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dealer in government debt instruments if such foreign country does not accord to United States companies the same competitive opportunities in the underwriting and distribution of government debt instruments issued by such country as such country accords to domestic companies of such country.

(2) ČERTAIN PRIOR ACQUISITIONS EXCEPTED.-Paragraph (1) shall not apply to the continuation of the prior designation of a company as a primary dealer in government debt instruments if

(A) such designation occurred before July 31, 1987; and (B) before July 31, 1987

(i) control of such company was acquired from a person (other than a person of a foreign country) by a person of a foreign country; or

(ii) in conjunction with a person of a foreign country, such company informed the Federal Reserve Bank of New York of the intention of such person to acquire

control of such company. (c) EXCEPTION FOR COUNTRIES HAVING OR NEGOTIATING BILATERAL AGREEMENTS WITH THE UNITED STATES.Subsection (b) shall not apply to any person of a foreign country if

(1) that country, as of January 1, 1987, was negotiating a bilateral agreement with the United States under the authority of section 102(b)4XA) of the Trade Act of 1974 (19 U.S.C. 2112(bX4XA)); or

(2) that country has a bilateral free trade area agreement with the United States which entered into force before Jan

uary 1, 1987. (d) PERSON OF A FOREIGN COUNTRY DEFINED.-For purposes of this section, a person is a “person of a foreign country” if that person, or any other person which directly or indirectly owns or controls that person, is a resident of that country, is organized under the laws of that country, or has its principal place of business in that country.

(e) EFFECTIVE DATE.—This section shall take effect 12 months after the date of the enactment of this Act.

SUBTITLE G-FINANCIAL REPORTS

SEC. 3601.89 SHORT TITLE.

This subtitle may be cited as the “Financial Reports Act of 1988". SEC. 3602.90 QUADRENNIAL REPORTS ON FOREIGN TREATMENT OF

UNITED STATES FINANCIAL INSTITUTIONS. Not less frequently than every 4 years, beginning December 1, 1990, the Secretary of the Treasury, in conjunction with the Secretary of State, the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Department of Commerce, shall report to the Congress on (1) the foreign countries from which foreign financial services institutions have entered into the business of providing financial services in the United States, (2) the kinds of financial services which are being offered, (3) the extent to which foreign countries deny national treatment to United States banking organizations and securities companies, and (4) the efforts undertaken by the United States to eliminate such discrimination. The report shall focus on those countries in which there are significant denials of national treatment which impact United States financial firms. The report shall also describe the progress of discussions pursuant to section 3603. SEC. 3603.91 FAIR TRADE IN FINANCIAL SERVICES.

99 22 U.S.C. 5351. 90 22 U.S.C. 5352.

23_9730-90 - 11

(a) DISCUSSIONS.—When advantageous the President or his designee shall conduct discussions with the governments of countries that are major financial centers, aimed at:

(1) ensuring that United States banking organizations and securities companies have access to foreign markets and receive national treatment in those markets;

(2) reducing or eliminating barriers to, and other distortions of, international trade in financial services;

(3) achieving reasonable comparability in the types of financial services permissible for financial service companies; and

(4) developing uniform supervisory standards for banking organizations and securities companies, including uniform cap

ital standards. (b) CONSULTATION BEFORE DISCUSSIONS.-Before entering into those discussions, the President or his designee shall consult with the committees of jurisdiction in the Senate and the House of Representatives.

(c) RECOMMENDATIONS.—After completing those discussions and after consultation with the committees of jurisdiction, the President shall transmit to the Congress any recommendations that have emerged from those discussions. Any recommendations for changes in United States financial laws or practices shall be accompanied by a description of the changes in foreign financial laws or practices that would accompany action by the Congress, and by an explanation of the benefits that would accrue to the United States from adoption of the recommendations.

(d) CONSTRUCTION OF SECTION.—Nothing in this section may be construed as prior approval of any legislation which may be necessary to implement any recommendations resulting from discussions under this section. SEC. 3604.92 BANKS LOAN LOSS RESERVES.

The Federal Reserve Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report on the issues raised by including loan loss reserves as part of banks' primary capital for regulatory purposes by March 31, 1989. Such report shall include a review of the treatment of loan loss reserves and the composition of primary capital of banks in other major industrialized countries, and shall include an analysis as to whether loan loss reserves should continue to be counted as primary capital for regulatory purposes.

91 22 U.S.C. 5353. 92 22 U.S.C. 5354.

TITLE IV-AGRICULTURAL TRADE 93

SUBTITLE G-PESTICIDE MONITORING IMPROVEMENTS 94

TITLE V-FOREIGN CORRUPT PRACTICES AMENDMENTS;

INVESTMENT; AND TECHNOLOGY

PART 1- FOREIGN CORRUPT PRACTICES ACT AMENDMENTS

95

SUBTITLE C-COMPETITIVENESS POLICY COUNCIL ACT

SEC. 5201.96 SHORT TITLE.

This subtitle may be cited as the “Competitiveness Policy Council Act”. SEC. 5202.97 FINDINGS AND PURPOSES. (a) FINDINGS.—The Congress finds that,

(1) efforts to reverse the decline of United States industry has been hindered by

(A) a serious erosion in the institutions and policies which foster United States competitiveness including a lack of high quality domestic and international economic and scientific data needed to

(i) reveal sectoral strengths and weaknesses;

(ii) identify potential new markets and future technological and economic trends; and

(iii) provide necessary information regarding the
competitive strategies of foreign competitors;
(B) the lack of a coherent and consistent government
competitiveness policy, including policies with respect to-

(i) international trade, finance, and investment,
(ii) research, science, and technology,
(iii) education, labor retraining, and adjustment,
(iv) macroeconomic and budgetary issues,
(v) antitrust and regulation, and
(vi) government procurement;

93 Title IV, cited as the “Agricultural Competitiveness and Trade Act of 1988”, may be found in Legislation on Foreign Relations Through 1989, vol. I, page 1201.

94 Subtitle G, the "Pesticide Monitoring Improvements Act of 1988”, may be found in Legislation on Foreign Relations Through 1989, vol. I, page 1253.

95 Part I, the “Foreign Corrupt Practices Act Amendments of 1988”, amended sec. 104 of the Foreign Corrupt Practices Act of 1977 (15 U.S.C. 78dd-2). The text of the amendment may be found at page 988. The freestanding provisions in Part I may be found at page 994.

96 15 U.S.C. 4801 note. 97 15 U.S.C. 4801.

(2) the United States economy benefits when business, labor, government, academia, and public interest groups work together cooperatively;

(3) the decline of United States economic competitiveness endangers the ability of the United States to maintain the de fense industrial base which is necessary to the national security of the United States;

(4) the world is moving rapidly toward the creation of an integrated and interdependent economy, a world economy in which the policies of one nation have a major impact on other nations;

(5) integrated solutions to such issues as trade and investment research, science, and technology, education, and labor retraining and adjustments help the United States compete more effectively in the world economy; and

(6) government, business, labor, academia, and public interest groups shall cooperate to develop and coordinate long-range strategies to help assure the international competitiveness of

the United States economy. (b) PURPOSE.—It is the purpose of this subtitle

(1) to develop recommendations for long-range strategies for promoting the international competitiveness of the United States industries; and

(2) to establish the Competitiveness Policy Council which shall

(A) analyze information regarding the competitiveness of United States industries and business and trade policy;

(B) create an institutional forum where national leaders with experience and background in business, labor, government, academia, and public interest activities shall

(i) identify economic problems inhibiting the competitiveness of United States agriculture, business, and industry;

(ii) develop long-term strategies to address such problem; and (C) make recommendations on issues crucial to the development of coordinated competitiveness strategies;

(D) publish analysis in the form of periodic reports and recommendations concerning the United States business

and trade policy. SEC. 5203.98 COUNCIL ESTABLISHED.

There is established the Competitiveness Policy Council (hereafter in this subtitle referred to as the "Council"), an advisory committee under the provisions of the Federal Advisory Committee Act (5 U.S.C. App.). SEC. 5204.99 DUTIES OF THE COUNCIL. The Council shall

(1) develop recommendations for national strategies and on specific policies intended to enhance the productivity and international competitiveness of United States industries;

98 15 U.S.C. 4802. 99 15 U.S.C. 4803.

(2) provide comments, when appropriate, and through any existing comment procedure, on

(A) private sector requests for governmental assistance or relief, specifically as to whether the applicant is likely, by receiving the assistance or relief, to become internationally competitive; and

(B) what actions should be taken by the applicant as a condition of such assistance or relief to ensure that the ap

plicant is likely to become internationally competitive; (3) analyze information concerning current and future United States economic competitiveness useful to decision making in government and industry;

(4) create a forum where national leaders with experience and background in business, labor, academia, public interest activities, and government shall identify and develop recommendations to address problems affecting the economic competitiveness of the United States;

(5) evaluate Federal policies, regulations, and unclassified international agreement on trade, science, and technology to which the United States is a party with respect to the impact on United States competitiveness;

(6) provide policy recommendations to the Congress, the President, and the Federal departments and agencies regarding specific issues concerning competitiveness strategies;

(7) monitor the changing nature of research, science, and technology in the United States and the changing nature of the United States economy and its capacity

(A) to provide marketable, high quality goods and services in domestic and international markets; and

(B) to respond to international competition; (8) identify

(A) Federal and private sector resources devoted to increased competitiveness; and (B) State and local government programs devised to en

competitiveness, including joint ventures between universities and corporations; (9) establish, when appropriate, subcouncils of public and private leaders to develop recommendations on long-term strategies for sectors of the economy and for specific competitiveness issues;

(10) review policy recommendations developed by the subcouncils and transmit such recommendations to the Federal agencies responsible for the implementation of such recommendations;

(11) prepare, publish, and distribute reports containing the recommendations of the Council; and

(12) publish their analysis and recommendations in the form of an annual report to the President and the Congress which also comments on the overall competitiveness of the American economy.

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