To impose certain limitations on disbursements from the Exchange Stabilization Fund to certain countries, and for other purposes.

Summary

Amends Federal law governing the Department of the Treasury Exchange Stabilization Fund to prohibit the Secretary of the Treasury from making any expenditure or loan, incurring any other obligation, or making any guarantee over $500 million through the Fund for the purpose of engaging in a coordinated international rescue plan for any foreign entity or foreign government, unless the Secretary certifies to the Congress that such country is meeting its commitments to the International Monetary Fund (IMF) with respect to economic, market access, and financial reforms. Requires the Secretary to report semiannually to the Congress on Federal actions to monitor foreign governments in Asia with respect to their compliance with their commitments regarding IMF financial assistance packages. Directs the Secretary of Commerce, in coordination with the United States Trade Representative, to monitor and report bimonthly to the Congress on the progress made by specified Asian countries regarding their international commitments to provide access to their markets for foreign goods and services. Requires the Secretary of Commerce also to monitor exports from such countries to determine: (1) the degree to which major IMF participants, including Japan, are opening their markets to any export increases; and (2) whether there is any significant increase in exports to the United States due to currency fluctuations, government subsidies, dumping, or transshipment through third countries. Requires the Secretary of Commerce to: (1) report annually to the Congress on the extent to which financial assistance is contributing to economically sound financial, open market, trade, and commercial relations between recipient Asian countries; and (2) study and report to the Congress on the appropriate application of Federal antidumping and countervailing duty laws to Asian imports in light of currency devaluations and IMF financial assistance packages.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 March 1998

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• Introduced in House (PDF)

  Introduced in House · EN · 27 March 1998

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• Introduced in House

  summary · EN · 27 March 1998

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