Union Calendar No. 260
105TH CONGRESS
2D SESSION
H. R. 3114
[Report No. 105–454]
A BILL
To authorize United States participation in a quota
increase and the New Arrangements to Borrow
of the International Monetary Fund, and for
other purposes.
MARCH 18, 1998
Reported with an amendment, committed to the Commit-
tee of the Whole House on the State of the Union, and
ordered to be printed
IB
Union Calendar No. 260
105TH CONGRESS
2D SESSION
H. R. 3114
[Report No. 105–454]
To authorize United States participation in a quota increase and the New
Arrangements to Borrow of the International Monetary Fund, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY 27, 1998
Mr. LEACH (for himself, Mr. LAFALCE, Mrs. ROUKEMA, Mr. VENTO, Mr.
HINCHEY, and Mr. JACKSON of Illinois) introduced the following bill;
which was referred to the Committee on Banking and Financial Services
MARCH 18, 1998
Additional sponsors: Mr. HAMILTON, Mr. BENTSEN, and Mrs. MALONEY of
New York
MARCH 18, 1998
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on January 27, 1998]
A BILL
To authorize United States participation in a quota increase
and the New Arrangements to Borrow of the Inter-
national 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. SHORT TITLE.
This Act may be cited as the ‘‘International Monetary
Fund Reform and Authorization Act of 1998’’.
SEC. 2. FINDINGS.
The Congress finds that—
(1) the International Monetary Fund (IMF) was
conceived at Bretton Woods, New Hampshire, to pro-
mote a sound and open world economy and a stable
international financial system;
(2) while the international financial system has
evolved significantly since the IMF was founded fifty
years ago, its core mission remains focused on provid-
ing advice on macroeconomic and exchange rate pol-
icy and highly conditional financial assistance, in-
cluding appropriate economic and governance re-
forms, to countries facing balance of payments or li-
quidity problems;
(3) the IMF includes elements in structural ad-
justment programs that affect industrial and labor
policies, which have profound social and political
ramifications;
(4) the IMF has intervened in financial markets
in situations of extreme uncertainty and crisis to re-
store investor and lender confidence, which may result
in partially relieving such lenders and investors of the
negative consequences of imprudent lending and in-
vestment decisions;
(5) the expanded conditionality which accom-
panies IMF funding has profound domestic con-
sequences in the United States;
(6) the United States, as the leading power of the
post-cold-war world, has a greater interest than any
other 
country 
in 
a 
strengthened 
IMF 
that
multilateralizes the financial support for ongoing eco-
nomic reforms in countries important to United
States interests and that can respond to threats to the
international financial system so that the United
States does not end up serving as the world’s lender
of last resort;
(7) the United States is the only country with
veto power over major IMF decisions;
(8) to sustain its capabilities, the IMF needs to
sustain its strength relative to a rapidly expanding
global economy characterized by exponential growth of
global capital markets;
(9) the United States financial commitment to
the IMF leverages several times as much from other
countries, and its general resource financing is not
scored as a budgetary outlay;
(10) the ongoing currency and banking crisis in
the Far East has affected United States financial
markets and may result in a decline in United States
economic growth by as much as one and one-half per-
cent, and the United States has a vested economic
and national security interest in utilizing the IMF
and other multilateral mechanisms to help stabilize
certain Asian economies;
(11) neither the IMF nor the international fi-
nancial system predicted or was adequately prepared
for the domestic financial instability that has devel-
oped in East Asia, particularly the excessive short-
term borrowing the private sector institutions, and
therefore significant reforms of the IMF and the inter-
national financial system are needed to ensure that
the world is better prepared to prevent and cope with
similar crises;
(12) the United States also has an interest in
not contributing to ‘‘moral hazard’’, the belief by pri-
vate investors and lenders that public credit will be
used to bail them out of the consequences of impru-
dent credit decisions;
(13) in establishing the terms for its financial
support, the IMF must strike a balance between con-
tributing to the stability of the Asian economies and
ensuring that the private creditors who contributed to
the crisis by their imprudent lending also make a sig-
nificant contribution to the resolution of such crisis;
and
(14) with respect to some East Asian countries,
some observers believe that—
(A) the IMF has often imposed tight mone-
tary and fiscal policies designed for countries in
other parts of the world that follow excessively
expansionary fiscal and monetary policies, de-
spite the fact that, by the IMF’s own account, the
monetary and fiscal policies of the East Asian
countries have not contributed to the financial
difficulties faced by such countries;
(B) the rationale for such strategy has been
the need to attract foreign capital and provide
the means to earn foreign exchange;
(C) in the absence of solutions to the short
term debt overhang problem which requires a
rollover of such short term maturities by private
creditors, and to the unfettered flow of capital
into and out of markets without regard to matu-
rities or purpose, as an integral part of the IMF
program, no interest rate is high enough to at-
tract such capital;
(D) a tight monetary and fiscal austerity
program, combined with industrial restructuring
and labor market flexibility measures where they
are also a part of an IMF program, may exces-
sively depress the local economy, creating poten-
tially explosive social and political problems;
(E) such a strategy could also create exces-
sive pressure to export and reduce imports, erod-
ing support in the United States for a more open
international trading and investment regime, as
export markets collapse and a flood of imports
puts downward pressure on U.S. wages and em-
ployment; and
(F) there is a consequent need for the IMF,
other international financial institutions, the
United States, and other countries, as appro-
priate, to fashion programs and policies that are
adapted to local conditions and integrate private
creditor contributions.
TITLE I—INTERNATIONAL
MONETARY FUND
SEC. 101. PARTICIPATION IN QUOTA INCREASE.
(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
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 effect
until the Secretary of the Treasury certifies to the Commit-
tee on Banking and Financial Services of the House of Rep-
resentatives and the Committee on Foreign Relations of the
Senate that the investors and banks make a significant con-
tribution in conjunction with a financing package that, in
the context of an international financial crisis, might in-
clude taxpayer supported official financing.
TITLE II—NEW ARRANGEMENTS
TO BORROW
SEC. 201. NEW ARRANGEMENTS TO BORROW.
(a) IN GENERAL.—Section 17 of the Bretton Woods
Agreements 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 January
27, 1997’’; and
(B) by striking ‘‘4,250,000,000’’ and insert-
ing ‘‘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)—
(A) by inserting ‘‘or the Decision of Janu-
ary 27, 1997,’’ after ‘‘February 24, 1983,’’; and
(B) by inserting ‘‘or the New Arrangements
to Borrow, as applicable’’ before the period at the
end.
(b) EFFECTIVENESS SUBJECT TO CERTIFICATION.—
The amendments made by subsection (a) shall not take effect
until the Secretary of the Treasury certifies to the Commit-
tee on Banking and Financial Services of the House of Rep-
resentatives and the Committee on Foreign Relations of the
Senate that the investors and banks make a significant con-
tribution in conjunction with a financing package that, in
the context of an international financial crisis, might in-
clude taxpayer supported official financing.
TITLE III—POLICY PROVISIONS
SEC. 301. ADVOCACY OF POLICIES TO ENHANCE THE GEN-
ERAL 
EFFECTIVENESS 
OF 
THE 
INTER-
NATIONAL MONETARY FUND.
(a) IN GENERAL.—Title XV of the International Fi-
nancial 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 GEN-
ERAL 
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 promote
policies and actions that will contribute to exchange
rate stability and avoid competitive devaluations that
will further destabilize the international financial
and trading systems.
‘‘(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 enter-
prises by eliminating inappropriate favoritism
for small or large businesses, eliminating elite
monopolies, creating and effectively implement-
ing anti-trust and anti-monopoly laws to protect
free competition, and establishing fair and acces-
sible legal procedures for dispute settlement
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;
‘‘(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 effects
on workers of unemployment and dislocation;
and
‘‘(F) encouraging the opening of markets for
agricultural commodities and products by re-
quiring recipient countries to make efforts to re-
duce 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 encouraging
the adoption of sound banking principles and prac-
tices, including the development of laws and regula-
tions that will help to ensure that domestic financial
institutions meet strong standards regarding capital
reserves, regulatory oversight, and transparency.
‘‘(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 tech-
nical assistance as appropriate.
‘‘(5) Vigorously promote policies that aim at ap-
propriate burden-sharing by the private sector so that
investors and creditors bear more fully the con-
sequences of their decisions, and accordingly advocate
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 development
of countries (including monitoring of the struc-
ture 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
of imminent economic instability), and fuller
disclosure of such information to market partici-
pants;
‘‘(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 pri-
vate 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 poli-
cies so as to foster the dialogue and consultation
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 official
financing to countries experiencing a financial
crisis and the willingness of market participants
to meaningfully participate in any stabilization
effort led by the International Monetary 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;
‘‘(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 credi-
tors, investors, and banks which had extended
such credits; and
‘‘(I) in the context of International Mone-
tary Fund responses to international financial
crises, vigorously promote consideration of ap-
propriate ways in which debtors and private
creditors, in consultation with central banks, can
be encouraged voluntarily to take steps to achieve
resolution of outstanding debts, and to do so in
a manner that provides for an appropriate de-
gree of burden-sharing.
‘‘(6) Vigorously promote policies that would
make the International Monetary Fund a more effec-
tive 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.
‘‘(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 appro-
priate to the individual economic circumstances of
each recipient country, recognizing that inappropri-
ate stabilization programs may only serve to further
destabilize the economy and create unnecessary eco-
nomic, social, and political dislocation.
‘‘(9) Structure International Monetary Fund
programs and assistance so that the maintenance and
improvement of core labor standards are routinely in-
corporated 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 internation-
ally recognized core worker rights, including the
right of free association and collective bargaining
through unions of their own choosing;
‘‘(B) measures designed to facilitate labor
market flexibility are consistent with such core
worker rights;
‘‘(C) the staff of the International Monetary
Fund adequately takes into account the views of
the International Labor Organization, particu-
larly with respect to the effect of labor market
flexibility measures on core worker rights in such
countries; and
‘‘(D) the staff of the International Monetary
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 stand-
ards.
‘‘(10) Vigorously promote the adoption and en-
forcement of laws promoting respect for internation-
ally recognized worker rights (as defined in section
507(4) of the Trade Act of 1974 (19 U.S.C. 2467(4))).
‘‘(11) 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.
‘‘(12) Vigorously promote recognition by the
International Monetary Fund that macroeconomic de-
velopments and policies can affect and be affected by
environmental conditions and policies, including by
working independently and with the multilateral de-
velopment banks to encourage countries to correct
market failures and pursue macroeconomic stability
while promoting policies for sustainable development
and environmental protection.
‘‘(13) Facilitate greater International Monetary
Fund transparency, including by enhancing acces-
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.
‘‘(14) 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 department
modeled on the experience of the International Bank
for Reconstruction and Development, guided by such
key principles as usefulness, credibility, transparency,
and independence.
‘‘(15) 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 struc-
tural reforms which facilitate the provision of credit
to small businesses, including microenterprise lend-
ing, especially in the world’s poorest, heavily indebted
countries.
‘‘(16) Vigorously promote, in the context of the
International Monetary Fund’s policy dialogue with
its member countries, measures to protect the rights
and land of indigenous peoples, including the Penan
of Borneo, Malaysia, the Dayaks of East Kalimantan,
Indonesia, and the indigenous communities of Irian
Jaya, Indonesia.
‘‘(17) Vigorously promote policies such that the
International Monetary Fund, in considering loan
programs and assistance, takes into account the ex-
tent to which the recipient government has dem-
onstrated a commitment to—
‘‘(A) providing accurate and complete data
on the annual expenditures and receipts of the
armed forces;
‘‘(B) establishing good and publicly ac-
countable governance, including an end to exces-
sive military involvement in the economy; and
‘‘(C) making substantial reductions in ex-
cessive military spending and forces, including
domestic security forces.
‘‘(18) Structure International Monetary Fund
debt relief programs so that the programs do not im-
pose unfair conditions on heavily indebted poor coun-
tries, increase the amount of debt relief available to
poor countries, and decrease the time required to
qualify for debt relief.
‘‘(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 Secretary
of Commerce, the Administrator of the Environmental Pro-
tection Agency, the Administrator of the Agency for Inter-
national Development, and the United States Trade Rep-
resentative.’’.
(b) ADVISORY COMMITTEE ON IMF POLICY.—Section
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 Treas-
ury shall establish an International Monetary Fund
Advisory Committee (in this subsection referred to as
the ‘Advisory Committee’).
‘‘(2) MEMBERSHIP.—The Advisory Committee
shall consist of 8 members appointed by the Secretary
of the Treasury, after appropriate consultations with
the relevant organizations, as follows:
‘‘(A) 2 members shall be representatives
from organized labor.
‘‘(B) 2 members shall be representatives
from banking and financial services.
‘‘(C) 2 members shall be representatives
from industry and agriculture.
‘‘(D) 2 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 ex-
tent to which individual country International Mone-
tary Fund programs meet the policy goals set forth in
this Act regarding the International Monetary 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 Committee.’’.
SEC. 302. AVAILABILITY OF INTERNATIONAL MONETARY
FUND 
LETTERS 
OF 
INTENT 
REGARDING
AGREEMENTS REQUIRED IN ORDER TO RE-
CEIVE ASSISTANCE.
Title XV of the International Financial Institutions
Act (22 U.S.C. 262o–262o-1) is further amended by adding
at the end the following:
‘‘SEC. 1504. AVAILABILITY OF INTERNATIONAL MONETARY
FUND 
LETTERS 
OF 
INTENT 
REGARDING
AGREEMENTS REQUIRED IN ORDER TO RE-
CEIVE ASSISTANCE.
‘‘Within 3 business days after the United States Execu-
tive Director at the International Monetary Fund receives
a letter of intent from a country regarding structural ad-
justment or an economic, social, or other agreement re-
quired by the Fund in order to receive assistance from the
Fund, the Executive Director shall provide to the Secretary
of the Treasury a copy of the letter and any related memo-
randum of understanding. Within 7 days after receiving
the copy, the Secretary of the Treasury shall make the copy
available to the public (by electronic or other readily and
publicly accessible means) except to the extent that the Sec-
retary determines that doing so would—
‘‘(1) endanger the national security of the coun-
try or of the United States;
‘‘(2) disrupt markets; or
‘‘(3) be contrary to the obligations of the United
States as a member of the International Monetary
Fund.’’.
SEC. 303. ENFORCEMENT OF INDONESIAN COMPLIANCE
WITH REFORMS REQUIRED BY THE INTER-
NATIONAL MONETARY FUND.
The Secretary of the Treasury shall certify to the Com-
mittee on Banking and Financial Services of the House of
Representatives and the Committee on Foreign Relations of
the Senate that the United States Executive Director at the
International Monetary Fund will oppose further disburse-
ments of funds to Indonesia unless the Indonesian govern-
ment complies with the terms of its International Monetary
Fund reform package.
SEC. 304. SENSE OF THE CONGRESS ON THE TREATMENT
OF MUCHTAR PAKPAHAN.
It is the sense of the Congress that the Government of
Indonesia should immediately release Muchtar Pakpahan
from prison and have all criminal charges against him dis-
missed.
SEC. 305. SENSE OF THE CONGRESS ON THE ROLE OF
JAPAN IN RESTORING REGIONAL AND GLOB-
AL ECONOMIC GROWTH.
(a) FINDING.—The Congress finds that deteriorating
economic conditions and ongoing financial market turbu-
lence in Asia makes it more important than ever that
Japan play a leadership role in helping to restore con-
fidence and serve as a crucial engine of regional and world
economic growth.
(b) SENSE OF THE CONGRESS.—It is the sense of the
Congress that Japan should assume a greater regional lead-
ership role, which would coincide with Japan’s goal of pro-
moting strong domestic demand-led growth and avoiding
a significant increase in its external surplus with the
United States and the countries of the Asia-Pacific region.
TITLE IV—REPORTS
SEC. 401. SEMIANNUAL REPORTS ON FINANCIAL STABILIZA-
TION 
PROGRAMS 
LED 
BY 
THE 
INTER-
NATIONAL MONETARY FUND IN CONNECTION
WITH FINANCING FROM THE EXCHANGE STA-
BILIZATION FUND.
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 ap-
propriate Federal agencies, shall prepare reports on the im-
plementation of financial stabilization programs (and any
material terms and conditions thereof) led by the Inter-
national Monetary Fund in countries in connection with
which the United States has made a commitment to pro-
vide, 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 in-
tervene in bank management and lending deci-
sions (except in regard to prudential super-
vision);
‘‘(C) the passage of appropriate financial
reform legislation;
‘‘(D) strengthening the domestic financial
system, through financial sector restructuring, as