§ 262n TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 40

(f) Reports

(1) In general

The Secretary of the Treasury shall submit

to the Committees on Foreign Relations and

Environment and Public Works of the Senate

and the Committee on Banking, Finance and

Urban Affairs of the House of Representatives—

(A) not later than the end of the 1-year period beginning on December 19, 1989, a

progress report on the efficacy of efforts by

the United States to encourage consistent

and timely environmental impact assessment of actions proposed to be taken by the

multilateral development banks and on the

progress made by the multilateral development banks in developing and instituting

environmental assessment policies and procedures; and

(B) not later than January 1, 1993, a detailed report on the matters described in

subparagraph (A).

(2) Availability of reports

The reports required by paragraph (1) shall

be made available to the member governments

of, and the borrowers from, the multilateral

development banks, and to the public.

(g) ‘‘Multilateral development bank’’ defined

For purposes of this section, the term ‘‘multilateral development bank’’ means any of the institutions named in section 262m–2(b) of this

title, and the International Finance Corporation.

(Pub. L. 95–118, title XIII, §1307, formerly §1308,

as added and renumbered §1307, Pub. L. 101–240,

title V, §§521, 541(f)(4), Dec. 19, 1989, 103 Stat.

2511, 2519; Pub. L. 105–118, title V, §560(b), Nov.

26, 1997, 111 Stat. 2426.)

AMENDMENTS

1997—Subsec. (a)(1)(A). Pub. L. 105–118, §560(b)(1), substituted ‘‘borrower’’ for ‘‘borrowing country’’.

Subsec. (a)(2)(A). Pub. L. 105–118, §560(b)(2), struck

out ‘‘country’’ after ‘‘borrower’’.

Subsec. (g). Pub. L. 105–118, §560(b)(3), added subsec.

(g).

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of

House of Representatives treated as referring to Committee on Banking and Financial Services of House of

Representatives by section 1(a) of Pub. L. 104–14, set

out as a note preceding section 21 of Title 2, The Congress.

§ 262n. Congressional findings and policies respecting agricultural and commodity production

The Congress hereby finds the following:

(1) The financing of certain programs and

projects by multilateral development banks

has been of great concern insofar as the programs and projects have been detrimental to

the interests of American farmers and the agribusiness sector.

(2) An increase in rural income in developing

countries will generally result in an increase

in exports of United States agricultural and

food products.

(Pub. L. 95–118, title XIV, §1401, as added Pub. L.

100–202, §101(e) [title I], Dec. 22, 1987, 101 Stat.

1329–131, 1329–134.)

CODIFICATION

Section 1401 of Pub. L. 95–118 is based on section 701

of title VII of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by Pub. L.

100–202.

DEFINITIONS

The definitions in section 262p–5 of this title apply to

this section.

§ 262n–1. Increase in income and employment in

developing countries; enhancement of purchasing power; diversification away from

single crop or product economies

The Secretary of the Treasury, after consultations with the Secretary of Agriculture and the

Secretary of the Interior (to the extent appropriate) on markets and prices for commodities,

shall periodically instruct the United States Executive Director of each multilateral development bank to work with other executive directors of the respective bank to continue to—

(1) support activities which result in broad

increases in income and employment and enhance purchasing power in developing countries, particularly among the rural poor; and

(2) encourage diversification away from single crop or product economies in developing

countries to help reduce wide fluctuations in

commodity prices and the adverse impact of

abrupt changes in the terms of trade.

(Pub. L. 95–118, title XIV, §1402, as added Pub. L.

100–202, §101(e) [title I], Dec. 22, 1987, 101 Stat.

1329–131, 1329–134.)

CODIFICATION

Section 1402 of Pub. L. 95–118 is based on section 701

of title VII of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by Pub. L.

100–202.

DEFINITIONS

The definitions in section 262p–5 of this title apply to

this section.

§ 262n–2. Financing projects for production of export commodities, products, or minerals in

surplus in world markets discouraged; instructions by Secretary of the Treasury to

United States Executive Directors

(a) The Secretary of the Treasury shall take

all appropriate steps to discourage multilateral

development banks from financing projects

which will result in the production of commodities, products, or minerals for export that will

be in surplus in world markets at the time such

production begins.

(b) The Secretary of the Treasury shall instruct the United States Executive Directors of

the multilateral development banks to use the

voice and vote of the United States in the respective banks—

(1) to oppose financing by the respective

bank of projects which produce, or will

produce, commodities, products, or minerals

for export if—

(A) the commodity, product, or mineral is

subsidized in a manner which is inconsistent

with Article XVI.3 of the General Agreement

on Tariffs and Trade or Article 10 of the

Agreement on Interpretation and Applica-