Foreign Government Bailout Accountability Act of 1998

Foreign Government Bailout Accountability Act of 1998 - Amends Federal monetary law governing exchange rate stabilization to prohibit the Secretary of the Treasury from making any loan or extension of credit to a single foreign entity or government of a foreign country unless the President certifies to certain congressional committees that: (1) there is no projected cost to the United States from the proposed loan or extension of credit; and (2) any such proposed obligation or expenditure is adequately backed by an assured source of repayment to ensure repayment of all Federal funds.

Requires an Act of Congress as a prerequisite to the making of any loan or extension of credit to a single foreign entity or government of a foreign country that would result in expenditures and obligations in excess of $1 billion for more than 180 days.