Foreign Government Bailout Accountability Act of 1998
Official title: To require congressional approval for certain uses of the exchange stabilization fund.
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Referred to the Subcommittee on Domestic and International Monetary Policy.
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.
- Introduced in House Formatted Text PDF
Cite this page
U.S. Congress. (2026). H.R. 3138: Foreign Government Bailout Accountability Act of 1998. 105th Congress. Open America. https://openamerica.io/bill/105-HR-3138/
"H.R. 3138: Foreign Government Bailout Accountability Act of 1998." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-3138/.
H.R. 3138, 105th Cong. (2026), https://openamerica.io/bill/105-HR-3138/.
[H.R. 3138: Foreign Government Bailout Accountability Act of 1998](https://openamerica.io/bill/105-HR-3138/)