A bill to amend the Bretton Woods Agreements Act to authorize an increase in the United States quota in the International Monetary Fund, and for other purposes.

Summary

Amends the Bretton Woods Agreements Act to authorize the Secretary of the Treasury to increase the amount of outstanding loans to the International Monetary Fund. Prohibits any representative of the United States from instructing, without congressional authorization, the U.S. Executive Director to the Fund to consent to any amendment to the February 24, 1983, decision of the Fund's Executive Directors if the amendment would significantly alter the terms of U.S. participation in the General Arrangements to Borrow. Authorizes the U.S. Governor of the Fund to consent to an increase in the U.S. quota in the Fund. Expresses the sense of the Congress that: (1) the lack of sufficient information currently available to international lenders threatens the stability of the international monetary system; and (2) the Fund should adopt measures to ensure the availability of more complete and timely financial information. Directs the Secretary of the Treasury to instruct the U.S. Executive Director to the Fund to: (1) initiate relevant discussions with other directors of the Fund and with the Fund management; and (2) propose and vote for certain information collection and publication procedures. Authorizes the President to require persons subject to U.S. jurisdiction to provide information to the Fund. Requires the Secretary to report to the appropriate congressional committees on progress made toward establishing information collection procedures within the Fund. Amends the Special Drawing Rights Act to prohibit any representative of the United States from approving a new allocation of Special Drawing Rights unless Congress authorizes such action.

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1 official file

• Introduced in House

  summary · EN · 27 April 1983

  Open at official source

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