text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``IMF Reform Act of 2000''.
  
  SEC. 2. REFORMS OF THE INTERNATIONAL MONETARY FUND.
  
      (a) In General.--The Bretton Woods Agreements Act (22 U.S.C. 286-
  286nn) is amended by adding at the end the following:
  
  ``SEC. 63. REFORMS OF THE INTERNATIONAL MONETARY FUND.
  
      ``(a) Annual Reports.--
              ``(1) Contents.--The Secretary of the Treasury shall submit 
          annually to the Committee on Banking and Financial Services of 
          the House of Representatives and the Committee on Foreign 
          Relations of the Senate a written report on whether the Fund 
          has complied with the requirements of subsection (b) throughout 
          the 12-month period covered by the report. If, during such 
          period, the Fund has instituted a quota increase, the report 
          shall document the reasons why it is not feasible for the Fund 
          to obtain sufficient funds from the private sector.
              ``(2) Effects of failure to submit report or failure to 
          certify imf compliance with requirements.--If the Secretary of 
          the Treasury fails to submit the report for a 12-month period 
          before the beginning of the first fiscal year that begins after 
          the end of the 12-month period, or if the report submitted 
          pursuant to this section fails to comply with the preceding 
          sentence or fails to certify that the Fund has complied with 
          each requirement of subsection (b) throughout the 12-month 
          period, then subsection (c) shall apply for such fiscal year.
      ``(b) Requirements.--The requirements of this subsection are the 
  following:
              ``(1) Market interest rates.--The Fund is prohibited from 
          charging, and does not charge, interest on any loan unless the 
          interest rate is--
                      ``(A) except as provided in subparagraph (B), 
                  comparable to the rates of interest in the financial 
                  markets, adjusted for risk; and
                      ``(B) is not less than 400 basis points greater 
                  than the London InterBank Offered Rate.
              ``(2) 1-year loan maturity.--The Fund is prohibited from 
          making, and has not made, a loan with a maturity of more than 1 
          year after the date on which made.
              ``(3) Loans only to address currency crises.--The Fund is 
          prohibited from making, and does not make, a loan except for 
          the purpose of addressing a currency crisis.
              ``(4) Termination of esaf.--The Fund has abolished the 
          Enhanced Structural Adjustment Facility of the Fund.
              ``(5) Release and reorganization of operational budgets.--
          The Fund is required to, and does, publish each operational 
          budget of the Fund, with any information that could disrupt 
          financial markets or affect adversely the national security of 
          any country redacted, and is required to, and does, reorganize 
          and restate the publicly available financial statements of the 
          Fund in a manner consistent with the Fund's code of good 
          practices, and with the principles of transparency and 
          accountability.
              ``(6) No loans for countries falsifying loan documents.--
          The Fund is prohibited from making, and has not made, a loan to 
          or for the benefit of the government of any country which the 
          Secretary of the Treasury or the Fund has found during the 
          preceding 5 years to have falsified any item of information on 
          any loan documentation submitted to the Fund. In addition, the 
          Fund is required to institute, and has implemented, accounting 
          controls and safeguards to curb potential misuse of loans by 
          borrowers, and in any case in which the controls and safeguards 
          are considered insufficient to prevent such a misuse, the Fund 
  is prohibited from making, and has not made, a loan.
              ``(7) Exhaustion of opportunities for private borrowing 
          before instituting quota increase.--The Fund is required to 
          exhaust, and has exhausted, all feasible opportunities to 
          borrow from the private sector before instituting a quota 
          increase for the member countries of the Fund.
      ``(c) Withdrawal of Authority To Make Loans to the Fund; Reduction 
  of Reserve Tranche Position of the United States.--If this subsection 
  applies for a fiscal year--
              ``(1) the Secretary of the Treasury may not make a loan 
          under section 17 during the fiscal year; and
              ``(2) the Secretary of the Treasury shall cause the reserve 
          tranche position of the United States at the Fund to be 
          maintained at a level that is not more than $5,000,000,000 less 
          than the lesser of--
                      ``(A) in the case of the first fiscal year for 
                  which this subsection applies, the level of the reserve 
                  tranche position immediately before this subsection 
                  applies; or
                      ``(B) in the case of any other fiscal year, the 
                  level at which this subsection required the reserve 
                  tranche position to be maintained during the most 
                  recent prior fiscal year for which this subsection 
                  applied.''.
      (b) Effective Date.--The amendment made by this section shall take 
  effect 3 years after the date of the enactment of this section.
  
  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, or supporting the activities of 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 and return any 
  remaining resources to the member countries of the Fund in proportion 
  to the quotas of such countries during calendar year 1975, or to 
  General Resources of the Fund.''.
target: Declares that the Secretary, if he or she fails to report or if the report fails to certify that the Fund has complied with the requirements of this Act, shall: (1) not make any foreign loans; and (2) cause the reserve tranche position of the United States at the Fund to be maintained at a certain level.
  Prohibits any U.S. officer or employee from providing any thing of value to the Fund for the purpose of providing resources to, or supporting the activities of the Facility or any other concessional lending facility of the Fund. Requires the U.S. director at the Fund to use every effort to terminate the Enhanced Structural Adjustment Facility.
feat_title: IMF Reform Act of 2000