Page:United States Statutes at Large Volume 102 Part 2.djvu/372

 102 STAT. 1376

22 USC 5323.

22 USC 5324.

PUBLIC LAW 100-418—AUG. 23, 1988

(9) new international mechanisms to improve the management of the debt problem and to expand the range of financing options available to developing countries should be explored; and (10) industrial countries with strong current account surpluses have a disproportionate share of the world's capital resources, and bear an additional responsibility for contributing to a viable long-term solution to the debt problem. SEC. 3103. PURPOSES. The purposes of this subtitle are— (1) to expand the world trading system and raise the level of exports from the United States to the developing countries in order to reduce the United States trade deficit and foster economic expansion and an increase in the standard of living throughout the world; (2) to alleviate the current international debt problem in order to make the debt situation of developing countries more manageable and permit the resumption of sustained growth in those countries; and (3) to increase the stability of the world financial system and ensure the safety and soundness of United States depository institutions. SEC 3104. STATEMENT OF POLICY. It is the policy of the United States that— (1) increasing growth in the developing world is a major goal of international economic policy; (2) it is necessary to broaden the range of options in dealing with the debt problem to include improved mechanisms to restructure existing debt; (3) active consideration of a new multilateral authority to improve the management of the debt problem and to share the burdens of adjustment more equitably must be undertaken; and (4) countries with strong current account surpluses bear a major responsibility for providing the financial resources needed for growth in the developing world.

PART II—THE INTERNATIONAL DEBT MANAGEMENT AUTHORITY 22 USC 5331.

SEC. 3111. INTERNATIONAL INmATIVE.

(a) DiREcnvE.— (1) STUDY.—The Secretary of the Treasury shall study the feasibility and advisability of establishing the International Debt Management Authority described in this section. (2) EIxPLANATiON OP DETERMINATIONS.—If the Secretary of the Treasury determines that initiation of international discussions with r^ard to such authority would (A) result in material increase in the discount at which sovereign debt is sold, (B) materially increase the probability of default on such debt, or (C) matenally enhance the likelihood of debt service failure or disruption, the Secretary shall include in his interim reports to the Congress an explanation in detail of the reasons for such determination. /

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