A bill to amend the Bretton Woods Agreements Act to authorize consent to 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 U.S. Governor of the International Monetary Fund to consent to an increase in the U.S. quota in the Fund to the extent provided in appropriation Acts. Directs the President to instruct the Secretaries of the Treasury and State and other appropriate Federal officials to encourage countries to safeguard jobs, investment, income redistribution programs, and social programs in formulating economic adjustment programs to deal with their balance of payments difficulties. Directs U.S. representatives to the Fund to: (1) seek decisions by the Fund to permit the extension of standby arrangements to enable Fund members to implement their adjustment programs successfully; (2) work for programs to promote employment, investment, real income per capita, income redistribution, and social programs and to ameliorate any adverse effects of economic adjustment programs on the poor; (3) seek coordination of Fund and World Bank financing activities to safeguard basic human needs and facilitate development of a productive economic base; and (4) request periodic analyses of the effects of economic adjustment programs supported by Fund or Bank financing. Requires the National Advisory Council on International Monetary and Financial Policies to include a report on such actions in its annual report to Congress. Repeals references that stipulate that stabilization programs be entered pursuant to loans from the Supplementary Financing Facility. Expresses the sense of Congress concerning balance of payments problems resulting from surpluses in oil exporting countries and the responsibilities of such countries to assume a greater burden of financing balance of payments deficits. Directs the Secretary of the Treasury, with the U.S. Executive Director of the Fund, to: (1) study and report to Congress concerning the adequacy of Fund resources and the feasibility of increasing Fund liquidity through various means; and (2) encourage Fund members to expedite negotiations to formulate a dollar-Special Drawing Rights substitution account. Expresses the sense of Congress that Taiwan shall be granted appropriate membership in the Fund.

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Documents

3 official files

• Laid on table in House

  summary · EN · 18 September 1980

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 16 May 1980

  Open at official source

• Introduced in House

  summary · EN · 1 May 1980

  Open at official source

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