§ 5305 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 1174

§ 5305. Reporting requirements

(a) Reports required

In furtherance of the purpose of this chapter,

the Secretary, after consultation with the

Chairman of the Board, shall submit to the

Committee on Banking, Finance and Urban Affairs of the House of Representatives and the

Committee on Banking, Housing, and Urban Affairs of the Senate, on or before October 15 of

each year, a written report on international economic policy, including exchange rate policy.

The Secretary shall provide a written update of

developments six months after the initial report. In addition, the Secretary shall appear, if

requested, before both committees to provide

testimony on these reports.

(b) Contents of report

Each report submitted under subsection (a) of

this section shall contain—

(1) an analysis of currency market developments and the relationship between the

United States dollar and the currencies of our

major trade competitors;

(2) an evaluation of the factors in the United

States and other economies that underlie conditions in the currency markets, including developments in bilateral trade and capital

flows;

(3) a description of currency intervention or

other actions undertaken to adjust the actual

exchange rate of the dollar;

(4) an assessment of the impact of the exchange rate of the United States dollar on—

(A) the ability of the United States to

maintain a more appropriate and sustainable balance in its current account and merchandise trade account;

(B) production, employment, and noninflationary growth in the United States;

(C) the international competitive performance of United States industries and the external indebtedness of the United States;

(5) recommendations for any changes necessary in United States economic policy to attain a more appropriate and sustainable balance in the current account;

(6) the results of negotiations conducted pursuant to section 5304 of this title;

(7) key issues in United States policies arising from the most recent consultation requested by the International Monetary Fund

under article IV of the Fund’s Articles of

Agreement; and

(8) a report on the size and composition of

international capital flows, and the factors

contributing to such flows, including, where

possible, an assessment of the impact of such

flows on exchange rates and trade flows.

(Pub. L. 100–418, title III, §3005(a), (b), Aug. 23,

1988, 102 Stat. 1374.)

REFERENCES IN TEXT

This chapter, referred to in subsec. (a), was in the

original ‘‘this title’’, meaning title III of Pub. L.

100–418, Aug. 23, 1988, 102 Stat. 1372, which enacted this

chapter and section 262q of this title, amended sections

225a, 635, 635i–3, 1843, and 3912, of Title 12, Banks and

Banking, and enacted provisions set out as notes under

section 262q of this title and sections 635, 635i–3, and

1841 of Title 12. For complete classification of title III

to the Code, see Tables.

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of

House of Representatives treated as referring to Committee on Banking and Financial Services of House of

Representatives by section 1(a) of Pub. L. 104–14, set

out as a note preceding section 21 of Title 2, The Congress.

§ 5306. Definitions

As used in this subchapter:

(1) Secretary

The term ‘‘Secretary’’ means the Secretary

of the Treasury.

(2) Board

The term ‘‘Board’’ means the Board of Governors of the Federal Reserve System.

(Pub. L. 100–418, title III, §3006, Aug. 23, 1988, 102

Stat. 1375.)

SUBCHAPTER II—INTERNATIONAL DEBT

PART A—FINDINGS, PURPOSES, AND STATEMENT

OF POLICY

§ 5321. Short title

This subchapter may be cited as the ‘‘International Debt Management Act of 1988’’.

(Pub. L. 100–418, title III, §3101, Aug. 23, 1988, 102

Stat. 1375.)

REFERENCES IN TEXT

This subchapter, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle B (§§3101–3123) of

title III of Pub. L. 100–418, which enacted this subchapter and amended section 3912 of Title 12, Banks and

Banking. For complete classification of subtitle B to

the Code, see Tables.

§ 5322. Findings

The Congress finds that—

(1) the international debt problem threatens

the safety and soundness of the international

financial system, the stability of the international trading system, and the economic development of the debtor countries;

(2) orderly reduction of international trade

imbalances requires very substantial growth

in all parts of the world economy, particularly

in the developing countries;

(3) growth in developing countries with substantial external debts has been significantly

constrained over the last several years by a

combination of high debt service obligations

and insufficient new flows of financial resources to these countries;

(4) substantial interest payment outflows

from debtor countries, combined with inadequate net new capital inflows, have produced

a significant net transfer of financial resources from debtor to creditor countries;

(5) negative resource transfers at present

levels severely depress both investment and

growth in the debtor countries, and force debtor countries to reduce imports and expand exports in order to meet their debt service obligations;

(6) current adjustment policies in debtor

countries, which depress domestic demand and