International Financial Institution Reexamination and Review Commission Act of 1998

Summary: International Financial Institution Reexamination and Review Commission Act of 1998 - Establishes the International Financial Institution Reexamination and Review Commission to advise and report to the Congress on specified aspects of the future role and responsibilities of the international financial institutions of the World Trade Organization and the Bank for International Settlements. 
Directs the President to report to certain congressional committees on:  (1) the desirability and feasibility of implementing the Commission's recommendations; and (2) the steps taken through international institutions and fora to implement such recommendations.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Financial Institution 
Reexamination and Review Commission Act of 1998''.

SEC. 2. INTERNATIONAL FINANCIAL INSTITUTION REEXAMINATION AND REVIEW 
              COMMISSION.

    (a) Establishment.--There is hereby established a commission to be 
known as the International Financial Institution Reexamination and 
Review Commission (in this Act referred to as the ``Commission'').
    (b) Membership.--
            (1) In general.--The Commission shall be composed of twelve 
        members, as follows:
                    (A) 4 members appointed by the Speaker of the House 
                of Representatives.
                    (B) 4 members appointed by the Majority Leader of 
                the Senate.
                    (C) 2 members appointed by the Minority Leader of 
                the House of Representatives.
                    (D) 2 members appointed by the Minority Leader of 
                the Senate.
            (2) Timing of appointments.--All appointments to the 
        Commission shall be made not later than 45 days after the date 
        of enactment of this Act.
    (c) Qualifications.--
            (1) In general.--Members of the Commission shall be 
        appointed from among those with knowledge and expertise in the 
        workings of the international financial institutions (as 
        defined in section 1701(c)(2) of the International Financial 
        Institutions Act), the World Trade Organization, and the Bank 
        for International Settlements.
            (2) Affiliation.--At least 4 members of the Commission 
        shall be individuals who were officers or employees of the 
        Executive Branch before January 20, 1992, and not more than 
        half of such 4 members shall have served under Presidents from 
        the same political party.
    (d) Period of Appointment; Vacancies.--Members shall be appointed 
for the life of the Commission. Any vacancy in the Commission shall be 
filled in the same manner as the original appointment was made.
    (e) Duties of the Commission.--The Commission shall advise and 
report to the Congress on the future role and responsibilities of the 
international financial institutions (as defined in section 1701(c)(2) 
of the International Financial Institutions Act), the World Trade 
Organization, and the Bank for International Settlements. In carrying 
out such duties, the Commission shall examine--
            (1) the effect of globalization, increased trade, capital 
        flows, and other relevant factors on such institutions;
            (2) the adequacy, efficacy, and desirability of current 
        policies and programs at such institutions as well as their 
        suitability for respective beneficiaries of such institutions;
            (3) cooperation or duplication of functions and 
        responsibilities of such institutions; and
            (4) other matters the Commission deems necessary to make 
        recommendations pursuant to subsection (g).
    (f) Powers and Procedures of the Commission.--
            (1) Hearings.--The Commission or, at its direction, any 
        panel or member of the Commission may, for the purpose of 
        carrying out the provisions of this section, hold hearings, sit 
        and act at times and places, take testimony, receive evidence, 
        and administer oaths to the extent that the Commission or any 
        panel or member considers advisable.
            (2) Information.--The Commission may secure directly 
        information that the Commission considers necessary to enable 
        the Commission to carry out its responsibilities under this 
        section.
            (3) Chairman.--The members appointed under subparagraphs 
        (A) and (B) of subsection (b)(1) shall select the Chairman of 
        the Commission.
            (4) Meetings.--The Commission shall meet at the call of the 
        Chairman.
    (g) Report.--On the termination of the Commission, the Commission 
shall submit Secretary of the Treasury, the Committees on Banking, 
Housing, and Urban Affairs and on Appropriations of the Senate, and the 
Committees on Banking and Financial Services and on Appropriations of 
the House of Representatives a report that contains recommendations 
regarding the following matters:
            (1) Changes to policy goals set forth in the Bretton Woods 
        Agreements Act and the International Financial Institutions 
        Act.
            (2) Changes to the charters, organizational structures, 
        policies and programs of the international financial 
        institutions (as defined in section 1701(c)(2) of the 
        International Financial Institutions Act).
            (3) Additional monitoring tools, global standards, or 
        regulations for, among other things, global capital flows, 
        bankruptcy standards, accounting standards, payment systems, 
        and safety and soundness principles for financial institutions.
            (4) Possible mergers or abolition of the international 
        financial institutions (as defined in section 1701(c)(2) of the 
        International Financial Institutions Act), including changes to 
        the manner in which such institutions coordinate their policy 
        and program implementation and their roles and 
        responsibilities.
            (5) Any additional changes necessary to stabilize 
        currencies, promote continued trade liberalization and to avoid 
        future financial crises.
    (h) Termination.--The Commission shall terminate 6 months after the 
first meeting of the Commission, which shall be not later than 30 days 
after the appointment of all members of the Commission.
    (i) Feasibility and Implementation Reports by the Executive 
Branch.--
            (1) Within three months of receiving the report of the 
        Commission under subsection (g), the President of the United 
        States through the Secretary of the Treasury shall report to 
        the committees specified in subsection (g) on the desirability 
        and feasibility of implementing the recommendations contained 
        in the report.
            (2) Annually, for three years after the termination of the 
        Commission, the President of the United States through the 
        Secretary of the Treasury shall submit to the committees 
        specified in subsection (g) a report on the steps taken through 
        relevant international institutions and international fora to 
        implement such recommendations.