Page 193 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 290k–3

terest which would be retained in the Fund and

used to support programs pursuant to that

agreement.

(b) In accordance with the agreement negotiated pursuant to section 290j(a) of this title,

sums made available for investment for the

United States-India Fund for Cultural, Educational, and Scientific Cooperation under the

Departments of Commerce, Justice, and State,

and the Judiciary and Related Agencies Appropriation Act, 1985, and any earnings on such

sums shall be available for the purposes of section 290j(a) of this title.

(Pub. L. 98–164, title IX, §903, Nov. 22, 1983, 97

Stat. 1051; Pub. L. 99–93, title VIII, §808, Aug. 16,

1985, 99 Stat. 452; Pub. L. 100–204, title III, §305,

Dec. 22, 1987, 101 Stat. 1379.)

REFERENCES IN TEXT

The Departments of Commerce, Justice, and State,

the Judiciary, and Related Agencies Appropriation Act,

1985, referred to in subsec. (b), is Pub. L. 98–411, Aug. 30,

1984, 98 Stat. 1545. For provisions relating to contribution to the United States-India Fund for Cultural, Educational, and Scientific Cooperation, see 98 Stat. 1567.

AMENDMENTS

1987—Subsec. (b). Pub. L. 100–204 amended subsec. (b)

generally. Prior to amendment, subsec. (b) read as follows: ‘‘Pending completion of the negotiation of an

agreement with the Government of India, the annual

earnings generated by the moneys appropriated by the

Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriation Act, 1985,

may be used for the purposes set out in section 290j(a)

of this title.’’

1985—Pub. L. 99–93 designated existing provisions as

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

SUBCHAPTER XXVI—MULTILATERAL

INVESTMENT GUARANTEE AGENCY

§ 290k. Acceptance of membership

The President is hereby authorized to accept

membership for the United States in the Multilateral Investment Guarantee Agency (hereinafter in this subchapter referred to as the

‘‘Agency’’) provided for by the Convention Establishing the Multilateral Investment Guarantee Agency (hereinafter in this subchapter referred to as the ‘‘Convention’’) deposited in the

archives of the International Bank for Reconstruction and Development (hereinafter in this

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

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

Stat. 1329–131, 1329–134.)

CODIFICATION

Section is based on section 403 of title IV of H.R. 3750,

One Hundredth Congress, as introduced Dec. 11, 1987,

and enacted into law by Pub. L. 100–202.

Section 402 of title IV of H.R. 3750, as introduced Dec.

11, 1987, and as enacted into law by section 101(e) [title

I] of Pub. L. 100–202, provided that: ‘‘This title [enacting this subchapter] shall be codified as subchapter

XXVI of chapter 7 of title 22 of the United States

Code.’’

SHORT TITLE

Section 401 of title IV of H.R. 3750, as introduced Dec.

11, 1987, and as enacted into law by section 101(e) [title

I] of Pub. L. 100–202, provided that: ‘‘This title [enacting this subchapter] may be cited as the ‘Multilateral

Investment Guarantee Agency Act’.’’

§ 290k–1. Governor and Alternate Governor

The Governor and Alternate Governor of the

Bank, appointed under section 286a of this title,

shall serve as Governor and Alternate Governor,

respectively, of the Agency.

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

Stat. 1329–131, 1329–134.)

CODIFICATION

Section is based on section 404 of title IV of H.R. 3750,

One Hundredth Congress, as introduced Dec. 11, 1987,

and enacted into law by Pub. L. 100–202.

§ 290k–2. Instructions for United States Director

Immediately after taking office and prior to

the issuance by the Agency of its first guarantee, the United States Director of the Agency

shall propose and actively seek the adoption by

the Board of Directors of policies and procedures

under which the Agency will not issue guarantees in respect of any proposed investment that

would—

(1) be in any country which has not taken or

is not taking steps to afford internationally

recognized workers’ rights to workers in that

country;

(2) be subject to trade-distorting performance requirements imposed by the host country that are likely to result in a significant

net reduction in—

(A) employment in the United States or

other member countries; or

(B) other trade benefits likely to accrue to

the United States or other member countries from the investment; or

(3) increase a country’s productive capacity

in an industry already facing excess worldwide

capacity for the same, similar or competing

product, and cause substantial injury to producers of such product in another member

country.

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

Stat. 1329–131, 1329–134.)

CODIFICATION

Section is based on section 405 of title IV of H.R. 3750,

One Hundredth Congress, as introduced Dec. 11, 1987,

and enacted into law by Pub. L. 100–202.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 290k–3 of this

title.

§ 290k–3. Opposition to certain guarantees or investment promotions; independent evaluation of guaranteed investments

Consistent with the purposes of section 290k–2

of this title, the Secretary of the Treasury

shall—

(1) instruct the United States Director to oppose, and to actively seek the concurrence of

other members of the Board of Directors in opposing, any guarantee or other investment

promotion under consideration by the Agency

if the proposed investment would—

(A) be in any country which is not a beneficiary developing country for purposes of

title V of the Trade Act of 1974 [19 U.S.C.

2461 et seq.] because it has not taken or is