§ 5353 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 1178

Treasury, in conjunction with the Secretary of

State, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency,

the Federal Deposit Insurance Corporation, the

Securities and Exchange Commission, and the

Department of Commerce, shall report to the

Congress on (1) the foreign countries from which

foreign financial services institutions have entered into the business of providing financial

services in the United States, (2) the kinds of financial services which are being offered, (3) the

extent to which foreign countries deny national

treatment to United States banking organizations and securities companies, and (4) the efforts undertaken by the United States to eliminate such discrimination. The report shall focus

on those countries in which there are significant

denials of national treatment which impact

United States financial firms. The report shall

also describe the progress of discussions pursuant to section 5353 of this title.

(Pub. L. 100–418, title III, §3602, Aug. 23, 1988, 102

Stat. 1387.)

§ 5353. Fair trade in financial services

(a) Discussions

When advantageous the President or his designee shall conduct discussions with the governments of countries that are major financial centers, aimed at:

(1) ensuring that United States banking organizations and securities companies have access to foreign markets and receive national

treatment in those markets;

(2) reducing or eliminating barriers to, and

other distortions of, international trade in financial services;

(3) achieving reasonable comparability in

the types of financial services permissible for

financial service companies; and

(4) developing uniform supervisory standards

for banking organizations and securities companies, including uniform capital standards.

(b) Consultation before discussions

Before entering into those discussions, the

President or his designee shall consult with the

committees of jurisdiction in the Senate and the

House of Representatives.

(c) Recommendations

After completing those discussions and after

consultation with the committees of jurisdiction, the President shall transmit to the Congress any recommendations that have emerged

from those discussions. Any recommendations

for changes in United States financial laws or

practices shall be accompanied by a description

of the changes in foreign financial laws or practices that would accompany action by the Congress, and by an explanation of the benefits that

would accrue to the United States from adoption of the recommendations.

(d) Construction of section

Nothing in this section may be construed as

prior approval of any legislation which may be

necessary to implement any recommendations

resulting from discussions under this section.

(Pub. L. 100–418, title III, §3603, Aug. 23, 1988, 102

Stat. 1387.)

DELEGATION OF FUNCTIONS

Functions of President under this section delegated

to Secretary of the Treasury by section 1 of Ex. Ord.

No. 12781, Nov. 20, 1991, 56 F.R. 59203, set out as a note

under section 301 of Title 3, The President.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5352 of this title.

§ 5354. Banks loan loss reserves

The Federal Reserve Board shall submit to the

Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of

Representatives a report on the issues raised by

including loan loss reserves as part of banks’

primary capital for regulatory purposes by

March 31, 1989. Such report shall include a review of the treatment of loan loss reserves and

the composition of primary capital of banks in

other major industrialized countries, and shall

include an analysis as to whether loan loss reserves should continue to be counted as primary

capital for regulatory purposes.

(Pub. L. 100–418, title III, §3604, Aug. 23, 1988, 102

Stat. 1388.)

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.

CHAPTER 63—SUPPORT FOR EAST

EUROPEAN DEMOCRACY (SEED)

Sec.

5401. Support for East European Democracy

(SEED) Program.

(a) SEED Program.

(b) Objectives of SEED assistance.

(c) SEED Actions.

5402. Scope of authority.

(a) General authorization.

(b) Administration of justice programs.

(c) ‘‘East European country’’ defined.

SUBCHAPTER I—STRUCTURAL ADJUSTMENT

5411. Multilateral support for structural adjustment in Poland and Hungary.

(a) Multilateral assistance for Poland

and Hungary.

(b) Stabilization assistance, debt relief,

and agricultural assistance for Poland.

5412. Stabilization assistance for Poland.

(a) Immediate emergency assistance.

(b) Immediate, multilateral response to

Poland’s economic stabilization

needs.

(c) Additional authority to provide stabilization assistance.

5413. Agricultural assistance.

(a) Agricultural assistance strategy.

(b) Agricultural assistance for Poland.

(c) FY 1990 minimum level of agricultural assistance for Poland.

(d) Consistency with budget requirements.

5414. Debt-for-equity swaps and other special techniques.

(a) Reduction of debt burden.

(b) Authority for discounted sales of

debt.