PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Domestic and International Monetary Policy.
Congressional Research Service
Version 00 · Introduced in House · Feb 3, 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.
People & committees
Rep. Bachus, Spencer [R-AL-6] · R–AL
Legislative record
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Referred to the Subcommittee on Domestic and International Monetary Policy.
Referred to the House Committee on Banking and Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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