§ 5332 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 1176

Development and the various regional development banks.

(4) That such an authority should be designed to operate as a self-supporting entity,

requiring no routine appropriation of resources from any member government, and to

function subject to the prohibitions contained

in the first sentence of section 5332(a) of this

title.

(5) That such an authority should have a defined termination date and a clear proposal for

the restoration of creditworthiness to debtor

countries within this timeframe.

(c) Interim reports

At the end of the 6-month period beginning on

August 23, 1988, and at the end of the 12-month

period beginning on August 23, 1988, the Secretary of the Treasury shall submit a report on

the progress being made on the study or in discussions described in subsection (a) of this section to the Committee on Banking, Finance and

Urban Affairs of the House of Representatives

and the Committee on Banking, Housing, and

Urban Affairs and the Committee on Foreign

Relations of the Senate, and shall consult with

such committees after submitting each such report.

(d) Final report

On the conclusion of the study or of discussions described in subsection (a) of this section,

the Secretary shall transmit a report containing

a detailed description thereof to the Committee

on Banking, Finance and Urban Affairs of the

House of Representatives and the Committee on

Banking, Housing, and Urban Affairs and the

Committee on Foreign Relations of the Senate,

together with such recommendations for legislation which the Secretary may determine to be

necessary or appropriate for the establishment

of the International Debt Management Authority.

(Pub. L. 100–418, title III, §3111, Aug. 23, 1988, 102

Stat. 1376.)

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5332, 5333 of this

title.

§ 5332. Actions to facilitate creation of Authority

(a) In general

No funds, appropriations, contributions, callable capital, financial guarantee, or any other

financial support or obligation or contingent

support or obligation on the part of the United

States Government may be used for the creation, operation, or support of the International

Debt Management Authority specified in section

5331 of this title, without the express approval of

the Congress through subsequent law, nor shall

any expenses associated with such authority, either directly or indirectly, accrue to any United

States person without the consent of such person. Except as restricted in the preceding sentence, the Secretary of the Treasury shall review all potential resources available to the

multilateral financial institutions which could

be used to support the creation of the International Debt Management Authority. In the

course of this review, the Secretary shall direct—

(1) the United States Executive Director of

the International Monetary Fund to determine the amount of, and alternative methods

by which, gold stock of the Fund which, subject to action by its Board of Governors, could

be pledged as collateral to obtain financing for

the activities of the authority specified in section 5331 of this title; and

(2) the United States Executive Director to

the International Bank for Reconstruction and

Development to determine the amount of, and

alternative methods by which, liquid assets

controlled by such Bank and not currently

committed to any loan program which, subject

to action by its Board of Governors, could be

pledged as collateral for obtaining financing

for the activities of the authority specified in

section 5331 of this title.

The Secretary of the Treasury shall include a

report on the results of the review in the first

report submitted under section 5331(c) of this

title.

(b) Construction of section

Subsection (a) of this section shall not be construed to affect any provision of the Articles of

Agreement of the International Monetary Fund

or of the International Bank for Reconstruction

and Development or any agreement entered into

under either of such Agreements.

(Pub. L. 100–418, title III, §3112, Aug. 23, 1988, 102

Stat. 1378.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5331 of this title.

§ 5333. IMF-World Bank review

(a) IMF review

The United States Executive Director of the

International Monetary Fund shall request the

management of the International Monetary

Fund to prepare a review and analysis of the

debt burden of the developing countries, with

particular attention to alternatives for dealing

with the debt problem including new lending instruments, rescheduling and refinancing of existing debt, securitization and debt conversion

techniques, discounted debt repurchases, and

the International Debt Management Authority

described in section 5331 of this title no later

than 1 year after August 23, 1988.

(b) World Bank review

The United States Executive Director to the

International Bank for Reconstruction and Development shall request the management of the

International Bank for Reconstruction and Development to prepare a review and analysis of

the debt burden of the developing countries,

with particular attention to alternatives for

dealing with the debt problem including new