§ 262r-3. — Reports on financial stabilization programs led by International Monetary Fund in connection with financing from Exchange Stabilization Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262r-3]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262r-3. Reports on financial stabilization programs led by
International Monetary Fund in connection with financing from
Exchange Stabilization Fund
(a) In general
The Secretary of the Treasury, in consultation with the Secretary of
Commerce and other appropriate Federal agencies, shall prepare reports
on the implementation of financial stabilization programs (and any
material terms and conditions thereof) led by the International Monetary
Fund in countries in connection with which the United States has made a
commitment to provide, or has provided financing from the stabilization
fund established under section 5302 of title 31. The reports shall
include the following:
(1) A description of the condition of the economies of countries
requiring the financial stabilization programs, including the
monetary, fiscal, and exchange rate policies of the countries.
(2) A description of the degree to which the countries requiring
the financial stabilization programs have fully implemented
financial sector restructuring and reform measures required by the
International Monetary Fund, including--
(A) ensuring full respect for the commercial orientation of
commercial bank lending;
(B) ensuring that governments will not intervene in bank
management and lending decisions (except in regard to prudential
supervision);
(C) the enactment and implementation of appropriate
financial reform legislation;
(D) strengthening the domestic financial system and
improving transparency and supervision; and
(E) the opening of domestic capital markets.
(3) A description of the degree to which the countries requiring
the financial stabilization programs 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 bail out individual corporations,
particularly in the semiconductor, steel, and paper industries.
(4) 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.
(5) 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.
(6) A description of the extent to which the financial
stabilization programs have resulted in appropriate burden-sharing
among private sector creditors, including rescheduling of
outstanding loans by lengthening maturities, agreements on debt
reduction, and the extension of new credit.
(7) A description of the extent to which the economic adjustment
policies of the International Monetary Fund and the policies of the
government of the country adequately balance the need for financial
stabilization, economic growth, environmental protection, social
stability, and equity for all elements of the society.
(8) Whether International Monetary Fund involvement in labor
market flexibility measures has had a negative effect on core worker
rights, particularly the rights of free association and collective
bargaining.
(9) A description of any pattern of abuses of core worker rights
in recipient countries.
(10) The amount, rate of interest, and disbursement and
repayment schedules of any funds disbursed from the stabilization
fund established under section 5302 of title 31, in the form of
loans, credits, guarantees, or swaps, in support of the financial
stabilization programs.
(11) The amount, rate of interest, and disbursement and
repayment schedules of any funds disbursed by the International
Monetary Fund to the countries in support of the financial
stabilization programs.
(b) Timing
Not later than March 15, 1999, and semiannually thereafter, the
Secretary of the Treasury shall submit to the Committees on Banking and
Financial Services, Ways and Means, and International Relations of the
House of Representatives and the Committees on Finance, Foreign
Relations, and Banking, Housing, and Urban Affairs of the Senate a
report on the matters described in subsection (a) of this section.
(Pub. L. 95-118, title XVII, Sec. 1704, as added Pub. L. 105-277, div.
A, Sec. 101(d) [title VI, Sec. 612], Oct. 21, 1998, 112 Stat. 2681-150,
2681-228; amended Pub. L. 106-200, title IV, Sec. 404(b), May 18, 2000,
114 Stat. 292.)
Amendments
2000--Subsec. (b). Pub. L. 106-200 amended heading and text of
subsec. (b) generally. Prior to amendment, text read as follows: ``Not
later than March 15, 1999, and semiannually thereafter, the Secretary of
the Treasury shall submit to the Committees on Banking and Financial
Services and International Relations of the House of Representatives and
the Committees on Foreign Relations, and Banking, Housing, and Urban
Affairs of the Senate a report on the matters described in subsection
(a) of this section.''
Change of Name
Committee on Banking and Financial Services of House of
Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally transferred
from Committee on Energy and Commerce of House of Representatives by
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
Definitions
The definitions in section 262r of this title apply to this section.
