International Development, Trade, and Finance Act of 1992

Summary

International Development, Trade, and Finance Act of 1991 - Title I: International Monetary Fund - Amends the Bretton Woods Agreements Act to authorize the U.S. Governor of the International Monetary Fund (IMF) to: (1) consent to an increase in the U.S. quota in the IMF; and (2) accept the amendments to the Articles of Agreement of the IMF proposed in resolution 45-3 of the IMF's Board of Governors. Authorizes the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to approve the IMF's pledge to sell a specified amount of the IMF's gold to restore the resources of the Reserve Account of the Enhanced Structural Adjustment Facility Trust to meet obligations to lenders who have made loans to the Trust for financing programs of members who are in arrears to the IMF. Expresses the sense of the Congress that: (1) encouragement should be given to the efforts being made to address the political and economic problems of nations making the transition to more open political and economic systems; and (2) consideration should be given to developing relationships between such nations, the IMF, the International Bank for Reconstruction and Development, and other international financial institutions as part of assisting such nations in making such transitions. Requires the Secretary to instruct the U.S. Executive Director of the IMF to encourage the IMF to adopt procedures for the publication of economic reviews of the major industrialized nations and other commentary, as appropriate. Expresses the sense of the Congress that procedures should be instituted to review the activities of the IMF and the International Bank for Reconstruction and Development for purposes of coordinating the international economic activities of international financial institutions at the Board, management, and staff levels. Directs the Secretary to instruct the U.S. Executive Director of the IMF to: (1) advocate specified actions concerning poverty alleviation and policy framework papers; and (2) urge renewal of debt and debt service reduction programs. Requires the Secretary to report to the Congress on the debt of the Soviet Union held by commercial banks outside the Soviet Union and the prospects for repayment of such debt. Directs the Secretary to instruct the U.S. Executive Director of the IMF to encourage environmental considerations in IMF programs. Requires the Secretary to instruct the U.S. Executive Director of the IMF to support the development of programs that recognize the importance of social issues, including certain actions concerning child survival and basic education issues. Directs the Secretary, in the annual report of the National Advisory Council on International Monetary and Financial Policies, to report on: (1) the progress made by the Director in implementing such programs; and (2) any votes cast in opposition to such programs. Requires the Secretary to instruct the U.S. Executive Directors of the IMF and the International Bank for Reconstruction and Development to obtain a joint determination from the Bank and the IMF, with respect to any proposed loan to a member nation, as to whether the nation is engaged in arms and weapons expenditures that: (1) are excessive to its national circumstances; or (2) constitute an impediment to sound management of its economy and achievement of sustained long-term growth. Directs the Secretary to instruct the Directors to: (1) oppose loans to any nation determined to be engaged in excessive weapons expenditures, unless the nation makes a commitment to reducing its weapons expenditures; and (2) report to the Secretary on any loan the United States supports to a country determined to be engaged in excessive weapons expenditures. Title II: International Bank for Reconstruction and Development and Affiliates - Subtitle A: International Finance Corporation - Amends the International Finance Corporation Act to authorize the U.S. Governor of the International Finance Corporation to subscribe to additional shares of the Corporation's capital stock. Authorizes appropriations. Subtitle B: International Bank for Reconstruction and Development - Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to instruct the U.S. Executive Director of the International Bank for Reconstruction and Development to advocate specified measures to alleviate poverty. Expresses the sense of the Congress that the Bank and the International Development Association should: (1) give greater programmatic and budgetary priority to the survival and development of children; and (2) make a commitment to devoting at least five percent of the annual lending of such entities to primary health and basic education, respectively. Directs the Secretary to instruct the U.S. Executive Director of the Bank to urge: (1) renewal of debt and debt service reduction programs; (2) the establishment of a program to provide technical assistance to the Baltic States and the Soviet Union in support of democratic reforms, human rights, the rule of law, and market-oriented reforms; and (3) the coordination of such program with the programs of other donors. Subtitle C: Financial Assistance for Global Environmental Protection - Global Environmental Protection Assistance Act of 1991- Authorizes the Secretary to contribute a specified amount to the Global Environmental Facility of the International Bank for Reconstruction and Development if the Secretary has certified to specified congressional committees that the Facility has made progress toward implementing certain measures set forth in this Act. Authorizes appropriations. Amends the International Financial Institutions Act to direct the Secretary of the Treasury to report to the House Committee on Banking, Finance and Urban Affairs and the Senate Foreign Relations Committee on the progress made by the multilateral development banks in achieving objectives concerning debt-for-nature exchanges and lending for the environment. Title III: Enterprise for the Americas Initiative - Declares that it is the purpose of this title to support improvement in the lives of the people of Latin America and the Caribbean and economic growth through initiatives to promote debt reduction, investment reforms, trade liberalization, and community-based conservation and sustainable use of the environment. Subtitle A: Provisions Relating to the Enterprise for the Americas Investment Fund at the Inter-American Development Bank - Amends the Inter-American Development Bank Act to direct the Secretary of the Treasury to instruct the U.S. Executive Director of the Inter-American Development Bank to seek the establishment of a fund that meets the requirements of this title. Authorizes the Secretary to seek contributions to the fund from other countries. Sets forth as the requirements for this title that: (1) the U.S. Government and the President of the Bank have concluded an agreement that establishes and sets forth conditions for the use of an Enterprise for the Americas Investment Fund at the Bank; (2) at least three different governments have made a commitment to donate to the Fund; (3) substantial amounts are pledged as contributions to the Fund; and (4) the Secretary has transmitted a copy of the agreement to the chairman of the House Committee on Banking, Finance and Urban Affairs and the President of the Senate. Authorizes the Secretary to contribute to the Fund if such requirements are met. Authorizes appropriations. Directs the Secretary, if a Fund is established, to instruct the U.S. Executive Director of the Bank to oppose any proposed action of the Fund that would have a significant adverse environmental impact unless an impact assessment has been available for at least 120 days before the vote. Subtitle B: Enterprise for the Americas Facility - Establishes in the Department of the Treasury the Enterprise for the Americas Facility to administer debt reduction operations for countries that meet investment reforms and other policy conditions. Makes eligible for Facility benefits Latin American or Caribbean countries that: (1) have in effect, received approval for, or are making progress toward, specified IMF arrangements and structural or sectoral adjustment loans from the International Bank for Reconstruction and Development or the International Development Association; (2) have put in place major investment reforms in conjunction with an Inter-American Development Bank loan or are implementing or making progress toward an open investment regime; and (3) have agreed with commercial bank lenders on a financing program for debt or debt service reduction. Subtitle C: Sales, Reductions, or Cancellations of Loans - Authorizes the President to: (1) sell to any eligible purchaser any loan made to an eligible country before 1991 pursuant to the Export-Import Bank Act of 1945; and (2) reduce or cancel such loan on receipt of payment from an eligible purchaser only for purposes of facilitating debt-for-equity, debt-for-development, or debt-for-nature swaps. Authorizes appropriations. Subtitle D: Reports and Consultations - Sets forth reporting and congressional consultation requirements for the President with respect to the Enterprise for the Americas Facility. Title IV: Asian Development Bank - Amends the Asian Development Bank Act to authorize the U.S. Governor of the Asian Development Bank to subscribe to additional shares of the Bank's capital stock. Authorizes appropriations. Title V: African Development Fund - Amends the African Development Fund Act to authorize the U.S. Governor of the African Development Fund to contribute a specified amount to the sixth replenishment of the Fund. Authorizes appropriations. Title VI: Export-Import Bank - Amends the Export-Import Bank Act of 1945 to repeal a provision concerning limitations on financing for exports to the Soviet Union. Directs the Export-Import Bank to: (1) develop a program for providing guarantees and insurance with respect to the export of high technology items to SEED program countries (defined under the Support for East European Democracy (SEED) Act of 1989); and (2) inform high technology companies about Bank programs for U.S. companies interested in exporting high technology goods to such countries. Earmarks funding for such programs. Directs the Bank to report to the Congress on the demand for loans, guarantees, and insurance for trade between the United States and the Baltic States and the Soviet Union and to make recommendations for the promotion of trade between the United States and such countries. Prohibits the Bank from guaranteeing, insuring, or participating in an extension of credit in connection with any credit sale of defense articles or services to foreign countries (currently, countries designated under a section of the Internal Revenue Code as economically less developed countries). Exempts from such prohibition articles or services sold on or before September 30, 1994, that will be used only for antinarcotics purposes. Applies such exemption with respect to sales to a country that has previously obtained defense articles or services from a U.S. person only if the President determines that the country: (1) has complied with all U.S. restrictions on the end use of such articles and services; and (2) has not used such articles and services to engage in a consistent pattern of human rights violations. Requires the Comptroller General to study and report to the House Committee on Banking, Finance and Urban Affairs and the Senate Committee on Banking, Housing, and Urban Affairs on the Bank's participation in financing such sales. Expresses the sense of the Congress that the President should make the determination that Estonia, Latvia, and Lithuania have ceased to be Marxist-Leninist countries for purposes of waiving restrictions on Bank aid to such countries. Title VII: Multilateral Development Banks - Subtitle A: Energy Efficiency - International Energy Efficiency Financing Act of 1991 - Amends the International Financial Institutions Act to require the Secretary of the Treasury to instruct the U.S. Executive Directors of the multilateral development banks to: (1) demonstrate programs for measuring the application of systems energy efficiency planning and techniques; and (2) advocate procedures that require assessments of the impacts of proposed actions that would have a significant impact on energy efficiency before votes in favor of such actions. Directs the Secretary to seek the adoption of policies which result in access to the public of energy efficiency assessments by the borrowing countries and the lending institutions. Subtitle B: Alleviation of Poverty, Reduction of Barriers to Economic and Social Progress, and Other Provisions - Requires the Secretary to instruct the U.S. Executive Directors of the regional multilateral development banks to advocate the establishment of an organizational unit to aid bank management policies for the reduction of poverty and of barriers to economic and social progress and equity. Directs the Secretary to instruct the U.S. Executive Directors of the international financial institutions to: (1) encourage borrowing countries to involve women in development activities and to develop fair labor practices guidelines for such countries; (2) urge such institutions to reflect the diversity of the population in hiring practices and to strengthen and expand recruitment, hiring, and promotion of minorities and women; and (3) urge such institutions to adopt compensation policies to ensure that comparable pay is provided for people in comparable jobs. Requires the Secretary to instruct the U.S. Executive Directors of the multilateral development banks to oppose any loan, except for basic human needs, to Ethiopia, Somalia, or Sudan until the President certifies to the Senate Foreign Relations Committee and the House Committees on Banking, Finance and Urban Affairs and Foreign Affairs, respectively, that the government of the country has: (1) begun to implement peace or national reconciliation agreements; (2) demonstrated a commitment to human rights; (3) manifested a commitment to democracy and has held or scheduled free and fair elections; and (4) agreed to distribute development assistance without discrimination. Directs the Secretary to instruct the U.S. Executive Directors of the IMF and specified multilateral lending institutions to support membership of the Soviet Union in such institutions after the President certifies that the Soviet Union is implementing specified economic and political reforms and terminating military assistance to repressive regimes or nations which support terrorism. Subtitle C: Financial Integrity - Requires the Secretary to instruct the U.S. Executive Directors of the international financial institutions to ensure the establishment of offices of Inspectors General in such institutions. Title VIII: Consolidation of Reports - Requires annual reports submitted by the Chairman of the National Advisory Council on International Monetary and Financial Policies to include summaries of reports required under the Bretton Woods Agreements Act.

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4 official files

• Reported in House (text)

  Reported in House · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Reported to House with amendment(s)

  summary · EN · 8 July 1992

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• Introduced in House

  summary · EN · 26 September 1991

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