ESF Transparency and Accountability Act

Summary

ESF Transparency and Accountability Act - Modifies Federal law regarding the Exchange Stabilization Fund to require the Secretary of the Treasury to give specified congressional committees a detailed financial statement on the Fund showing the terms and conditions of all outstanding loans and guarantees and other actions taken with respect to the assets or liabilities of the Fund, a detailed description of all agreements made or renewed during the month with respect to such assets or liabilities, a statement that contains a detailed accounting of any change in the balance in the Fund or in any component of the Fund since the giving of the most recent prior statement, and a description of any material that will be redacted in the public report of such statements. Directs the Secretary to take such steps as necessary to make the contents of the annual report to the President and Congress on the Fund's operation (with redactions of any material the disclosure of which would disrupt markets or damage U.S. national security interests) readily available to the public. Prohibits the Secretary from making any expenditure or loan, incurring any other obligation, or making any guarantee through the Fund involving $1 billion or more unless Congress has, by joint resolution, approved the expenditure, loan, obligation, or guarantee, unless there is in effect a written certification by the President to specified congressional committees that the making of the expenditure, loan, or guarantee, or the incurring of the obligation, is necessary to address a financial crisis that poses a serious threat to the international financial system. Directs that such a certification take effect 30 days after it is made, unless there is earlier enacted a joint resolution which provides that the certification shall have no force or effect. Amends the Special Drawing Rights Act to repeal a provision requiring that special drawing rights certificates owned by the Federal Reserve banks be redeemed from the resources of the Fund at such times and in such amounts as the Secretary may determine.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 April 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 22 April 1999

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• Introduced in House

  summary · EN · 22 April 1999

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