SenateS. 4617119th Congress
Exchange Stabilization Fund Transparency Act
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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4617 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4617
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 Congress.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 21, 2026
Mrs. Shaheen (for herself and Mr. Grassley) introduced the following
bill; which was read twice and referred to the Committee on Banking,
Housing, 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 Congress.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Exchange Stabilization Fund
Transparency Act''.
SEC. 2. DEFINITIONS.
In this Act:
(1) Appropriate committees of congress.--The term
``appropriate committees of Congress'' means--
(A) the Committee on Foreign Relations and the
Committee on Banking, Housing, and Urban Affairs of the
Senate; and
(B) the Committee on Foreign Affairs and the
Committee on Financial Services of the House of
Representatives.
(2) Exchange stabilization fund.--The term ``Exchange
Stabilization Fund'' means the stabilization fund established
under section 5302(a) of title 31, United States Code.
(3) 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 States.
(4) Government of a foreign country.--The term ``government
of a foreign country''--
(A) means--
(i) any subdivision, agency, or
instrumentality of that government; and
(ii) any entity owned or controlled by that
government; and
(B) includes a central bank of the foreign country.
SEC. 3. LIMITATION ON USE OF EXCHANGE STABILIZATION FUND TO AID FOREIGN
COUNTRIES.
(a) Notification Required.--Not less than 24 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 Fund, including through the establishment of currency
swap lines, the purchase of local currency or sovereign debt of a
foreign country, or the extension of any credit instrument, the
Secretary, in consultation with the Secretary of State as appropriate,
shall submit to the appropriate committees of Congress a notification
of the intention to provide that assistance.
(b) Elements.--A notification submitted to the appropriate
committees of Congress under subsection (a) with respect to assistance
to be provided to a foreign entity or the government of a foreign
country shall, to the extent such information is available, include--
(1) a detailed description of the nature, amount, duration,
and specific terms of the assistance;
(2) a detailed description of why providing the assistance
advances the national interests of the United States,
including--
(A) an explanation of whether the economy of the
foreign country is important to the United States or
global economy or financial system and, if so, why; and
(B) an assessment of the impact of not providing
the assistance;
(3) a detailed description of engagement the United States
Government has undertaken as of the date of the notification,
or is planning to undertake, with the International Monetary
Fund and other international financial institutions, the
private sector, and the governments of countries that are
partners of the United States to provide financial assistance
to the foreign country;
(4) 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 Fund;
(5) an assessment of the impact that providing the
assistance will have on reserves within the Exchange
Stabilization Fund, including on reserves of United States
dollars, foreign currencies, and Special Drawing Rights;
(6) a statement of any conditions that the United States
Government is imposing on use of the assistance with respect
to--
(A) increasing the likelihood of repayment; and
(B) the fiscal or economic policies of the foreign
country;
(7) an explanation for why the conditions described in
paragraph (6) were imposed or, if no such conditions were
imposed, an explanation for why not;
(8) 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 assistance;
(9) a timeline agreed to for repayment of the assistance,
if applicable;
(10) a description of any other safeguards put in place to
protect United States taxpayer resources; and
(11) if any information required by paragraphs (1) through
(10) to be included in the notification is unavailable at the
time of the submission of the notification, an estimate, not to
exceed 14 days, of when that information will be provided to
the appropriate committees of Congress.
(c) 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
(a) that was not available at the time the Secretary submitted the
notification required by that subsection on the earlier of--
(1) the date that is 14 days after the Secretary commits to
using the Exchange Stabilization Fund to provide the
assistance; or
(2) the first date on which the Secretary has used at least
$500,000,000 from the Exchange Stabilization Fund to provide
the assistance.
(d) Form of Notification.--The information required by subsections
(b) and (c) shall be submitted in unclassified form, 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
classified.
(e) Briefing Required.--Not later than 7 days after the Secretary
of the Treasury commits to using the Exchange Stabilization Fund to
provide assistance described in subsection (a) or otherwise
significantly intervenes in international financial markets, including
through the substantial purchase of foreign currency, the Secretary, in
consultation with the Secretary of State as appropriate, shall provide
a briefing to the appropriate committees of Congress.
(f) Retroactive Transparency.--Not later than 30 days after the
date of the enactment of this Act, the Secretary of the Treasury, in
consultation with the Secretary of State as appropriate, shall submit
to the appropriate committees of Congress a report that includes, for
each instance in which assistance described in subsection (a) was
provided to a foreign entity or the government of a foreign country
during the 4-year period preceding such date of enactment--
(1) all of the information required, by paragraphs (1)
through (10) of subsection (b), to be included in a
notification submitted under subsection (a);
(2) a copy of any and all written agreements between the
United States and the foreign entity or the government of the
foreign country, as the case may be, related to the assistance;
(3) a description of the status of the assistance,
including whether the assistance is ongoing or has terminated;
and
(4) 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 country, as the
case may be, in the 2-year period following such date of
enactment.
SEC. 4. MODIFICATION OF EXISTING EXCHANGE STABILIZATION FUND
DISCLOSURE.
Any information provided to a committee of Congress under section
5302(c)(1) of title 31, United States Code, 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
Representatives.
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