I 
108TH CONGRESS 
1ST SESSION H. R. 2783
To restore Congress’ constitutional role in international transactions involving 
the Exchange Stabilization Fund, and to limit the amount of individual 
loans or credits that may be provided to a foreign entity through that 
fund. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 17, 2003
Mr. PAUL introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committee on Rules, for a 
period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To restore Congress’ constitutional role in international 
transactions involving the Exchange Stabilization Fund, 
and to limit the amount of individual loans or credits 
that may be provided to a foreign entity through that 
fund.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Foreign Aid Limitation 
Act’’.
SEC. 2. LIMITATION ON AMOUNT OF LOAN TO FOREIGN EN-
TITY FROM THE EXCHANGE STABILIZATION 
FUND. 
Section 5302 of title 31, United States Code, is 
amended by adding at the end the following: 
‘‘(e) The Secretary may not use the fund to make 
a loan or extend credit in an amount that exceeds 
$250,000,000 to an entity the majority of which is owned 
or controlled by 1 or more foreign persons or foreign gov-
ernments.’’. 
SEC. 3. ADVANCE NOTICE TO CONGRESS OF LOAN TO BE 
MADE FROM THE EXCHANGE STABILIZATION 
FUND TO A FOREIGN ENTITY FOR MORE 
THAN 60 DAYS. 
Section 5302 of title 31, United States Code, is fur-
ther amended by adding at the end the following: 
‘‘(f) The Secretary may not use the fund to make 
a loan or extend credit for a period that exceeds 60 days 
to an entity the majority of which is owned or controlled 
by 1 or more foreign persons or foreign governments, un-
less, before the loan is made, the President certifies in 
writing to the Committees on Financial Services and on 
International Relations of the House of Representatives 
and to the Committees on Banking, Housing, and Urban 
Affairs and on Foreign Relations of the Senate that any 
United States expenditures involved in the loan or credit
is adequately backed by an assured source of repayment 
the identity of whom is specified in the certification.’’. 
SEC. 
4. 
PROHIBITION 
ON 
LOAN 
OF 
MORE 
THAN 
$1,000,000,000 
FROM 
THE 
EXCHANGE 
STA-
BILIZATION FUND WITHOUT EXPRESS STATU-
TORY AUTHORIZATION; FINANCIAL CRISIS 
EXCEPTION. 
Section 5302 of title 31, United States Code, is fur-
ther amended by adding at the end the following: 
‘‘(g)(1) Except as provided in paragraph (2), the Sec-
retary may not use the fund to make a loan or extend 
credit in an amount that exceeds $1,000,000,000 to an 
entity the majority of which is owned or controlled by 1 
or more foreign persons or foreign governments, without 
express statutory authorization for the particular loan or 
extension of credit. 
‘‘(2) Paragraph (1) shall not apply to a loan or exten-
sion of credit if the President certifies in writing to the 
Committees on Financial Services and on International 
Relations of the House of Representatives and to the Com-
mittees on Banking, Housing, and Urban Affairs and on 
Foreign Relations of the Senate that the loan or extension 
of credit is necessary to address a financial crisis in a for-
eign country, which crisis poses a threat to the interests 
of the United States or the international financial system.
‘‘(3)(A) Paragraph (1) shall apply to a loan or exten-
sion of credit, notwithstanding a certification made pursu-
ant to paragraph (2), if a joint resolution that meets the 
requirements of subparagraph (B) of this paragraph is en-
acted with respect to the certification. 
‘‘(B) A joint resolution meets the requirements 
of this subparagraph with respect to a certification 
if—
‘‘(i) the joint resolution is introduced with-
in 5 days after the date the certification is 
made; 
‘‘(ii) the matter after the resolving clause 
of the joint resolution is as follows: ‘The Con-
gress disapproves of the certification made by 
the President pursuant to section 5302(g)(2) of 
title 
31, 
United 
States 
Code, 
on 
.’, the blank space being 
appropriately filled in with the date the certifi-
cation is made; and 
‘‘(iii) the title of the joint resolution is as 
follows: ‘Joint resolution disapproving the 
certification 
made 
by 
the 
President 
on
pursuant 
to 
section 
5302(g)(2) of title 31, United States Code.’, the
blank space being appropriately filled in with 
the date the certification is made. 
‘‘(C) Subsections (d), (e), and (f) of section 208 
of Public Law 100–526 (102 Stat. 2632 et seq.) 
shall apply with respect to any such joint resolu-
tion.’’.
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