22 U.S.C. § 262r: Annual report by Chairman of National Advisory Council on International Monetary and Financial Policies

The Chairman shall report annually to the Speaker of the House of Representatives, the President of the Senate, and to the President of the United States on the participation of the United States in the international financial institutions. The Chairman shall present such report to the Speaker of the House of Representatives and the President of the Senate not later than April 1 of each year following the close of the fiscal year covered by such report, except that the report for fiscal year 1989 shall be submitted not later than June 1, 1990 . such data and explanations concerning the effectiveness, operations, and policies of the international financial institutions, such recommendations concerning the international financial institutions, and such other data and material as the Chairman may deem appropriate; the reports on each specific issue and topic which is required by any other provision of law to be included in the report of the National Advisory Council on International Monetary and Financial Policies required by section 286b(b)(5) of this title , as in effect immediately before December 19, 1989 ; a description of each loan or other form of financial assistance approved by any international financial institution during the fiscal year covered by such report, and a discussion of how such loan or financial assistance will benefit the people, particularly the poor people, of the recipient country; have been determined to be consistent with international agreements; and have a serious adverse impact on the United States; a description of the actions taken and the progress made in carrying out subsections (a) and (b) of section 286cc of this title ; the report required by section 2018(c) of the International Narcotics Act of 1986 (title II of Public Law 99–570 ), discussing the actions taken and progress made in encouraging the multilateral development banks to finance drug eradication and crop substitution programs; a description of the progress made by the United States Executive Director of the International Monetary Fund with respect to the goals of section 286kk of this title ; a description of the status of procedures in the multilateral development banks specifically designed to increase the productive role of the poor in the economies of the nations which are borrowers from such banks; in consultation with the Secretary of State, a report on the progress toward achieving the goals of title VII (other than section 262e of this title ), including the information required to be reported pursuant to section 262d(c) 1 of this title, and, for the fiscal year 1990, the report described in 1 See References in Text note below. section 262p–4h of this title ; in consultation with the Secretary of State and the Administrator of the Agency for International Development, an assessment of the progress being made to implement the objectives of title XIII; and the progress made in transforming government-owned enterprises into privately owned enterprises as described in section 262p–4g(b) of this title ; the performance of the privately owned enterprises resulting from such transformation; and the contributions of development finance companies toward strengthening the private sector in member borrowing countries. The term “Chairman” means the Chairman of the National Advisory Council on International Monetary and Financial Policies. The term “international financial institutions” means the International Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank 2 Bank for Economic Cooperation and Development in the Middle East and North Africa,, 2 So in original. Probably should be followed by a comma. 3 and Inter-American Investment Corporation. 3 So in original. The term “multilateral development institutions” means the international financial institutions other than the International Monetary Fund. The term “multilateral development banks” means the multilateral development institutions other than the Multilateral Investment Guarantee Agency. Upon request of the Committee on Banking, Finance and Urban Affairs of the House of Representatives, the Chairman shall testify before the Committee to support and explain each annual report required by subsection (a). If the President has delegated to a person or persons other than the Chairman the authority to manage United States participation in the international financial institutions which was vested in the President by section 1(b) of the Reorganization Plan No. 4 of 1965, such person or persons shall, upon request of the Committee, accompany the Chairman and testify before the Committee with regard to such report. The Chairman and such other person or persons shall assess, in their testimony, the effectiveness of the international financial institutions, the major issues affecting United States participation, the major developments in the past year, the prospects for the coming year, United States policy goals with respect to the international financial institutions, and any specific issues addressed to them by any member of the Committee. The Secretary of the Treasury should establish an International Monetary Fund Advisory Committee (in this subsection referred to as the “Advisory Committee”). The Advisory Committee should consist of members appointed by the Secretary of the Treasury, after appropriate consultations with the relevant organizations. Such members should include representatives from industry, representatives from agriculture, representatives from organized labor, representatives from banking and financial services, and representatives from nongovernmental environmental and human rights organizations. to promote multilateral development bank (as defined in such section) assistance for nuclear energy; and to establish a trust fund pursuant to section 1507 of such Act [ 22 U.S.C. 262 o –6] or, as the case may be, a summary of the activities of any such trust fund.” an assessment of the effectiveness of the major policies and operations of the international financial institutions; the major issues affecting United States participation; the major developments in the past year; the prospects for the coming year; the progress made and steps taken to achieve United States policy goals (including major policy goals embodied in current law) with respect to the international financial institutions; and such data and explanations concerning the effectiveness, operations, and policies of the international financial institutions, such recommendations concerning the international financial institutions, and such other data and material as the Chairman may deem appropriate. The requirements of Sections 1602(e), 1603(c), 1604(c), and 1701(b) of the International Financial Institutions Act, as amended ( Public Law 95–118 , 22 U.S.C. 262p–1 , 262p–2, 262p–3 and 262(r) [262r]), Section 2018(c) of the International Narcotics Control Act of 1986, as amended ( Public Law 99–570 , 22 U.S.C. 2291 note), Section 407(c) of the Foreign Debt Reserving Act of 1989 ( Public Law 101–240 , 22 U.S.C. 2291 note), Section 14(c) of the Inter-American Development Bank Act, as amended ( Public Law 86–147 , 22 U.S.C. 283j–1(c) ), and Section 1002 of the Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992 ( Public Law 102–511 ) ( 22 U.S.C. 286 ll (b)) shall no longer apply to the contents of such annual reports.” The Secretary of the Treasury shall establish an International Financial Institution Advisory Commission (in this section referred to as the ‘Commission’). 3 members appointed by the Speaker of the House of Representatives. 3 members appointed by the Majority Leader of the Senate. 5 members appointed jointly by the Minority Leader of the House of Representatives and the Minority Leader of the Senate. All appointments to the Commission shall be made not later than 45 days after the date of enactment of this Act [ Oct. 21, 1998 ]. The Majority Leader of the Senate, after consultation with the Speaker of the House of Representatives and the Minority Leaders of the House of Representatives and the Senate, shall designate 1 of the members of the Commission to serve as Chairman of the Commission. Members of the Commission shall be appointed from among those with knowledge and expertise in the workings of the international financial institutions (as defined in section 1701(c)(2) of the International Financial Institutions Act [ 22 U.S.C. 262r(c)(2) ]), the World Trade Organization, and the Bank for International Settlements. At least 4 members of the Commission shall be individuals who were officers or employees of the Executive Branch before January 20, 1992 , and not more than half of such 4 members shall have served under Presidents from the same political party. Members shall be appointed for the life of the Commission. Any vacancy in the Commission shall be filled in the same manner as the original appointment was made. the effect of globalization, increased trade, capital flows, and other relevant factors on such institutions; the adequacy, efficacy, and desirability of current policies and programs at such institutions as well as their suitability for respective beneficiaries of such institutions; cooperation or duplication of functions and responsibilities of such institutions; and other matters the Commission deems necessary to make recommendations pursuant to subsection (g). The Commission or, at its direction, any panel or member of the Commission may, for the purpose of carrying out the provisions of this section, hold hearings, sit and act at times and places, take testimony, receive evidence, and administer oaths to the extent that the Commission or any panel or member considers advisable. The Commission may secure directly information that the Commission considers necessary to enable the Commission to carry out its responsibilities under this section. The Commission shall meet at the call of the Chairman. Changes to policy goals set forth in the Bretton Woods Agreements Act [ 22 U.S.C. 286 et seq.] and the International Financial Institutions Act [see Short Title of 1977 Amendment note set out under section 261 of this title ]. Changes to the charters, organizational structures, policies and programs of the international financial institutions (as defined in section 1701(c)(2) of the International Financial Institutions Act [ 22 U.S.C. 262r(c)(2) ]). Additional monitoring tools, global standards, or regulations for, among other things, global capital flows, bankruptcy standards, accounting standards, payment systems, and safety and soundness principles for financial institutions. Possible mergers or abolition of the international financial institutions (as defined in section 1701(c)(2) of the International Financial Institutions Act [ 22 U.S.C. 262r(c)(2) ]), including changes to the manner in which such institutions coordinate their policy and program implementation and their roles and responsibilities. Any additional changes necessary to stabilize currencies, promote continued trade liberalization and to avoid future financial crises. The Commission shall terminate 6 months after the first meeting of the Commission, which shall be not later than 30 days after the appointment of all members of the Commission. Within three months after receiving the report of the Commission under subsection (g), the President of the United States through the Secretary of the Treasury shall report to the appropriate committees on the desirability and feasibility of implementing the recommendations contained in the report. Annually, for three years after the termination of the Commission, the President of the United States through the Secretary of the Treasury shall submit to the appropriate committees a report on the steps taken, if any, through relevant international institutions and international fora to implement such recommendations as are deemed feasible and desirable under paragraph (1).” Adapting the mission and capabilities of the International Monetary Fund to take better account of the increased importance of cross-border capital flows in the world economy and improving the coordination of its responsibilities and activities with those of the International Bank for Reconstruction and Development. integrating aspects of national bankruptcy principles into the management of international financial crises where feasible; and changing investor expectations about official rescues, thereby reducing moral hazard and systemic risk in international financial markets, Improving international economic policy cooperation, including among the Group of Seven countries, to take better account of the importance of cross-border capital flows in the determination of exchange rate relationships. Improving international cooperation in the supervision and regulation of financial institutions and markets. Strengthening the financial sector in emerging economies, including by improving the coordination of financial sector liberalization with the establishment of strong public and private institutions in the areas of prudential supervision, accounting and disclosure conventions, bankruptcy laws and administrative procedures, and the collection and dissemination of economic and financial statistics, including the maturity structure of foreign indebtedness. Advocating that implementation of European Economic and Monetary Union and the advent of the European Currency Unit, or euro, proceed in a manner that is consistent with strong global economic growth and stability in world financial markets.”