I
105TH CONGRESS
2D SESSION
H. R. 3331
To ensure the transparency of International Monetary Fund operations.
IN THE HOUSE OF REPRESENTATIVES
MARCH 4, 1998
Mr. SAXTON (for himself, Mr. ARMEY, and Mr. CAMPBELL) introduced the fol-
lowing bill; which was referred to the Committee on Banking and Finan-
cial Services
A BILL
To ensure the transparency of International Monetary Fund
operations.
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 ‘‘IMF Transparency and
Efficiency Act of 1998’’.
SEC. 2. DENIAL OF FEDERAL FUNDS TO THE INTER-
NATIONAL MONETARY FUND IF ITS OPER-
ATIONS 
ARE 
NOT 
MADE 
MORE 
TRANS-
PARENT.
Title XV of the International Financial Institutions
Act (22 U.S.C. 262o–262o–1) is amended by adding at
the end the following:
‘‘SEC. 1503. DENIAL OF FEDERAL FUNDS TO THE INTER-
NATIONAL MONETARY FUND IF ITS OPER-
ATIONS 
ARE 
NOT 
MADE 
MORE 
TRANS-
PARENT.
‘‘(a) IN GENERAL.—An officer, employee, or agent
of the United States may not, directly or indirectly, pro-
vide Federal funds to, or for the benefit of the Inter-
national Monetary Fund unless—
‘‘(1) there is in effect a written certification,
made by the Secretary of the Treasury to the Com-
mittee on Banking and Financial Services of the
House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate,
that the International Monetary Fund has met the
requirements of subsection (b); and
‘‘(2) the Congress has enacted a joint resolution
approving the certification.
‘‘(b) REQUIREMENTS.—The requirements of this sub-
section are the following:
‘‘(1) Within 3 months after any meeting of the
Board of Governors or the Executive Board of the
International Monetary Fund, an edited copy of the
minutes of the meeting shall be made available for
public inspection, with the following information re-
dacted:
‘‘(A) Information which, if released, would
adversely affect the national security of a coun-
try, and which is of the type that would be clas-
sified by United States Government.
‘‘(B) Information which, if released, would
disrupt markets.
‘‘(C) Proprietary information.
‘‘(2) Within 3 months after staff of the Inter-
national Monetary Fund makes a loan document,
written review, program document, or assessment of
any proposed or ongoing loan program of the Inter-
national Monetary Fund a copy of the review, docu-
ment, or assessment, and all related and supporting
materials, shall be made available for public inspec-
tion, with the following information redacted:
‘‘(A) Information which, if released, would
adversely affect the national security of a coun-
try, and which is of the type that would be clas-
sified by United States Government.
‘‘(B) Information which, if released, would
disrupt markets.
‘‘(C) Proprietary information.
‘‘(3) Not later than 18 months after the date
of the enactment of this section:
‘‘(A) The International Monetary Fund
shall establish an independent advisory board to
review the research, operations, and loan pro-
grams of the International Monetary Fund.
‘‘(B) The legislature of each country which
is represented on the Executive Board of the
International Monetary Fund shall each appoint
to the advisory board 1 individual with exper-
tise in private sector finance gained in the pri-
vate sector or in academia.
‘‘(C) The advisory board shall issue annual
reports summarizing its activities, which shall
be available immediately for public inspection.
‘‘(4) The annual rate at which the International
Monetary Fund charges interest on loans made after
the date of the enactment of this section shall be
comparable to the average annual rate of interest in
financial markets for loans of comparable maturity,
adjusted for risk.
‘‘(c) EFFECTIVE PERIOD OF CERTIFICATION.—
‘‘(1) IN GENERAL.—A certification made under
this section shall cease to be in effect 1 year after
the date the certification is made.
‘‘(2) REVOCATION.—
‘‘(A) IN GENERAL.—A certification made
under this section shall cease to be in effect if
the Secretary of the Treasury revokes the cer-
tification.
‘‘(B) CAUSE FOR REVOCATION.—The Sec-
retary of the Treasury shall revoke a certifi-
cation made under this section if the Secretary
of the Treasury is made aware that the Inter-
national Monetary Fund has ceased to meet a
requirement of subsection (b).’’.
SEC. 3. EFFECTIVE DATE.
This Act shall take effect 6 months after the date
of the enactment of this Act.
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