EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL The House Banking Committee adopted legislation to direct the U.S. Treasury to begin negotiations aimed at seeking regular adjustment of exchange rates by countries such as Taiwan and South Korea, whose currencies are pegged to the value of the U.S. dollar. The measure was adopted as part of a wide-ranging trade bill that will be considered by the full House in April before it moves on to the Senate. The bill's many provisions also set as a priority for the U.S. the negotiation of stable exchange rates and urge government intervention as necessary to offset fluctuations. In addition, the Banking Committee bill would authorize U.S. banks to use a variety of means to deal with the debt problems of developing countries, such as lowering interest rates on existing debt, renegotiating loans or debt forgiveness. The bill would give a blanket waiver of any federal banking regulations that bar such actions. The bill would direct Treasury Secretary James Baker to discuss with debt-ridden developing countries the possibility of the U.S. setting up a public debt management agency that would purchase their debt at a discount and negotiate the restructuring of the debt. The Banking bill authorizes U.S. participation in a multilateral investment guarantee agency (MIGA) as requested by the administration. Congress would approve an initial U.S. subscription of 22 mln dlrs. And, it sets up a council on industrial competitiveness composed of industry and administration members to explore ways to make the U.S. more competitive in world markets.