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SECTION 1. SHORT TITLE.

This Act may be cited as the ''International Financial Institution
Reexamination and Review Commission Act of 1998''.

SEC. 2. INTERNATIONAL FINANCIAL INSTITUTION REEXAMINATION AND REVIEW
COMMISSION.

(a) Establishment.--There is hereby established a commission to be
known as the International Financial Institution Reexamination and
Review Commission (in this Act referred to as the ''Commission'').
(b) Membership.--
(1) In general.--The Commission shall be composed of twelve
members, as follows:
(A) 4 members appointed by the Speaker of the House
of Representatives.
(B) 4 members appointed by the Majority Leader of
the Senate.
(C) 2 members appointed by the Minority Leader of
the House of Representatives.
(D) 2 members appointed by the Minority Leader of
the Senate.
(2) Timing of appointments.--All appointments to the
Commission shall be made not later than 45 days after the date
of enactment of this Act.
(c) Qualifications.--
(1) In general.--Members of the Commission shall be
appointed from among those with knowledge and expertise in the
workings of the international financial institutions (as
defined in section 1701(c)(2) of the International Financial
Institutions Act), the World Trade Organization, and the Bank
for International Settlements.
(2) Affiliation.--At least 4 members of the Commission
shall be individuals who were officers or employees of the
Executive Branch before January 20, 1992, and not more than
half of such 4 members shall have served under Presidents from
the same political party.
(d) Period of Appointment; Vacancies.--Members shall be appointed
for the life of the Commission. Any vacancy in the Commission shall be
filled in the same manner as the original appointment was made.
(e) Duties of the Commission.--The Commission shall advise and
report to the Congress on the future role and responsibilities of the
international financial institutions (as defined in section 1701(c)(2)
of the International Financial Institutions Act), the World Trade
Organization, and the Bank for International Settlements. In carrying
out such duties, the Commission shall examine--
(1) the effect of globalization, increased trade, capital
flows, and other relevant factors on such institutions;
(2) the adequacy, efficacy, and desirability of current
policies and programs at such institutions as well as their
suitability for respective beneficiaries of such institutions;
(3) cooperation or duplication of functions and
responsibilities of such institutions; and
(4) other matters the Commission deems necessary to make
recommendations pursuant to subsection (g).
(f) Powers and Procedures of the Commission.--
(1) Hearings.--The Commission or, at its direction, any
panel or member of the Commission may, for the purpose of
carrying out the provisions of this section, hold hearings, sit
and act at times and places, take testimony, receive evidence,
and administer oaths to the extent that the Commission or any
panel or member considers advisable.
(2) Information.--The Commission may secure directly
information that the Commission considers necessary to enable
the Commission to carry out its responsibilities under this
section.
(3) Chairman.--The members appointed under subparagraphs
(A) and (B) of subsection (b)(1) shall select the Chairman of
the Commission.
(4) Meetings.--The Commission shall meet at the call of the
Chairman.
(g) Report.--On the termination of the Commission, the Commission
shall submit Secretary of the Treasury, the Committees on Banking,
Housing, and Urban Affairs and on Appropriations of the Senate, and the
Committees on Banking and Financial Services and on Appropriations of
the House of Representatives a report that contains recommendations
regarding the following matters:
(1) Changes to policy goals set forth in the Bretton Woods
Agreements Act and the International Financial Institutions
Act.
(2) Changes to the charters, organizational structures,
policies and programs of the international financial
institutions (as defined in section 1701(c)(2) of the
International Financial Institutions Act).
(3) Additional monitoring tools, global standards, or
regulations for, among other things, global capital flows,
bankruptcy standards, accounting standards, payment systems,
and safety and soundness principles for financial institutions.
(4) Possible mergers or abolition of the international
financial institutions (as defined in section 1701(c)(2) of the
International Financial Institutions Act), including changes to
the manner in which such institutions coordinate their policy
and program implementation and their roles and
responsibilities.
(5) Any additional changes necessary to stabilize
currencies, promote continued trade liberalization and to avoid
future financial crises.
(h) Termination.--The Commission shall terminate 6 months after the
first meeting of the Commission, which shall be not later than 30 days
after the appointment of all members of the Commission.
(i) Feasibility and Implementation Reports by the Executive
Branch.--
(1) Within three months of receiving the report of the
Commission under subsection (g), the President of the United
States through the Secretary of the Treasury shall report to
the committees specified in subsection (g) on the desirability
and feasibility of implementing the recommendations contained
in the report.
(2) Annually, for three years after the termination of the
Commission, the President of the United States through the
Secretary of the Treasury shall submit to the committees
specified in subsection (g) a report on the steps taken through
relevant international institutions and international fora to
implement such recommendations.
International Financial Institution Reexamination and Review Commission Act of 1998 - Establishes the International Financial Institution Reexamination and Review Commission to advise and report to the Congress on specified aspects of the future role and responsibilities of the international financial institutions of the World Trade Organization and the Bank for International Settlements.
Directs the President to report to certain congressional committees on: (1) the desirability and feasibility of implementing the Commission's recommendations; and (2) the steps taken through international institutions and fora to implement such recommendations.