text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Debt Relief and IMF Reform Act of 
  1999''.
  
  SEC. 2. CONDITIONS OF APPROVING GOLD SALES BY THE INTERNATIONAL 
                MONETARY FUND.
  
      Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is 
  amended by adding at the end the following: ``No director appointed to 
  represent the United States at the Fund shall vote for any proposal to 
  sell or otherwise convert or liquidate gold, unless--
              ``(1) the Congress has enacted a joint resolution 
          authorizing the approval of the proposal;
              ``(2)(A) the Fund has canceled all debts owed to the Fund 
          by the countries eligible for debt relief under the Heavily 
          Indebted Poor Countries (HIPC) Initiative and Haiti; and
              ``(B) the Secretary of the Treasury, after consultation 
          with the Comptroller General, demonstrates to the Congress that 
          there is no other feasible way to finance the cancellation of 
          such debts, and, if the Comptroller General does not concur, 
          explains to the Congress why any other method of financing 
          suggested by the Comptroller General is not feasible;
              ``(3) the most recent operational budget of the Fund has 
          been published, with any information that could disrupt 
          financial markets or affect adversely the national security of 
          any country redacted, and the publicly available financial 
          statements of the Fund are reorganized and restated in a manner 
          consistent with the Fund's code of good practices, and with the 
          principles of transparency and accountability;
              ``(4) the Congress has enacted a joint resolution 
          certifying that the Fund is in full compliance with the 
          conditions imposed or required to be imposed by title VI of the 
          Foreign Operations, Export Financing, and Related Programs 
          Appropriations Act, 1999 (as contained in section 101(d) of 
          division A of the Omnibus Consolidated and Emergency 
          Supplemental Appropriations Act, 1999 (Public Law 105-277));
              ``(5) the proposal is--
                      ``(A) to sell any gold held by the Fund on the 
                  effective date of the Second Amendment to the Articles 
                  of Agreement of the Fund;
                      ``(B) only to the member countries that were member 
                  countries on August 31, 1975, and Papua New Guinea, and 
                  that agree to purchase the gold;
                      ``(C) in proportion to the quotas of such countries 
                  in the Fund on August 31, 1975;
                      ``(D) in exchange for the currencies of such 
                  countries; and
                      ``(E) at a price of SDR 35 per fine ounce;
              ``(6) the interest accruing on any investment of the 
          residual proceeds to the Fund of the sale will be used for the 
          provision of debt relief for such countries without conditions; 
          and
              ``(7) the official budget of the United States Government 
          displays the costs of United States participation in the Fund, 
          in accordance with the guidelines provided in the President's 
          Commission on Budget Concepts.''.
  
  SEC. 3. END OF UNITED STATES PARTICIPATION IN AND SUPPORT FOR THE 
                ENHANCED STRUCTURAL ADJUSTMENT FACILITY OF THE 
                INTERNATIONAL MONETARY FUND.
  
      (a) Prohibition on Future Funding.--No officer, employee, or agent 
  of the United States may, directly or indirectly, provide any thing of 
  value to the International Monetary Fund for the purpose of providing 
  resources to the Enhanced Structural Adjustment Facility or other 
  concessional lending facility of the International Monetary Fund.
      (b) Veto of Use of Available Funds.--Section 5 of the Bretton Woods 
  Agreements Act (22 U.S.C. 286c) is further amended by adding at the end 
  the following: ``The director appointed to represent the United States 
  at the Fund shall use every effort to terminate the Enhanced Structural 
  Adjustment Facility of the Fund within one year after the date of the 
  enactment of this sentence. No director appointed to represent the 
  United States at the Fund shall vote for any proposal to use resources 
  of the Enhanced Structural Adjustment Facility of the Fund for any 
  purpose, except for a proposal to abolish the Facility, use such 
  resources for debt relief, and return any resources remaining after 
  such use to the General Resources of the Fund.''.
  
  SEC. 4. NO APPROPRIATIONS FOR THE INTERNATIONAL MONETARY FUND UNTIL THE 
                INTERNATIONAL MONETARY FUND HAS CANCELLED ALL DEBTS OWED 
                TO THE FUND BY THE HEAVILY INDEBTED POOR COUNTRIES AND BY 
                HAITI.
  
      Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is 
  further amended by adding at the end the following: ``No amounts may be 
  appropriated for payment to the Fund until the Fund has cancelled all 
  debts owed to the Fund by the countries eligible for debt relief under 
  the Heavily Indebted Poor Countries (HIPC) Initiative and Haiti, and 
  has financed such debt cancellation from ongoing operations, 
  procedures, and accounts of the Fund established as of the end of the 
  most recent fiscal year.''.
  
  SEC. 5. CONDITIONS OF APPROVING QUOTA INCREASE FOR THE INTERNATIONAL 
                MONETARY FUND.
  
      Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is 
  further amended by adding at the end the following: ``No governor or 
  alternate appointed to represent the United States at the International 
  Monetary Fund shall vote for any proposal for any quota increase for 
  the International Monetary Fund, unless, before the proposal was made, 
  the Congress received notice of the proposal and the position of the 
  Executive Branch on the proposal, and the Congress has enacted a joint 
  resolution authorizing the approval of the proposal.''.
  
  SEC. 6. EFFECTIVE DATE.
  
      This Act and the amendments made by this Act shall take effect 60 
  days after the date of the enactment of this Act.
target: Prohibits U.S. officers, employees or agents from providing any thing of value to the IMF for the purpose of providing resources to the Enhanced Structural Adjustment Facility (ESAF) or other concessional lending facility of the IMF. Amends the Bretton Woods Agreements Act to require the U.S. director of the IMF to use every effort to terminate the ESAF.
  Prohibits appropriations for payments to the IMF until it has canceled all debts owed to it by HIPCs and Haiti.
  Prohibits the U.S. governor to the IMF from voting for any proposal for any quota increase for the IMF, unless, before the proposal was made, Congress received notice of the proposal and the position of the Executive Branch on it, and Congress has enacted a joint resolution of approval.
feat_title: Debt Relief and IMF Reform Act of 1999