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The World Bank and other multilateral development banks (MDB) have come under increasing pressure to assess the environmental impacts of bank-sponsored projects. The U.S. Congress has required that U.S. participation be based on policies that encourage the banks to raise the priority of environmental protection in their operations and to address environmental impacts; however, major issues continue to revolve around the effectiveness of all the MDBs in promoting environmentally sustainable development. Additionally, increasing concern over global environmental problems led to the creation in 1990 of a new multilateral fund -- the Global Environment Facility (GEF) -- to fund environmental projects of global concern that were generally not being funded by the MDBs. The pilot phase of the GEF ended in December 1993, and participants are currently in the process of determining how, or if, it should function as a permanent entity.

This report reviews some of the concerns surrounding the environment work program and other environmental issues. It briefly describes work underway in the Organization for Economic Cooperation and Development (OECD), and current thinking underlying development of U.S. positions on trade and the environment in the GATT.

There is a wide range of arguments regarding the Clinton Administration's proposal to spend about $2 billion in FY 1995 on developing an advanced theater missile defense (TMD) system. Arguments also center on whether or not interpretations of the Anti-Ballistic Missile (ABM) Treaty allow for development and deployment of Advanced Antimissile Systems.

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An examination of estimates of saving published by the Organization for Economic Co-operation and Development (OECD) reveals that the U.S. is one of the least thrifty of the major industrial nations. But, the data also indicate that the U.S. is not the only country to experience a falling rate of saving in recent years. It may be that the large difference between the rates of saving in the U.S. and abroad depends on how saving is defined. A broader definition of saving than the one employed by the OECD suggests that the saving rates in the U.S. and abroad may be closer than official measures suggest.

In the months following China,s 1989 Tiananmen Square crackdown, both the President and the Congress took a number of initiatives protesting Beijing's actions. These initiatives centered around U.S. concerns related to trade, human rights, and non-proliferation. In intervening years, the United States has periodically imposed, lifted, or waived other sanctions and concluded several trade- related agreements with China relating to these concerns. Those measures that remain in place in 1994 are detailed in the accompanying tables.

The rise of the multinational corporation and the increased flow of capital across national borders have raised anew the question of how to treat foreign direct investment, both inward and outward. The U.S. government and, increasingly, other governments advocate that, with some exceptions, economic policies should be neutral in the treatment of investment, foreign and domestic, inward and outward. This report discusses the changing view of foreign investment, both nationally and internationally.

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This report identifies the colleges and universities attended by Senators elected to the 103rd Congress.

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