To restore Congress' constitutional role in international transactions involving the Exchange Stabilization Fund, and to limit the amount of individual loans or credits that may be provided to a foreign entity through that fund.
Foreign Aid Limitation Act - Prohibits the Secretary of the Treasury from using the Exchange Stabilization Fund to: (1) make a loan or extend credit above $250 million to an entity the majority of which is owned or controlled by one or more foreign persons or foreign governments; (2) extend a loan or credit beyond sixty days to such entity unless the President certifies in writing to certain congressional committees that Federal expenditures involved in the loan or credit are adequately backed by an assured, identified source of repayment; or (3) make a loan or extend credit above $1 billion to such entity without express statutory authorization, unless such loan or credit extension is necessary to address a foreign financial crisis which poses a threat to U.S. interests or the international financial system.
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sponsor introductory remarks on measure. (CR H1513-1514)
Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
Referred to the Subcommittee on Technology and the House.
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