Fast-Track Measure Dies; IMF Funding In Question

Nation's Business, Nov 1, 1998

An attempt to grant expedited consideration to trade agreements-known as fast-track authority-was rejected by the House on Sept. 25 by a 243-180 vote.

Fast-track trade agreements can only be voted up or down by Congress; they cannot be amended. Every president since 1974 has had fast-track authority, but it was not renewed after lapsing in 1994.

Meanwhile, hopes for an additional credit line for the International Monetary Fund appeared to brighten at press time. IMF coffers have been depleted as the fund has dealt with financial crises in Asia, Latin America, and Eastern Europe.

Although $17.9 billion has been authorized by Congress, only about $3.4 billion had been installed in appropriations bills. Negotiations on setting restrictions on using the additional funds were continuing.