I

104TH CONGRESS

1ST SESSION H. R. 2177

To require congressional approval for certain uses of the exchange

stabilization fund.

IN THE HOUSE OF REPRESENTATIVES

AUGUST 3, 1995

Mr. BACHUS (for himself and Mr. KING) introduced the following bill; which

was referred to the Committee on Banking and Financial Services

A BILL

To require congressional approval for certain uses of the

exchange stabilization fund.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Exchange Stabilization

5 Fund Amendments of 1995’’.
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1 SEC. 2. CONGRESSIONAL APPROVAL REQUIRED FOR CER2 TAIN USES OF THE EXCHANGE STABILIZA3 TION FUND.

4 (a) PRESIDENTIAL CERTIFICATION.—Section 5302

5 of title 31, United States Code, is amended by adding at

6 the end the following new subsection:

7 ‘‘(e) CERTIFICATION.—The Secretary may not make

8 any loan or extension of credit under this section with re9 spect to a single foreign entity or government of a foreign

10 country (including agencies or other entities of such gov11 ernment), unless the President certifies to the Committee

12 on Banking, Housing, and Urban Affairs of the Senate

13 and the Committee on Banking and Financial Services of

14 the House of Representatives that—

15 ‘‘(1) there is no projected cost (as that term is

16 defined in section 502 of the Federal Credit Reform

17 Act of 1990) to the United States from the proposed

18 loan or extension of credit; and

19 ‘‘(2) any proposed obligation or expenditure of

20 United States funds to or on behalf of the foreign

21 government is adequately backed by an assured

22 source of repayment to ensure that all United States

23 funds will be repaid.’’.

24 (b) LIMITATION ON USE OF EXCHANGE STABILIZA25 TION FUND.—Section 5302 of title 31, United States

26 Code, is amended by inserting after subsection (e) (as
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1 added by subsection (a) of this section) the following new

2 subsection:

3 ‘‘(f) LIMITATION ON USE OF FUND.—Notwithstand4 ing subsection (a)(2), except as provided by an Act of Con5 gress, the Secretary may not make any loan or extension

6 of credit under this section with respect to a single foreign

7 entity or government of a foreign country (including agen8 cies or other entities of such government) that would re9 sult in expenditures and obligations, including contingent

10 obligations, aggregating more than $1,000,000,000 with

11 respect to such foreign country for more than 180 days

12 during the 12-month period beginning on the date on

13 which the first such action is taken.’’.

14 (c) SCOPE OF APPLICATION.—Subsections (e) and (f)

15 of section 5302 of title 31, United States Code (as added

16 by this section) shall not apply to any action taken under

17 such section as part of the program of assistance to Mex18 ico announced by the President on January 31, 1995.

19 (d) TECHNICAL AMENDMENT.—Section 5302(b) of

20 title 31, United States Code, is amended by striking the

21 2d sentence.

22 (e) EFFECTIVE DATE.—The amendments made by

23 this section shall apply on and after October 1, 1995.

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