International Economic Recovery and Financial Stability Act

International Recovery and Financial Stability Act - Title I: International Economic Recovery - Directs the President to encourage industrialized nations to: (1) take multilateral actions to adopt fiscal policies which will result in sustainable, noninflationary economic growth and increased worldwide employment; (2) develop plans for reducing the financial pressures on certain debt-ridden nations by extending the maturity of such debt; and (3) begin to promote the effectiveness and consistency of the regulation and supervision of international banking. Requires the President to report to Congress on such activities and to include in such report recommendations for legislation.

Title II: International Monetary Fund - Amends the Bretton Woods Agreements Act to increase the authorized loans to the International Monetary Fund. Prohibits any representative of the United States from instructing the U.S. Executive Director to the Fund to consent to any amendment to the February 24, 1983, decision of the Fund's Executive Directors if the amendment would significantly alter the terms of U.S. participation in the General Arrangements to Borrow. Authorizes the U.S. Governor of the Fund to consent to an increase in the U.S. quota in the Fund.

Expresses the sense of the Congress that: (1) the lack of sufficient information currently available to international lenders threatens the stability of the international monetary system; and (2) the Fund should adopt measures to ensure the availability of more complete and timely financial information.

Directs the Secretary of the Treasury to instruct the U.S. Executive Director to the Fund to: (1) initiate relevant discussions with other directors of the Fund and with the Fund management; and (2) propose and vote for certain information collection and publication procedures. Authorizes the President to require persons subject to U.S. jurisdiction to provide information to the Fund. Requires the Secretary to report to the appropriate congressional committees on progress made toward establishing information collection procedures within the Fund.

Amends the Special Drawing Rights Act to prohibit any representative of the United States from approving a new allocation of Special Drawing Rights unless Congress authorizes such action.

Amends the Bretton Woods Agreements Act to require the U.S. Executive Director to the Fund to oppose any credit drawings on the Fund or any of its facilities by countries which practice apartheid.

Requires the U.S. Executive Director to the Fund to present proposals to the Fund's Executive Board that ensure that each member country using Fund resources takes steps to eliminate import restrictions and unfair export subsidies which are inconsistent with international agreements and which have serious adverse impact on any member's exports or employment. Requires the Secretary, if the Fund does not adopt such proposals, to consult with the appropriate congressional committees before instructing the U.S. Executive Director to vote for a country which has such import restrictions or unfair export subsidies. Requires the Secretary to be informed of all such restrictions and subsidies implemented by member countries.

Directs the Secretary to submit to Congress, within 180 days of enactment of this Act, a report on the policies of the Fund. Sets forth the information to be contained in the report.

Directs the President to instruct the Secretary, the Chairman of the Federal Reserve Board, and other appropriate Federal officials to encourage countries to formulate economic adjustment programs to deal with their balance of payments difficulties and external debt.

Sets forth specified changes in the Fund's guidelines, policies, and decisions that the U.S. representatives to the Fund shall recommend.

Directs the U.S. Executive Director of the Fund to vote against providing assistance from the Fund for an economic adjustment program unless: (1) the program provides for converting high-interest short-term debt into lower-interest long-term debt; (2) the total amount of principal and interest payments required are both a manageable and prudent percentage of the country's projected export earnings; and (3) the program will not adversely affect the international economy and the long-term solvency of banks. Permits the U.S. Executive Director to vote for an economic adjustment program that does not meet such standards if the Director provides the Secretary with written proof of exigent or unusual circumstances which warrant waiving the standards.

Directs the Secretary to instruct the U.S. Executive Director of the Fund to propose that the Fund adopt these policies with respect to international lending: (1) intensification of the Fund's examination of the trend and volume of external indebtedness of private and public borrowers in a member country when consulting with such country's government on its economic policies; (2) consideration of limiting public sector external short- and long-term borrowing as part of any Fund-approved stabilization program; and (3) publication of the Fund's evaluation of the trend and volume of international lending.

Title III: International Lending Supervision - International Lending Supervision Act of 1983 - Requires each appropriate Federal banking agency to evaluate banking institution foreign country exposure and transfer risk. Requires each such agency to establish examination and supervisory procedures to assure that factors such as foreign country exposure and transfer risk are considered in evaluating the adequacy of the capital of banking institutions. Requires each such agency to require a banking institution to establish and maintain a special reserve whenever the agency determines that: (1) the institution's assets have been impaired by a protracted inability of a foreign country's public or private borrowers to make payments on their external indebtedness; or (2) there is a substantial likelihood that such debt cannot reasonably be expected to be repaid according to its original terms without additional borrowing or a major restructuring.

Requires the Federal Financial Institutions Examination Council to promulgate regulations to account for fees charged by a banking institution in connection with an international loan.

Requires each appropriate Federal banking agency to require each banking institution with foreign country exposure to submit, at least four times each year, information regarding that exposure. Requires each such agency to require banking institutions to publish information regarding material foreign country exposure in relation to assets and to capital.

Requires the Examination Council and the Federal banking agencies to consult with foreign banking supervisory authorities to reach understandings aimed at achieving the adoption of effective and consistent supervisory policies and practices with respect to international lending. Requires the Examination Council to report to the appropriate congressional committees on the international banking examination and supervisory procedures of certain foreign countries.

Requires each appropriate Federal banking agency to require banking institutions to maintain adequate levels of capital. Provides for regulations to implement this Act.

Sets forth the general authorities of the Examination Council and the appropriate Federal banking agencies. Sets forth penalties for violations of this Act. Requires the Examination Council and the appropriate Federal banking agencies to report to specified congressional committees on actions taken to implement this Act.

Provides for legislative review and congressional veto of rules and regulations promulgated by the Examination Council or by an appropriate Federal banking agency pursuant to this Act. Permits the waiver of such legislative review. Declares that congressional inaction on a rule or regulation shall not be deemed approval of such rule or regulation.

Directs the Comptroller General to audit the Examination Council and the appropriate Federal banking agencies but permits the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate Federal banking agency has consented in writing. Prohibits audits of the Federal Reserve Board and Federal Reserve banks from including specified transactions.

Prohibits employees of the General Accounting Office from disclosing information identifying an open bank, an open bank holding company, or a customer of a bank or bank holding company. Exempts certain information from such prohibition.

Sets forth the method which the Comptroller General shall use in carrying out an audit.