Exchange Stabilization Fund Transparency Act
Sponsored By: Senator Shaheen, Jeanne [D-NH]
Introduced
Summary
Transparency and oversight over the Treasury's Exchange Stabilization Fund (ETF) use for foreign governments and entities is the bill's core aim. It would force far earlier and fuller congressional notice, more written updates, and prompt briefings on any ETF assistance to a foreign country or entity.
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- Congress would get faster, fuller notifications and briefings. Designated committees must receive a pre-commitment notice at least 24 hours before assistance, a briefing within 7 days of a commitment, and a retroactive report covering the prior 4 years within 30 days of enactment. The Senate Foreign Relations and House Foreign Affairs Committees must also receive disclosures.
- The Treasury would have a detailed disclosure checklist. Notices would, to the extent available, list the nature, amount, duration, and terms of assistance; why it advances U.S. interests; engagements with the IMF and partners; risk assessments; impact on ETF reserves; repayment likelihood; conditions; and other safeguards. Missing items must be provided in writing within 14 days or once $500 million has been used.
- Foreign recipients and U.S. taxpayers would face more documented scrutiny. Decisions would require repayment assessments, stated conditions, and descriptions of safeguards, with information provided in unclassified form when possible and a classified annex only if needed.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More Treasury transparency for foreign aid
This bill would require the Treasury to tell key congressional committees at least 24 hours before using the Exchange Stabilization Fund for foreign assistance. Notices would be unclassified, with a classified annex allowed if needed. Notices would, when available, list the amount, terms, duration, national-interest reasons, IMF and partner engagement, U.S. risk assessments, effects on ESF reserves, repayment likelihood and timeline, conditions, and safeguards. If information is missing, Treasury would estimate when it will be provided, no more than 14 days. Treasury would then supply missing details in writing within 14 days after the commitment or when $500 million of ESF funds are used. The bill would also require a briefing within 7 days after large interventions, expand which committees receive ESF materials, and require a retroactive report within 30 days covering ESF actions in the prior 4 years and whether more help is likely in the next 2 years.
Sponsors & CoSponsors
Sponsor
Shaheen, Jeanne [D-NH]
NH • D
Cosponsors
Sen. Grassley, Chuck [R-IA]
IA • R
Sponsored 5/21/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov