Page 197 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 290m

the commitment in article 6, paragraph 4, of the

Agreement is expressly applicable, shall be

deemed to be exempted securities within the

meaning of section 77c(a)(2) of title 15 and section 78c(a)(12) of title 15. The Bank shall file

with the Securities and Exchange Commission

such annual and other reports with regard to

such securities as the Commission shall determine to be appropriate in view of the special

character of the Bank and its operations and

necessary in the public interest or for the protection of investors.

(b) Authority of Securities and Exchange Commission to suspend exemption; reports to

Congress

The Securities and Exchange Commission, acting in consultation with such agency or officer

as the President shall designate, may suspend

the provisions of subsection (a) of this section at

any time as to any or all securities issued or

guaranteed by the Bank during the period of

such suspension. The Commission shall include

in its annual reports to the Congress such information as it shall deem advisable with regard to

the operations and effect of this section.

(Pub. L. 101–513, title V, §562(c)(9), Nov. 5, 1990,

104 Stat. 2035.)

CODIFICATION

Subsecs. (a) and (b) were in the original (A) and (B),

respectively, and were editorially redesignated for purposes of codification.

§ 290l–8. Congressional consultations

During negotiations on the establishment of

operational guidelines for the Bank, the Secretary of the Treasury shall—

(A) consult on a regular and timely basis

with the Committee on Banking, Finance and

Urban Affairs and the Committee on Appropriations of the House of Representatives, and

the Committee on Foreign Relations and the

Committee on Appropriations of the Senate;

(B) seek to ensure that procedures and

mechanisms are established, including the creation of specific departments or staffs within

the Bank, which will allow the Bank to assess

the impact of any loans, guarantees, or other

activities on the environment and on internationally recognized human rights in borrower countries; and

(C) report, through consultation within 90

days after November 5, 1990, to the Committees specified in subparagraph (A) on the

progress of efforts to create such procedures

and mechanisms.

(Pub. L. 101–513, title V, §562(c)(11), Nov. 5, 1990,

104 Stat. 2036.)

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.

GOALS IN NEGOTIATIONS CONCERNING STRUCTURE,

BYLAWS, AND OPERATING PROCEDURES OF BANK

Section 584 of Pub. L. 101–513 provided that: ‘‘In all

negotiations concerning the structure, bylaws, and operating procedures of the European Bank for Reconstruction and Development (EBRD), the Secretary of

the Treasury shall vigorously seek—

‘‘(1) establishment of procedures for environmental

assessment of all proposed operations with potentially significant environmental impacts;

‘‘(2) establishment of an environmental unit with

sufficient staff to review proposed operations, monitor compliance with environmental provisions, and

provide overall policy guidance;

‘‘(3) establishment of procedures for systematic

consultation with and involvement of the public and

interested nongovernmental organizations, including

an opportunity for comment by local communities

which may be affected by EBRD operations and establishment of a system of public notification and

comment during the development of EBRD policies

and operating procedures; and

‘‘(4) agreement that a significant portion of the

EBRD’s funds shall be devoted to projects focused on

environmental restoration and protection.’’

SUBCHAPTER XXVIII—NORTH AMERICAN

DEVELOPMENT BANK AND RELATED

PROVISIONS

§ 290m. North American Development Bank

(a) Acceptance of membership

The President is hereby authorized to accept

membership for the United States in the North

American Development Bank (hereafter in this

subchapter referred to as the ‘‘Bank’’) provided

for in Chapter II of the Border Environment Cooperation Agreement (hereafter in this subchapter referred to as the ‘‘Cooperation Agreement’’).

(b) Subscription of stock

(1) Subscription authority

(A) In general

The Secretary of the Treasury may subscribe on behalf of the United States up to

150,000 shares of the capital stock of the

Bank.

(B) Effectiveness of subscription

Except as provided in paragraph (3), any

such subscription shall be effective only to

such extent or in such amounts as are provided in advance in appropriations Acts.

(2) Limitations on authorization of appropriations

For payment by the Secretary of the Treasury of the subscription of the United States

for shares described in paragraph (1), there are

authorized to be appropriated $1,500,000,000

($225,000,000 of which may be used for paid-in

capital and $1,275,000,000 of which may be used

for callable capital) without fiscal year limitation.

(3) Funding; limitation on callable capital subscriptions

(A) Funding

For fiscal year 1995, the Secretary of the

Treasury shall pay to the Bank out of any

sums in the Treasury not otherwise appropriated the sum of $56,250,000 for the paid-in

portion of the United States share of the

capital stock of the Bank, 10 percent of

which may be transferred by the Bank to the

President pursuant to section 290m–2 of this