A perfecting amendment. The amendment adds that the quota increase may not be activated until the Secretary of the Treasury certifies that supplementary resources are needed due to impairment of the international monetary system, and that the Fund has fully explored other means of funding. The amendment makes numerous other changes among them are: 1) the Federal Reserve is required to identify excessive foreign lending and prevent further excess foreign lending, 2) U.S. representative to Fund is to a) vote against drawing by members for purpose of repaying loans made by imprudent banking institutions and b) encourage a rescheduling of debt consistent with safe banking practices, and 3) prohibits up-front rescheduling fees by U.S. banks except for fees covering actual administrative costs.

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Amendment Number
304
Description
A perfecting amendment. The amendment adds that the quota increase may not be activated until the Secretary of the Treasury certifies that supplementary resources are needed due to impairment of the international monetary system, and that the Fund has fully explored other means of funding. The amendment makes numerous other changes among them are: 1) the Federal Reserve is required to identify excessive foreign lending and prevent further excess foreign lending, 2) U.S. representative to Fund is to a) vote against drawing by members for purpose of repaying loans made by imprudent banking institutions and b) encourage a rescheduling of debt consistent with safe banking practices, and 3) prohibits up-front rescheduling fees by U.S. banks except for fees covering actual administrative costs.
Congress
98
Type
HAMDT
Latest Action Date
Jul 29, 1983
Latest Action Text
Amendment Passed (Amended) in Committee of the Whole by Recorded Vote: 332 - 76 (Record Vote No: 290).
Submitted Date
Jul 29, 1983
Chamber
House of Representatives
Update Date
Jun 30, 2021
Amendment 304 — Informed