HR 1147 IH
106th CONGRESS
1st Session
H. R. 1147
To sunset the Bretton Woods Agreements Act.
IN THE HOUSE OF REPRESENTATIVES
March 17, 1999
Mr. PAUL introduced the following bill; which was referred to the Committee on Banking and Financial Services
A BILL
To sunset the Bretton Woods Agreements Act.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SUNSET OF BRETTON WOODS AGREEMENTS ACT.
The Bretton Woods Agreements Act (22 U.S.C. 286) is hereby repealed 3 years after the date of enactment of this Act.
SEC. 2. SETTLEMENT OF ACCOUNTS.
Not later than 3 years after the date of the enactment of this Act, the Secretary of the Treasury shall withdraw the United States from the International Monetary Fund, and shall negotiate an agreement on the method of settling accounts with the International Monetary Fund.
SEC. 3. REPORT TO THE CONGRESS ON ALTERNATIVES.
On the date that is 2 years after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking and Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate a report on alternative ways of addressing the problems that the International Monetary Fund is designed to address, including reliance on the operation of private capital markets, merging the International Monetary Fund with the International Bank for Reconstruction and Development, and establishing an institution to address such problems in a different manner than the International Monetary Fund has addressed such problems.
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