United States · Amendment · HAMDT

HAMDT 304 (98th)

A perfecting amendment. The amendment adds that the quota increase may not be activated until the Secretary of the Treasury certifies that supplementary resources are needed due to impairment of the international monetary system, and that the Fund has fully explored other means of funding. The amendment makes numerous other changes among them are: 1) the Federal Reserve is required to identify excessive foreign lending and prevent further excess foreign lending, 2) U.S. representative to Fund is to a) vote against drawing by members for purpose of repaying loans made by imprudent banking institutions and b) encourage a rescheduling of debt consistent with safe banking practices, and 3) prohibits up-front rescheduling fees by U.S. banks except for fees covering actual administrative costs.