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public inspection, with the following information
redacted:
(i) Information which, if released,
would adversely affect the national security
of a country, and which is of the type that
would be classified by United States Gov-
ernment.
(ii) Market-sensitive information.
(iii) Proprietary information.
(B) Within 3 months after the Executive
Board of the International Monetary Fund at
which a Letter of Intent or a Policy Framework
Paper is discussed, a copy of the Letter of In-
tent or Policy Framework Paper shall be made
available for public inspection with the following
information redacted:
(i) Information which, if released,
would adversely affect the national security
of a country, and which is of the type that
would be classified by United States Gov-
ernment.
(ii) Market-sensitive information.
(iii) Proprietary information.
(C) Interest charges on loans to member
countries shall be based on the International
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Monetary Fund’s market-determined cost of fi-
nancing, adjusted weekly, and loans from any
facility established to address circumstances of
exceptional balance of payments difficulties and
impaired access to capital due to a sudden loss
of market confidence should carry a substantial
surcharge that serves to provide an incentive
for early repayment and encourage private mar-
ket refinancing, and that reflects risk.
REPORTS ON FINANCIAL STABILIZATION PROGRAMS LED
BY THE INTERNATIONAL MONETARY FUND IN CON-
NECTION WITH FINANCING FROM THE EXCHANGE
STABILIZATION FUND
SEC. 602. (a) IN GENERAL.—The Secretary of the
Treasury shall submit to the appropriate committees 2 re-
ports on the implementation of financial stabilization pro-
grams led by the International Monetary Fund in any
country in connection with which the United States has
made a commitment to provide or has provided financing
from the stabilization fund established under section 5302
of title 31, United States Code. A report shall include the
following with respect to each such country:
(1) The extent that the country has made
progress in making conglomerate business practices
more transparent through the application of inter-
nationally accepted accounting practices, independ-
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ent external audits, full disclosure, and provision of
consolidated statements.
(2) The success of measures undertaken by the
United States Government and the International
Monetary Fund to ensure that the country will not
provide Government-subsidized support or tax privi-
leges to bail out individual corporations, particularly
in the semiconductor, steel, plywood, paper, and
glassware industries.
(3) Whether International Monetary Fund in-
volvement in labor market flexibility measures has
had a negative effect on worker rights in the coun-
try, and the nature of any such negative effects.
(b) TIMING OF REPORTS.—The first report required
by subsection (a) shall be due by December 1, 1998, and
the second such report shall be due by May 1, 1999.
(c) 
NOTIFICATION
OF
IMPENDING
DISBURSE-
MENTS.—Not later than 36 hours before the disbursement
to a country with respect to which a report is required
by subsection (a) of any resources from the stabilization
fund referred to in subsection (a) in connection with the
implementation of a financial stabilization program de-
scribed in subsection (a), the Secretary of the Treasury
shall notify the appropriate committees of the impending
disbursement.
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ADVISORY COMMISSION
SEC. 603. (a) IN GENERAL.—The Secretary of the
Treasury shall establish an International Financial Insti-
tution Advisory Commission (in this section referred to as
the ‘‘Commission’’).
(b) MEMBERSHIP.—The Commission shall include—
(1) six individuals appointed by the Congress,
including at least two former Secretaries of the
Treasury, one of whom shall serve as the chairman
of the Commission; and
(2) not to exceed two members as designated by
the Secretary.
(c) RECOMMENDATIONS.—Within 180 days after the
appointment of Commission members, the Commission
shall submit to the appropriate committees a report that
contains the recommendations of the Commission regard-
ing the future role and responsibilities of the International
Monetary Fund and the International Bank for Recon-
struction and Development, including changes to the pol-
icy goals set forth for the International Monetary Fund
and the International Bank for Reconstruction and Devel-
opment in the Bretton Woods Agreements Act and the
International Financial Institutions Act.
(d) INTERNATIONAL ADVISORY COMMITTEE.—The
Secretary of the Treasury shall instruct the United States
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Executive Director at the International Monetary Fund to
use the voice and vote of the United States to seek the
establishment of a permanent advisory committee to the
Interim Committee of the Board of Governors of the Inter-
national Monetary Fund, that is to consist of elected mem-
bers of the national legislatures of the member countries
directly represented by appointed members of the Execu-
tive Board of the International Monetary Fund.
DEFINITIONS
SEC. 604. For purposes of sections 601 through 603
of this chapter, the term ‘‘appropriate committees’’ means
the Committees on Appropriations, Foreign Relations, and
Banking, Housing, and Urban Affairs of the Senate and
the Committees on Appropriations and Banking and Fi-
nancial Services of the House of Representatives.
PARTICIPATION IN QUOTA INCREASE
SEC. 605. (a) IN GENERAL.—The Bretton Woods
Agreements Act (22 U.S.C. 286–286mm) is amended by
adding at the end the following:
‘‘SEC. 61. QUOTA INCREASE.
‘‘(a) IN GENERAL.—The United States Governor of
the Fund may consent to an increase in the quota of the
United States in the Fund equivalent to 10,622,500,000
Special Drawing Rights.
‘‘(b) SUBJECT TO APPROPRIATIONS.—The authority
provided by subsection (a) shall be effective only to such
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extent or in such amounts as are provided in advance in
appropriations Acts.’’.
(b) EFFECTIVENESS SUBJECT TO CERTIFICATION.—
The amendment made by subsection (a) shall not take ef-
fect until the Secretary of the Treasury certifies to the
Committee on Banking and Financial Services of the
House of Representatives and the Committee on Foreign
Relations of the Senate that the investors and banks have
made a significant contribution in conjunction with a fi-
nancing package that, in the context of an international
financial crisis, might include taxpayer supported official
financing.
NEW ARRANGEMENTS TO BORROW
SEC. 606. section 17 of the Bretton Woods Agree-
ments Act (22 U.S.C. 286e–2 et seq.) is amended—
(1) in subsection (a)—
(A) by striking ‘‘and February 24, 1983’’
and inserting ‘‘February 24, 1983, and Janu-
ary 27, 1997’’; and
(B) by striking ‘‘4,250,000,000’’ and in-
serting ‘‘6,712,000,000’’;
(2) 
in 
subsection 
(b), 
by 
striking
‘‘4,250,000,000’’ and inserting ‘‘6,712,000,000’’;
and
(3) in subsection (d)—
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(A) by inserting ‘‘or the Decision of Janu-
ary 27, 1997,’’ after ‘‘February 24, 1983,’’;
and
(B) by inserting ‘‘or the New Arrange-
ments to Borrow, as applicable’’ before the pe-
riod at the end.
ADVOCACY OF POLICIES TO ENHANCE THE GENERAL EF-
FECTIVENESS OF THE INTERNATIONAL MONETARY
FUND
SEC. 607. (a) IN GENERAL.—Title XV of the Inter-
national Financial Institutions Act (22 U.S.C. 262o–262o-
1) is amended by adding at the end the following:
‘‘SEC. 1503. ADVOCACY OF POLICIES TO ENHANCE THE
GENERAL EFFECTIVENESS OF THE INTER-
NATIONAL MONETARY FUND.
‘‘(a) IN GENERAL.—The Secretary of the Treasury
shall instruct the United States Executive Director of the
International Monetary Fund to use aggressively the voice
and vote of the Executive Director to do the following:
‘‘(1) Vigorously promote policies to increase the
effectiveness of the International Monetary Fund in
structuring programs and assistance so as to pro-
mote policies and actions that will contribute to ex-
change rate stability and avoid competitive devalu-
ations that will further destabilize the international
financial and trading systems.
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‘‘(2) Vigorously promote policies to increase the
effectiveness of the International Monetary Fund in
promoting market-oriented reform, trade liberaliza-
tion, economic growth, democratic governance, and
social stability through—
‘‘(A) appropriate liberalization of pricing,
trade, investment, and exchange rate regimes of
countries to open countries to the competitive
forces of the global economy;
‘‘(B) opening domestic markets to fair and
open internal competition among domestic en-
terprises by eliminating inappropriate favor-
itism for small or large businesses, eliminating
elite monopolies, creating and effectively imple-
menting anti-trust and anti-monopoly laws to
protect free competition, and establishing fair
and accessible legal procedures for dispute set-
tlement among domestic enterprises;
‘‘(C) privatizing industry in a fair and eq-
uitable manner that provides economic opportu-
nities to a broad spectrum of the population,
eliminating government and elite monopolies,
closing loss-making enterprises, and reducing
government control over the factors of produc-
tion;
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‘‘(D) economic deregulation by eliminating
inefficient and overly burdensome regulations
and strengthening the legal framework support-
ing private contract and intellectual property
rights;
‘‘(E) establishing or strengthening key ele-
ments of a social safety net to cushion the ef-
fects on workers of unemployment and disloca-
tion; and
‘‘(F) encouraging the opening of markets
for agricultural commodities and products by
requiring recipient countries to make efforts to
reduce trade barriers.
‘‘(3) Vigorously promote policies to increase the
effectiveness of the International Monetary Fund, in
concert with appropriate international authorities
and other international financial institutions (as de-
fined in section 1701(c)(2)), in strengthening finan-
cial systems in developing countries, and encourag-
ing the adoption of sound banking principles and
practices, including the development of laws and reg-
ulations that will help to ensure that domestic finan-
cial institutions meet strong standards regarding
capital reserves, regulatory oversight, and trans-
parency.
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‘‘(4) Vigorously promote policies to increase the
effectiveness of the International Monetary Fund, in
concert with appropriate international authorities
and other international financial institutions (as de-
fined in section 1701(c)(2)), in facilitating the devel-
opment and implementation of internationally ac-
ceptable domestic bankruptcy laws and regulations
in developing countries, including the provision of
technical assistance as appropriate.
‘‘(5) Vigorously promote policies that aim at
appropriate burden-sharing by the private sector so
that investors and creditors bear more fully the con-
sequences of their decisions, and accordingly advo-
cate policies which include—
‘‘(A) strengthening crisis prevention and
early warning signals through improved and
more effective surveillance of the national eco-
nomic policies and financial market develop-
ment of countries (including monitoring of the
structure and volume of capital flows to identify
problematic imbalances in the inflow of short
and medium term investment capital, poten-
tially destabilizing inflows of offshore lending
and foreign investment, or problems with the
maturity profiles of capital to provide warnings
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of imminent economic instability), and fuller
disclosure of such information to market par-
ticipants;
‘‘(B) accelerating work on strengthening fi-
nancial systems in emerging market economies
so as to reduce the risk of financial crises;
‘‘(C) consideration of provisions in debt
contracts that would foster dialogue and con-
sultation between a sovereign debtor and its
private creditors, and among those creditors;
‘‘(D) consideration of extending the scope
of the International Monetary Fund’s policy on
lending to members in arrears and of other
policies so as to foster the dialogue and con-
sultation referred to in subparagraph (C);
‘‘(E) intensified consideration of mecha-
nisms to facilitate orderly workout mechanisms
for countries experiencing debt or liquidity cri-
ses;
‘‘(F) consideration of establishing ad hoc
or formal linkages between the provision of offi-
cial financing to countries experiencing a finan-
cial crisis and the willingness of market partici-
pants to meaningfully participate in any sta-
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bilization effort led by the International Mone-
tary Fund;
‘‘(G) using the International Monetary
Fund to facilitate discussions between debtors
and private creditors to help ensure that finan-
cial difficulties are resolved without inappropri-
ate resort to public resources; and
‘‘(H) the International Monetary Fund ac-
companying the provision of funding to coun-
tries experiencing a financial crisis resulting
from imprudent borrowing with efforts to
achieve a significant contribution by the private
creditors, investors, and banks which had ex-
tended such credits.
‘‘(6) Vigorously promote policies that would
make the International Monetary Fund a more ef-
fective mechanism, in concert with appropriate inter-
national authorities and other international financial
institutions (as defined in section 1701(c)(2)), for
promoting good governance principles within recipi-
ent countries by fostering structural reforms, includ-
ing procurement reform, that reduce opportunities
for corruption and bribery, and drug-related money
laundering.
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‘‘(7) Vigorously promote the design of Inter-
national Monetary Fund programs and assistance so
that governments that draw on the International
Monetary Fund channel public funds away from un-
productive purposes, including large ‘show case’
projects and excessive military spending, and toward
investment in human and physical capital as well as
social programs to protect the neediest and promote
social equity.
‘‘(8) Work with the International Monetary
Fund to foster economic prescriptions that are ap-
propriate to the individual economic circumstances
of each recipient country, recognizing that inappro-
priate stabilization programs may only serve to fur-
ther destabilize the economy and create unnecessary
economic, social, and political dislocation.
‘‘(9) Structure International Monetary Fund
programs and assistance so that the maintenance
and improvement of core labor standards are rou-
tinely incorporated as an integral goal in the policy
dialogue with recipient countries, so that—
‘‘(A) recipient governments commit to af-
fording workers the right to exercise inter-
nationally recognized core worker rights, includ-
ing the right of free association and collective
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bargaining through unions of their own choos-
ing;
‘‘(B) measures designed to facilitate labor
market flexibility are consistent with such core
worker rights; and
‘‘(C) the staff of the International Mone-
tary Fund surveys the labor market policies and
practices of recipient countries and recommends
policy initiatives that will help to ensure the
maintenance or improvement of core labor
standards.
‘‘(10) Vigorously promote International Mone-
tary Fund programs and assistance that are struc-
tured to the maximum extent feasible to discourage
practices which may promote ethnic or social strife
in a recipient country.
‘‘(11) Vigorously promote recognition by the
International Monetary Fund that macroeconomic
developments and policies can affect and be affected
by environmental conditions and policies, and urge
the International Monetary Fund to encourage mem-
ber countries to pursue macroeconomic stability
while promoting environmental protection.
‘‘(12) Facilitate greater International Monetary
Fund transparency, including by enhancing acces-
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sibility of the International Monetary Fund and its
staff, fostering a more open release policy toward
working papers, past evaluations, and other Inter-
national Monetary Fund documents, seeking to pub-
lish all Letters of Intent to the International Mone-
tary Fund and Policy Framework Papers, and estab-
lishing a more open release policy regarding Article
IV consultations.
‘‘(13) Facilitate greater International Monetary
Fund accountability and enhance International Mon-
etary Fund self-evaluation by vigorously promoting
review of the effectiveness of the Office of Internal
Audit and Inspection and the Executive Board’s ex-
ternal evaluation pilot program and, if necessary, the
establishment of an operations evaluation depart-
ment modeled on the experience of the International
Bank for Reconstruction and Development, guided
by such key principles as usefulness, credibility,
transparency, and independence.
‘‘(14) Vigorously promote coordination with the
International Bank for Reconstruction and Develop-
ment and other international financial institutions
(as defined in section 1701(c)(2)) in promoting
structural reforms which facilitate the provision of
credit to small businesses, including microenterprise
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lending, especially in the world’s poorest, heavily in-
debted countries.
‘‘(b) COORDINATION WITH OTHER EXECUTIVE DE-
PARTMENTS.—To the extent that it would assist in achiev-
ing the goals described in subsection (a), the Secretary
of the Treasury shall pursue the goals in coordination with
the Secretary of State, the Secretary of Labor, the Sec-
retary of Commerce, the Administrator of the Environ-
mental Protection Agency, the Administrator of the Agen-
cy for International Development, and the United States
Trade Representative.’’.
(b) ADVISORY COMMITTEE ON IMF POLICY.—Sec-
tion 1701 of such Act (22 U.S.C. 262p–5) is amended
by adding at the end the following:
‘‘(e) ADVISORY COMMITTEE ON IMF POLICY.—
‘‘(1) IN
GENERAL.—The Secretary of the
Treasury shall establish an International Monetary
Fund Advisory Committee (in this subsection re-
ferred to as the ‘Advisory Committee’).
‘‘(2) MEMBERSHIP.—The Advisory Committee
shall consist of nine members appointed by the Sec-
retary of the Treasury, after appropriate consulta-
tions with the relevant organizations, as follows:
‘‘(A) one member shall be a former Sec-
retary or Deputy Secretary of the Treasury,
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who shall serve as the chairman of the Advisory
Committee.
‘‘(B) two members shall be representatives
from organized labor.
‘‘(C) two members shall be representatives
from banking and financial services.
‘‘(D) two members shall be representatives
from industry and agriculture.
‘‘(E) two members shall be representatives
from 
nongovernmental 
environmental 
and
human rights organizations.
‘‘(3) DUTIES.—Not less frequently than every 6
months, the Advisory Committee shall meet with the
Secretary of the Treasury or the Deputy Secretary
of the Treasury to review, and provide advice on, the
extent to which individual country International
Monetary Fund programs meet the policy goals set
forth in this Act regarding the International Mone-
tary Fund.
‘‘(4) INAPPLICABILITY OF TERMINATION PROVI-
SION
OF
THE
FEDERAL
ADVISORY
COMMITTEE
ACT.—Section 14(a)(2) of the Federal Advisory
Committee Act shall not apply to the Advisory Com-
mittee.’’.
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SENSE OF THE CONGRESS ON THE ROLE OF JAPAN IN
RESTORING REGIONAL AND GLOBAL ECONOMIC GROWTH
SEC. 608. It is the sense of the Congress that Japan
should assume a greater regional leadership role, which
would coincide with Japan’s goal of promoting strong do-
mestic demand-led growth and avoiding a significant in-
crease in its external surplus with the United States and
the countries of the Asia-Pacific region.
SEMIANNUAL
REPORTS
ON
FINANCIAL
STABILIZATION
PROGRAMS LED BY THE INTERNATIONAL MONETARY
FUND IN CONNECTION WITH FINANCING FROM THE
EXCHANGE STABILIZATION FUND
SEC. 609. Title XVII of the International Financial
Institutions Act (22 U.S.C. 262r–262r-2) is amended by
adding at the end the following:
‘‘SEC. 1704. REPORTS ON FINANCIAL STABILIZATION PRO-
GRAMS LED BY THE INTERNATIONAL MONE-
TARY FUND IN CONNECTION WITH FINANC-
ING FROM THE EXCHANGE STABILIZATION
FUND.
‘‘(a) IN GENERAL.—The Secretary of the Treasury,
in consultation with the Secretary of Commerce and other
appropriate Federal agencies, shall prepare reports on the
implementation of financial stabilization programs (and
any material terms and conditions thereof) led by the
International Monetary Fund in countries in connection
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with which the United States has made a commitment to
provide, or has provided financing from the stabilization
fund established under section 5302 of title 31, United
States Code. The reports shall include the following:
‘‘(1) A description of the condition of the econo-
mies of countries requiring the financial stabilization
programs, including the monetary, fiscal, and ex-
change rate policies of the countries.
‘‘(2) A description of the degree to which the
countries requiring the financial stabilization pro-
grams have fully implemented financial sector re-
structuring and reform measures required by the
International Monetary Fund, including—
‘‘(A) ensuring full respect for the commer-
cial orientation of commercial bank lending;
‘‘(B) ensuring that governments will not
intervene in bank management and lending de-
cisions (except in regard to prudential super-
vision);
‘‘(C) the enactment and implementation of
appropriate financial reform legislation;
‘‘(D) strengthening the domestic financial
system and improving transparency and super-
vision; and
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of the economy to foreign investment and competi-
tion.
‘‘(5) A detailed description of the trade policies
of the countries, including any unfair trade practices
or adverse effects of the trade policies on the United
States.
‘‘(6) A description of the extent to which the fi-
nancial stabilization programs have resulted in ap-
propriate burden-sharing among private sector credi-
tors, including rescheduling of outstanding loans by
lengthening maturities, agreements on debt reduc-
tion, and the extension of new credit.
‘‘(7) A description of the extent to which the
economic adjustment policies of the International
Monetary Fund and the policies of the government
of the country adequately balance the need for finan-
cial stabilization, economic growth, environmental
protection, social stability, and equity for all ele-
ments of the society.
‘‘(8) Whether International Monetary Fund in-
volvement in labor market flexibility measures has
had a negative effect on core worker rights, particu-
larly the rights of free association and collective bar-
gaining.
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‘‘(9) A description of any pattern of abuses of
core worker rights in recipient countries.
‘‘(10) The amount, rate of interest, and dis-
bursement and repayment schedules of any funds
disbursed from the stabilization fund established
under section 5302 of title 31, United States Code,
in the form of loans, credits, guarantees, or swaps,
in support of the financial stabilization programs.
‘‘(11) The amount, rate of interest, and dis-
bursement and repayment schedules of any funds
disbursed by the International Monetary Fund to
the countries in support of the financial stabilization
programs.
‘‘(b) TIMING.—Not later than October 1, 1998, and
semiannually thereafter, the Secretary of the Treasury
shall submit to the Committees on Banking and Financial
Services and International Relations of the House of Rep-
resentatives and the Committees on Foreign Relations,
and Banking, Housing, and Urban Affairs of the Senate
a report on the matters described in subsection (a).’’.
REPORTS ON REFORMING THE ARCHITECTURE OF THE
INTERNATIONAL FINANCIAL SYSTEM
SEC. 610. (a) FINDINGS.—The Congress finds that,
in order to ensure that the International Monetary Fund
does not become the global lender of last resort to private
sector corporations and financial institutions, and in order
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to help prevent future threats to the international finan-
cial system, the Secretary of the Treasury and the Chair-
man of the Board of Governors of the Federal Reserve
System, working with their counterparts in other countries
and with international organizations as appropriate,
should—
(1) seek to establish a broad set of international
transparency principles on accounting and disclosure
policies and practices covering, in particular, private
sector financial organizations;
(2) promote improvements in the provision by
both borrowers and lenders of timely and com-
prehensive aggregate information on cross-border fi-
nancial stocks and flows;
(3) seek an international accord establishing
uniform minimum standards with respect to robust
banking and supervisory systems, which individual
countries should be required to meet as a condition
for the establishment of subsidiaries, branches, or
other offices of banking institutions from their coun-
tries in the jurisdictions of the countries participat-
ing in the accord;
(4) immediately initiate with appropriate rep-
resentatives of the countries that are members of the
International Monetary Fund discussions aimed at
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securing national treatment for United States inves-
tors in such countries; and
(5) seek to establish internationally acceptable
bankruptcy standards and should work particularly
to have International Monetary Fund recipient coun-
tries adopt such standards.
(b) REPORTS.—
(1) IN GENERAL.—The Secretary of the Treas-
ury shall prepare 3 reports on progress made toward
achieving the objectives outlined in subsection (a),
which shall describe the steps taken by the United
States, other members of the world community, and
the international financial institutions to strengthen
safeguards in the global financial system, including
measures to promote more efficient functioning of
global markets, by—
(A) helping to develop effective legal and
regulatory frameworks, including appropriate
bankruptcy and foreclosure mechanisms;
(B) increasing transparency and disclosure
by both the private and public sectors;
(C) strengthening prudential standards,
both globally and in individual economies;
(D) improving domestic policy manage-
ment;
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(E) strengthening the role of the inter-
national financial institutions in financial crisis
prevention and management; and
(F) ensuring appropriate burden-sharing
by the private sector, particularly commercial
banks and financial institutions, in the resolu-
tion of crises.
(2) TIMING.—The Secretary of the Treasury
shall submit to the Committees on Banking and Fi-
nancial Services and International Relations of the
House of Representatives and the Committees on
Foreign Relations and Banking, Housing, and
Urban Affairs of the Senate 2 interim reports on the
matters described in paragraph (1), the first of
which is due by October 1, 1998, and the second of
which is due on April 1, 1999, and a final report on
such matters, which is due on October 1, 1999.
ANNUAL
REPORT
AND
TESTIMONY
ON
THE
STATE
OF
THE INTERNATIONAL FINANCIAL SYSTEM, IMF RE-
FORM, AND COMPLIANCE WITH IMF AGREEMENTS
SEC. 611. Title XVII of the International Financial
Institutions Act (22 U.S.C. 262r–262r-2) is further
amended by adding at the end the following:
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‘‘SEC. 1705. ANNUAL REPORT AND TESTIMONY ON THE
STATE OF THE INTERNATIONAL FINANCIAL
SYSTEM, IMF REFORM, AND COMPLIANCE
WITH IMF AGREEMENTS.
‘‘(a) REPORTS.—Not later than October 1 of each
year, the Secretary of the Treasury shall submit to the
Committee on Banking and Financial Services of the
House of Representatives and the Committee on Foreign
Relations of the Senate a written report on the progress
(if any) made by the United States Executive Director at
the International Monetary Fund in influencing the Inter-
national Monetary Fund to adopt the policies and reform
its internal procedures in the manner described in section
1503.
‘‘(b) TESTIMONY.—After submitting the report re-
quired by subsection (a) but not later than October 31
of each year, the Secretary of the Treasury shall appear
before the Committee on Banking and Financial Services
of the House of Representatives and the Committee on
Foreign Relations of the Senate and present testimony
on—
‘‘(1) any progress made in reforming the Inter-
national Monetary Fund;
‘‘(2) the status of efforts to reform the inter-
national financial system; and