EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503
STATEMENT OF ADMINISTRATION POLICY (THIS STATEMENT HAS BEEN COORDINATED BY OMB WITH THE CONCERNED AGENCIES.)
November 4, 1997
H.R. 2605 - Communist China Subsidy Reduction Act of 1997
(Solomon (R) NY)
The Administration opposes H.R. 2605, which would require U.S. Executive
Directors at each international financial institution to oppose concessional
loans to the People's Republic of China (PRC), or any Chinese citizen or
entity. H.R. 2605 would unconstitutionally infringe on the President's
authority to conduct foreign affairs. In addition, such requirements are
rarely an effective policy tool and often hinder efforts to advance U.S.
priorities within international financial institutions.