Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. LIMITATION ON DISBURSEMENTS FROM THE EXCHANGE STABILIZATION
FUND TO CERTAIN COUNTRIES.

Section 5302 of title 31, United States Code, is amended by adding
at the end the following new subsection:
''(e) Limitation on Disbursements to Countries Not in Compliance
With Certain IMF Commitments.--
''(1) In general.--Notwithstanding any other provision of
this section and subject to paragraph (2), the Secretary of the
Treasury may not make any expenditure or loan, incur any other
obligation, or make any guarantee in excess of $500,000,000
through the stabilization fund, for the purpose of engaging in
a coordinated international rescue plan for any foreign entity
or any government of a foreign country, unless the Secretary
certifies to the Congress that such foreign country is meeting
its commitments to the International Monetary Fund with respect
to economic, market access, and financial reforms.
''(2) Aggregation rule.--For purposes of determining
whether the amount of any expenditure, loan, obligation, or
guarantee described in paragraph (1) with respect to any
foreign entity or government of a foreign country exceeds the
amount of the limitation imposed in such paragraph, the
Secretary of the Treasury shall take into account the aggregate
amount of all expenditures, loans, obligations, or guarantees
which have been made or incurred through the stabilization fund
with respect to such country for the purpose described in such
paragraph during the 6-month period preceding the date such
expenditure, loan, obligation, or guarantee is made or
incurred.''.

SEC. 2. REPORT TO THE CONGRESS ON ACTIONS BY THE UNITED STATES TO
MONITOR FOREIGN GOVERNMENT COMPLIANCE WITH COMMITMENTS
MADE TO THE IMF IN CONNECTION WITH FINANCIAL ASSISTANCE
PACKAGES.

(a) In General.--Not less frequently than semiannually, the
Secretary of the Treasury shall submit to the Congress a report on the
steps that the United States Government is taking to monitor the
compliance of foreign governments in Asia with commitments made to the
International Monetary Fund in connection with financial assistance
packages provided or arranged by the International Monetary Fund.
(b) Certain Matters To Be Included.--Each report required by
subsection (a) shall include--
(1) a description of the actions that the United States
Executive Director at the International Monetary Fund has taken
to ensure that the International Monetary Fund adequately and
effectively monitors and enforces the commitments referred to
in subsection (a); and
(2) a description of the actions that the Department of the
Treasury has taken, in coordination with actions of the Office
of the United States Trade Representative or the Department of
Commerce, to monitor and enforce the commitments.

SEC. 3. MONITORING OF EFFECTS OF THE ASIAN FINANCIAL CRISIS ON THE
UNITED STATES AND OTHER ECONOMIES.

(a) Commerce Department Report on Compliance by Asian Countries
With Obligations Under International Agreements.--In coordination with
the United States Trade Representative, the Secretary of Commerce shall
monitor the progress that countries in Asia receiving financial
assistance described in section 1 or 2 are making in implementing
commitments they have made under international agreements to provide
access to their markets for foreign goods and services. The Secretary
shall report to the Congress the results of such monitoring on a
bimonthly basis, beginning not later than 90 days after the date of the
enactment of this Act, until the financial assistance for each such
Asian country has been terminated. Each such report shall include the
following:
(1) A description of the progress made in resolving issues
in dispute in the investigation initiated by the United States
Trade Representative under section 301(b)(1) of the Trade Act
of 1974 on October 1, 1997, pursuant to section 310 of that
Act, in which tariff and nontariff barriers imposed by the
Republic of Korea were identified as denying United States and
other foreign automobiles access to markets in Korea.
(2) A description of the progress made by the Republic of
Korea in implementing its obligations under the United States-
Korea Memorandum of Understanding of 1995 concerning trade in
motor vehicles.
(3) A description of the extent to which Indonesia is
complying with its commitments to terminate benefits to its
''National Car'' program.
(4) A description of the degree to which the countries have
fully implemented reforms required by the International
Monetary Fund that are directed at corporate governance and
corporate structure, including--
(A) making nontransparent conglomerate practices
more transparent through the application of
internationally accepted accounting practices,
independent external audits, full disclosure, and provision of
consolidated statements; and
(B) ensuring that no government subsidized support
or tax privileges will be provided to prevent the
financial failure of individual corporations,
particularly in the semiconductor, steel, motor
vehicle, and paper industries.
(5) A description of the implementation of reform measures
required by the International Monetary Fund to deregulate and
privatize economic activity by ending domestic monopolies,
undertaking trade liberalization, and opening up restricted
areas of the economy to foreign investment and competition.
(6) 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.
With regard to instances identified by the Secretary in which a country
in Asia addressed in the report has failed to implement its obligations
under international agreements to provide access to its markets for
foreign goods and services, the Secretary, together with the United
States Trade Representative, shall take appropriate action under the
laws of the United States and under international dispute settlement
procedures to enforce United States rights as a result of such failure.
(b) Commerce Department Report on Third Country Actions To Accept
Increased Asian Exports.--The Secretary of Commerce shall monitor
exports of goods and services from those countries in Asia receiving
financial assistance described in section 1 or 2 to determine the
degree to which Japan, the countries of the European Union, and other
major participants in the International Monetary Fund are opening their
markets to any increase in those exports. The Secretary shall report to
the Congress the results of such monitoring on a bimonthly basis,
beginning not later than 90 days after the date of the enactment of
this Act, until the financial assistance for each such Asian country
has been terminated. The Secretary, together with the Secretary of the
Treasury and the United States Trade Representative, shall take all
appropriate action that would result in those countries opening their
markets to exports from those Asian countries in order to more
equitably share the burden of responding to the financial crisis in
Asia.
(c) Commerce Department Report on Export Surges to the United
States.--The Secretary of Commerce shall monitor exports from those
countries in Asia receiving financial assistance described in section 1
or 2 to the United States to determine whether there is any significant
increase in exports to the United States due to fluctuations in
currency valuations, government subsidies, dumping, or transshipment
through third countries. In conducting such monitoring, the Secretary
shall take into account any outstanding antidumping and countervailing
duty determinations on imports from those Asian countries. The
Secretary shall report to the Congress the results of such monitoring
on a bimonthly basis, beginning not later than 90 days after the date
of the enactment of this Act, until the financial assistance for each
such Asian country has been terminated. The Secretary shall take
appropriate action under the laws of the United States where there is
evidence of dumping or subsidization causing injury to United States
industries.
(d) Consultation With Industry.--In carrying out the requirements
of this section, the Secretary shall consult with representatives of
import-sensitive United States industries for the purpose of sharing
and confirming information and views that are relevant to the
monitoring and reports required by this section.
(e) Report on Effect of Financial Assistance.--The Secretary of
Commerce, in consultation with the United States Trade Representative,
shall report to the Congress annually, beginning not later than one
year after the date of the enactment of this Act, concerning the extent
to which financial assistance described in section 1 or 2 is
contributing to economically sound financial, open market, trade, and
commercial relations between each country in Asia receiving such
assistance and other countries.

SEC. 4. FULL ENFORCEMENT OF TRADE LAW REMEDIES.

(a) Study.--To ensure the effectiveness of United States remedies
against dumped and subsidized imports, the Secretary of Commerce shall
conduct a study, in consultation with import-sensitive United States
industries, to determine the appropriate application of United States
antidumping and countervailing duty laws to imports from Asian
countries, in light of currency devaluations and financial assistance
described in section 1 or 2 that those countries have received. Such
study shall--
(1) determine the appropriate treatment of rapid
fluctuations in exchange rates that can severely reduce the
price of goods sold in an exporter's home market (when
converted to United States dollars) so that such fluctuations
do not undermine the effectiveness of United States antidumping
laws;
(2) determine the appropriate treatment under United States
countervailing duty laws of the difference between the interest
rates on government-induced low-interest loans and the interest
rates, if higher, that private lenders would demand for loans
to the foreign companies concerned, taking into account the
current levels of risk; and
(3) determine the appropriate treatment under United States
countervailing duty laws of subsidies received in the past,
even if the exporter or other producer of the subsidized
merchandise has been sold or privatized or has declared
bankruptcy.
(b) Report to Congress.--The Secretary of Commerce shall complete
the study conducted under subsection (a), and submit to the Congress a
report on the study, by not later than 6 months after the date of the
enactment of this Act.

SEC. 5. SUNSET.

The provisions of this Act shall cease to be effective 8 years
after the date of the enactment of this Act.
A:
Amends Federal law governing the Department of the Treasury Exchange Stabilization Fund to prohibit the Secretary of the Treasury from making any expenditure or loan, incurring any other obligation, or making any guarantee over $500 million through the Fund for the purpose of engaging in a coordinated international rescue plan for any foreign entity or foreign government, unless the Secretary certifies to the Congress that such country is meeting its commitments to the International Monetary Fund (IMF) with respect to economic, market access, and financial reforms. Requires the Secretary to report semiannually to the Congress on Federal actions to monitor foreign governments in Asia with respect to their compliance with their commitments regarding IMF financial assistance packages.
Directs the Secretary of Commerce, in coordination with the United States Trade Representative, to monitor and report bimonthly to the Congress on the progress made by specified Asian countries regarding their international commitments to provide access to their markets for foreign goods and services.
Requires the Secretary of Commerce also to monitor exports from such countries to determine: (1) the degree to which major IMF participants, including Japan, are opening their markets to any export increases; and (2) whether there is any significant increase in exports to the United States due to currency fluctuations, government subsidies, dumping, or transshipment through third countries.
Requires the Secretary of Commerce to: (1) report annually to the Congress on the extent to which financial assistance is contributing to economically sound financial, open market, trade, and commercial relations between recipient Asian countries; and (2) study and report to the Congress on the appropriate application of Federal antidumping and countervailing duty laws to Asian imports in light of currency devaluations and IMF financial assistance packages.