§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 work with the Secretary of Commerce and other federal agencies to write reports on IMF-led financial rescue programs in countries where the United States has committed or given money from the Exchange Stabilization Fund. The reports must say how the country’s economy is doing (money supply, government spending, and exchange-rate policy). They must explain how well IMF-required banking reforms and corporate reforms are being carried out, such as making bank lending commercial, keeping governments out of bank management except for safety rules, passing needed finance laws, improving transparency and supervision, opening capital markets, using standard accounting and audits for big corporate groups, and not giving special bailouts or tax breaks to single firms (notably in semiconductors, steel, and paper). The reports must also cover deregulation and privatization steps, trade policies and any harm to the U.S., how private creditors share losses or restructure debt, whether policies balance stabilization with growth, environment, and social equity, any harms to core worker rights from labor changes, patterns of worker-rights abuses, and the amounts, interest rates, and payment schedules of funds from the Exchange Stabilization Fund and from the IMF. The first report must be sent by March 15, 1999, and then 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.