I 
108TH CONGRESS 
1ST SESSION H. R. 3533
To amend the Federal Credit Reform Act of 1990 to require appropriations 
to cover the estimated subsidy costs of monetary resources provided 
by the United States Government to the International Monetary Fund, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 19, 2003
Mr. SAXTON introduced the following bill; which was referred to the Com-
mittee on the Budget, and in addition to the Committee on Financial 
Services, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To amend the Federal Credit Reform Act of 1990 to require 
appropriations to cover the estimated subsidy costs of 
monetary resources provided by the United States Gov-
ernment to the International Monetary Fund, and for 
other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. FINDINGS AND PURPOSE. 
(a) FINDINGS.—With regard to the treatment of ex-
penses incurred by the United States through its partici-
pation in the International Monetary Fund, the Congress 
finds that—
(1) the Government provides monetary re-
sources to the International Monetary Fund directly, 
and also to its member nations through the SDR 
Department of the International Monetary Fund; 
(2) these resources, along with those provided 
by other donor countries, are used by the Inter-
national Monetary Fund to provide credit to bor-
rowing nations at interest rates below the cost to the 
Government after appropriate adjustments for matu-
rity and credit risk; and 
(3) the International Monetary Fund’s lending 
at interest rates below the cost to the Government 
constitutes a provision of loan subsidies by the 
United States to the International Monetary Fund 
and its borrowing nations. 
(b) PURPOSE.—It is the purpose of this Act to re-
quire that the cost of providing these loan subsidies should 
be included as an expenditure in the budget of the United 
States and be subject to annual appropriation.
SEC. 2. APPROPRIATIONS REQUIRED FOR U.S. SHARE OF 
IMF SUBSIDY COSTS. 
Section 504 of the Federal Credit Reform Act of 
1990 is amended by adding at the end the following new 
subsection: 
‘‘(h) APPROPRIATIONS REQUIRED FOR IMF SUBSIDY 
COSTS.—Beginning with fiscal year 2005, no appropria-
tion may be made for an increase in the quota of the 
United States in the International Monetary Fund unless 
that appropriation includes new budget authority suffi-
cient to cover the estimated costs to the United States 
of providing credit to International Monetary Fund bor-
rowing nations at interest rates below the cost to the Gov-
ernment after appropriate adjustments for maturity and 
credit risk.’’. 
SEC. 3. TREATMENT IN PRESIDENT’S BUDGET. 
Section 504 of the Federal Credit Reform Act of 
1990 is further amended by adding at the end the fol-
lowing new subsection: 
‘‘(i) TREATMENT OF IMF SUBSIDY COSTS IN PRESI-
DENT’S BUDGET.—Beginning with fiscal year 2005, the 
expenditures in the President’s budget shall reflect the 
costs to the Government of providing credit to Inter-
national Monetary Fund borrowing nations at interest 
rates below the cost to the Government after appropriate 
adjustments for maturity and credit risk.’’.