§262r–4 Annual Report and Testimony on State of International Financial System, Imf Reform, and Compliance with Imf Agreements

Summary

The Treasury Secretary must send a written report by October 1 each year to the House Committees on Banking and Financial Services and on Ways and Means, and to the Senate Committees on Finance and Foreign Relations. The report must describe two things: the U.S. Executive Director’s progress at the IMF in pushing the IMF to change policies and internal rules as described in section 262o–2, and the IMF’s progress in adopting the policies in section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001. After sending that report, and no later than March 1 each year, the Treasury Secretary must testify before the House Banking and Financial Services Committee and the Senate Foreign Relations Committee about four topics: IMF reform progress; efforts to reform the international financial system; whether countries that received IMF assistance are meeting the conditions of that help; and how the IMF, the multilateral development banks, and other multilateral financial policy bodies are implementing international anti‑money‑laundering and counterterrorist‑financing standards.