You will note this bill has not yet passed. Until such time that it has passed, the IMF & World Bank (section 7) Advisory Commission is NOT in place. Without this key reform(or some other major structural reform) it can well be called TWR!
H.R.5085
IMF Reform Act of 2000 (Introduced in the House)
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`SEC. 1626. PROTECTION AGAINST HARMFUL IMF AND WORLD BANK POLICIES.
`(a) IN GENERAL- In order to protect against harmful International Monetary Fund (IMF ) and International Bank for Reconstruction and Development (World Bank) policies in eligible poor countries the Congress urges the President to commence immediate efforts, within the Paris Club of Official Creditors, as well as the World Bank, the IMF , and other appropriate multilateral development institutions to accomplish the following:
`(1) The IMF and the World Bank shall not impose, encourage, approve of, or endorse any government policy which has the intention or effect of reducing access to basic social services, including health, education, nutrition, clean water, and sanitation.
`(2) The IMF and the World Bank shall not impose, encourage, approve of, or endorse any government policy which has the intention or effect of undermining the ability of workers to exercise their internationally recognized worker rights. For purposes of this section, the term `internationally recognized worker rights' has the meaning given that term in section 502(a)(4) of the Trade Act of 1974.
`(3) The IMF and the World Bank shall not impose, encourage, approve of, or endorse any government policy which has the intention or effect of damaging local small-scale enterprises and farms.
`(4) The IMF and the World Bank shall not impose, encourage, approve of, or endorse any government policy which has the intention or effect of degrading the environment.
`(5) The IMF and the World Bank shall not impose, encourage, approve of, or endorse any government policy which has the intention or effect of undermining democracy, including free and fair elections; civilian control of military, law enforcement and security forces; the rule of law, equality before the law and respect for individual and minority rights; and freedom of speech, publication, and association.
`(b) REPORT TO THE CONGRESS- Not later than December 31 of each year, the President shall submit to the Committees on Banking and Financial Services and on International Relations of the House of Representatives and the Committees on Foreign Relations and on Banking, Housing, and Urban Affairs of the Senate a report, which shall be made available to the public, on the activities undertaken under this section, and other progress made in accomplishing the purposes of this section, for the prior fiscal year.'.
SEC. 5. PROHIBITION OF STRUCTURAL ADJUSTMENT PROGRAMS.
(a) PROHIBITION OF STRUCTURAL ADJUSTMENT CONDITIONS- In order to promote human and economic development and poverty alleviation in eligible countries the Congress urges the President to commence immediate efforts, within the Paris Club of Official Creditors, as well as the International Bank for Reconstruction and Development (World Bank), the International Monetary Fund (IMF ), and other appropriate multilateral development institutions to accomplish the following: The provision of debt cancellation to poor countries shall not be conditioned on any country adopting or implementing any structural adjustment program. In this section, the term `structural adjustment program' means any structural adjustment program of the Enhanced Structural Adjustment Facility (ESAF) or its successors, any structural adjustment program operated or overseen by the IMF or the World Bank, or any other program of the IMF .
(b) REPORT TO THE CONGRESS- Not later than December 31 of each year, the President shall submit to the Committees on Banking and Financial Services and on International Relations of the House of Representatives and the Committees on Foreign Relations and on Banking, Housing, and Urban Affairs of the Senate a report, which shall be made available to the public, on the activities undertaken under this section, and other progress made in accomplishing the purposes of this section, for the prior fiscal year.
SEC. 6. ELIGIBLE POOR COUNTRIES.
In this Act, the term `eligible poor countries' means any poor country which has a functioning democratic government and which is among the entities identified by Jubilee 2000 UK as needing significant debt cancellation, including Angola, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Democratic Republic of Congo, Republic of Congo, Cote d'Ivoire, Equatorial Guinea, Ethiopia, Ghana, Guinea, Guniea-Bissau, Guyana, Honduras, Kenya, Lao PDR, Liberia, Madagascar, Malawi, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, Vietnam, Yemen, Zambia, Bangladesh, Cambodia, Gambia, Haiti, Jamaica, Morocco, Nepal, Nigeria, Peru, Philippines, and Zimbabwe.
SEC. 7. ADVISORY COMMISSION; INTERNATIONAL DEBT CONFERENCE.
(a) ADVISORY COMMISSION-
(1) ESTABLISHMENT- The Secretary of the Treasury shall establish an International Debt Advisory Commission (in this section referred to as the `Commission').
(2) DUTIES- The Commission shall--
(A) conduct a study of--
(i) the debts owed to the international financial institutions (as defined in section 1701(c)(2) of the International Financial Institutions Act), the servicing of which prevents the governments of developing countries from providing that their citizens have access to basic education and health care;
(ii) the debts owed to the international financial institutions as a result of lending for projects or policies now acknowledged by the international financial institutions to be economic failures;
(iii) the ecological damage that has resulted from lending to developing countries by international financial institutions; and
(iv) excess mortality and morbidity in developing countries since 1982 as a result of the implementation of `structural adjustment' policies designed by the international financial institutions; and
(B) make recommendations concerning how the debt crisis may be definitively resolved and such crises be averted in the future, which recommendations may include proposals to remove the international financial institutions from their central role in managing international debt, and to institute mechanisms in debtor and creditor countries to deter the accumulation of unsustainable debt.
(3) MEMBERSHIP-
(A) IN GENERAL- The Commission shall be composed of 12 members, as follows:
(i) 3 members appointed by the Speaker of the House of Representatives.
(ii) 3 members appointed by the majority leader of the Senate.
(iii) 3 members appointed by the minority leader of the House of Representatives.
(iv) 3 members appointed by the minority leader of the Senate.
(B) DEADLINE FOR APPOINTMENTS- All appointments to the Commission shall be made not later than 45 days after the date of the enactment of this Act.
(C) TERM OF OFFICE- Members of the Commission shall be appointed for the life of the Commission.
(D) VACANCIES- Any vacancy in the Commission shall be filled in the same manner as the original appointment was made.
(E) NO PAY- Members of the Commission shall serve without pay.
(F) TRAVEL EXPENSES- Members of the Commission shall receive travel expenses, including per diem in lieu of subsistence, in accordance with sections 5702 and 5703 of title 5, United States Code.
(G) CHAIRMAN- 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 member of the Commission to serve as Chairman of the Commission.
(4) STAFF-
(A) IN GENERAL- The Commission may appoint and fix the pay of additional personnel as the Commission considers appropriate.
(B) EXPERTS AND CONSULTANTS- The Commission may procure temporary and intermittent services under section 3109(b) of title 5, United States Code.
(5) POWERS-
(A) HEARINGS AND SESSIONS- The Commission may, for the purpose of carrying out this subsection, hold hearings, sit and act at times and places, take testimony, and receive evidence as the Commission considers appropriate. The Commission may administer oaths or affirmations to witnesses appearing before it.
(B) POWERS OF MEMBERS AND AGENTS- Any member or agent of the Commission may, if authorized by the Commission, take any action which the Commission is authorized to take by this subsection.
(C) MAILS- The Commission may use the United States mails in the same manner and under the same conditions as other departments and agencies of the United States.
(D) OBTAINING OFFICIAL INFORMATION- The Commission may secure directly information that the Commission considers necessary to enable the Commission to carry out its responsibilities under this Act. Upon request of the Chairperson of the Commission, the head of that department or agency shall furnish that information to the Commission.
(E) ADMINISTRATIVE SUPPORT SERVICES- Upon the request of the Commission, the Administrator of General Services shall provide to the Commission, on a reimbursable basis, the administrative support services necessary for the Commission to carry out its responsibilities under this Act.
(6) REPORT- Within 180 days after the date of the enactment of this Act, the Commission shall submit to the Committees on Banking and Financial Services and on International Relations of the House of Representatives and the Committees on Foreign Relations and on Banking, Housing, and Urban Affairs of the Senate a written report on--
(A) whether the International Monetary Fund (IMF ) has canceled the debts owed to it by the eligible poor countries;
(B) whether new IMF lending to such countries has ceased; and
(C) the role, if any, the IMF is playing in these countries.
(7) TERMINATION- 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.
(b) INTERNATIONAL DEBT CONFERENCE- Not later than 180 days after the Commission submits the report required by subsection (a)(6), the President of the United States shall call for a conference of representatives of the governments of the member countries of the IMF and the International Bank for Reconstruction and Development (World Bank) to consider and enact proposals for resolution of the international debt crisis, and to consider and enact proposals to prevent recurrence of international debt crises, including such recommendations as are proposed by the Commission pursuant to subsection (a).
SEC. 8. CONDITIONAL BAN ON PROVIDING FUNDS TO THE IMF .
(a) IN GENERAL- None of the funds appropriated in any Act may be obligated or made available to the International Monetary Fund (IMF ) unless--
(1) the IMF has cancelled all debts owed to it by eligible poor countries as described in the amendment made by section 3 of this Act;
(2) the IMF has taken actions to protect eligible poor countries against harmful IMF policies as described in the amendment made by section 4 of this Act;
(3) the IMF has terminated its involvement in the Enhanced Structural Adjustment Facility and its successors and has ceased to condition debt relief on implementation of structural adjustment programs as described in section 5 of this Act; and
(4) the Secretary of the Treasury has certified to the Congress that the conditions referred to in paragraphs (1), (2), and (3) have been met.
(b) LIMITATION- Subsection (a) shall not apply to any funds appropriated to provide debt relief to poor countries.
SEC. 9. PROHIBITION ON CERTAIN ACTIONS BY UNITED STATES GOVERNMENT OFFICIALS RELATING TO ELIGIBILITY FOR UNITED STATES BILATERAL ASSISTANCE OR LOAN PROGRAMS.
Notwithstanding any other provision of law, no officer or employee of the United States Government may require, as a condition of eligibility of a country for United States bilateral assistance or loan programs, that--
(1)(A) the country have an agreement with the International Monetary Fund (IMF ) or the International Bank for Reconstruction and Development (World Bank); or
(B) in the judgment of IMF or World Bank officials, the country have adhered to past agreements with the IMF or World Bank; or
(2) the country have adopted a particular economic policy, unless this requirement has been specifically approved by the Congress.
SEC. 10. DELINKING WORLD BANK CONDITIONS FROM IMF CONDITIONS.
(a) POSITION OF THE UNITED STATES- The Secretary of the Treasury shall instruct the United States Executive Director at the International Bank for Reconstruction and Development (World Bank) to vote to oppose the linkage of World Bank loans to policy conditions designed by the International Monetary Fund, and to use the voice and influence of the United States to urge the other executive directors at the World Bank from other countries to oppose such linkage.
(b) CONDITIONAL BAN ON PROVIDING FUNDS TO THE WORLD BANK- None of the funds appropriated in any Act enacted after the enactment of this Act, including appropriations for callable capital, may be obligated or made available to the World Bank unless the World Bank has ceased conditioning its loans on whether a country has an agreement with the International Monetary Fund (IMF ), or whether in the judgment of IMF officials such country has adhered to an agreement with the IMF . The preceding sentence shall not apply to any funds appropriated to provide debt relief to poor countries, or to provide resources for the International Development Association.
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