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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1257 "(III) the lack of progress in negotiations to reduce or elimi- nate export credit subsidies. "(ii) Not later than April 15 of each year, the President of the United States shall transmit to the Congress a report on such determination. "(B)(i) If the President of the United States finds that the amount of direct loan authority or guarantee authority available to the Bank for the fiscal year involved exceeds the amount which will be necessary to carry out the Bank's functions consistent with the availability of qualified applications and limitations imposed by law during such year, the President of the United States shall promptly transmit to the Congress a request for legislation to eliminate the amount of such excess direct loan, loan guarantee, or insurance authority. "(ii) The Bank shall continue to make remaining amounts of its authority available for the fiscal year involved, in accordance with its practices and the requirements of this Act, unless otherwise directed pursuant to law.. Transmittal to Congress. Presidential request for legislation to Congress. EXPORTS OF SERVICES SEC. 616. (a) Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is amended— (1) in the second sentence of subsection (a)(D, by inserting "and services" after "exchange of commodities"; (2) in the second sentence of subsection (b)(l)(A), by inserting "of goods and services" after "exports"; and (3) by inserting after subsection (b)(l)(C) the following: "(D)(i) It is further the policy of the United States to foster the delivery of United States services in international commerce. In exercising its powers and functions, the Bank shall give full and equ£d consideration to making loans and providing guarantees for the export of services (independently, or in conjunction with the export of msuiufactured goods, equipment, hardware or other capital goods) consistent with the Bank s policy to neutralize foreign subsi- dized credit competition and to supplement the private capital market. "(ii) The Bank shall include in its annual report a summary of its programs regarding the export of services.". (b) Section 206 of the Export Trading Company Act of 1982 (Public Law 97-290) is amended— (1) by striking out "or" after "export accounts receivable" and inserting in lieu thereof a comma; and (2) by inserting after "exportable goods," the following: "ac- counts receivable from leases, performance contracts, grant commitments, participation fees, member dues, revenue from publications, or such other collateral as the Board of Directors may deem appropriate,". 12 USC 635a-4. COMPETITIVE INSURANCE SEC. 617. Section 2 of the Export-Import Bank Act of 1945 (12 U.S.C. 635) is amended by adding at the end thereof the following: "(d)(1) In carrying out its responsibilities under this Act, the Bank shall work to ensure that United States companies are afforded an equal and nondiscriminatory opportunity to bid for insurance in connection with transactions assisted by the Bank.

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 97 STAT. 1258 PUBLIC LAW 98-181—NOV. 30, 1983 "(2) In furtherance of such effort, the Chairman of the Bank shall review Bank policies and programs in regard to this issue, and in coordination with the United States Trade Representative and the appropriate agencies of the Department of State, the Department of the Treasury, and the Department of Commerce, undertake actions designed to promote equal and nondiscriminatory opportunities to bid for insurance in connection with all aspects of international trade activities. Bank report to "(3) The Bank shall report to the Committee or Banking, Finance congressional £^J^(J Urban Affairs of the House of Representatives and the Commit- tee on Banking, Housing, and Urban Affairs of the Senate not later than May 15, 1984, regarding— "(A) the existing obstacles to equal and nondiscriminatory bidding for insurance related to transactions assisted by the Bank; "(B) the efforts that the Bank has taken in addressing such problems; and "(C) recommendations for such legislative or administrative actions as the Bank considers necessary.". SMALL BUSINESS NEEDS SEC. 618. (a) Section 2(b)(l) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(l)) is amended— (1) in subparagraph (B), by striking out "that the Bank shall give due recognition to the policy stated in section 2(a) of the Small Business Act" and all that follows through "the Small Business Administration and other departments and agencies in matters affecting small business concerns;"; and Ante, p. 1257. (2) by adding at the end thereof the following: "(E)(i)(1) It is further the policy of the United States to encourage the participation of small business in international commerce. "(II) In exercising its authority, the Bank shall develop a program which gives fair consideration to making loans and providing guar- antees for the export of goods and services by small businesses, "(ii) It is further the policy of the United States that the Bank shall give due recognition to the policy stated in section 2(a) of the 15 USC 631. Small Business Act that 'the Government should aid, counsel, assist, and protect, insofar as is possible, the interests of small business concerns in order to preserve free competitive enterprise'. "(iii) In furtherance of this policy, the Board of Directors shall designate an officer of the Bank who— "(I) shall be responsible to the President of the Bank for all matters concerning or affecting small business concerns; and "(II) among other duties, shall be responsible for advising small business concerns of the opportunities for small business concerns in the functions of the Bank and for maintaining liaison with the Small Business Administration and other departments and agencies in matters affecting small business concerns. "(iv) The Director appointed to represent the interests of small Ante, pp. 1255, business under section 3(c) of this Act shall ensure that the Bank ^^^^- carries out its responsibilities under clauses (ii) and (iii) of this subparagraph and that the Bank's financial and other resources are, to the maximum extent possible, appropriately used for small busi- ness needs.

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Page:United States Statutes at Large Volume 97.djvu/1291

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1259 "(v) To assure that the purposes of clauses (i) and (ii) of this subparagraph are carried out, the Bank shall make available, from the aggregate loan, guarantee, and insurance authority available to it, an amount to finance exports by small business concerns (as defined under section 3 of the Small Business Act) which shall be not less than— "(I) 6 per centum of such authority for fiscal year 1984; "(II) 8 per centum of such authority for fiscal year 1985; and "(III) 10 per centum of such authority for fiscal year 1986 and thereafter. "(vi) The Bank shall utilize the amount set aside pursuant to clause (v) of this subparagraph to offer financing for small business exports on terms which are fully competitive with regard to interest rates and with regard to the portion of financing which may be provided, guaranteed, or insured. Financing under this clause (vi) shall be available without regard to whether financing for the particular transaction was disapproved by any other Federal agency. "(viiXD The Bank shall utilize a part of the amount set aside pursuant to clause (v) to provide lines of credit or guarantees to consortia of small or medium size banks, export trading companies, State export finance agencies, export financing coop|eratives, small business investment companies (as defined in section 103 of the Small Businss Investment Act of 1958), or other financing institu- tions or entities in order to finance small business exports. "(II) Financing under this clause (vii) shall be made available only where the consortia or the participating institutions agree to under- take processing, servicing, and credit evaluation functions in con- nection with such financing. "(Ill) To the maximum extent practicable, the Bank shall delegate to the consortia the authority to approve financing under this clause (vii). "(IV) In the administration of the program under this clause (vii), the Bank shall provide appropriate technical assistance to partici- pating consortia and may require such consortia periodically to furnish information to the Bank regarding the number and amount of loans made and the creditworthiness of the borrowers. "(viii) In order to assure that the policy stated in clause (i) is carried out, the Bank shall promote small business exports and its small business export financing programs in cooperation with the Secretary of Commerce, the Office of International Trade of the Small Business Administration, and the private sector, particularly small business organizations. State agencies, chambers of commerce, banking organizations, export management companies, export trad- ing companies, and private industry.'. (b) Section 9 of such Act (12 U.S.C. 635g) is amended— (1) in the first sentence of subsection (b), by inserting before the period at the end thereof the following: and of the activi- ties of the member of the Board appointed to represent the interests of small business"; and (2) by adding at the end thereof the following: "(c)(l) The Bank shall include in its annual report to the Congress a report on the allocation of the sums set aside for small business exports pursuant to section 2(b)(l)(E). (2) Such report shall specify— "(A) the total number and dollar volume of loans made from the sums set aside; Financing. 15 USC 632. 15 USC 662. Annual report to Congress. Ante, p. 1258.

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 97 STAT. 1260 PUBLIC LAW 98-181—NOV. 30, 1983 Ante, p. 1258. Transmittal to congressional committees. Ante, p. 1258. "(B) the number and dollar volume of loans made through the consortia program under section 2(b)(l)(E)(vii); "(C) the amount of guarantees and insurance provided for small business exports; "(D) the number of recipients of financing from the sums set aside who have not previously participated in the Bank's programs; "(E) the number of commitments entered into in amounts less than $500,000; and "(F) any recommendations for increasing the participation of banks and other institutions in the programs authorized under section 2(b)(l)(E). "(3) For the purpose of this subsection, the Bank's report shall be transmitted to the Committee on Small Business of the Senate and the Committee on Small Business of the House of Representatives.". (c) Section 20t)Xl) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(l)) is amended by adding at the end thereof the following: "(F) Consistent with international agreements, the Bank shall urge the Foreign Credit Insurance Association to provide coverage against 100 per centum of any loss with respect to exports having a value of less than $100,000.". SPECIAL FACILITIES IN SUPPORT OF UNITED STATES EXPORTS SEC. 619. (a) The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended by adding at the end thereof the following: SPECIAL FACILITIES IN SUPPORT OF UNITED STATES EXPORTS 12 USC 635i-l. "SEC. 13. The Bank is authorized to establish general facilities consisting of guarantees and insurance in support of export transac- tions to Brazil in the aggregate amount of $1,500,000,000 and to Mexico in the aggregate amount of $500,000,000. No such guarantees may be made, or insurance issued, after March 31, 1985.". (b) The first sentence of section 2(b)(3) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(3)) is amended by inserting "or general guarantee or insurance facility" after "no loan or financial guarantee". (c) Section 2(b)(3)(A) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(3)(A)) is amended to read as follows: "(A) in the case of a loan or financial guarantee— "(i) a brief description of the purposes of the transaction; "(ii) the identity of the party or parties requesting the loan or financial guarantee; "(iii) the nature of the goods or services to be exported and the usc for which the goods or services are to be exported; and '(iv) in the case of a general guarantee or insurance facility— "(I) a description of the nature and purpose of the facility; "(II) the total amount of guarantees or insurance; and "(III) the reasons for the facility and its methods of operation; and". (d) Section 2(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)) is amended—

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16 S. Gabriel, which I passed in the middle of that day. The bailiff or steward seemed to keep an open house for the benefit of travellers: a temporary meal was immediately provided; and, afterwards, a handsome supper in one of the upper apartments, at which the family attended. There was a great choice of rooms, and my bed was made up at a distance from the more inhabited part, at the end of a long suite; my servants were accommodated in a room at a little distance, but after the doubts and perplexities I was suffering under respecting the unaccountable abstraction of the doubloons, I hardly knew whether to consider myself the safer for their company. The under-servant had been one of the grooms at San Cosme, a fine athletic fellow, but exceedingly demure and almost stupid in his demeanour; he had so often and so anxiously requested of the Major Domo permission to accompany me, that I at last assented. I thought, this evening, on my retiring to rest, that he evinced something


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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1261 (1) by redesignating paragraph (8) as paragraph (9); (2) by redesignating paragraph (7), the second time it appears therein, as paragraph (8); and (3) by adding at the end thereof the following: "(lOXA) The Bank shall not, without a specific authorization by law, guarantee, insure, or extend credit (or participate in the exten- sion of credit) to— "(i) assist specific countries with balance of payments financing; or "(ii) assist (as the primary purpose of any such guarantee, insurance, or credit) any country in the management of its international indebtedness, other than its outstanding obli- gations to the Bank. "(B) Nothing contained in subparagraph (A) shall preclude guarantees, insurance, or credit the primary purpose of which is to support United States exports.". TECHNICAL AMENDMENTS SEC. 620. (a) Section 2(b)(4) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(4)) is amended by striking out "he" wherever it appears and inserting in lieu thereof "the Secretary". (b) Section 3(e) of the Export-Import Bank Act of 1945 (12 U.S.U. 635a(e)) is amended— (1) by striking out "his" and inserting in lieu thereof "such individual's"; and (2) by striking out "he" and inserting in lieu thereof "such individual". (c) Section 4 of the Export-Import Bank Act of 1945 (12 U.S.C. 635b) is amended by striking out "he" and inserting in lieu thereof "the President". (d) Section 7(b) of the Export-Import Bank Act of 1945 (12 U.S.C. 635e(b)) is amended by striking out "he" wherever it appears and inserting in lieu thereof "the President". CAPITAL LEVEL OF THE BANK SEC. 621. The Export-Import Bank Act of 1945 (12 U.S.C. 635 et seq.) is amended by adding at the end thereof the following: CAPITAL LEVEL OF THE BANK "SEC. 14. After fiscal year 1983, if at the end of any fiscal quarter the value of the total capital stock and retained earnings of the Bank falls below 50 per centum of the value of the total capital stock and retained earnings of the Bank at the end of fiscal year 1983, the Board of Directors shall notify the Congress of the decrease in the level of the capital stock of the Bank not later than thirty days after the end of the fiscal quarter involved and the Congress shall take appropriate action.". Notification of Congress. 12 USC 635i-2. MEDIUM-TERM FINANCING SEC. 622. Section 2(a) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(a)) is amended by adding at the end thereof the following:

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 97 STAT. 1262 PUBLIC LAW 98-181—NOV. 30, 1983 "(2) In order for the Bank to be competitive in all of its financing programs with countries whose exports compete with United States exports, the Bank shall establish a program that— "(A) provides medium-term financing where necessary to be fully competitive— "(i) at rates of interest to the customer which are equal to rates established in international agreements; and "(ii) in amounts up to 85 percent of the total cost of tbp exports involved; and "(B) enables the Bank to cooperate fully with the Secretary of Commerce and the Administrator of the Small Business Admin- istration to develop a program for purposes of disseminating information (using existing private institutions) to small busi- ness concerns regarding the medium-term financing provided under this paragraph.". REPORT TO CONGRESS SEC. 623. Section 9 of the Export-Import Bank Act of 1945 (12 Ante, p. 1259. U.S.C. 635g) is amended by adding at the end thereof the following: "(d)(1) The report shall include a detailed description of all actions which have been taken by the Bank or which will be taken by the Bank— "(A) to maintain the competitive position of key linkage industries in the United States; "(B) to support industries which are engaged in the export of high value added products; '(C) to support industries which are engaged in the develop- ment of new capital goods technology; "(D) to preserve and create high skilled jobs in the United States economy; and "(E) to enhance the opportunity for growth and expansion of small businesses and entrepreneurial enterprises. "(2) Such report shall include the comments of the Advisorv Committee regarding the objectives specified in paragraph (1).'. PART B—MATCHING CREDITS MATCHING CREDITS SEC, 631. Section 1912 of the Export-Import Bank Act Amend- 12 USC 635a-3. ments of 1978 is amended— (1) by adding at the end of subsection (a)(1) the following: "The inquiry, and where appropriate, the determination and authori- zation to the Export-Import Bank of the United States referred to in this section shall be completed and made within 60 days of the receipt of such information."; and (2) in subsection (b)(D, by striking out "determining factor" and inserting in lieu thereof "significant factor". REPORT SEC. 632. Section 1911 of the Export-Import Bank Act Amend- 12 USC 635a-2. ments of 1978 is amended by adding at the end thereof the following: "After October 1, 1983, there are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.".

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1263 TECHNICAL AMENDMENT SEC. 633. (a) Section 1912(b) of the Export-Import Bank Act Amendments of 1978 is amended by strking out "he" and inserting in lieu thereof "the Secretary". (b) Section 1912(a)(2) of the Export-Import Bank Act Amendments of 1978 is amended by striking out "he" and inserting in heu thereof "the Secretary". PART C—TIED AID CREDIT EXPORT SUBSIDIES SHORT TITLE SEC. 641. This part may be referred to as the "Trade and Develop- ment Enhancement Act of 1983". 12 USC 635a-3. Trade and Development Enhancement Act of 1983. 12 USC 635o note. STATEMENT OF PURPOSE SEC. 642. The purpose of this part is— (1) to expand employment and economic growth in the United States by expanding United States exports to the markets of the developing world; (2) to stimulate the economic development of countries in the developing world by improving their access to credit for the importation of United States products and services for develop- mental purposes; (3) to neutralize the predatory financing engaged in by many nations whose exports compete with United States exports, and thereby restore export competition to a market basis; and (4) to encourage foreign governments to enter into effective and comprehensive agreements with the United States to end the use of tied aid credits for exports, and to limit and govern the use of export credit subsidies generally. 12 USC 635o. NEGOTIATING MANDATE SEC. 643. The President shall vigorously pursue negotiations to limit and set rules for the use of tied aid for exports. The negotiating objectives of the United States should include reaching agreements— (1) to define the various forms of tied aid credit, particularly mixed credits under the Arrangement on Guidelines for Offi- cially Supported Export Credits established through the Organi- zation for Economic Cooperation and Development (hereinafter in this part referred to as the "Arrangement'); (2) to phase out the use of government-mixed credits by a date certain; (3) to set rules governing the use of public-private cofinancing, or other forms of mixed financing, which may have the same result as government-mixed credits of drawing on concessional development assistance to produce subsidized export financing; (4) to raise the threshold for notification of the use of tied aid credit to a 50 per centum level of concessionality; (5) to improve notification procedures so that advance notifi- cation must be given on all uses of tied aid credit; and (6) to prohibit the use of tied aid credit for production facili- ties for goods which are in structural oversupply in the world. Presidential action. 12 USC 635p.

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 97 STAT. 1264 PUBLIC LAW 98-181—NOV. 30, 1983 12 USC 635q. Cooperation with AID. Program inclusions. Congressional financing or gra nts. ESTABLISHMENT OF A TIED AID CREDIT PROGRAM IN THE UNITED STATES EXPORT-IMPORT BANK SEC. 644. (a)(1) The Chairman of the Export-Import Bank of the United States shall establish, within the Export-Import Bank of the United States, a program of tied aid credits for United States exports. (2) The program shall be carried out in cooperation with the Agency for International Development and with private financial institutions or entities, as appropriate. (3) The program may include— (A) the combined use of the credits, loans, or guarantees offered by the Export-Import Bank of the United States with concessional financing or grants offered by the Agency for International Development, by methods including the blending of the financing of, or parallel financing by, the Bank and the Agency for International Development; and (B) the combined use of credits, loans, or guarantees offered by the Bank, with financing offered by private financial institu- tions or entities, by methods including the blending of the financing of, or parallel financing by, the Bank and private institutions or entities. (b) The purpose of the tied aid credit program under this section is to offer or arrange for financing for the export of United States goods and services which is substantially as concessional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale. (c) The Chairman of the Bank is authorized to establish a fund, as necessary, for carrying out the tied aid credit program described in this section. (d) Concessional financing or grants offered by the Agency for International Development for the purposes of the mixed financing program established under this section shall be made available in accordance with the provisions of subsections (c) and (d) of section 645 of this Act. 12 USC 635r. Program inclusions. ESTABLISHMENT OF A TIED AID CREDIT PROGRAM IN THE AGENCY FOR INTERNATIONAL DEVELOPMENT SEC. 645. (a) The Administrator of the Agency for International Development shall establish within the Agency a program of tied aid credits for United States exports. The program shall be carried out in cooperation with the Export-Import Bank of the United States and with private financial institutions or entities, as appro- priate. The program may include— (1) the combined use of the credits, loans, or guarantees offered by the Bank with concessional financing or grants offered by the Agency for International Development, by meth- ods including the blending of the financing of, or parallel financing by, the Bank and the Agency for International Devel- opment; and (2) the combination of concessional financing or grants offered by the Agency for International Development with financing offered by private financial institutions or entities, by methods including the blending of the financing of, or parallel financing

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Page:United States Statutes at Large Volume 97.djvu/1297

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. by, the Agency for International Development and private insti- tutions or entities. (b) These funds may be combined with financing by the Export- Combined Import Bank of the United States or private commercial financing funding, in order to offer, or arrange for, financing for the exportation of United States goods and services which is substantially as conces- sional as foreign financing for which there is reasonable proof that such foreign financing is being offered to, or arranged for, a bona fide foreign competitor for a United States export sale. (c)(1) Funds of the agency for International Development which are used to carry out a tied aid credit program authorized by subsections (a) and (b) shall be offered only to finance United States exports which can reasonably be expected to contribute to the advancement of the development objectives of the importing country or countries, and shall be consistent with the economic, security, and political criteria used to establish country allocations of Eco- nomic Support Funds. (2) The Administrator of the Agency for International Develop- ment is authorized to establish a fund, as necessary, for carrying out a tied aid credit financing program as described in this section. (d) The Administrator of the Agency for International Develop- Allocations. ment may draw on Economic Support Funds allocated for Commod- ity Import Programs to finance a tied aid credit activity. IMPLEMENTATION SEC. 646. (a)(1) The National Advisory Council on International Monetary and Financial Policies shall coordinate the implementa- tion of the tied aid credit programs authorized by sections 644 and 645. (2) No financing may be approved under the tied aid credit programs authorized by section 644 or section 645 without the unanimous consent of the members of the National Advisory Coun- cil on International Monetary and Financial Policies. 12 USC 635s. Ante, p. 1264. DEFINITIONS SEC. 647. For purposes of this part— (1) the term 'tied aid credit" means credit— (A) which is provided for development aid purposes; (B) which is tied to the purchase of exports from the country granting the credit; (C) which is financed either exclusively from public funds, or, as a mixed credit, partly from public and partly from private funds; and (D) which has a grant element, as defined by the Develop- ment Assistance Committee of the Organization for Eco- nomic Cooperation and Development, greater than zero percent; (2) the term "government-mixed credits" means the combined use of credits, insurance, and guarantees offered by the Export- Import Bank of the United States with concessional financing or grants offered by the Agency for International Development to finance exports; (3) the term "public-private cofinancing" means the combined use of either official development assistance or official export credit with private commercial credit to finance exports; 12 USC 635t.

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 Elizabeth at Pyrford in Surrey, where he had purchased an estate. In June 1586 he was despatched to Scotland to satisfy James VI in regard to his mother's treatment. On his return he was sworn of the privy council on 30 Sept. (Acts P. C. 1586–1587, p. 236; Cal. State Papers, 1580–1590, p. 364), and was one of the commissioners appointed to try the Scottish queen. On 12 March 1586–7 he took part in the examination of William Davison (1541?–1608) [q. v.] at the Tower for his share in the execution of Mary. In 1588 he was appointed with William Brooke, seventh baron Cobham, and Thomas Sackville, baron Buckhurst (afterwards Earl of Dorset) [q. v.], to search for the author of the Mar-Prelate tracts (, Life of Whitgift, 1822, i. 553), and on 23 April 1589 was admitted chancellor of the order of the Garter. He was also keeper of the records of the court of augmentations and clerk of the pipe (Cal. State Papers, 1591–4 p. 213, 1595–1597 p. 184).

From 1571 till the close of his life Wolley took his part in every parliament summoned by Elizabeth. According to Browne Willis he was elected for East Looe in 1571. On 5 May 1572 he was returned for Weymouth and Melcombe Regis, and on 11 Nov. 1584 for the city of Winchester. This seat he retained in 1586, but in 1588 he represented Dorset county, and in 1593 Surrey (Official Returns of Members of Parl.) In parliament, as became a court official, he was a stout supporter of royal prerogatives. In February 1588–9, when parliament showed a disposition to discuss ecclesiastical abuses, he reminded the house that the queen had prohibited the consideration of such subjects (, Life of Whitgift, i. 553). By the same objections he hindered the commons in February 1592–3 from taking up James Morice's bill, framed for the purpose of defending puritans from annoyance from the bishops' courts (ib. ii. 123).

In 1590 Wolley was a member of the court of high commission, and he was one of those who conducted the preliminary examination of the fanatic William Hacket [q. v.] on 19 July 1591. On 28 Feb. 1591–2 he was admitted to Gray's Inn; in 1592 he was knighted, and on 1 Aug. 1594 he was appointed one of the commissioners for assessing and levying the parliamentary subsidy. He died at Pyrford on 28 Feb. 1595–6, and was buried in the chancel of St. Paul's Cathedral. In 1614 his body and those of his wife and son were removed to a spot ‘between St. George's Chappel and that of our Lady,’ where a magnificent marble monument was erected to their memory. He married Elizabeth (b. 28 April 1552), eldest daughter of Sir William More of Loseley in Surrey, sister of Sir George More [q. v.], and widow of Richard Polstead of Albany in Surrey. By her he had one son, Sir Francis Wolley (1583–1611), the benefactor of John Donne (1573–1631) [q. v.], who married his cousin Mary More. During her husband's later life Lady Wolley was a lady of the privy chamber to Elizabeth. A number of her own and her husband's letters to her father, written from the court, were preserved among the Loseley manuscripts. A few were printed in 1835 by Alfred John Kempe [q. v.] among other selections from the collection, and the whole have been calendared in the seventh report of the historical manuscripts commission. After Wolley's death his wife married the lord chancellor Sir Thomas Egerton, baron Ellesmere and viscount Brackley [q. v.]

Some verses by Wolley are printed at the end of Laurence Humphrey's ‘Joannis Juelli Vita et Mors’ (London, 1573, 4to), and there are some lines addressed to him in John Leland's ‘Encomia’ (1589, p. 118). The eulogy is one of those added by Leland's editor, Thomas Newton (1542?–1607) [q. v.] Thomas Churchyard's ‘Challenge’ (London, 1593, 4to) is dedicated to Wolley. Two autograph letters addressed to Sir Julius Cæsar [q. v.] are preserved in the British Museum (Addit. MSS. 12506 f. 378, 12507 f. 58), as well as a letter to Wolley from Simon Trippe (Addit. MS. 6251, p. 54).

[Foster's Alumni Oxon. 1500–1714; Brodrick's Memorials of Merton (Oxford Hist. Soc.), p. 262; Wood's Fasti Oxon. ed. Bliss, i. 152–3; Notes and Queries, 2nd ser. v. 437, 507, 524; Archæologia, 1855, xxxvi. 33–5; Cal. State Papers, Dom. 1547–94; Acts of Privy Council, ed. Dasent, 1577–93; Strype's Annals, 1824, III. i. 540, 729–31; Strype's Life of Aylmer, 1821, p. 91; Select Cases in the Court of Requests (Selden Soc.), p. xciv; Foster's Gray's Inn Register, p. 79; Wood's Hist. and Antiq. of Oxford, ed. Gutch, ii. 137, 159, 256; Dugdale's Hist. of St. Paul's Cathedral, ed. Ellis, 1818, pp. 71, 213; Nichols's Progresses of Queen Elizabeth, i. 232, iii. 81–2; Manning and Bray's Hist. of Surrey, 1804–14, i. 67, 76, 91, 96, 155–6, iii. 96, 119, 242–3, App. pp. cxix, clxiii; Gosse's Life of Donne, 1899, Index; Walton's Lives (Bohn's Illustrated Libr.), p. 16; Lansdowne MS. 982, f. 249.]  WOLLEY or WOOLLEY, RICHARD (fl. 1667–1694), miscellaneous writer, born in Essex, was admitted to Queens' College, Cambridge, on 6 Dec. 1663, where he graduated B.A. on 10 Jan. 1667 and M.A. in 1671. He served in London as a curate, and was employed by the well-known book-


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 97 STAT. 1266 PUBLIC LAW 98-181—NOV. 30, 1983 19 USC 1671a. Publication in Federal Register. 19 USC 1671b. 19 USC 1671g. 12 USC 635a-3. 19 USC 1671e. 19 USC 1671b. (4) the term "blending of financings" means the use of various combinations of official development assistance, official export credit, and private commercial credit, integrated into a single package with a single set of financial terms, to finance exports; (5) the term "parallel financing" means the related use of various combinations of separate lines of official development assistance, official export credits, and private commercial credit, not combined into a single package with a single set of finsmcial terms, to finance exports; and (6) the term "Bank" means the Export-Import Bank of the United States. SEC. 650. (a) Section 702 of the Tariff Act of 1930 as amended, is amended by adding after subsection 702(b)(2) a new subsection 702(b)(3) as follows: "(3) PETITION BASED UPON A DEROGATION OF AN INTERNATIONAL UNDERTAKING ON OFFICIAL EXPORT CREDITS. —If the sole basis of a petition filed under subsection 702(b)(l) is the derogation of an international undertaking on official export credits, the Administer- ing Authority shall immediately notify the Secretary of the Treas- ury who shall, in consultation with the Administering Authority, within twenty days determine the existence and estimated value of the derogation, if any, and shall publish such determination in the Federal Register.". (b) Section 703 of the Tariff Act of 1930, as amended, is amended by redesignating subsection 703(b) as subsection 703(b)(l) and adding a new subsection 703(b)(2) as follows: "(2) Notwithstanding subsection (b)(D, when the petition is one subject to subsection 702(b)(3), the Administering Authority shall, taking into account the nature of the subsidy concerned, make the determination required by subsection 703(b)(l) on £m expedited basis and within 85 days after the date on which the petition is filed under section 702(b) unless the provisions of section 703(c) apply.". (c) Title VII of the Tariff Act of 1930 is amended by adding at the end thereof the following new section— "SEC. 708. Nothing in this title shall be interpreted as superseding the provisions of section 1912 of the Export-Import Bank Act Amendments of 1978, except that in the event of an assessment of duty based on a derogation under section 706 or action under section 703(d)(2), the Secretary of the Treasury shall not authorize the Bank to provide guarantees, insurance and credits to competing United States sellers pursuant to section 1912 of such Act.". TITLE VII—MISCELLANEOUS PROVISIONS HOME MORTGAGE DISCLOSURE ACT AMENDMENTS SEC. 701. (a) Sections 304, 310, and 311 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803, 2809, and 2810) are amended by striking out "standard metropolitan statistical area" wherever it appears and inserting in lieu thereof "primary metropolitan statisti- cal area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metro- politan statistical areas". (b) Section 308 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2807) is amended by striking out "standard metropolitan statistical areas" wherever it appears and inserting in lieu thereof "primary metropolitan statistical areas, metropolitan statistical

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1267 areas, or consolidated metropolitan statistical areas that are not comprised of designated primary metropolitan statistical areas", (c) Section 203(1) of the Depository Institutions Management In- terlocks Act (12 U.S.C. 3202(1)) is amended by striking out "standard metropolitan statistical area" and inserting in lieu thereof "primary metropolitan statistical area, the same metropolitan statistical area, or the same consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas". MEMBERS TO SERVE UNTIL SUCCESSORS ARE APPOINTED SEC. 702. (a) Section 2 of the Federal Deposit Insurance Act (12 U.S.C. 1812) is amended by inserting after the third sentence the following: "Each such appointive member may continue to serve after the expiration of his term until a successor has been appointed and qualified.". (b) Section 17(a) of the Federal Home Loan Bank Act (12 U.S.C. 1436(a)) is amended by adding at the end thereof the following: "Upon the expiration of the term of office of a member of the Board, such member may continue to serve until a successor has been appointed and qualified.". 12 USC 1437. DEFENSE PRODUCTION ACT EXTENSION SEC. 703. The first sentence of Section 717(a) of the Defense Production Act of 1950 (50 U.S.C. App. 2166(a)) is amended by striking out "September 30, 1983" and inserting in lieu thereof "March 30, 1984". Ante, p. 53. TITLE VIII—INTERNATIONAL MONETARY FUND PROMOTING CONDITIONS FOR EXCHANGE RATE STABILITY SEC. 801. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: PROMOTING CONDITIONS FOR EXCHANGE RATE STABILITY "SEC. 40. (a) In order to help assure that the resources provided under section 41 are used to support pro-growth policies which will help establish the economic conditions necessary for more appropri- ate financial and exchange rate alignment and stability, it is the sense of Congress that the Secretary of the Treasury shall— "(1) in consultation with the Secretary of State and the United States Trade Representative, initiate discussions with other countries regarding the economic dislocations which result from structural exchange rate imbalances; and "(2) instruct the United States Executive Director of the Fund to work for adoption of policies in the Fund, both within the framework of article IV (of the Articles of Agreement of the Fund) consultations and with respect to the conditions associated with Fund-supported balance of payments adjust- ments programs, which promote conditions contributing to the stability of exchange rates and avoid the manipulation of ex- change rates between major currencies. Among other initia- tives, the Secretary of the Treasury shall propose strengthening the article IV consultation procedures of the Fund to attempt to Initiatives by Treasury Secretary. 22 USC 286y. Post, p. 1268.

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 97 STAT. 1268 PUBLIC LAW 98-181—NOV. 30, 1983 Assistance extensions. 22 USC 286e-2. Supplementary resources. ensure that countries which are artificially maintaining under- valued or overvalued rates of exchange agree to adopt market determined exchange rates. "(b) In determining his vote on extensions of assistance to any Fund borrower, the United States Executive Director of the Fund shall take into account whether such borrower's policies are consist- ent with the requirements of article IV of the Articles of Agreement of the Fund.". QUOTA INCREASE SEC. 802. (a) The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended— (1) in section 17(a)— (A) by striking out "decision of January 5, 1962," and inserting in lieu thereof "decisions of January 5, 1962, and February 24, 1983, as amended in accordance with their terms,"; and (B) by striking out "not to exceed $2,000,000,000 outstand- ing at any one time," and inserting in lieu thereof "in an amount not to exceed the equivalent of 4,250,000,000 Spe- cied Drawing Rights, limited to such amounts as are pro- vided in advance in appropriations Acts, except that prior to activation, the Secretary of the Treasury shall certify that supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the Fund has fully explored other means of funding,"; (2) in section 17(b), by striking out "$2,000,000,000," and inserting in lieu thereof "4,250,000,000 Special Drawing Rights, except that prior to activation, the Secretary of the Treasury shall certify whether supplementary resources are needed to forestall or cope with an impairment of the international mone- tary system and that the Fund has fully explored other means of funding,"; (3) by adding at the end of section 17 the following: "(d) Unless the Congress by law so authorizes, neither the Presi- dent, the Secretary of the Treasury, nor any other person acting on behalf of the United States, may instruct the United States Execu- tive Director to the Fund to consent to any amendment to the Decision of February 24, 1983, of the Executive Directors of the Fund, if the adoption of such amendment would significantly alter the amount, terms, or conditions of participation by the United States in the General Arrangements to Borrow."; and (4) by adding at the end thereof the following: 22 USC 286e-li. consultation with congressional committees. QUOTA INCREASE "SEC. 41. (a) The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 5,310,800,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts. "(b)(1) The Secretary of the Treasury shall consult with the chair- man and the ranking minority member of— "(A) the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Repre- sentatives, and any appropriate subcommittee of each such committee; and

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 PUBLIC LAW 98-181—NOV. 30, 1983 "(B) the committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any appropriate subcommittee of each such committee, for purposes of discussing the position of the executive branch and the views of the Congress with respect to any international negotia- tions being held to consider any future quota increase for the International Monetary Fund which may involve an increased con- tribution, subscription, or loan by the United States. "(2) Such consultation shall be made— "(A) not later than thirty days before the initiation of such international negotiations; "(B) during the period in which such negotiations are being held, in a frequent and timely manner; and "(C) before a session of such negotiations is held at which the United States representatives may agree to such quota increase. 97 STAT. 1269 COLLECTION AND EXCHANGE OF INFORMATION ON MONETARY AND FINANCIAL PROBLEMS "SEC. 42. (a) It is the sense of the Congress that— 22 USC 286z. "(1) the lack of sufficient information currently available to allow members of the Fund to make sound and prudent deci- sions concerning their public and private sector international borrowing, and to allow lenders to make sound and prudent decisions concerning their international lending, threatens the stability of the international monetary system; and "(2) in recognition of the Fund's duties, as provided particu- larly by article VIII of the Articles of Agreement of the Fund, to act as a center for the collection and exchange of information on monetary and financial problems, the Fund should adopt neces- sary and appropriate measures to ensure that more complete and timely financial information will be available. "(b) To this end, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate discussions with other directors of the Fund and with Fund management, and to propose and vote for, the adoption of procedures, within the Fund— "(1) to collect and disseminate information, on a quarterly basis, from and to Fund members, and to such other persons as the Fund deems appropriate, concerning— "(A) the extension of credit by banks or nonbanks to private and public entities, including all government enti- ties, instrumentalities, and central banks of member coun- tries; and "(B) the receipt of such credit by those private and public entities of member countries, where such banks or non- banks are not principally established within the borders of the member country to which the credits are extended; and "(2) to disseminate publicly information which is developed in the course of the Fund's collection, and to review and comment on efforts which the Fund determines would serve to enhance the informational base upon which international borrowing and lending decisions are taken. "(c) For purposes of this section, the term 'credit' includes— "Credit." "(1) outstanding loans to private and public entities, including government entities, instrumentalities, and central banks of any member, and

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 97 STAT. 1270 PUBLIC LAW 98-181—NOV. 30, 1983 Presidential authority. 22 USC 286f. "(2) unused lines of credit which have been made available to those private and public entities of any member, where such loans or lines of credit are repayable in freely convert- ible currency. "(d) The President is authorized to usc the authority provided under section 8 of this Act to require any person (as defined in such section) subject to the jurisdiction of the United States to provide such information as the Fund determines to be necessary in order to carry out the provisions of this section.". Consultations with Treasury Secretary and congressional committees. SPECIAL DRAWING RIGHTS SEC. 803. Section 6 of the Special Drawing Rights Act (22 U.S.C. 286q) is amended— (1) by inserting "(a)" after "SEC. 6."; and (2) by adding at the end thereof the following: "(b)(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman §ind ranking minority members of the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees there- of. "(2) Such consultations shall include an explanation of the consist- ency of such proposal to allocate with the requirements of the Articles of Agreement of the Fund, in particular the requirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall 'seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world'.". INSTRUCTIONS TO THE UNITED STATES EXECUTIVE DIRECTOR SEC. 804. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: 22 USC 286aa. Appearance before congressional committees. INSTRUCTIONS TO THE UNITED STATES EXECUTIVE DIRECTOR "SEC. 43. (a) The Congress hereby finds that Communist dictator- ships result in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the Secre- tary of the Treasury shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any Communist dictatorship, unless the Secretary of the Treasury certifies and documents in writing upon request and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing that such drawing—

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1271 (1) provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of pa)Tnents position; (2) would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and (3) is in the best economic interest of the majority of the people in that country. Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any commu- nist dictatorship and certify and docvunent in writing that these three conditions have been met, the United States Executive Direc- tor shall vote against such program. "(b) The Congress hereby finds that the practice of apartheid results in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contrib- ute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the President shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any country which practices apartheid unless the Secretary of the Treas- ury certifies and documents in writing, upon request, and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing, that such drawing: (1) would reduce the severe con- straints on labor and capital mobility, through such means as increasing access to education by workers and reducing artificial constraints on worker mobility and substantial reduction of racially- based restrictions on the geographical mobility of labor; (2) would reduce other highly inefficient labor and capital supply rigidities; (3) would benefit economically the majority of the people of any coun- try which practices apartheid; (4) is suffering from a genuine bal- ance of payments imbalance that cannot be met by recourse to private capital markets. Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any country practicing apartheid and certify and docu- ment in writing that these four conditions have been met, the United States Executive Director shall vote against such program.". Countries prac- ticing apartheid, restricted fund- ing. Notification of congressional committees. ELIMINATION OF AGRICULTURAL EXPORT SUBSIDIES SEC. 805. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: ELIMINATION OF AGRICULTURAL EXPORT SUBSIDIES "SEC. 44. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of a policy encouraging Fund members to eliminate all predatory agricultural export subsidies which might result in the reduction of other member countries' exports.". 22 USC 286bb.

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 97 STAT. 1272 PUBLIC LAW 98-181—NOV. 30, 1983 SUSTAINING ECONOMIC GROWTH SEC. 806. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: Presidential instructions. 22 USC 286cc. Economic adjustment programs. Written documenta- tion to congressional committees. SUSTAINING ECONOMIC GROWTH "SEC. 45. (a)(1) The President shall instruct the Secretary of the Treasury, the Secretary of State, and other appropriate Federal officials, and shall request the Chairman of the Board of Governors of the Federal Reserve System, to usc all appropriate means to encourage countries to formulate economic adjustment programs to deal with their balance of payment difficulties and external debt owed to private banks. "(2) Such economic adjustment programs should be designed to safeguard, to the maximum extent feeisible, international economic growth, world trade, employment, and the long-term solvency of banks, and to minimize the likelihood of civil disturbances in coun- tries needing economic adjustment programs. "(b) To ensure the effectiveness of economic adjustment programs supported by Fund resources— "(1) the United States Executive Director of the Fund shall recommend and shall work for changes in Fund guidelines, policies, and decisions which would— "(A) convert short-term bank debt which was made at high interest rates into long-term debt at lower rates of interest; "(B) assure that the annual external debt service, which shall include principal, interest, points, fees, and other charges required of the country involved, is a manageable and prudent percentage of the projected annual export earnings of such country; and "(C) provide that in approving any economic adjustment program the Fund shall take into account the number of countries applying to the Fund for economic adjustment programs and the aggregate effects that such programs will have on international economic growth, world trade, exports and employment of other member countries, and the long-term solvency of banks; and "(2) except as provided in subsection (c) of this section, the United States Executive Director of the Fund shall oppose and vote against providing assistance from the Fund for any eco- nomic adjustment program for a country in which the annual external debt service exceeds 85 per centum of the annual export earnings of such country, unless the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that— "(A) the economic adjustment program converts high interest rate, short-term bank debt into long-term debt at significantly narrower interest rate spreads than the aver- age interest rate spreads prevailing on bank debt reschedul- ings negotiated between August 1982 and August 1983 for countries receiving assistance from the Fund for economic adjustment programs in order to minimize the burdens of

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1273 adjustment on the debtor nation, provided that such inter- est rate spreads are consistent with that nation's need to obtain adequate external private financing; "(B) the annual external debt service required of the country involved is a manageable and prudent percentage of the projected annual export earnings of such country; and "(C) the economic adjustment program will not have an adverse impact on international economic growth, world trade, exports, and employment of other member countries, and the long-term solvency of banks. "(c) The provisions of subsection (b)(2) shall not apply in any case in which the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that— "(1) an emergency exists in a nation that has applied to the Fund for assistance that requires an immediate short-term loan to avoid disrupting orderly flnancial markets; "(2) a sudden decrease in export earnings in the country applying to the Fund for assistance has increased the ratio of annual external debt service to annual export earnings, to greater than 85 per centum for a period projected to be no more than one year; or "(3) other extraordinary circumstances exist which warrant waiving the provisions of subsection (b)(2).". Warranted assistance in certain circumstances. OPPOSING FUND BAILOUTS OF BANKS SEC. 807. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: OPPOSING FUND BAILOUTS OF BANKS "SEC. 46. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund— "(1) to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and "(2) to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropri- ate, a rescheduling of debt which is consistent with safe and sound banking practices and the country's ability to pay.". 22 USC 286dd. SURPLUS COMMODITIES SEC. 808. (a) Section 4(b) of the Bretton Woods Agreements Act (22 U.S.C. 286b(b)) is amended by adding at the end thereof the following: "(8) The general policy objectives for the guidance of the United States Executive Director of the Bank shall take into account the effect that development assistance loans have upon individual industnr sectors and international commodity markete— (A) to minimize projected adverse impacts; and

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CH. I.] impudent in his manner. He came up to me without the slightest symptom of the respect commonly shewn by servants, especially in that country, and which with him had usually been manifested even to a degree of disgusting obsequiousness: I rated him soundly for his conduct, and, after looking at the priming of my pistols, proceeded to place them, whilst he observed me, under my pillow. As we had a long journey to travel the next day, we rose very early; but, as I expected, the escort was not ready to accompany us. My bed was close to a window that looked out in the farm-yard of the hacienda: partly from distrust at my situation with my servants, and partly from a constant noise of shouts and exclamations of the soldiery kept up till past midnight, I slept indifferently. It was a beautiful moonlight night, and I had the curiosity to step to the window to see what was going on: I was not a little surprised to find that the escort who had complained in the day of the length of the march, were repaying


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 97 STAT. 1274 PUBLIC LAW 98-181—NOV. 30, 1983 "(B) to avoid, wherever possible, government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities.". INTERNATIONAL COOPERATION SEC. 809. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: Lending policies, adoption. 22 USC 286ee. INTERNATIONAL COOPERATION "SEC. 47. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose that the Fund adopt the following policies with respect to international lending: "(1) In its consultations with a member government on its economic policies pursuant to article IV of the Articles of Agreement of the Fund, the Fund should— "(A) intensify its examination of the trend and volume of external indebtedness of private and public borrowers in the member country and comment, as appropriate, in its report to the Executive Board from the viewpoint of the contribution of such borrowings to the economic stability of the borrower; and "(B) consider to what extent and in what form these comments might be made available to the international banking community and the public. "(2) As part of any Fund-approved stabilization program, the Fund should give consideration to placing limits on public sector external short- and long-term borrowing. "(3) As a part of its annual report, and at such times as it may consider desirable, the Fund should publish its evaluation of the trend and volume of international lending as it affects the economic situation of lenders, borrowers, and the smooth func- tioning of the international monetary system.". IMP INTEREST RATES SEC. 810. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: IMP INTEREST RATES 22 USC 286ff. "SEC. 48. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of Fund policies regarding the rate of remuneration paid on use of member s quota subscriptions and the rate of charges on Fund drawings to bring those rates in line with market rates.". Notice transmittal to congressional committees. BORROWING IN UNITED STATES CREDIT MARKETS SEC. 811. Section 5 of the Bretton Woods Agreements Act (22 U.S.C. 286c) is amended by adding at the end thereof the following: "Neither the President nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign government or other official public source) by the Fund of funds denominated in United States dollars, unless the Secretary of the Treasury transmits a notice of such proposed

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1275 borrowing to both Houses of the Congress at least 60 days prior to the date on which such borrowing is scheduled to occur.". TRADE PROVISIONS SEC. 812. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: TRADE PROVISIONS "SEC. 49. (a)(l) The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate a wide consultation with the Managing Director of the Fund and the other directors of the Fund with r^ard to the development of Fund financial assistance policies which, to the maximum feasible extent— "(A) reduce obstacles to and restrictions upon international trade and investment in goods and services; "(B) eliminate unfair trade and investment practices; and "(CD promote mutually advantageous economic relations. "(2) The Secretary of the Treasury shall work closely in this effort with the Trade Policy Committee. "(3) As part of this effort, the Secretary of the Treasury shall also instruct the United States Executive Director of the Fund to encour- age close cooperation between Fund staff and the GATT Secretariat. "(b)(1) The Secretary of the Treasury shall instruct the United States Executive Director of the Fund, prior to the extension to any country of financial assistance by the Fund, to work to have the Fund obtain the agreement of such country to eliminate, in a maimer consistent with its balance of payments adjustment pro- gram, unfair trade and investment practices with respect to goods and services which the United States Trade Representative, after consultation with the Trade Policy Committee, has determined to have a significant deleterious effect on the international trading i^ystem. "(2) Such practices include— "(A) the provision of predatory export subsidies, employed in connection with the exporting of agricultural commodities and products thereof to foreign countries; "(B) the provision of other export subsidies, such as govern- ment subsidized below-market interest rate financing for com- modities or manufactured goods; "(C) unreasonable import restrictions; "(D) the imposition of trade-relat^ performance require- ments on foreign investment; and "(E) practices which are inconsistent with international agreements. "(c)(1) In determining the United States position on requests for periodic drawing under Fund programs, the Secretary of the Treas- ury shall take full account of the progress countries have made in achieving targets for eliminating or phasing out the practices referred to in subsection (b) of this section. "(2) In the event that the United States supports a request for drawing by a country that has not achieved the Fund targets relating to such practices specified in its program, the Secretary of the Treasury shall report to the appropriate committees of the Congress the reasons for the United States position.". Fund, financial assistance policies. 22 USC 286gg: Agreements with Fund-assisted countries. Unfair trade and investment practices. Requests for periodic drawing. Report to congressional committees.

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 97 STAT. 1276 PUBLIC LAW 98-181—NOV. 30, 1983 REPORTS TO CONGRESS SEC. 813. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: " REPORTS TO CONGRESS 22 USC 286b-2. "SEC. 50. (a) The National Advisory C!ouncil on International Monetary and Financial Policies shall include in its annual reports to the Congress— Statement "(1) a statement listing all appraisal reports which have been ^^^^^S circulated during the preceding year within the Bank for appraisa s. project assistance which would establish or enhance the capac- ity of any country to produce a commodity for export, if-— "(A) such commodity is in surplus on world markets or is likely to be in surplus on world markets at the time the resulting productive capacity is expected to become opera- tive; and "(B) such project assistance will cause material injury to United States producers of the same, similar, or competing commodity; Review. "(2) a review of success in reducing or eliminating import restrictions and unfair export subsidies which have been deter- mined to be inconsistent with international agreements, and which have a serious adverse impact on the United States, or any other member's, exports or employment; Study. United States steel and copper industries of steel and copper subsidies by nations who are borrowers from the Fund; Review. "(4) a review for the fiscal year 1984 report regarding progress achieved in reaching the goal of eliminating all predatory agri- cultural export subsidies which might result in the reduction of Ante, p. 1271. other member countries' exports as set forth in section 44; and "(5) copies of the analyses and any written documentation prepared by the Secretary of the Treasury pursuant to subsec- Ante, p. 1272. tions (b)(2) and (c) of section 45 and a statement detailing the actions and progress made in carrying out the requirements of subsections (a) and (b) of section 45. "(b) Not later than one year after the date of the enactment of this section, the Secretary of the Treasury shall transmit a report to the Congress on the operation of the international monetary and finan- cial system, including— "(1) findings of the Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve, and the Secretary of State regarding consideration of United States membership in the Bank for International Settlements; and "(2) proposals to improve the floating exchange rate system. "(c) Not later than one year after the date of the enactment of this section, the Secretary of the Treasury shall transmit a report to the Congress with respect to strengthening the role and improving the operation of the International Monetary Fund, including— "(1) ways to maintain realistic, market-determined exchange rates with other major currencies and recommendations regard- ing what can be done to avoid exchange rate manipulation. In particular, such report shall examine the policies of major trading partners which (A) maintain a substantial trade surplus with the United States, and (B) encourage export of capital to
 * (3) a study for the fiscal year 1984 report of the impact on the

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1277 such an extent that exchange rates do not appear to reflect adjustments based on trade patterns alone; (2) a review and analysis of— "(A) the ability of the Fund to promote real economic growth and sustained, noninflationary recovery, pursuant to its mandate in article I of the Articles of Agreement of the Fund, in countries which enter into stabilization pro grams with the Fund; "(B) the feasibility of the Fund issuing securities in the private capital markets as a means of increasing its resources, either in lieu of, or in addition to, future quota increases, together with an evaluation of how such borrow- ing would affect the credit markets of the United States; (C) the feasibility of returning all or part of the Fund's gold reserves to Fund members or of selling the Fund's gold reserves in the private markets in an effort to raise capital; "(D) the feasibility of establishing temporary, supplemen- tal financing facilities at the Fund; "(E) the feasibility of establishing a Gold Lending Facility whereby the Fund would lend gold to Fund members who would in turn usc such gold as collateral for commercial loans; "(F) recommendations for amendments to the Articles of Agreement of the Fund, if any, to improve the role of the Fund in the international monetary system; and "(G) the effect on (i) the market price of gold, (ii) countries whose central banks maintain reserves in the form of gold and (iii) credit markets of the United States as a result of taking any of the actions described in subparagraphs (C), (D), or (E) of this paragraph; "(3) actions which have been taken to carry out the provisions of section 33 of this Act; "(4) progress made in implementing section 48 of this Act; "(5) a study on the past and potentied impact of Fund loan quota extension on world oil prices, such study to be done in cooperation with the Secretary of State and the Secretary of Energy; "(6) an assessment— "(A) of whether under present circumstances a system- atic restructuring and stretching out of developing country debt should be conducted; "(B) regarding the role global recovery will play in solv- ing the debt crisis and what interim financing measures may have to be taken for those countries which have no possibility of continuing to service their debts even in the event of a vigorous economic recovery; "(C) of whether the Fund, which is increasingly being used as a source of credit to finance balance of payments deficits, has adeqate resources to cover all conceivable requests for credit extensions taking into account the quota increase consented to under section 41 of this Act; "(D) regarding what role the United States Government sees for the Fund in providing finance and credit to the least developed countries who have such a limited capacity to borrow to finance payments deficits; and "(E) pursuant to the agreement at the Williamsburg Summit, outlining what progress has been made in the Review and analysis. 22 USC 286s. Ante, p. 1274. Study. Ante, p. 1268.

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 97 STAT. 1278 PUBLIC LAW 98-181—NOV. 30, 1983 consultations among finance ministers and the managing director of the Fund on the conditions for improving the international monetary system; and "(7) establishing collection, review, comment, and reporting procedures within the Fund as provided in section 42 of this Ante, p. 1269. Act.". International TITLE IX—INTERNATIONAL LENDING SUPERVISION Lending Super- vision Act of 1983. SHORT TITLE 12 USC 3901 SEC. 901. This title may be cited as the "International Lending note. Supervision Act of 1983". DECLARATION OP POLICY 12 USC 3901. SEC. 902. (a)(1) It is the policy of the Congress to assure that the economic health and stability of the United States and the other nations of the world shall not be adversely affected or threatened in the future by imprudent lending practices or inadequate supervision. (2) This shall be achieved by strengthening the bank regulatory framework to encourage prudent private decisionmaking and by enhancing international coordination among bank regulatory authorities. (b) The Federal banking agencies shall consult with the banking supervisory authorities of other countries to reach understandings aimed at achieving the adoption of effective and consistent supervi- sory policies and practices with respect to international lending. DEFINITIONS 12 USC 3902. SEC. 903. For purposes of this title- CD the term "appropriate Federal banking agency" has the same meaning given such term in section 3(q) of the Federal 12 USC 1813. Deposit Insurance Act, except that for purposes of this title such term means the Board of Governors of the Federal Reserve System for— (A) bank holding companies and any nonbank subsidiary thereof; (B) Edge Act corporations organized under section 25(a) of 12 USC 611-631. the Federal Reserve Act; and (C) Agreement Corporations operating under section 25 of 12 USC the Federal Reserve Act; and 601-604a. (2) the term "banking institution" means— (A)(i) an insured bank as defined in section 3(h) of the 12 USC 1813. Federal Deposit Insurance Act or any subsidiary of an insured bank; (ii) an Edge Act corporation organized under section 25(a) of the Federal Reserve Act; and (iii) an Agreement Corporation operating under section 25 of the Federal Reserve Act; and (B) to the extent determined by the appropriate Federal banking agency, any agency or branch of a foreign bank, and any commercial lending company owned or controlled by one or more foreign banks or companies that control a foreign bank as those terms are deHned in the Interna-

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1279 tional Banking Act of 1978. The term "banking institution' shall not include a foreign bank. 12 USC 3101 note. STRENGTHENED SUPERVISION OF INTERNATIONAL LENDING SEC. 904. (a) Each appropriate Federal banking agency shall evalu- ate banking institution foreign country exposure and transfer risk for usc in banking institution examination and supervision. (b) Each such agency shall establish examination and supervisory procedures to assure that factors such as foreign country exposure and transfer risk are taken into account in evaluating the adequacy of the capital of banking institutions. 12 USC 3903. RESERVES SEC. 905. (a)(1) Each appropriate Federal banking agency shall 12 USC 3904. require a banking institution to establish and maintain a special reserve whenever, in the judgment of such appropriate Federal banking agency— (A) the quality of such banking institution's assets has been impaired by a protracted inability of public or private borrowers in a foreign country to make payments on their external indebt- edness as indicated by such factors, among others, as— (i) a failure by such public or private borrowers to make full interest pa)Tnents on external indebtedness; (ii) a failure to comply with the terms of any restructured indebtedness; or (iii) a failure by the foreign country to comply with any International Monetary Fund or other suitable adjustment program; or (B) no definite prospects exist for the orderly restoration of debt service. (2) Such reserves shall be charged against current income and shall not be considered as part of capital and surplus or allowances for possible loan losses for regulatory, supervisory, or disclosure purposes. (b) The appropriate Federal banking agencies shall analyze the results of foreign loan rescheduling negotiations, assess the loan loss risk reflected in rescheduling agreements, and, using the powers set forth in section 908 (regarding capital adequacy), ensure that the Post, p. 1280. capital and reserve positions of United States banks are adequate to accommodate potential losses on their foreign loans. (c) The appropriate Federal banking agencies shall promulgate Regulations. regulations or orders necessary to implement this section within one hundred and twenty days after the date of the enactment of this title. ACCOUNTING FOR FEES ON INTERNATIONAL LOANS SEC. 906. (a)(1) In order to avoid excessive debt service burdens on 12 USC 3905. debtor countries, no banking institution shall charge, in connection with the restructuring of an international loan, any fee exceeding the administrative cost of the restructuring unless it amortizes such fee over the effective life of each such loan. (2)(A) Each appropriate Federal banking agency shall promulgate such regulations as are necessary to further carry out the provisions of this subsection.

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 97 STAT. 1280 PUBLIC LAW 98-181—NOV. 30, 1983 (B) The requirement of paragraph (1) shall take effect on the date of the enactment of this section. Regulations. (b)(1) Subject to subsection (a), the appropriate Federal banking agencies shall promulgate regulations for accounting for agency, commitment, management and other fees charged by a banking institution in connection with an international loan. (2) Such regulations shall establish the accounting treatment of such fees for regulatory, supervisory, and disclosure purposes to assure that the appropriate portion of such fees is accrued in income over the effective life of each such loan. (3) The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this subsection within one hundred and twenty days after the date of the enactment of this title. COLLECTION AND DISCLOSURE OF CERTAIN INTERNATIONAL LENDING DATA 12 USC 3906. SEC 907. (a) Each appropriate Federal banking agency shall require, by regulation, each banking institution with foreign coun- try exposure to submit, no fewer than four times each calendar year, information regarding such exposure in a format prescribed by such regulations. (b) Each appropriate Federal banking Eigency shall require, by regulation, banking institutions to disclose to the public information regarding material foreign country exposure in relation to assets and to capital. Regulations. (c) The appropriate Federal banking agencies shall promulgate regulations or orders necessary to implement this section within one hundred and twenty days after the date of the enactment of this title. 12 USC 3907. Failure to main- tain minimum level. 12 USC 1818. Directive. CAPITAL ADEQUACY SEC. 908. (a)(l) Each appropriate Federal banking agency shall cause banking institutions to achieve and maintain adequate capital by establishing minimum levels of capital for such banking institu- tions and by using such other methods as the appropriate Federal bsmking agency deems appropriate. (2) Each appropriate Federal banking agency shall have the au- thority to establish such minimum level of capital for a banking institution as the appropriate Federal banking agency, in its discre- tion, deems to be necessary or appropriate in light of the particular circumstances of the banking institution. (b)(1) Failure of a banking institution to maintain capital at or above its minimum level as established pursuant to subsection (a) may be deemed by the appropriate Federal banking agency, in its discretion, to constitute an unsafe and unsound practice within the meaning of section 8 of the Federal Deposit Insurance Act. (2)(A) In addition to, or in lieu of, any other action authorized by law, including paragraph (1), the appropriate Federal beinking agency may issue a directive to a banking institution that fails to maintain captial at or above its required level as established pursu- ant to subsection (a). (B)(i) Such directive may require the banking institution to submit and adhere to a plan acceptable to the appropriate Federal banking

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1281 agency describing the means and timing by which the banking institution shall achieve its required capital level. (ii) Any such directive issued pursuant to this paragraph, includ- ing plans submitted pursuant thereto, shall be enforceable under the provisions of section 8(i) of the Federal Deposit Insurance Act to the same extent as an effective and outstanding order issued pursu- ant to section 8(b) of the Federal Deposit Insurance Act which has become final. (3)(A) Each appropriate Federal banking agency may consider such banking institution's progress in adhering to any plan required under this subsection whenever such banking institution, or an affiliate thereof, or the holding company which controls such bank- ing institution, seeks the requisite approval of such appropriate Federal banking agency for any proposal which would divert earn- ings, diminish capital, or otherwise impede such banking institu- tion's progress in achieving its minimum capital level. (B) Such appropriate Federal banking agency may deny such approval where it determines that such proposal would adversely affect the ability of the banking institution to comply with such plan. (C) The Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury shall encourage governments, central banks, and regulatory authorities of other major banking countries to work toward maintaining and, where appropriate, strengthening the capital bases of banking institutions involved in international lending. 12 USC 1818. FOREIGN LOAN EVALUATIONS SEC. 909. (a)(1) In any case in which one or more banking institu- 12 USC 3908. tions extend credit, whether by loan, lease, guarantee, or otherwise, which individually or in the aggregate exceeds $20,000,000, to finance any project which has as a major objective the construction or operation of any mining operation, any metal or mineral primary processing operation, any fabricating facility or operation, or any metal-making operations (semi and finished) located outside the United States or its territories and possessions, a written economic feasibility evsduation of such foreign project shall be prepared and approved in writing by a senior official of the banking institution, or, if more than one banking institution is involved, the lead bank- ing institution, prior to the extension of such credit. (2) Such evaluation shall— (A) take into account the profit potential of the project, the impact of the project on world markets, the inherent competi- tive advantages and disadvantages of the project over the entire life of the project, and the likely effect of the project upon the overall long-term economic development of the country in which the project is located; and (B) consider whether the extension of credit can reasonably be expected to be repaid from revenues generated by such foreign project without regard to any subsidy, as defined in inter- national agreements, provided by the government involved or any instrumentality of any country. (b) Such economic feasibility evaluations shall be reviewed by Review. representatives of the appropriate Federal banking agencies when- ever an examination by such appropriate Federal banking agency is conducted. 11-194 0-85 42 QL3

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 97 STAT. 1282 PUBLIC LAW 98-181—NOV. 30, 1983 Regulations or orders. 12 USC 3909. (c)(1) The authorities of the Federal banking agencies contained in 12 USC 1818. section 8 of the Federal Deposit Insurance Act and in section 910 of this Act, except those contained in section 910(d), shall be applicable to this section. (2) No private right of action or claim for relief may be predicated upon this section. GENERAL AUTHORITIES SEC. 910. (a)(1) The appropriate Federal banking agencies are authorized to interpret and define the terms used in this title, and each appropriate Federal banking agency shall prescribe rules or regulations or issue orders as necessary to effectuate the purposes of this title and to prevent evasions thereof. (2) The appropriate Federal banking agency is authorized to apply the provisions of this title to any affiliate of an insured bank, but only to affiliates for which it is the appropriate Federal banking agency, in order to promote uniform application of this title or to prevent evasions thereof. (3) For purposes of this section, the term "affiliate" shall have the same meaning as in section 23A of the Federal Reserve Act, except that the term "member bank" in such section shall be deemed to refer to an "insured bank", as such term is used in section 3(h) of the Federal Deposit Insurance Act. (b) The appropriate Federal banking agencies shall establish uni- form systems to implement the authorities provided under this title. (c)(1) The powers and authorities granted in this title shall be supplemental to and shall not be deemed in any manner to derogate from or restrict the authority of each appropriate Federal banking agency under section 8 of the Federal Deposit Insurance Act or any other law including the authority to require additional capital or reserves. (2) Any such authority may be used by any appropriate Federal banking agency to ensure compliance by a banking institution with the provisions of this title and all rules, regulations, or orders issued pursuant thereto. (d)(1) Any banking institution which violates, or any officer, direc- tor, employee, agent, or other person participating in the conduct of the affairs of such banking institution, who violates any provision of this title, or any rule, regulation, or order, issued under this title, shall forfeit and pay a civil penalty of not more than $1,000 per day for each day during which such violation continues. (2) Such violations shall be deemed to be a violation of a final 12 USC 1818. order under section 8(i)(2) of the Federal Deposit Insurance Act and the penalty shall be assessed and collected by the appropriate Federal banking agency under the procedures established by, and subject to the rights afforded to parties in, such section. 12 USC 371c. 12 USC 1813. Supplemental powers or authorities. 12 USC 1818. Violations. GAO AUDIT AUTHORITY 12 USC 3910. SEC. 911. (a)(1) Under regulations of the Comptroller General, the Comptroller General shall audit the appropriate Federal banking Ante, p. 1278. agencies (as defined in section 903 of this title), but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate Federal banking agency has con- sented in writing. Audit inclusions. (2) An audit under this subsection may include a review or evaluation of the international regulation, supervision, and exami-

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1283 nation activities of the appropriate Federal banking agency, includ- ing the coordination of such activities with similar activities of regulatory authorities of a foreign government or international organization. (3) Audits of the Federal Reserve Board and Federal Reserve banks may not include— (A) transactions for, or with, a foreign central bank, govern- ment of a foreign country, or nonprivate international financing organization; (B) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, or open market operations; (C) transactions made under the direction of the Federal Open Market Committee; or (D) a part of a discussion or communication among or between members of the Board of Governors of the Federal Reserve System and officers and employees of the Federal Reserve System related to subparagraphs (A) through (C) of this paragraph. (b)(l)(A) Except as provided in this subsection, an officer or employee of the General Accounting Office may not disclose infor- mation identifying an open bank, an open bank holding company, or a customer of an open or closed bank or bank holding company. (B) The Comptroller General may disclose information related to the affairs of a closed bank or closed bank holding company identify- ing a customer of the closed bank or closed bank holding company only if the Comptroller General believes the customer had a control- ling influence in the management of the closed bank or closed bank holding company or was related to or affiliated with a person or group having a controlling influence. (2) An officer or employee of the General Accounting Office may discuss a customer, bank, or bank holding company with an official of an appropriate Federal banking agency and may report an appar- ent crimingd violation to an appropriate law enforcement authority of the United States Government or a State. (3) This subsection does not authorize an officer or employee of an appropriate Federal banking agency to withhold information from a committee of the Congress authorized to have the information. (c)(l)(A) To carry out this section, all records and property of or used by an appropriate Federal banking agency, including samples of reports of examinations of a bank or bank holding company the Comptroller General considers statistically meanin^ul and work- papers and correspondence related to the reports shall be made available to the Comptroller General, including such records and property pertaining to the coordination of international regulation, supervisor and examination activities of an appropriate Federal banking agency. (B) The Comptroller General shall give each appropriate Federal banking agency a current list of officers and employees to whom, with proper identification, records and property may be made avail- able, and who may make notes or copies necessary to carry out an audit. (C) Each appropriate Federal banking agency shall give the Comp- troller General suitable and lockable offices and furniture, tele- phones, and access to copying facilities. Federal Reserve Board and bank audits, exclusions. Information disclosure. Reporting criminal violations. Information withholding from Congress. Records and property.

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 97 STAT. 1284 PUBLIC LAW 98-181—NOV. 30, 1983 Transmittal to (Congress. 12 USC 3912. (2) Except for the temporary removal of workpapers of the Comp- troller General that do not identify a customer of an open or closed bank or bank holding company, an open bank, or an open bank holding company, all workpapers of the Comptroller General and records and property of or used by an appropriate Federal banking agency that the Comptroller General possesses during an audit, shall remain in such agency. The Comptroller General shall prevent unauthorized access to records or property. EQUAL REPRESENTATION FOR THE FEDERAL DEPOSIT INSURANCE CORPORATION 12 USC 3911. SEC. 912. As one of the three Federal bank regulatory and supervi- sory agencies, and as the insurer of the United States banks involved in international lending, the Federal Deposit Insurance Corporation shall be given equal representation with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency on the Committee on Banking Regula- tions and Supervisory Practices of the Group of Ten Countries and Switzerland. REPORTS SEC. 913. Not later than six months after the date of the enact- ment of this title, the Secretary of the Treasury or the appropriate Federal banking agencies as specified below, shall transmit a report to the Congress regarding changes to improve the international lending operations of banking institutions. Such report shall— (1) review the laws, regulations, and examination and supervisory procedures and practices, governing international banking in each of the Group of Ten Nations and Switzerland with particular attention to such matters bearing on capital requirements, lending limits, reserves, disclosure, examiner access, and lender of last resort resources, such report to be prepared by the Chairman of the Board of Governors of the Federal Reserve System; (2) outline progress made in reaching the goal specified in Ante, p. 1280. section 908(c), such report to be prepared by the Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System; and (3) indicate actions taken to implement this title by the appropriate Federal banking agencies, including a description of the actions taken in carrying out the objectives of the title and any actions taken by any appropriate Federal banking agency that are inconsistent with the uniform implementation by the appropriate Federal banking agencies of their respective authorities under this title, and any recommendations for amendments to this or other legislation, such report to be prepared by the appropriate Federal banking agencies. TITLE X—MULTILATERAL DEVELOPMENT BANKS 22 USC 283Z-3. INTER-AMERICAN DEVELOPMENT BANK SEC. 1001. The Inter-American Development Bank Act (22 U.S.C. 283 et seq.) is amended by adding at the end thereof the following: "SEC. 31. (a)(1) The United States Governor of the Bank is author- ized to vote for resolutions—

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 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1285 "(A) which were proposed by the Governors at a special meeting in February 1983; "(B) which are pending before the Board of Governors of the Bank; and "(C) which provide for— "(i) an increase in the authorized capital stock of the Bank and subscriptions thereto; and "(ii) an increase in the resources of the Fund for Special Operations and contributions thereto. "(2)(A) Upon adoption of the resolutions specified in paragraph (1), the United States Governor of the Bank is authorized on behalf of the United States to— "(i) subscribe to 427,396 shares of the increase in the author- ized capital stock of the Bank; and "(ii) contribute $350,000,000 to the Fund for Special Operations. "(B) Any commitment to make such subscriptions to paid-in and callable capital stock and to make such contributions to the Fund for Special Operations shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts. "(b) In order to pay for the increase in the United States subscrip- tion and contribution provided for in this section, there are author- ized to be appropriated, without fiscal year limitation, for payment by the Secretary of the Treasury— "(1) $5,155,862,744 for the United States subscriptions to the capital stock of the Bank; and "(2) $350,000,000 for the United States share of the increase in the resources of the Fund for Special Operations.". U.S. subscription and contribution. Appropriation authorization. ASIAN DEVELOPMENT BANK SEC. 1002. The Asian Development Bank Act (22 U.S.C. 285 et seq.) is amended by adding at the end thereof the following: "SEC. 27. (a)(1) The United States Governor of the Bank is author- ized to subscribe on behalf of the United States to one hundred twenty-three thousand three hundred and seventy-five additional shares of the capital stock of the Bank. "(2) Any subscription to the capital stock of the Bank shall be effective only to such extent or in such amounts as are provided in advance in appropriation Acts. "(b) In order to pay for the increase in the United States subscrip- tion to the Bank provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $1,322,999,476 for payment by the Secretary of the Treasury. (c)(1) The Congress hereby finds that— "(A) the Republic of China (Taiwan) is a charter member in good standing of the Asian Development Bank; "(B) the Republic of China has grown from a borrower to a lender in the Asian Development Bank; and "(C) the Republic of China provides, through its economic success, a model for other nations in Asia. "(2) It is the sense of the Congress that— "(A) Taiwan, Republic of China, should remain a full member of the Asian Development Bank, and that its status within that body should remain unaltered no matter how the issue of the People's Republic of China's application for membership is disposed of; 22 USC 285x. Appropriation authorization.

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