Page:United States Statutes at Large Volume 102 Part 2.djvu/368

 102 STAT. 1372 50 USC app. 1702 note.

PUBLIC LAW 100-418—AUG. 23, 1988

(2) The amendments made by paragraph (1) apply to actions taken by the President under section 203 of the International Emergency Economic Powers Act before the date of the enactment of this Act which are in effect on such date of enactment, and to actions taken under such section on or after such date of enactment. SEC. 2503. BUDGET ACT.

Any new spending authority (within the meaning of section 401 of the Congressional Budget Act of 1974) which is provided under this title shall be effective for any fiscal year only to the extent or in such amounts as are provided in appropriation Acts.

Exchange Rates and International Economic Policy Coordination Act of 1988. 22 USC 5301.

22 USC 5302.

TITLE III—INTERNATIONAL FINANCIAL POLICY Subtitle A—Exchange Rates and International Economic Policy Coordination SEC. 3001. SHORT TITLE.

This subtitle may be cited as the "Exchange Rates and International Economic Policy Coordination Act of 1988". SEC. 3002. FINDINGS.

The Congress finds that— (1) the macroeconomic policies, including the exchange rate policies, of the leading industrialized nations require improved coordination and are not consistent with long-term economic growth and financial stability; (2) currency values have a major role in determining the patterns of production and trade in the world economy; (3) the rise in the value of the dollar in the early 1980's contributed substantially to our current trade deficit; (4) exchange rates among major trading nations have become increasingly volatile and a pattern of exchange rates has at times developed which contribute to substantial and persistent imbalances in the flow of goods and services between nations, imposing serious strains on the world trading system and frustrating both business and government planning; (5) capital flows between nations have become very large compared to trade flows, respond at times quickly and dramatically to policy and economic changes, and, for these reasons, contribute significantly to uncertainty in financial markets, the volatility of exchange rates, and the development of exchange rates which produce imbalances in the flow of goods and services between nations; (6) policy initiatives by some major trading nations that manipulate the value of their currencies in relation to the United States dollar to gain competitive advantage continue to create serious competitive problems for United States industries; (7) a more stable exchange rate for the dollar at a level consistent with a more appropriate and sustainable balance in the United States current account should be a major focus of national economic policy;

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