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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
10/7/1988--Introduced. International Financial Cooperation and Security Act of 1988 - Requires the Secretary of the Treasury to report annually to the Congress all financial data on the convertible currency balance of payments profile of the Soviet Union, including: (1) data on loans made to the Soviet Union by member countries of the Organization for Economic Cooperation and Development (OECD) or by banks or persons in such countries; and (2) all statistics published by the Bank for International Settlements on tied and untied loans to the Soviet Union and on bonds issued in Europe to investors outside the Soviet Union the proceeds of which accrue to the Soviet Union. Directs the Secretary to formulate the position of the United States with respect to establishing internationally acceptable standards for entering into and reporting financial transactions with the Soviet Union. Requires the Secretary to represent the United States in multilateral negotiations with OECD countries to establish such standards. Directs the Secretary to conduct such negotiations through a structure similar to the one provided in the Arrangement on Guidelines for Officially Supported Export Credits and to include representatives from the Bank for International Settlements in such negotiations. Requires the Secretary to report annually to the Congress on such negotiations. Directs the Secretary of State and the Secretary of Defense to hold discussions with member governments of the North Atlantic Treaty Organization on the security implications of conducting financial transactions with the Soviet Union. Requires the Secretary of State and the Secretary of Defense to report annually to the Congress on such discussions.