§ 286j TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 130

rected to obtain promptly an official interpretation by the Bank as to its authority to make or

guarantee loans for programs of economic reconstruction and the reconstruction of monetary

systems, including long-term stabilization

loans. If the Bank does not interpret its powers

to include the making or guaranteeing of such

loans, the governor of the Bank representing the

United States is directed to propose promptly

and support an amendment to the Articles of

Agreement for the purpose of explicitly authorizing the Bank, after consultation with the

Fund, to make or guarantee such loans. The

President is authorized and directed to accept

an amendment to that effect on behalf of the

United States.

(July 31, 1945, ch. 339, §12, 59 Stat. 516.)

§ 286j. Use of Fund resources

(a) Official interpretation of authority of Fund

The governor and executive director of the

Fund appointed by the United States are directed to obtain promptly an official interpretation by the Fund as to whether its authority to

use its resources extends beyond current monetary stabilization operations to afford temporary assistance to members in connection

with seasonal, cyclical, and emergency fluctuations in the balance of payment of any member

for current transactions, and whether it has authority to use its resources to provide facilities

for relief, reconstruction, or armaments, or to

meet a large or sustained outflow of capital on

the part of any member.

(b) Proposal of amendment

If the interpretation by the Fund answers in

the affirmative any of the questions stated in

subsection (a) of this section, the governor of

the Fund representing the United States is directed to propose promptly and support an

amendment to the Articles of Agreement for the

purpose of expressly negativing such interpretation. The President is authorized and directed to

accept an amendment to that effect on behalf of

the United States.

(July 31, 1945, ch. 339, §13, 59 Stat. 517.)

§ 286k. Further promotion of international economic relations

(a) Congressional declaration of policy

In the realization that additional measures of

international economic cooperation are necessary to facilitate the expansion and balanced

growth of international trade and render most

effective the operations of the Fund and the

Bank, it is declared to be the policy of the

United States to seek to bring about further

agreement and cooperation among nations and

international bodies, as soon as possible, on

ways and means which will best reduce obstacles

to and restrictions upon international trade,

eliminate unfair trade practices, promote mutually advantageous commercial relations, and

otherwise facilitate the expansion and balanced

growth of international trade and promote the

stability of international economic relations. In

considering the policies of the United States in

foreign lending and the policies of the Fund and

the Bank, particularly in conducting exchange

transactions, the Council and the United States

representatives on the Fund and the Bank shall

give careful consideration to the progress which

has been made in achieving such agreement and

cooperation.

(b) Transmittal of information to Congressional

committees

The President shall, upon the request of any

committee of the Congress with legislative or

oversight jurisdiction over monetary policy or

the International Monetary Fund, provide to

such committee any appropriate information

relevant to that committee’s jurisdiction which

is furnished to any department or agency of the

United States by the International Monetary

Fund. The President shall comply with this provision consistent with United States membership obligations in the International Monetary

Fund and subject to such limitations as are appropriate to the sensitive nature of the information.

(July 31, 1945, ch. 339, §14, 59 Stat. 517; Pub. L.

95–147, §4(a)(2), Oct. 28, 1977, 91 Stat. 1228.)

AMENDMENTS

1977—Pub. L. 95–147 designated existing provisions as

subsec. (a) and added subsec. (b).

§ 286k–1. Securities issued by Bank as exempt securities; reports filed with Security and Exchange Commission

(a) Any securities issued by International

Bank for Reconstruction and Development (including any guaranty by the bank, whether or

not limited in scope), and any securities guaranteed by the bank as to both principal and interest, shall be deemed to be exempted securities

within the meaning of subsection (a)(2) of section 77c of title 15, and subsection (a)(12) of section 78c 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) Repealed. Pub. L. 101–240, title V, §541(d)(1),

Dec. 19, 1989, 103 Stat. 2518.

(July 31, 1945, ch. 339, §15, as added June 29, 1949,

ch. 276, §2, 63 Stat. 298; amended Pub. L. 101–240,

title V, §541(d)(1), Dec. 19, 1989, 103 Stat. 2518.)

AMENDMENTS

1989—Subsec. (b). Pub. L. 101–240 struck out subsec.

(b) which related to contents of National Advisory

Council reports provided for in section 286b of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 286k–2 of this

title.

§ 286k–2. Suspension of right of International

Bank to issue securities under section

286k–1; report of Securities and Exchange

Commission

The Securities and Exchange Commission acting in consultation with the National Advisory

Council on International Monetary and Financial Problems is authorized to suspend the pro-