§262r–3 Reports on financial stabilization programs led by International Monetary Fund in connection with financing from Exchange Stabilization Fund

Summary

The Secretary of the Treasury must make reports, with help from the Secretary of Commerce and other federal agencies, about IMF-led financial rescue programs in countries where the United States has committed or provided money from the Exchange Stabilization Fund (the fund under 31 U.S.C. 5302). The reports must describe the countries’ economic conditions and policies; how well they carried out IMF-required banking and financial reforms (like keeping banks run on commercial rules, avoiding government control of bank lending except for safety oversight, passing financial reform laws, improving supervision and transparency, and opening capital markets); corporate reform steps (like clearer accounting, outside audits, full disclosure, consolidated statements, and no government bailouts or special tax breaks for individual firms, including in the semiconductor, steel, and paper sectors); moves to deregulate, privatize, and open areas to foreign investment; trade policies and any unfair practices that hurt the United States; how private creditors shared losses or restructured debt; whether policies balance stabilization, growth, the environment, social stability, and fairness; any IMF-linked labor changes that hurt core worker rights (such as free association and collective bargaining) and any patterns of worker-rights abuse; and the exact amounts, interest rates, and payment schedules of funds provided from the Exchange Stabilization Fund and by the IMF. The first report was due by March 15, 1999, and reports must be sent every six months after that. Reports go to these House committees: Banking and Financial Services, Ways and Means, and International Relations; and these Senate committees: Finance, Foreign Relations, and Banking, Housing, and Urban Affairs.