§ 290m–1 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 198

title to pay for the cost of direct and guaranteed Federal loans.

(B) Limitation on callable capital subscriptions

For fiscal year 1995, the Secretary of the

Treasury shall subscribe to the callable capital portion of the United States share of the

capital stock of the Bank in an amount not

to exceed $318,750,000.

(4) Disposition of net income distributed by the

facility

Any payment made to the United States by

the Bank as a distribution of net income shall

be covered into the Treasury as a miscellaneous receipt.

(c) Compensation of Board members

No person shall be entitled to receive any salary or other compensation from the Bank or the

United States for services as a Board member.

(d) Applicability of Bretton Woods Agreements

Act

The provisions of section 4 of the Bretton

Woods Agreements Act [22 U.S.C. 286b] shall

apply with respect to the Bank to the same extent as with respect to the International Bank

for Reconstruction and Development and the

International Monetary Fund.

(e) Restrictions

Unless authorized by law, neither the President nor any person or agency shall, on behalf of

the United States—

(1) subscribe to additional shares of stock of

the Bank;

(2) vote for or agree to any amendment of

the Cooperation Agreement which increases

the obligations of the United States, or which

changes the purpose or functions of the Bank;

or

(3) make a loan or provide other financing to

the Bank.

(f) Federal Reserve banks as depositories

Any Federal Reserve bank that is requested to

do so by the Bank shall act as its depository or

as its fiscal agent, and the Board of Governors of

the Federal Reserve System shall supervise and

direct the carrying out of these functions by the

Federal Reserve banks.

(g) Jurisdiction of United States courts and enforcement of arbitral awards

For the purpose of any civil action which may

be brought within the United States, its territories or possessions, or the Commonwealth of

Puerto Rico, by or against the Bank in accordance with the Cooperation Agreement, including

an action brought to enforce an arbitral award

against the Bank, the Bank shall be deemed to

be an inhabitant of the Federal judicial district

in which its principal office within the United

States or its agency appointed for the purpose of

accepting service or notice of service is located,

and any such action to which the Bank shall be

a party shall be deemed to arise under the laws

of the United States, and the district courts of

the United States, including the courts enumerated in section 460 of title 28, shall have original

jurisdiction of any such action. When the Bank

is a defendant in any action in a State court, it

may at any time before trial remove the action

into the appropriate district court of the United

States by following the procedure for removal

provided in section 1446 of title 28.

(h) Exemption from securities laws for certain

securities issued by Bank; reports required

(1) Omitted

(2) Exemption from securities laws for certain

securities issued by the Bank; reports required

Any securities issued by the Bank (including

any guarantee by the Bank, whether or not

limited in scope) in connection with the raising of funds for inclusion in the Bank’s capital

resources as defined in Section 4 of Article II

of Chapter II of the Cooperation Agreement,

and any securities guaranteed by the Bank as

to both the principal and interest to which the

commitment in Section 3(d) of Article II of

Chapter II of the Cooperation 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.

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

the Congress

The Securities and Exchange Commission,

acting in consultation with the National Advisory Council on International Monetary and

Financial Problems, is authorized to suspend

the provisions of paragraph (2) 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 Congress such information as

it shall deem advisable with regard to the operations and effect of this subsection and in

connection therewith shall include any views

submitted for such purpose by any association

of dealers registered with the Commission.

(Pub. L. 103–182, title V, §541, Dec. 8, 1993, 107

Stat. 2165.)

REFERENCES IN TEXT

This subchapter, referred to in subsec. (a), was in the

original ‘‘this part’’ meaning part 2 of subtitle D of

title V of Pub. L. 103–182, which enacted this subchapter

and amended section 24 of Title 12, Banks and Banking.

For complete classification of part 2 to the Code, see

Tables.

CODIFICATION

Section is comprised of section 541 of Pub. L. 103–182.

Subsec. (h)(1) of section 541 amended section 24 of Title

12, Banks and Banking.

§ 290m–1. Status, immunities, and privileges

Article VIII of Chapter II of the Cooperation

Agreement shall have full force and effect in the

United States, its territories and possessions,
Page 199 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 290m–2

and the Commonwealth of Puerto Rico, upon

entry into force of the Cooperation Agreement.

(Pub. L. 103–182, title V, §542, Dec. 8, 1993, 107

Stat. 2167.)

§ 290m–2. Community adjustment and investment

program

(a) The President

(1) The President may enter into an agreement

with the Bank that facilitates implementation

by the President of a program for community

adjustment and investment in support of the

Agreement pursuant to chapter II of the Cooperation Agreement (hereafter in this section

referred to as the ‘‘community adjustment and

investment program’’).

(2) The President may receive from the Bank

10 percent of the paid-in capital actually paid to

the Bank by the United States for the President

to carry out, without further appropriations,

through Federal agencies and their loan and

loan guarantee programs, the community adjustment and investment program, pursuant to

an agreement between the President and the

Bank.

(3) The President may select one or more Federal agencies that make loans or guarantee the

repayment of loans to assist in carrying out the

community adjustment and investment program, and may transfer the funds received from

the Bank to such agency or agencies for the purpose of assisting in carrying out the community

adjustment and investment program.

(4)(A) Each Federal agency selected by the

President to assist in carrying out the community adjustment and investment program shall

use the funds transferred to it by the President

from the Bank to pay for the costs of direct and

guaranteed loans, as defined in section 661a of

title 2, and, as appropriate, other costs associated with such loans, all subject to the restrictions and limitations that apply to such agency’s existing loan or loan guarantee program.

(B) Funds transferred to an agency under subparagraph (A) shall be in addition to the amount

of funds authorized in any appropriations Act to

be expended by that agency for its loan or loan

guarantee program.

(5) The President shall—

(A) establish guidelines for the loans and

loan guarantees to be made under the community adjustment and investment program;

(B) endorse the grants made by the Bank for

the community adjustment and investment

program, as provided in Article I, section 1(b),

and Article III, section 11(a), of Chapter II of

the Cooperation Agreement; and

(C) endorse any loans or guarantees made by

the Bank for the community adjustment and

investment program, as provided in Article I,

section 1(b), and Article III, section 6(a) and

(c) of Chapter II of the Cooperation Agreement.

(b) Advisory Committee

(1) Establishment

The President shall establish an advisory

committee to be known as the Community Adjustment and Investment Program Advisory

Committee (in this section referred to as the

‘‘Advisory Committee’’) in accordance with

the provisions of the Federal Advisory Committee Act.

(2) Membership

(A) In general

The Advisory Committee shall consist of 9

members of the public, appointed by the

President, who, collectively, represent—

(i) community groups whose constituencies include low-income families;

(ii) any scientific, professional, business,

nonprofit, or public interest organization

or association which is neither affiliated

with, nor under the direction of, a government;

(iii) for-profit business interests; and

(iv) other appropriate entities with relevant expertise.

(B) Representation

Each of the categories described in clauses

(i) through (iv) of subparagraph (A) shall be

represented by no fewer than 1 and no more

than 3 members of the Advisory Committee.

(3) Function

It shall be the function of the Advisory Committee—

(A) to provide advice to the President regarding the implementation of the community adjustment and investment program,

including advice on the guidelines to be established by the President for the loans and

loan guarantees to be made pursuant to subsection (a)(4) of this section, advice on identifying the needs for adjustment assistance

and investment in support of the goals and

objectives of the Agreement, taking into account economic and geographic considerations, and advice on such other matters as

may be requested by the President; and

(B) to review on a regular basis the operation of the community adjustment and investment program and provide the President

with the conclusions of its review.

(4) Terms of members

(A) In general

Each member of the Advisory Committee

shall serve at the pleasure of the President.

(B) Chairperson

The President shall appoint a chairperson

from among the members of the Advisory

Committee.

(C) Meetings

The Advisory Committee shall meet at

least annually and at such other times as requested by the President or the chairperson.

A majority of the members of the Advisory

Committee shall constitute a quorum.

(D) Reimbursement for expenses

The members of the Advisory Committee

may receive reimbursement for travel, per

diem, and other necessary expenses incurred

in the performance of their duties, in accordance with the Federal Advisory Committee

Act.

(E) Staff and facilities

The Advisory Committee may utilize the

facilities and services of employees of any