,,ii #aaith ,,congress #b;d ,session ,s4 #dfag ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,may #ba1 #bjbf,mrs4 ,shaheen 7for herself and ,mr4 ,grassley7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to strengthen transparency over efforts by the ,department of the ,treasury to use the ,exchange ,stabilization ,fund to aid foreign countries without prior notification to ,congress4 #a4 ,short title ,this ,act may be cited as the ,exchange ,stabilization ,fund ,transparency ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,appropriate committees of ,congress ,the term appropriate committees of ,congress means-- 7,a7 the ,committee on ,foreign ,relations and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs and the ,committee on ,financial ,services of the ,house of ,representatives4 7#b7 ,exchange ,stabilization ,fund ,the term ,exchange ,stabilization ,fund means the stabilization fund established under section #ecjb7;a7 of title #ca1 ,united ,states ,code4 7#c7 ,foreign entity ,the term foreign entity means an entity that is not organized under the laws of the ,united ,states or any jurisdiction within the ,united ,states4 7#d7 ,government of a foreign country ,the term government of a foreign country-- 7,a7 means-- 7i7 any subdivision1 agency1 or instrumentality of that government2 and 7ii7 any entity owned or controlled by that government2 and 7,b7 includes a central bank of the foreign country4 #c4 ,limitation on use of ,exchange ,stabilization ,fund to aid foreign countries 7a7 ,notification required ,not less than #bd hours before the ,secretary of the ,treasury commits to providing assistance to a foreign entity or the government of a foreign country using the ,exchange ,stabilization ,fund1 including through the establishment of currency swap lines1 the purchase of local currency or sovereign debt of a foreign country1 or the extension of any credit instrument1 the ,secretary1 in consultation with the ,secretary of ,state as appropriate1 shall submit to the appropriate committees of ,congress a notification of the intention to provide that assistance4 7b7 ,elements ,a notification submitted to the appropriate committees of ,congress under subsection 7a7 with respect to assistance to be provided to a foreign entity or the government of a foreign country shall1 to the extent such information is available1 include-- 7#a7 a detailed description of the nature1 amount1 duration1 and specific terms of the assistance2 7#b7 a detailed description of why providing the assistance advances the national interests of the ,united ,states1 including-- 7,a7 an explanation of whether the economy of the foreign country is important to the ,united ,states or global economy or financial system and1 if so1 why2 and 7,b7 an assessment of the impact of not providing the assistance2 7#c7 a detailed description of engagement the ,united ,states ,government has undertaken as of the date of the notification1 or is planning to undertake1 with the ,international ,monetary ,fund and other international financial institutions1 the private sector1 and the governments of countries that are partners of the ,united ,states to provide financial assistance to the foreign country2 7#d7 any risk assessment for the foreign country prepared by agencies of the ,united ,states ,government relating to the provision of the assistance and the associated interest premium and an explanation of how the risk assessment affected the decision to use the ,exchange ,stabilization ,fund2 7#e7 an assessment of the impact that providing the assistance will have on reserves within the ,exchange ,stabilization ,fund1 including on reserves of ,united ,states dollars1 foreign currencies1 and ,special ,drawing ,rights2 7#f7 a statement of any conditions that the ,united ,states ,government is imposing on use of the assistance with respect to-- 7,a7 increasing the likelihood of repayment2 and 7,b7 the fiscal or economic policies of the foreign country2 7#g7 an explanation for why the conditions described in paragraph 7#f7 were imposed or1 if no such conditions were imposed1 an explanation for why not2 7#h7 an assessment of the expected repayment to the ,united ,states of the assistance and the likelihood that the government of the foreign country will default on its international obligations following the provision of the assistance2 7#i7 a timeline agreed to for repayment of the assistance1 if applicable2 7#aj7 a description of any other safeguards put in place to protect ,united ,states taxpayer resources2 and 7#aa7 if any information required by paragraphs 7#a7 through 7#aj7 to be included in the notification is unavailable at the time of the submission of the notification1 an estimate1 not to exceed #ad days1 of when that information will be provided to the appropriate committees of ,congress4 7c7 ,notification update ,the ,secretary of the ,treasury shall provide to the appropriate committees of ,congress in writing any information relating to providing assistance described in subsection 7a7 that was not available at the time the ,secretary submitted the notification required by that subsection on the earlier of-- 7#a7 the date that is #ad days after the ,secretary commits to using the ,exchange ,stabilization ,fund to provide the assistance2 or 7#b7 the first date on which the ,secretary has used at least #ejj1jjj1jjj from the ,exchange ,stabilization ,fund to provide the assistance4 7d7 ,form of notification ,the information required by subsections 7b7 and 7c7 shall be submitted in unclassified form1 but may include a classified annex as necessary to protect sensitive information if an explanation is provided for why the information is required to be classified4 7e7 ,briefing required ,not later than #g days after the ,secretary of the ,treasury commits to using the ,exchange ,stabilization ,fund to provide assistance described in subsection 7a7 or otherwise significantly intervenes in international financial markets1 including through the substantial purchase of foreign currency1 the ,secretary1 in consultation with the ,secretary of ,state as appropriate1 shall provide a briefing to the appropriate committees of ,congress4 7f7 ,retroactive transparency ,not later than #cj days after the date of the enactment of this ,act1 the ,secretary of the ,treasury1 in consultation with the ,secretary of ,state as appropriate1 shall submit to the appropriate committees of ,congress a report that includes1 for each instance in which assistance described in subsection 7a7 was provided to a foreign entity or the government of a foreign country during the #d-year period preceding such date of enactment-- 7#a7 all of the information required1 by paragraphs 7#a7 through 7#aj7 of subsection 7b71 to be included in a notification submitted under subsection 7a72 7#b7 a copy of any and all written agreements between the ,united ,states and the foreign entity or the government of the foreign country1 as the case may be1 related to the assistance2 7#c7 a description of the status of the assistance1 including whether the assistance is ongoing or has terminated2 and 7#d7 a determination of whether additional assistance using the ,exchange ,stabilization ,fund is likely to be required by the foreign entity or the government of the foreign country1 as the case may be1 in the #b-year period following such date of enactment4 #d4 ,modification of existing ,exchange ,stabilization ,fund disclosure ,any information provided to a committee of ,congress under section #ecjb7;c77#a7 of title #ca1 ,united ,states ,code1 relating to an agreement or transaction with a foreign entity or the government of a foreign country shall also be provided to the ,committee on ,foreign ,relations of the ,senate and the ,committee on ,foreign ,affairs of the ,house of ,representatives4