22 U.S.C. § 262r–3 — Reports on financial stabilization programs led by International Monetary Fund in connection with financing from Exchange Stabilization Fund

(a) In general The Treasury Secretary, working with the Commerce Secretary and other agencies, must prepare reports on how financial stabilization programs led by the IMF are being carried out — including their material terms and conditions — in countries where the U.S. has committed or provided financing from the stabilization fund created under section 5302 of title 31. Each report must include: (1) A description of the economic condition of countries needing these programs, including their monetary, fiscal, and exchange rate policies. (2) A description of how fully these countries have carried out financial sector restructuring and reforms the IMF required, including (A) ensuring commercial banks lend on a commercial basis; (B) ensuring governments don't interfere in bank management and lending, except for prudential supervision; (C) enacting and using proper financial reform laws; (D) strengthening the financial system and improving transparency and oversight; and (E) opening domestic capital markets. (3) A description of how fully these countries have carried out IMF-required reforms to corporate governance and structure, including (A) making conglomerates more transparent through accepted accounting practices, independent audits, full disclosure, and consolidated financial statements; and (B) making sure no government subsidies or tax breaks bail out individual companies, particularly in semiconductors, steel, and paper. (4) A description of how IMF-required reforms to deregulate and privatize the economy are being carried out — ending domestic monopolies, liberalizing trade, and opening restricted sectors to foreign investment and competition. (5) A detailed description of these countries' trade policies, including any unfair practices or harm to the United States. (6) A description of how much the stabilization programs have led to fair burden-sharing among private creditors — including rescheduling loans by extending maturities, debt-reduction agreements, and extending new credit. (7) A description of how well the IMF's and the country's economic adjustment policies balance financial stabilization, economic growth, environmental protection, social stability, and fairness across society. (8) Whether IMF involvement in labor market flexibility measures has hurt core worker rights, especially free association and collective bargaining. (9) A description of any pattern of abuses of core worker rights in recipient countries. (10) The amount, interest rate, and disbursement and repayment schedule of any funds disbursed from the stabilization fund — as loans, credits, guarantees, or swaps — supporting these programs. (11) The amount, interest rate, and disbursement and repayment schedule of any IMF funds disbursed to these countries supporting these programs. (b) Timing By March 15, 1999, and every six months after that, the Treasury Secretary must submit a report on subsection (a)'s matters to the House Banking and Financial Services, Ways and Means, and International Relations Committees, and the Senate Finance, Foreign Relations, and Banking, Housing, and Urban Affairs Committees.