S.Amdt. 6494

This amendment, known as the Exchange Stabilization Fund Transparency Act, aims to add a new subtitle to bill S. 4784. Its purpose is to create stricter reporting and notification rules for when the Secretary of the Treasury uses the Exchange Stabilization Fund to provide assistance to foreign countries or foreign entities.

The amendment would change how the government handles these funds by adding the following requirements:

• Advance Notice: The Secretary of the Treasury must notify the appropriate committees of Congress at least 24 hours before committing assistance. This includes things like currency swap lines, buying sovereign debt, or extending credit instruments.

• Detailed Reporting: Notifications must include specific details, such as the amount and terms of the assistance, why it helps U.S. national interests, risk assessments, repayment timelines, and how taxpayer resources are being protected.

• Ongoing Accountability: The Secretary must provide a briefing to Congress within 7 days of committing funds or significantly intervening in international financial markets.

• Looking Backward: The Secretary must submit a report covering all such assistance provided during the 4-year period before the Act is enacted.

• Expanded Disclosure: Any information already provided to Congress under existing law regarding transactions with foreign entities must now also be shared with the Senate Committee on Foreign Relations and the House Committee on Foreign Affairs.