     Monetary Fund that macroeconomic developments and policies 
     can affect and be affected by environmental conditions and 
     policies, including by working independently and with the 
     multilateral development banks to encourage countries to 
     correct market failures and pursue macroeconomic stability 
     while promoting policies for sustainable development and 
     environmental protection.
       ``(13) Facilitate greater International Monetary Fund 
     transparency, including by enhancing accessibility of the 
     International Monetary Fund and its staff, fostering a more 
     open release policy toward working papers, past evaluations, 
     and other International Monetary Fund documents, seeking to 
     publish all Letters of Intent to the International Monetary 
     Fund and Policy Framework Papers, and establishing a more 
     open release policy regarding Article IV consultations.
       ``(14) Facilitate greater International Monetary Fund 
     accountability and enhance International Monetary Fund self-
     evaluation by vigorously promoting review of the 
     effectiveness of the Office of Internal Audit and Inspection 
     and the Executive Board's external evaluation pilot program 
     and, if necessary, the establishment of an operations 
     evaluation department modeled on the experience of the 
     International Bank for Reconstruction and Development, guided 
     by such key principles as usefulness, credibility, 
     transparency, and independence.
       ``(15) Vigorously promote coordination with the 
     International Bank for Reconstruction and Development and 
     other international financial institutions (as defined in 
     section 1701(c)(2)) in promoting structural reforms which 
     facilitate the provision of credit to small businesses, 
     including microenterprise lending, especially in the world's 
     poorest, heavily indebted countries.
       ``(16) Vigorously promote, in the context of the 
     International Monetary Fund's policy dialogue with its member 
     countries, measures to protect the rights and land of 
     indigenous peoples, including the Penan of Borneo, Malaysia, 
     the Dayaks of East Kalimantan, Indonesia, and the 
     indigenous communities of Irian Jaya, Indonesia.
       ``(17) Vigorously promote policies such that the 
     International Monetary Fund, in considering loan programs and 
     assistance, takes into account the extent to which the 
     recipient government has demonstrated a commitment to--
       ``(A) providing accurate and complete data on the annual 
     expenditures and receipts of the armed forces;
       ``(B) establishing good and publicly accountable 
     governance, including an end to excessive military 
     involvement in the economy; and
       ``(C) making substantial reductions in excessive military 
     spending and forces, including domestic security forces.
       ``(18) Structure International Monetary Fund debt relief 
     programs so that the programs do not impose unfair conditions 
     on heavily indebted poor countries, increase the amount of 
     debt relief available to poor countries, and decrease the 
     time required to qualify for debt relief.
       ``(b) Coordination With Other Executive Departments.--To 
     the extent that it would assist in achieving the goals 
     described in subsection (a), the Secretary of the Treasury 
     shall pursue the goals in coordination with the Secretary of 
     State, the Secretary of Labor, the Secretary of Commerce, the 
     Administrator of the Environmental Protection Agency, the 
     Administrator of the Agency for International Development, 
     and the United States Trade Representative.''.
       (b) Advisory Committee on IMF Policy.--Section 1701 of such 
     Act (22 U.S.C. 262p-5) is amended by adding at the end the 
     following:
       ``(e) Advisory Committee on IMF Policy.--
       ``(1) In general.--The Secretary of the Treasury shall 
     establish an International Monetary Fund Advisory Committee 
     (in this subsection referred to as the `Advisory Committee').
       ``(2) Membership.--The Advisory Committee shall consist of 
     8 members appointed by the Secretary of the Treasury, after 
     appropriate consultations with the relevant organizations, as 
     follows:
       ``(A) 2 members shall be representatives from organized 
     labor.
       ``(B) 2 members shall be representatives from banking and 
     financial services.
       ``(C) 2 members shall be representatives from industry and 
     agriculture.
       ``(D) 2 members shall be representatives from 
     nongovernmental environmental and human rights organizations.
       ``(3) Duties.--Not less frequently than every 6 months, the 
     Advisory Committee shall meet with the Secretary of the 
     Treasury or the Deputy Secretary of the Treasury to review, 
     and provide advice on, the extent to which individual country 
     International Monetary Fund programs meet the policy goals 
     set forth in this Act regarding the International Monetary 
     Fund.
       ``(4) Inapplicability of termination provision of the 
     federal advisory committee act.--Section 14(a)(2) of the 
     Federal Advisory Committee Act shall not apply to the 
     Advisory Committee.''.

     SEC. 610. AVAILABILITY OF INTERNATIONAL MONETARY FUND LETTERS 
                   OF INTENT REGARDING AGREEMENTS REQUIRED IN 
                   ORDER TO RECEIVE ASSISTANCE.

       Title XV of the International Financial Institutions Act 
     (22 U.S.C. 262o-262o-1) is further amended by adding at the 
     end the following:

     ``SEC. 1504. AVAILABILITY OF INTERNATIONAL MONETARY FUND 
                   LETTERS OF INTENT REGARDING AGREEMENTS REQUIRED 
                   IN ORDER TO RECEIVE ASSISTANCE.

       ``Within 3 business days after the United States Executive 
     Director at the International Monetary Fund receives a letter 
     of intent from a country regarding structural adjustment or 
     an economic, social, or other agreement required by the Fund 
     in order to receive assistance from the Fund, the Executive 
     Director shall provide to the Secretary of the Treasury a 
     copy of the letter and any related memorandum of 
     understanding. Within 7 days after receiving the copy, the 
     Secretary of the Treasury shall make the copy available to 
     the public (by electronic or other readily publicly 
     accessible means) except to the extent that the Secretary 
     determines that doing so would--
       ``(1) endanger the national security of the country or of 
     the United States;
       ``(2) disrupt markets; or
       ``(3) be contrary to the obligations of the United States 
     as a member of the International Monetary Fund.''.

     SEC. 611. ENFORCEMENT OF INDONESIAN COMPLIANCE WITH REFORMS 
                   REQUIRED BY THE INTERNATIONAL MONETARY FUND.

       The Secretary of the Treasury shall certify to the 
     Committee on Banking and Financial Services of the House of 
     Representatives and the Committee on Foreign Relations of the 
     Senate that the United States Executive Director at the 
     International Monetary Fund will oppose further disbursements 
     of funds to Indonesia unless the Indonesian government 
     complies with the terms of its International Monetary Fund 
     reform package.

     SEC. 612. SENSE OF THE CONGRESS ON THE TREATMENT OF MUCHTAR 
                   PAKPAHAN.

       It is the sense of the Congress that the Government of 
     Indonesia should immediately release Muchtar Pakpahan from 
     prison and have all criminal charges against him dismissed.

     SEC. 613. SENSE OF THE CONGRESS ON THE ROLE OF JAPAN IN 
                   RESTORING REGIONAL AND GLOBAL ECONOMIC GROWTH.

       (a) Finding.--The Congress finds that deteriorating 
     economic conditions and ongoing financial market turbulence 
     in Asia makes it more important than ever that Japan play a 
     leadership role in helping to restore confidence and serve as 
     a crucial engine of regional and world economic growth.
       (b) Sense of the Congress.--It is the sense of the Congress 
     that Japan should assume a greater regional leadership role, 
     which would coincide with Japan's goal of promoting strong 
     domestic demand-led growth and avoiding a significant 
     increase in its external surplus with the United States and 
     the countries of the Asia-Pacific region.

     SEC. 614. SEMIANNUAL REPORTS ON FINANCIAL STABILIZATION 
                   PROGRAMS LED BY THE INTERNATIONAL MONETARY FUND 
                   IN CONNECTION WITH FINANCING FROM THE EXCHANGE 
                   STABILIZATION FUND.

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

     ``SEC. 1704. REPORTS ON FINANCIAL STABILIZATION PROGRAMS LED 
                   BY THE INTERNATIONAL MONETARY FUND IN 
                   CONNECTION WITH FINANCING FROM THE EXCHANGE 
                   STABILIZATION FUND.

       ``(a) In General.--The Secretary of he Treasury, in 
     consultation with the Secretary of Commerce and other 
     appropriate Federal agencies, shall prepare reports on the 
     implementation of financial stabilization programs (and any 
     material terms and conditions thereof) led by the 
     International Monetary Fund in countries in connection with 
     which the United States has made a commitment to provide, or 
     has provided financing from the stabilization fund 
     established under section 5302 of title 31, United States 
     Code. The reports shall include the following:
       ``(1) A description of the condition of the economies of 
     countries requiring the financial stabilization programs, 
     including the monetary, fiscal, and exchange rate policies of 
     the countries.
       ``(2) A description of the degree to which the countries 
     requiring the financial stabilization programs have fully 
     implemented financial sector restructuring and reform

[[Page H7920]]

     measures required by the International Monetary Fund, 
     including--
       ``(A) ensuring full respect for the commercial orientation 
     of commercial bank lending;
       ``(B) ensuring that governments will not intervene in bank 
     management and lending decisions (except in regard to 
     prudential supervision);
       ``(C) the passage of appropriate financial reform 
     legislation;
       ``(D) strengthening the domestic financial system, through 
     financial sector restructuring, as well as improved 
     transparency and supervision; and
       ``(E) the opening of domestic capital markets.
       ``(3) A description of the degree to which the countries 
     requiring the financial stabilization programs have fully 
     implemented reforms required by the International Monetary 
     Fund that are directed at corporate governance and corporate 
     structure, including--
       ``(A) making nontransparent conglomerate practices more 
     transparent through the application of internationally 
     accepted accounting practices, independent external audits, 
     full disclosure, and provision of consolidated statements; 
     and
       ``(B) ensuring that no government subsidized support or tax 
     privileges will be provided to bail out individual 
     corporations, particularly in the semiconductor, steel, and 
     paper industries.
       ``(4) A description of the implementation of reform 
     measures required by the International Monetary Fund to 
     deregulate and privatize economic activity by ending domestic 
     monopolies, undertaking trade liberalization, and opening up 
     restricted areas of the economy to foreign investment and 
     competition.
       ``(5) A detailed description of the trade policies of the 
     countries, including any unfair trade practices or adverse 
     effects of the trade policies on the United States.
       ``(6) A description of the extent to which the financial 
     stabilization programs have resulted in appropriate burden-
     sharing among private sector creditors, including 
     rescheduling of outstanding loans by lengthening maturities, 
     agreements on debt reduction, and the extension of new 
     credit.
       ``(7) A description of the extent to which the economic 
     adjustment policies of the International Monetary Fund and 
     the policies of the government of the country adequately 
     balance the need for financial stabilization, economic 
     growth, environmental protection, social stability, and 
     equity for all elements of the society.
       ``(8) Whether International Monetary Fund involvement in 
     labor market flexibility measures has had a negative effect 
     on core worker rights, particularly the rights of free 
     association and collective bargaining.
       ``(9) A description of any pattern of abuses of core worker 
     rights in recipient countries.
       ``(10) The amount, rate of interest, and disbursement and 
     repayment schedules of any fund disbursed from the 
     stabilization fund established under section 5302 of title 
     31, United States Code, in the form of loans, credits, 
     guarantees, or swaps, in support of the financial 
     stabilization programs.
       ``(11) The amount, rate of interest, and disbursement and 
     repayment schedules of any funds disbursed by the 
     International Monetary Fund to the countries in support of 
     the financial stabilization programs.
       ``(b) Timing.--Not later than October 1, 1998, and 
     semiannually thereafter, the Secretary of the Treasury shall 
     submit to the Committees on Banking and Financial Services 
     and International Relations of the House of Representatives 
     and the Committees on Foreign Relations, and Banking, 
     Housing, and Urban Affairs of the Senate a report on the 
     matters described in subsection (a).''.

     SEC. 615. REPORTS ON REFORMING THE ARCHITECTURE OF THE 
                   INTERNATIONAL FINANCIAL SYSTEM.

       (a) Findings.--The Congress finds that, in order to ensure 
     that the International Monetary Fund does not become the 
     global lender of last resort to private sector corporations 
     and financial institutions, and in order to help prevent 
     further threats to the international financial system, the 
     Secretary of the Treasury and the Chairman of the Board of 
     Governors of the Federal Reserve System, working with their 
     counterparts in other countries and with international 
     organizations as appropriate, should--
       (1) seek to establish a broad set of international 
     transparency principles on accounting and disclosure policies 
     and practices covering, in particular, private sector 
     financial organizations;
       (2) promote improvements in the provision by both borrowers 
     and lenders of timely and comprehensive aggregate information 
     on cross-border financial stocks and flows;
       (3) seek an international accord establishing uniform 
     minimum standards with respect to robust banking and 
     supervisory systems, which individual countries should be 
     required to meet as a condition for the establishment of 
     subsidiaries, branches, or other offices of banking 
     institutions from their countries in the jurisdictions of the 
     countries participating in the accord;
       (4) immediately initiate with appropriate representatives 
     of the countries that are members of the International 
     Monetary Fund discussions aimed at securing national 
     treatment for United States investors in such countries; and
       (5) seek to establish internationally acceptable bankruptcy 
     standards and should work particularly to have International 
     Monetary Fund recipient countries adopt such standards.
       (b) Reports.--
       (1) In general.--The Secretary of the Treasury shall 
     prepare 3 reports on progress made toward achieving the 
     objectives outlined in subsection (a), which shall describe 
     the steps taken by the United States, other members of the 
     world community, and the international financial institutions 
     to strengthen safeguards in the global financial system, 
     including measures to promote more efficient functioning of 
     global markets, by--
       (A) helping to develop effective legal and regulatory 
     frameworks, including appropriate bankruptcy and foreclosure 
     mechanisms;
       (B) increasing transparency and disclosure by both the 
     private and public sectors;
       (C) strengthening prudential standards, both globally and 
     in individual economies;
       (D) improving domestic policy management;
       (E) strengthening the role of the international financial 
     institutions in financial crisis prevention and management; 
     and
       (F) ensuring appropriate burden sharing by the private 
     sector, particularly commercial banks and financial 
     institutions, in the resolution of crises.
       (2) Timing.--The Secretary of the Treasury shall submit to 
     the Committees on Banking and Financial Services and 
     International Relations of the House of Representatives and 
     the Committees on Foreign Relations and Banking, Housing, and 
     Urban Affairs of the Senate 2 interim reports on the matters 
     described in paragraph (1), the first of which is due by 
     October 1, 1998, and the second of which is due on April 1, 
     1999, and a final report on such matters, which is due on 
     October 1, 1999.

     SEC. 616. ANNUAL REPORT AND TESTIMONY ON THE STATE OF THE 
                   INTERNATIONAL FINANCIAL SYSTEM, IMF REFORM, AND 
                   COMPLIANCE WITH IMF AGREEMENTS.

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

     ``SEC. 1705. ANNUAL REPORT AND TESTIMONY ON THE STATE OF THE 
                   INTERNATIONAL FINANCIAL SYSTEM, IMF REFORM, AND 
                   COMPLIANCE WITH IMF AGREEMENTS.

       ``(a) Reports.--Not later than October 1 of each year, the 
     Secretary of the Treasury shall submit to the Committee on 
     Banking and Financial Services of the House of 
     Representatives and the Committee on Foreign Relations of the 
     Senate a written report on the progress (if any) made by the 
     United States Executive Director at the International 
     Monetary Fund in influencing the International Monetary Fund 
     to adopt the policies and reform its internal procedures in 
     the manner described in section 1503.
       ``(b) Testimony.--After submitting the report required by 
     subsection (a) but not later than October 31 of each year, 
     the Secretary of the Treasury shall appear before the 
     Committee on Banking and Financial Services of the House of 
     Representatives and the Committee on Foreign Relations of the 
     Senate and present testimony on--
       ``(1) any progress made in reforming the International 
     Monetary Fund;
       ``(2) the status of efforts to reform the international 
     financial system; and
       ``(3) the compliance of countries which have received 
     assistance from the International Monetary Fund with 
     agreements made as a condition of receiving the 
     assistance.''.

     SEC. 617. AUDITS OF THE INTERNATIONAL MONETARY FUND.

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

     SEC. 1706. AUDITS OF THE INTERNATIONAL MONETARY FUND.

       ``(a) Access to Materials.--Not later than 30 days after 
     the date of the enactment of this section, the Secretary of 
     the Treasury shall certify to the Committee on Banking and 
     Financial Services of the House of Representatives and the 
     Committee on Foreign Relations of the Senate that the 
     Secretary has instructed the United States Executive Director 
     at the International Monetary Fund to facilitate timely 
     access by the General Accounting Office to information and 
     documents of the International Monetary Fund needed by the 
     Office to perform financial reviews of the International 
     Monetary Fund that will facilitate the conduct of United 
     States policy with respect to the Fund.
       ``(b) Reports--Not later than June 30, 1999, and annually 
     thereafter, the Comptroller General of the United States 
     shall prepare and submit to the committees specified in 
     subsection (a) a report on the financial operations of the 
     Fund during the preceding year, which shall include--
       ``(1) the current financial condition of the International 
     Monetary Fund;
       ``(2) the amount, rate of interest, disbursement schedule, 
     and repayment schedule for any loans that were initiated or 
     outstanding during the preceding calendar year, and with 
     respect to disbursement schedules, the report shall identify 
     and discuss in detail any conditions required to be fulfilled 
     by a borrower country before a disbursement is made;
       ``(3) a detailed description of whether the trade policies 
     of borrower countries permit free and open trade by the 
     United States and

[[Page H7921]]

     other foreign countries in the borrower countries;
       ``(4) a detailed description of the export policies of 
     borrower countries and whether the policies may result in 
     increased export of their products, goods, or services to the 
     United States which may have significant adverse effects on, 
     or result in unfair trade practices against or affecting 
     United States companies, farmers, or communities;
       ``(5) a detailed description of any conditions of 
     International Monetary Fund loans which have not been met by 
     borrower countries, including a discussion of the reasons why 
     such conditions were not met, and the actions taken by the 
     International Monetary Fund due to the borrower country's 
     noncompliance;
       ``(6) an identification of any borrower country and loan on 
     which any loan terms or conditions were renegotiated in the 
     preceding calendar year, including a discussion of the 
     reasons for the renegotiation and any new loan terms and 
     conditions; and
       ``(7) a specification of the total number of loans made by 
     the International Monetary Fund from its inception through 
     the end of the period covered by the report, the number and 
     percentage (by number) of such loans that are in default or 
     arrears, and the identity of the countries in default or 
     arrears, and the number of such loans that are outstanding as 
     of the end of period covered by the report and the aggregate 
     amount of the outstanding loans and the average yield 
     (weighted by loan principal) of the historical and 
     outstanding loan portfolios of the International Monetary 
     Fund.''.

     ; and amend the report accordingly.

                               H.R. 4569

                         Offered By: Mr. Pitts

       Amendment No. 30: In title II, in the item relating to 
     ``agency for international development, child survival and 
     disease programs fund'', after the first dollar amount, 
     insert the following: ``(increased by $100,000,000)''.
       In title II, in the item relating to ``agency for 
     international development, child survival and disease 
     programs fund'', add at the end before the period the 
     following: ``: Provided further, That of the funds 
     appropriated under this heading, not less than $345,000,000 
     shall be made available for infant and child health 
     programs''.
       In title II, in the item relating to ``agency for 
     international development, development assistance, (including 
     transfer of funds)'', after the first dollar amount, insert 
     the following: ``(decreased by $100,000,000)''.
       In section 576 (relating to authorization for population 
     planning), after the first dollar amount, insert the 
     following: ``(decreased by $100,000,000)''.
       In section 576 (relating to authorization for population 
     planning), add at the end before the period the following: 
     ``: Provided, That the restriction under this heading shall 
     apply to all funds for programs and activities designed to 
     control fertility or to reduce or delay childbirths or 
     pregnancies, irrespective of the heading under which such 
     funds are made available''.

                               H.R. 4569

                         Offered By: Mr. Porter

       Amendment No. 31: In title V, strike section 579, relating 
     to the repeal of Section 907 of the FREEDOM Support Act.

                               H.R. 4569

                       Offered By: Mr. Radanovich

       Amendment No. 32: In title V, strike the section relating 
     to the repeal of section 907 of the FREEDOM Support Act.

                               H.R. 4569

                         Offered By: Mr. Royce

       Amendment No. 33: Page 141, after line 18, insert the 
     following:

                TITLE VII--ADDITIONAL GENERAL PROVISIONS


      proposal to eliminate income tax allowances provided by the 
                      international monetary fund

       Sec. 701. The Bretton Woods Agreements Act (22 U.S.C. 286-
     286mm) is amended by adding at the end the following:

     ``SEC. 61. ELIMINATION OF INCOME TAX ALLOWANCE.

       ``The Secretary of the Treasury shall instruct the United 
     States Executive Director of the Fund to present to the 
     Fund's Executive Board, and work for the adoption of, a 
     proposal to amend the Fund's bylaws to disallow the Fund from 
     issuing a tax allowance to the Governors, the Executive 
     Directors, their alternates, the Managing Director, or any 
     other officer, employee, or staff member of the Fund.''.

                               H.R. 4569

                        Offered By: Mr. Sanders

       Amendment No. 34: Page 118, line 9, insert ``(a) In 
     General.--'' after ``606.''.
       Page 118, after line 26, insert the following:
       (b) Authority to Participate in the New Arrangements to 
     Borrow Conditioned on Certification.--The authority provided 
     in amendments made by subsection (a) to make loans under 
     section 17 of the Bretton Woods Agreements Act pursuant to 
     the New Arrangements to Borrow, shall not take effect until 
     the Secretary of the Treasury certifies that the bylaws of 
     the International Monetary Fund provide that the 
     International Monetary Fund shall not provide funds to any 
     country experiencing a financial crisis resulting from 
     excessive and imprudent borrowing by government or private 
     borrowers, unless the private creditors, investors, and 
     banking institutions which had extended such credit make a 
     significant prior contribution by means of debt relief, 
     rollovers of existing credit, and the provision of new 
     credit, as part of an overall program approved by the 
     International Monetary Fund for resolution of the crisis.

                               H.R. 4569

                        Offered By: Mr. Sanford

       Amendment No. 35: At the end of the bill, insert after the 
     last section (preceding the general short title) the 
     following:

                TITLE VII--ADDITIONAL GENERAL PROVISIONS


elimination of spending cap adjustments for international monetary fund 
                           funding increases

       Sec. __. (a) Amendment to the Congressional Budget Act of 
     1974.--Section 314(b) of the Congressional Budget Act of 1974 
     is amended by striking paragraph (3) and by redesignating 
     paragraphs (4) through (6) as paragraphs (3) through (5), 
     respectively.
       (b) Amendment to the Balanced Budget and Emergency Deficit 
     Control Act of 1985.--Section 251(b)(2) of the Balanced 
     Budget and Emergency Deficit Control Act of 1985 is amended 
     by striking subparagraph (D) and by redesignating 
     subparagraphs (E) and (F) as subparagraphs (D) and (E), 
     respectively.

                               H.R. 4569

                Offered By: Mr. Bob Schaffer of Colorado

       Amendment No. 36: At the end of the bill, insert after the 
     last section (preceding the general short title) the 
     following:

                TITLE VII--ADDITIONAL GENERAL PROVISIONS


  requirement that foreign countries that are provided united states 
   funds through the international monetary fund for the purchase of 
   agricultural commodities use such funds for the purchase of such 
                commodities from united states producers

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

     ``SEC. 1404. REQUIREMENT THAT FOREIGN COUNTRIES THAT ARE 
                   PROVIDED UNITED STATES FUNDS THROUGH THE 
                   INTERNATIONAL MONETARY FUND FOR THE PURCHASE OF 
                   AGRICULTURAL COMMODITIES USE SUCH FUNDS FOR THE 
                   PURCHASE OF SUCH COMMODITIES FROM UNITED STATES 
                   PRODUCERS.

       ``(a) In General.--The Secretary of the Treasury shall 
     instruct the United States Executive Director at the 
     International Monetary Fund to use the voice and vote of the 
     United States to oppose the provision by the International 
     Monetary Fund of any assistance to a country for the purchase 
     of an agricultural commodity unless the country has entered 
     into an agreement with the International Monetary Fund under 
     which the United States portion of the assistance, in lieu of 
     being disbursed to the country, is disbursed in the manner 
     described in subsection (c), and the country remains 
     obligated with respect to the assistance as if the assistance 
     had been disbursed directly to the country.
       ``(b) United States Portion of Assistance to a Country.--In 
     subsection (a), the term `United States portion of the 
     assistance' means the total amount of the assistance, 
     multiplied by the percentage of the assets of the 
     International Monetary Fund that are attributable to United 
     States contributions to the International Monetary Fund, and 
     interest earned by the International Monetary Fund on such 
     contributions.
       ``(c) Disbursement of United States Portion of 
     Assistance.--On the making of a contract between the country 
     and a United States producer of an agricultural commodity 
     under which, among other things, the country has agreed to 
     purchase a quantity of the commodity from the producer at a 
     price in United States dollars that is not less than the 
     average price in United States dollars for the commodity on 
     the world market during calendar year 1995, and the producer 
     has agreed to consider payment by the International Monetary 
     Fund for the commodity to be payment by the country, the 
     International Monetary Fund shall disburse to the United 
     States producer, from the United States portion of the 
     assistance referred to in subsection (a), an amount 
     sufficient to make the purchase.''.

                               H.R. 4569

                     Offered By: Mr. Sensenbrenner

       Amendment No. 37: In section 517, add the following new 
     subsection at the end:
       (g) None of the funds appropriated under the heading 
     ``Assistance for the New Independent States of the Former 
     Soviet Union'' shall be made available for assistance for the 
     Government of Russia unless--
       (1) the President has reported to Congress that the 
     government of Russia has developed and is implementing a 
     credible plan to meet its obligations as outlined in the 
     Annex to the Agreement Among the Government of Canada, 
     Governments and Member States of the European Space Agency, 
     the Government of Japan, the Government of the Russian 
     Federation, and the Government of the United States of 
     America Concerning Cooperation on the Civil International 
     Space Station, signed on January 29, 1998, and Article 3 of 
     the Memorandum of Understanding Between the National 
     Aeronautics and Space Administration of the United States of 
     America and the Russian Space Agency Concerning Cooperation 
     on the Civil International Space Station; and
       (2) the Secretary of the Treasury has reported to Congress 
     that Russia has developed and is implementing a plan that 
     will succeed

[[Page H7922]]

     in funding the obligations described in paragraph (1).

                               H.R. 4569

                         Offered By: Mr. Tiahrt

       Amendment No. 38: Page 8, line 10, after ``services'' 
     insert the following:

     ; and that any such voluntary family planning project shall 
     meet the following requirements: (1) the project shall not 
     make use of quotas, goals, or other numerical targets, on an 
     individual, local, regional, or national basis, of total 
     number of births, the number of family planning acceptors, 
     acceptors of a particular method of family planning, or any 
     other performance standard (this provision shall not be 
     construed to include the use of quantitative estimates for 
     budgeting and planning purposes); (2) the project shall not 
     include payment of incentives, bribes, gratuities, or any 
     other form of compensation or reward, monetary or 
     nonmonetary, to (A) an individual in exchange for becoming a 
     family planning acceptor, or (B) program personnel for 
     achieving any numerical goal or quota; (3) the project shall 
     not deny any right or benefit, including the right of access 
     to participate in any program of general welfare or the right 
     of access to health care, as a consequence of any 
     individual's decision not to accept family planning services; 
     (4) the project shall inform family planning acceptors, in 
     comprehensible terms, of the nature of the family planning 
     method chosen, its contraindications and potential health 
     risks, and available alternatives; (5) the project shall 
     provide a reasonable range of options of methods of family 
     planning, including natural methods; and (6) the project 
     shall ensure that experimental methods of family planning are 
     administered only in a scientifically controlled study in 
     which participants are advised of potential risks and 
     benefits; and, not later than 30 days after the date on which 
     the Administrator of the United States Agency for 
     International Development determines that there has been a 
     violation of any provision contained in the preceding 6 
     paragraphs, or a violation of any other provision contained 
     in this heading, the Administrator shall submit to the 
     Committee on International Relations and the Committee on 
     Appropriations of the House of Representatives and to the 
     Committee on Foreign Relations and the Committee on 
     Appropriations of the Senate a report containing a 
     description of such violation

                               H.R. 4569

                         Offered By: Mr. Weldon

       Amendment No. 39: Page 141, after line 18, insert the 
     following:

                TITLE VII--ADDITIONAL GENERAL PROVISIONS


 principles governing international monetary fund assistance to russia

       Sec. 701. The Bretton Woods Agreements Act (22 U.S.C. 286-
     286mm) is amended by adding at the end the following:

     ``SEC. 61. PRINCIPLES GOVERNING INTERNATIONAL MONETARY FUND 
                   ASSISTANCE TO RUSSIA.

       ``(a) Conditions and Limitations of Assistance.--The 
     Secretary of the Treasury shall instruct the United States 
     Executive Director at the Fund to use the voice and vote of 
     the United States to urge the Fund--
       ``(1) to not provide any assistance to the government of 
     the Russian Federation or of any political subdivision of the 
     Russian Federation, or to any other entity in the Russian 
     Federation, until there is in effect a Russian federal law 
     that implements the economic reforms described in subsection 
     (b); and
       ``(2) to provide assistance to the Russian Federation or a 
     political subdivision of the Russian Federation only to aid 
     the implementation of such reforms.
       ``(b) Economic Reforms.--The economic reforms described in 
     this subsection are the following:
       ``(1) Land reform, including private ownership of land.
       ``(2) Further privatization of state-owned industrial 
     enterprises.
       ``(3) Tax reform, including increased collection of tax 
     obligations.
       ``(4) Development of effective commercial law, including 
     the ability of individuals to seek enforcement of contracts 
     by an effective judicial system.
       ``(5) Establishment of residential mortgage financing 
     system for middle class individuals residing in the Russian 
     Federation.
       ``(6) The development of criteria for evaluating the 
     effectiveness of regional economic reform programs in the 
     Russian Federation, and the use of such criteria to assure 
     that Western resources are provided to the political 
     subdivisions of the Russian Federation on an equitable basis, 
     taking into account the necessity to provide incentives for 
     political subdivisions to implement viable economic reforms 
     and to reward those that have made progress in implementing 
     such reforms.
       ``(7) The development of steps to make the recipients of 
     Western resources in the Russian Federation accountable for 
     the use of such resources.''.


            russian-american financial oversight commission

       Sec. 702. (a) In General.--The Speaker of the House of 
     Representatives and the President of the Senate shall seek 
     enter into negotiations with the State Duma of the Russian 
     Federation for the establishment of a commission which 
     would--
       (1) be composed of 8 Members of the United States Congress 
     and 8 Deputies of the State Duma;
       (2) monitor expenditures of the funds provided to the 
     government of the Russian Federation or a political 
     subdivision of the Russian Federation by the United States or 
     the international community, for the purpose of evaluating 
     that the funds are used for only for the purposes for which 
     provided; and
       (3) create a working group of financial experts tasked with 
     developing a comprehensive program to reform, privatize, or 
     close industrial enterprises in the Russian Federation that 
     are bankrupt and are (or would be) not competitive under 
     conditions of a market economy without significant government 
     financial support.
       (b) Membership.--On the successful conclusion of 
     negotiations under subsection (a), the Speaker of the House 
     of Representatives and the President of the Senate are 
     jointly authorized to appoint 8 Members of Congress to the 
     commission established pursuant subsection (a).


 sense of the congress on establishment of joint united states-russian 
                      financial education program

       Sec. 703. It is the sense of the Congress that the United 
     States and the government of the Russian Federation should 
     conclude an agreement under which students in the Russian 
     Federation would enroll in colleges and universities in the 
     United States at undergraduate and graduate levels for the 
     purpose of developing a network of financial specialists in 
     the Russian Federation, and students so enrolled would, on 
     completion of their studies in the United States, be required 
     to return to the Russian Federation and work for the federal 
     or a regional government in Russia.


                         imf reform commission

       Sec. 704. The Secretary of the Treasury shall instruct the 
     United States Executive Director at the Fund to use the voice 
     and vote of the United States to urge the Fund to create a 
     commission, composed of prominent international financial 
     experts, for the purpose of drawing up recommendations for 
     reforming the Fund, with a view to achieving more 
     transparency in the structures of the Fund and increasing the 
     effectiveness of Fund programs while decreasing financial 
     risk.


                      russian housing loan program

       Sec. 705. (a) Loan Program.--There is hereby established a 
     pilot housing loan program for the people of Russia, with 
     such funds as may be made available, as the means by which 
     the average Russian citizen may attain affordable home 
     ownership.
       (b) Restrictions.--None of the funds under this section may 
     be made available--
       (1) for transfer to the Government of Russia; or
       (2) for the purposes of providing Russian military housing.
       (c) Establishment of Administering Corporation.--Funds 
     appropriated under this section shall be administered in the 
     following manner:
       (1) Such sums as may be made available for this pilot 
     Russian housing loan program shall be administered directly 
     through a nonprofit corporation (hereinafter the 
     ``Corporation''), consisting of a 13-member Board of 
     Directors, the members of which shall be appointed by the 
     President of the United States from lists provided by the 
     following individuals:
       (A) Two members from a list provided by the Speaker of the 
     United States House of Representatives.
       (B) One member from a list provided by the minority leader 
     of the United States House of Representatives.
       (C) Two members from a list provided by the majority leader 
     of the United States Senate.
       (D) One member from a list provided by the minority leader 
     of the United States Senate.
       (E) Two members appointed by the President of the United 
     States at his discretion.
       (F) Four members from a list provided by the President of 
     the Russian Federation.
       (G) One member from a list provided by the Chairman of the 
     Russian State Duma.
       (2) The President of the United States shall select a 
     Chairman of the Board of Directors from among the 13 board 
     members. The Chairman shall serve a single 2-year term. The 
     entire Board of Directors shall serve a 2-year term and have 
     the authority to select other officers and employees to carry 
     out the purposes of the Fund and the program.
       (d) Loan Size and Type.--Since it is the intent of the 
     housing loan program to provide loans for the average middle-
     income potential Russian home buyer, loans shall range 
     between the equivalent of $10,000 to $50,000 (U.S.). This 
     amount shall be determined by the Corporation and shall 
     fluctuate in accordance upon market conditions. Loans shall 
     be for a term of 10 to 30 years and may be prepaid at any 
     time without penalty. Loan payments shall be amortized on a 
     basis of level monthly payments.
       (c) Working Groups.--The Corporation shall have the 
     authority to establish working groups comprised of Russian 
     and American experts, for the purpose of making 
     recommendations on topics essential to the success of the 
     program, including, but not limited to--
       (1) the preparation of the necessary legal and regulatory 
     changes;
       (2) the involvement of United States housing trade and 
     labor associations in providing materials, training, and 
     joint venture capital;
       (3) ensuring adequate offsite infrastructure for new 
     housing sites; and

[[Page H7923]]

       (4) other issues as deemed appropriate by the Corporation.

                               H.R. 4569

                          Offered By: Mr. Wolf

       Amendment No. 40: At the end of the bill, insert after the 
     last section (preceding the short title) the following:
                TITLE VII--ADDITIONAL GENERAL PROVISIONS


                    national commission on terrorism

       Sec. 701. (a) Establishment of National Commission on 
     Terrorism.--
       (1) Establishment.--There is established a national 
     commission on terrorism to review counter-terrorism policies 
     regarding the prevention and punishment of international acts 
     of terrorism directed at the United States. The commission 
     shall be known as ``The National Commission on Terrorism''.
       (2) Composition.--The commission shall be composed of 15 
     members appointed as follows:
       (A) Five members shall be appointed by the President from 
     among officers or employees of the executive branch, private 
     citizens of the United States, or both. Not more than 3 
     members selected by the President shall be members of the 
     same political party.
       (B) Five members shall be appointed by the Majority Leader 
     of the Senate, in consultation with the Minority Leader of 
     the Senate, from among members of the Senate, private 
     citizens of the United States, or both. Not more than 3 of 
     the members selected by the Majority Leader shall be members 
     of the same political party and 3 members shall be members of 
     the Senate.
       (C) Five members shall be appointed by the Speaker of the 
     House of Representatives, in consultation with the Minority 
     Leader of the House of Representatives, from among members of 
     the House of Representatives, private citizens of the United 
     States, or both. Not more than 3 of the members selected by 
     the Speaker shall be members of the same political party and 
     3 members shall be members of the House of Representatives.
       (D) The appointments of the members of the commission 
     should be made no later than 3 months after the date of the 
     enactment of this Act.
       (3) Qualifications.--The members should have a knowledge 
     and expertise in matters to be studied by the commission.
       (4) Chairman.--The chairman of the commission shall be 
     elected by the members of the commission.
       (b) Duties.--
       (1) In general.--The commission shall consider issues 
     relating to international terrorism directed at the United 
     States as follows:
       (A) Review the laws, regulations, policies, directives,and 
     practices relating to counterterrorism in the prevention and 
     punishment of international terrorism directed towards the 
     United States.
       (B) Assess the extent to which laws, regulations, policies, 
     directives, and practices relating to counterterrorism have 
     been effective in preventing or punishing international 
     terrorism directed towards the United States. At a minimum, 
     the assessment should include a review of the following:
       (i) Evidence that terrorist organizations have established 
     an infrastructure in the western hemisphere for the support 
     and conduct of terrorist activities.
       (ii) Executive branch efforts to coordinate 
     counterterrorism activities among Federal, State, and local 
     agencies and with other nations to determine the 
     effectiveness of such coordination efforts.
       (iii) Executive branch efforts to prevent the use of 
     nuclear, biological, and chemical weapons by terrorists.
       (C) Recommend changes to counterterrorism policy in 
     preventing and punishing international terrorism directed 
     toward the United States.
       (2) Report.--Not later than 6 months after the date on 
     which the Commission first meets, the Commission shall submit 
     to the President and the Congress a final report of the 
     findings and conclusions of the commission, together with any 
     recommendations.
       (c) Administrative Matters.--
       (1) Meetings.--
       (A) The commission shall hold its first meeting on a date 
     designated by the Speaker of the House which is not later 
     than 30 days after the date on which all members have been 
     appointed.
       (B) After the first meeting, the commission shall meet upon 
     the call of the chairman.
       (C) A majority of the members of the commission shall 
     constitute a quorum, but a lesser number may hold meetings.
       (2) Authority of individuals to act for commission.--Any 
     member or agent of the commission may, if authorized by the 
     commission, take any action which the commission is 
     authorized to take under this section.
       (3) Powers.--
       (A) The commission may hold such hearings, sit and act at 
     such times and places, take such testimony, and receive such 
     evidence as the commission considers advisable to carry out 
     its duties.
       (B) The commission may secure directly from any agency of 
     the Federal Government such information as the commission 
     considers necessary to carry out its duties. Upon the request 
     of the chairman of the commission, the head of a department 
     or agency shall furnish the requested information 
     expeditiously to the commission.
       (C) The commission may use the United States mails in the 
     same manner and under the same conditions as other 
     departments and agencies of the Federal Government.
       (4) Pay and expenses of commission members.--
       (A) Subject to appropriations, each member of the 
     commission who is not an employee of the government shall be 
     paid at a rate not to exceed the daily equivalent of the 
     annual rate of basic pay prescribed for level IV of the 
     Executive Schedule under section 5315 of title 5, United 
     States Code, for each day (including travel time) during 
     which such member is engaged in performing the duties of the 
     commission.
       (B) Members and personnel for the commission may travel on 
     aircraft, vehicles, or other conveyances of the Armed Forces 
     of the United States when travel is necessary in the 
     performance of a duty of the commission except when the cost 
     of commercial transportation is less expensive.
       (C) The members of the commission may be allowed travel 
     expenses, including per diem in lieu of subsistence, at rates 
     authorized for employees of agencies under subchapter I of 
     chapter 57 of title 5, United States Code, while away from 
     their homes or regular places of business in the performance 
     of services for the commission.
       (D)(i) A member of the commission who is an annuitant 
     otherwise covered by section 8344 of 8468 of title 5, United 
     States Code, by reason of membership on the commission shall 
     not be subject to the provisions of such section with respect 
     to membership on the commission.
       (ii) A member of the commission who is a member or former 
     member of a uniformed service shall not be subject to the 
     provisions of subsections (b) and (c) of section 5532 of such 
     title with respect to membership on the commission.
       (5) Staff and administrative support.--
       (A) The chairman of the commission may, without regard to 
     civil service laws and regulations, appoint and terminate an 
     executive director and up to 3 additional staff members as 
     necessary to enable the commission to perform its duties. The 
     chairman of the commission may fix the compensation of the 
     executive director and other personnel without regard to the 
     provisions of chapter 51, and subchapter III of chapter 53, 
     of title 5, United States Code, relating to classification of 
     positions and General Schedule pay rates, except that the 
     rate of pay may not exceed the maximum rate of pay for GS-15 
     under the General Schedule.
       (B) Upon the request of the chairman of the commission, the 
     head of any department or agency of the Federal Government 
     may detail, without reimbursement, any personnel of the 
     department or agency to the commission to assist in carrying 
     out its duties. The detail of an employee shall be without 
     interruption or loss of civil service status or privilege.
       (d) Termination of Commission.--The commission shall 
     terminate 30 days after the date on which the commission 
     submits a final report.
       (e) Funding.--There are authorized to be appropriated such 
     sums as may be necessary to carry out the provisions of this 
     section.