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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: IceShark who wrote (34861)	4/20/1999 9:08:00 AM
From: Lucretius	Respond to of 86076

yep

To: IceShark who wrote (34861)	4/20/1999 9:11:00 AM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Had they done this prior to Slick taking office, I betcha he would have been removed by now! -ng- <<REFORM OF EXCHANGE STABILIZATION FUND READIED -- Openness and Accountability Would Be Mandated -- WASHINGTON, D.C. – Legislation reforming the Treasury's Exchange Stabilization Fund (ESF), the ESF Transparency and Accountability Act, is being readied for introduction, Vice Chairman Jim Saxton of the Joint Economic Committee (JEC) announced today. The ESF was established in 1934 at a time when the dollar was pegged to gold, but has survived into the current era of flexible exchange rates despite its lack of clear objectives and its secretive operations. "This legislation will end the legacy of secrecy and obscurity at the ESF," Saxton said. "We need this kind of secrecy in our nuclear weapons programs, not in our international economic policy. The ESF is an important part of U.S. international economic policy, but most Americans have never heard of it. The American people have the right to know how billions of their tax dollars are being used. "Excessive secrecy is part of an even larger problem: the lack of accountability to Congress or the American people. Although it is part of the U.S. government, the ESF and its operations are not subject to Congressional appropriations or approval. The executive branch has virtually exclusive control of the ESF, its policies and its operations. My legislation would change this unhealthy lack of balance in economic policy. "The new ESF reform legislation will mandate transparency by requiring the public release of monthly statements from the ESF disclosing its finances, operations, policies, and any related monthly changes. Exceptions will be provided for information that is market-sensitive or related to national security. "The ESF reform also would require Congressional approval for any use of the ESF in excess of $1 billion, except in certain cases when the President provides a public written certification that an imminent and serious danger to international financial markets exists. This would help restore needed balance in international economic policy and facilitate effective Congressional oversight. The legislation would also limit the authority to monetize the special drawing rights (SDRs) of the International Monetary Fund (IMF) held in the ESF. >> house.gov