Page:United States Statutes at Large Volume 112 Part 4.djvu/249

 PUBLIC LAW 105-277—OCT. 21, 1998 112 STAT. 2681-220 (B) repaid within 1 to 2V^ years from each disbursement. REPORTS ON FINANCIAL STABILIZATION PROGRAMS IN THE REPUBLIC OF KOREA SEC. 602. (a) The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to exert the influence of the United States to oppose further disbursement of funds to the Republic of Korea under the Republic of Korea's standby arrangement of December 4, 1997 (in this section referred to as the "Arrangement"), unless there is in effect a certification by the Secretary of the Treasmy to the appropriate committees that— (1) no Fund resources made available pursuant to the Arrangement have been used to provide finsmcial assistance to the semiconductor, steel, automobile, shipbuilding, or textile and apparel industries; (2) the Fund has neither guaranteed nor underwritten the private loans of semiconductor, steel, automobile, shipbuilding, or textile and apparel manufacturers under the Arrangement; and (3) officials from the Fund and the Department of the Treasury have monitored the implementation of the provisions contained in the Arrangement, and all of the conditions have either been met or the Republic of Korea has committed itself to fulfill all of these conditions according to an explicit timetable for completion; which timetable has been provided to the Fund and the Depsirtment of the Treasury and approved by the Fund. (b) Before each disbursement of Fund resources to the Republic of Korea under the Arrangement, the Secretary of the Treasury shall report to the appropriate committees on whether a certification by the Secretary pursuant to subsection (a) is in effect. ADVISORY COMMISSION SEC. 603. (a) IN GENERAL. — The Secretary of the Treasury Establishment, shall establish an International Financial Institution Advisory 22 USC 262r Commission (in this section referred to as the "Commission"). "°*®- (b) MEMBERSHIP.— (1) IN GENERAL.— The Commission shall be composed of 11 members, as follows: (A) 3 members appointed by the Speaker of the House of Representatives. (B) 3 members appointed by the MEgority Leader of the Senate. (C) 5 members appointed jointly by the Minority Leader of the House of Representatives and the Minority Leader of the Senate. (2) TIMING OF APPOINTMENTS.— All appointments to the Commission shall be made not later than 45 days after the date of enactment of this Act. (3) CHAIRMAN.—The Msgority Leader of the Senate, after consultation witii the Speaker of the House of Representatives and the Minority Leaders of the House of Representatives and the Senate, shall designate 1 of the members of the Commission to serve as Chairman of the Commission.

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