[Congressional Record Volume 172, Number 106 (Wednesday, June 24, 2026)]
[Senate]
[Pages S3613-S3614]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 6494. Mrs. SHAHEEN (for herself and Mr. Grassley) submitted an
amendment intended to be proposed by her to the bill S. 4784, to
authorize appropriations for fiscal year 2027 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:
At the end of title XII, add the following:
Subtitle F--Exchange Stabilization Fund Transparency Act
SEC. 1281. SHORT TITLE.
This subtitle may be cited as the ``Exchange Stabilization
Fund Transparency Act''.
SEC. 1282. DEFINITIONS.
In this subtitle:
(1) Appropriate committees of congress.--The term
``appropriate committees of Congress'' means--
(A) the Committee on Foreign Relations and the Committee on
Banking, Housing, and Urban Affairs of the Senate; and
(B) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives.
(2) Exchange stabilization fund.--The term ``Exchange
Stabilization Fund'' means the stabilization fund established
under section 5302(a) of title 31, United States Code.
(3) Foreign entity.--The term ``foreign entity'' means an
entity that is not organized under the laws of the United
States or any jurisdiction within the United States.
(4) Government of a foreign country.--The term ``government
of a foreign country''--
(A) means--
(i) any subdivision, agency, or instrumentality of that
government; and
(ii) any entity owned or controlled by that government; and
(B) includes a central bank of the foreign country.
[[Page S3614]]
SEC. 1283. LIMITATION ON USE OF EXCHANGE STABILIZATION FUND
TO AID FOREIGN COUNTRIES.
(a) Notification Required.--Not less than 24 hours before
the Secretary of the Treasury commits to providing assistance
to a foreign entity or the government of a foreign country
using the Exchange Stabilization Fund, including through the
establishment of currency swap lines, the purchase of local
currency or sovereign debt of a foreign country, or the
extension of any credit instrument, the Secretary, in
consultation with the Secretary of State as appropriate,
shall submit to the appropriate committees of Congress a
notification of the intention to provide that assistance.
(b) Elements.--A notification submitted to the appropriate
committees of Congress under subsection (a) with respect to
assistance to be provided to a foreign entity or the
government of a foreign country shall, to the extent such
information is available, include--
(1) a detailed description of the nature, amount, duration,
and specific terms of the assistance;
(2) a detailed description of why providing the assistance
advances the national interests of the United States,
including--
(A) an explanation of whether the economy of the foreign
country is important to the United States or global economy
or financial system and, if so, why; and
(B) an assessment of the impact of not providing the
assistance;
(3) a detailed description of engagement the United States
Government has undertaken as of the date of the notification,
or is planning to undertake, with the International Monetary
Fund and other international financial institutions, the
private sector, and the governments of countries that are
partners of the United States to provide financial assistance
to the foreign country;
(4) any risk assessment for the foreign country prepared by
agencies of the United States Government relating to the
provision of the assistance and the associated interest
premium and an explanation of how the risk assessment
affected the decision to use the Exchange Stabilization Fund;
(5) an assessment of the impact that providing the
assistance will have on reserves within the Exchange
Stabilization Fund, including on reserves of United States
dollars, foreign currencies, and Special Drawing Rights;
(6) a statement of any conditions that the United States
Government is imposing on use of the assistance with respect
to--
(A) increasing the likelihood of repayment; and
(B) the fiscal or economic policies of the foreign country;
(7) an explanation for why the conditions described in
paragraph (6) were imposed or, if no such conditions were
imposed, an explanation for why not;
(8) an assessment of the expected repayment to the United
States of the assistance and the likelihood that the
government of the foreign country will default on its
international obligations following the provision of the
assistance;
(9) a timeline agreed to for repayment of the assistance,
if applicable;
(10) a description of any other safeguards put in place to
protect United States taxpayer resources; and
(11) if any information required by paragraphs (1) through
(10) to be included in the notification is unavailable at the
time of the submission of the notification, an estimate, not
to exceed 14 days, of when that information will be provided
to the appropriate committees of Congress.
(c) Notification Update.--The Secretary of the Treasury
shall provide to the appropriate committees of Congress in
writing any information relating to providing assistance
described in subsection (a) that was not available at the
time the Secretary submitted the notification required by
that subsection on the earlier of--
(1) the date that is 14 days after the Secretary commits to
using the Exchange Stabilization Fund to provide the
assistance; or
(2) the first date on which the Secretary has used at least
$500,000,000 from the Exchange Stabilization Fund to provide
the assistance.
(d) Form of Notification.--The information required by
subsections (b) and (c) shall be submitted in unclassified
form, but may include a classified annex as necessary to
protect sensitive information if an explanation is provided
for why the information is required to be classified.
(e) Briefing Required.--Not later than 7 days after the
Secretary of the Treasury commits to using the Exchange
Stabilization Fund to provide assistance described in
subsection (a) or otherwise significantly intervenes in
international financial markets, including through the
substantial purchase of foreign currency, the Secretary, in
consultation with the Secretary of State as appropriate,
shall provide a briefing to the appropriate committees of
Congress.
(f) Retroactive Transparency.--Not later than 30 days after
the date of the enactment of this Act, the Secretary of the
Treasury, in consultation with the Secretary of State as
appropriate, shall submit to the appropriate committees of
Congress a report that includes, for each instance in which
assistance described in subsection (a) was provided to a
foreign entity or the government of a foreign country during
the 4-year period preceding such date of enactment--
(1) all of the information required, by paragraphs (1)
through (10) of subsection (b), to be included in a
notification submitted under subsection (a);
(2) a copy of any and all written agreements between the
United States and the foreign entity or the government of the
foreign country, as the case may be, related to the
assistance;
(3) a description of the status of the assistance,
including whether the assistance is ongoing or has
terminated; and
(4) a determination of whether additional assistance using
the Exchange Stabilization Fund is likely to be required by
the foreign entity or the government of the foreign country,
as the case may be, in the 2-year period following such date
of enactment.
SEC. 1284. MODIFICATION OF EXISTING EXCHANGE STABILIZATION
FUND DISCLOSURE.
Any information provided to a committee of Congress under
section 5302(c)(1) of title 31, United States Code, relating
to an agreement or transaction with a foreign entity or the
government of a foreign country shall also be provided to the
Committee on Foreign Relations of the Senate and the
Committee on Foreign Affairs of the House.
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