Preserve the Exchange Stabilization Fund
C. Randall Henning
No PB99-08, Policy Briefs from Peterson Institute for International Economics
A congressional coalition of strange bedfellows has recently attempted, and only narrowly failed in the House of Representatives, to constrain the use of the Exchange Stabilization Fund (ESF) by the secretary of the treasury. On 15 July, the House rejected by 192-228 an amendment offered by Rep. Bernard Sanders (I-VT), cosponsored by eleven others and endorsed by several labor unions and lobbying groups, that would have required explicit congressional approval for loans from the ESF greater than $1 billion. This is the second floor vote in as many years on an attempt to renew temporary restrictions placed on the ESF after the Mexico crisis of 1995.
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