United States · Amendment · HAMDT

HAMDT 249 (98th)

An amendment strike the provisions in the bill entitled "Sustaining Economic Growth" which amend the Bretton Woods Agreements Act, and substituting new amendments to that Act under the same title. The amendment would require the U.S. representative to the Fund to recommend and work for changes in Fund policies which would a) convert short term bank debt made at high interest into long term debt at lower interest, b) assure that the new rates shall not be more than .5 percent above the London Interbank Offer Rate (for six month maturity debt), c) assure the external debt service fees are "manageable". The U.S. representative may not vote for loans that do not meet these new guidelines, except in specified situations.