123STA T . 1 9 19 PUBLIC LA W 111 – 32 —J U NE 2 4, 2 0 09 theS e cr et a r yof the T rea su ry sha l lsu bmi tare p ort to the appro - priate co ng ressional committees analy z ing Special D ra w ing R ights , to inclu d e a discussion of how those countries that significantly use or ac q uire Special Drawing Rights in accordance with A rticle XI X, Section 2( c ) , use or acquire them
the e x tent to which countries experiencing balance of payment difficulties exchange or use their Special Drawing Rights to acquire reser v e currencies; and the manner in which those reserve currencies are acquired when uti- lizing Special Drawing Rights .’ ’. S EC . 1403 . (a) N ot later than 30 days after enactment of this Act, the Secretary of the Treasury, in consultation with the E xecu- tive Director of the W orld B an k and the Executive Board of the International M onetary F und (the Fund), shall submit a report to the appropriate congressional committees detailing the steps taken to coordinate the activities of the World Bank and the Fund to avoid duplication of missions and programs, and steps taken by the Department of the Treasury and the Fund to increase the oversight and accountability of the Fund’s activities. (b) For the purposes of this title, ‘ ‘appropriate congressional committees’’ means the C ommittees on Appropriations, Banking, H ousing, and U rban Affairs, and Foreign Relations of the Senate, and the Committees on Appropriations, Foreign Affairs, and Finan- cial Services of the House of Representatives. (c) In the next report to Congress on international economic and exchange rate policies, the Secretary of the Treasury shall
(1) report on ways in which the Fund’s surveillance function under Article I V could be enhanced and made more effective in terms of avoiding currency manipulation; (2) report on the feasibility and usefulness of publishing the Fund’s internal calculations of indicative exchange rates; and (3) provide recommendations on the steps that the Fund can take to promote global financial sta- bility and conduct effective multilateral surveillance. (d) The Secretary of the Treasury shall instruct the United States Executive Director of the International Monetary Fund to use the voice and vote of the United States to oppose any loan, pro j ect, agreement, memorandum, instrument, plan, or other pro- gram of the Fund to a Heavily Indebted P oor Country that imposes budget caps or restraints that do not allow the maintenance of or an increase in governmental spending on health care or edu- cation; and to promote government spending on health care, edu- cation, food aid, or other critical safety net programs in all of the Fund’s activities with respect to Heavily Indebted Poor Coun- tries. SEC. 1404. Title XVI of the International Financial Institutions Act (22 U.S.C. 2 6 2p – 262p– 8 ) is amended by adding at the end the following: ‘‘The Secretary of the Treasury shall instruct the United States Executive Director at each of the International Finan- cial Institutions (as defined in section 1 7 01(c)(2) of this Act) to use the voice and vote of the United States to oppose the provision of loans or other use of the funds of the respective institution to any country the government of which the Secretary of State has determined, for purposes of section 6(j) of the Export Adminis- tration Act of 1 9 79, section 620A of the Foreign Assistance Act of 1961, or section 40 of the Arms Export Control Act, to be a government that has repeatedly provided support for acts of international terrorism.’’. 2 2 USC 2 6 2 p–1 1 .Recom me nda-ti on s . D e f inition. Dead l ine. Cons u ltation. Repo r ts.
