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22 U.S.C. § 282i (FOREIGN RELATIONS AND INTERCOURSE)
§ 282i. Increase in capital stock of Corporation; subscription to additional shares
(a) The United States Governor of the Corporation is authorized—
(1) to vote for an increase of five hundred and forty thousand shares in the authorized capital stock of the Corporation; and
(2) if such increase becomes effective, to subscribe on behalf of the United States to one hundred and eleven thousand four hundred and ninety-three additional shares of the capital stock of the Corporation: Provided, however, That any commitment to make payment for such additional subscriptions shall be made subject to obtaining the necessary appropriations.
(b) In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $111,493,000 for payment by the Secretary of the Treasury.
(Aug. 11, 1955, ch. 788, § 11, as added Pub. L. 95–118, title III, § 301, Oct. 3, 1977, 91 Stat. 1068.)
heading: Effective Date
text: Pub. L. 95–118, title X, § 1001, Oct. 3, 1977, 91 Stat. 1072, provided that: “This Act [enacting this section and sections 262c, 262d, 262e to 262g, 284n, 285s, 285t, 286e–1f, and 290g–10 of this title, repealing sections 283y, 284m, 290g–9 of this title, and enacting provisions set out as a note under section 262c of this title] shall take effect on the date of its enactment [Oct. 3, 1977], except that no funds authorized to be appropriated by any amendment contained in title II, III, IV, V, or VI [enacting this section and sections 286e–1f, 284n, 285s, 285t, or 290g–10 of this title] may be available for use or obligation prior to October 1, 1977”.
22 U.S.C. § 282j (FOREIGN RELATIONS AND INTERCOURSE)
§ 282j. Increase in capital stock of Corporation; subscription to additional shares
(a) The United States Governor of the Corporation is authorized—
(1) to vote for an increase of 650,000 shares in the authorized capital stock of the Corporation; and
(2) to subscribe on behalf of the United States to 175,162 additional shares of the capital stock of the Corporation, except that any subscription to additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) In order to pay for the increase in the United States subscription to the Corporation provided for in this section, there are authorized to be appropriated, without fiscal year limitation, § 175,162,000 for payment by the Secretary of the Treasury.
(Aug. 11, 1955, ch. 788, § 12, as added Pub. L. 99–190, § 101(i) [title I, (a)], Dec. 19, 1985, 99 Stat. 1291, 1294.)
heading: Codification
text: Section 12 of act Aug. 11, 1955, is based on section 3 of H.R. 1948, Ninety-ninth Congress, as introduced Apr. 3, 1985, and enacted into law by Pub. L. 99–190.
22 U.S.C. § 282k (FOREIGN RELATIONS AND INTERCOURSE)
§ 282k. Securities issued by Corporation
(a) Exemption from securities laws; reports to Securities and Exchange Commission
Any securities issued by the Corporation (including any guaranty by the Corporation, whether or not limited in scope) and any securities guaranteed by the Corporation as to both principal and interest 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 Corporation 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 Corporation 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 the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of subsection (a) of this section at any time as to any or all securities issued or guaranteed by the Corporation 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.
(Aug. 11, 1955, ch. 788, § 13, as added Pub. L. 101–513, title V, § 562(e)(1)(A), Nov. 5, 1990, 104 Stat. 2037.)
22 U.S.C. § 282l (FOREIGN RELATIONS AND INTERCOURSE)
§ 282l. Capital stock increase
(a) Subscription authorized
(1) In general
The United States Governor of the Corporation may—
(A) vote for an increase of 1,000,000 shares in the authorized capital stock of the Corporation; and
(B) subscribe on behalf of the United States to 250,000 additional shares of the capital stock of the Corporation.
(2) Prior appropriation required
The subscription authority provided in paragraph (1) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(b) Limitations on authorization of appropriations
In order to pay for the subscription authorized in subsection (a) of this section, there are authorized to be appropriated, without fiscal year limitation, $50,000,000 for payment by the Secretary of the Treasury.
(Aug. 11, 1955, ch. 788, § 14, as added Pub. L. 102–145, § 125(a), Oct. 28, 1991, as added Pub. L. 102–266, § 102, Apr. 1, 1992, 106 Stat. 97.)
22 U.S.C. § 282m (FOREIGN RELATIONS AND INTERCOURSE)
§ 282m. Authority to vote for capital increases necessary to support economic restructuring in independent states of former Soviet Union
The United States Governor of the Corporation may vote in favor of any increase in the capital stock of the Corporation that may be needed to accommodate the requirements of the independent states of the former Soviet Union (as defined in section 5801 of this title).
(Aug. 11, 1955, ch. 788, § 15, as added Pub. L. 102–511, title X, § 1005, Oct. 24, 1992, 106 Stat. 3361.)
22 U.S.C. § 282n (FOREIGN RELATIONS AND INTERCOURSE)
§ 282n. Authority to agree to amendments to Articles of Agreement
The United States Governor of the Corporation is authorized to agree to amendments to the Articles of Agreement of the Corporation that would—
(1) amend Article II, Section 2(c)(ii), to increase the vote by which the Board of Governors of the Corporation may increase the capital stock of the Corporation from a three-fourths majority to a four-fifths majority; and
(2) amend Article VII(a) to increase the vote by which the Board of Governors of the Corporation may amend the Articles of Agreement of the Corporation from a four-fifths majority to an eighty-five percent majority.
(Aug. 11, 1955, ch. 788, § 16, as added Pub. L. 102–511, title X, § 1006, Oct. 24, 1992, 106 Stat. 3361.)
22 U.S.C. § 282o (FOREIGN RELATIONS AND INTERCOURSE)
§ 282o. Selective capital increase and amendment of the Articles of Agreement
(a) Vote authorized
The United States Governor of the Corporation is authorized to vote in favor of a resolution to increase the capital stock of the Corporation by $130,000,000.
(b) Amendment of the Articles of Agreement
The United States Governor of the Corporation is authorized to agree to and accept an amendment to Article IV, Section 3(a) of the Articles of Agreement of the Corporation that achieves an increase in basic votes to 5.55 percent of total votes.
(Aug. 11, 1955, ch. 788, § 17, as added Pub. L. 112–74, div. I, title VII, § 7081(b), Dec. 23, 2011, 125 Stat. 1259.)
22 U.S.C. § 283 (FOREIGN RELATIONS AND INTERCOURSE)
§ 283. Acceptance of membership by United States in Inter-American Development Bank
The President is hereby authorized to accept membership for the United States in the Inter-American Development Bank (hereinafter referred to as the “Bank”), provided for by the agreement establishing the bank (hereinafter referred to as the “agreement”) deposited in the archives of the Organization of American States.
(Pub. L. 86–147, § 2, Aug. 7, 1959, 73 Stat. 299.)
heading: Short Title
text: Pub. L. 86–147, § 1, Aug. 7, 1959, 73 Stat. 299, provided that: “This Act [enacting this subchapter and amending section 24 of Title 12, Banks and Banking] may be cited as the ‘Inter-American Development Bank Act’.”
heading: Proposals for Joint Act by Participants in Inter-American Development Bank for Increased Exploration and Exploitation of Energy and Mineral Resources of Western Hemisphere
text: Pub. L. 96–259, title I, § 102, June 3, 1980, 94 Stat. 430, which required Presidential evaluation and report on a proposal for joint action by countries of Western Hemisphere and other countries which participate in Inter-American Development Bank to increase exploration for and exploitation of energy and mineral resources of Western Hemisphere through multilateral incentives, administered by Inter-American Development Bank, was repealed by Pub. L. 101–240, title V, § 541(d)(6), Dec. 19, 1989, 103 Stat. 2518.
heading: Par Value Modification
text: For Congressional direction that the Secretary of the Treasury maintain the value in terms of gold of the Inter-American Development Bank’s holdings of United States dollars following the establishment of a par value of the dollar at $38 for a fine troy ounce of gold pursuant to the Par Value Modification Act and for the authorization of the appropriations necessary to provide such maintenance of value, see section 5152 of Title 31, Money and Finance.
22 U.S.C. § 283a (FOREIGN RELATIONS AND INTERCOURSE)
§ 283a. Appointment of officers; term of office; salary
(a) Governor and alternate governor
The President, by and with the advice and consent of the Senate, shall appoint a governor of the Bank and an alternate for the governor. The term of office for the governor and the alternate governor shall be five years, but each shall remain in office until a successor has been appointed.
(b) Executive director and alternate executive director
The President, by and with the advice and consent of the Senate, shall appoint an executive director of the Bank and an alternate Executive Director. Except as provided for in article XV, section 3, of the agreement, the term of office for the executive director shall be three years, but he shall remain in office until a successor has been appointed.
(c) Compensation
No person shall be entitled to receive any salary or other compensation from the United States for services as a governor, alternate governor, or executive director.
(Pub. L. 86–147, § 3, Aug. 7, 1959, 73 Stat. 299; Pub. L. 91–599, ch. 2, § 21(b), Dec. 30, 1970, 84 Stat. 1658.)
heading: Amendments
text: 1970—Subsec. (b). Pub. L. 91–599 authorized appointment of an alternate Executive Director.
22 U.S.C. § 283b (FOREIGN RELATIONS AND INTERCOURSE)
§ 283b. National Advisory Council on International Monetary and Financial Problems
The provisions of section 286b of this title 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.
(Pub. L. 86–147, § 4, Aug. 7, 1959, 73 Stat. 299; Pub. L. 101–240, title V, § 541(e)(2), Dec. 19, 1989, 103 Stat. 2518.)
heading: Amendments
text: 1989—Pub. L. 101–240 struck out at end “Reports with respect to the Bank under paragraphs (5) and (6) of subsection (b) of section 286b of this title shall be included in the first report made thereunder after the establishment of the Bank and in each succeeding report.”
heading: Delegation of Functions
text: Functions of National Advisory Council on International Monetary and Financial Problems under this section delegated to National Advisory Council on International Monetary and Financial Policies, see section 2(a) of Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813, set out as a note under section 286b of this title.
22 U.S.C. § 283c (FOREIGN RELATIONS AND INTERCOURSE)
§ 283c. Congressional authorization needed for certain actions
Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional shares of stock under article II, section 3, or article IIA, section 2, of the agreement; (b) request or consent to any change in the quota of the United States under article IV, section 3, of the agreement; (c) accept any amendment under article XII of the agreement; or (d) make a loan or provide other financing to the Bank, except that loans or other financing may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to make loans or provide other financing to international organizations. Unless Congress by law authorizes such actions, no governor or alternate appointed to represent the United States shall vote for any increase of capital stock of the Bank under article II, section 2, or article IIA, section 1, of the agreement or any increase in the resources of the Fund for Special Operations under article IV, section 3(g) thereof.
(Pub. L. 86–147, § 5, Aug. 7, 1959, 73 Stat. 299; Pub. L. 94–302, title I, § 103(a)(2), May 31, 1976, 90 Stat. 593.)
heading: Amendments
text: 1976—Pub. L. 94–302 inserted “, or article IIA, section 2,” after “article II, section 3” and “or article IIA, section 1,” after “article II, section 2,”.
heading: Effective Date of 1976 Amendment
text: Pub. L. 94–302, title I, § 103(b), May 31, 1976, 90 Stat. 593, provided that: “The amendments made by paragraphs (2) and (3) of this section [amending this section and section 283h of this title] shall become effective upon approval by the Board of Governors of the Bank of the resolutions referred to in section 23 of the Inter-American Development Bank Act (22 U.S.C. 283 et seq.).”
22 U.S.C. § 283d (FOREIGN RELATIONS AND INTERCOURSE)
§ 283d. Federal Reserve banks as depositories
Any Federal Reserve bank which 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.
(Pub. L. 86–147, § 6, Aug. 7, 1959, 73 Stat. 300.)
22 U.S.C. § 283e (FOREIGN RELATIONS AND INTERCOURSE)
§ 283e. Payment of subscription to Bank and Fund by United States
(a) Authorization of appropriations
There is hereby authorized to be appropriated, without fiscal year limitation, for the purchase of thirty-five thousand shares of capital stock in the Bank, $350 million. In addition, there is authorized to be appropriated, without fiscal year limitation, for payment of the subscription of the United States to the Fund for Special Operations, $100 million.
(b) Issuance of special notes
For the purpose of keeping to a minimum the cost to the United States of participation in the Bank, the Secretary of the Treasury, after paying the requisite part of the subscription and quota of the United States in the Bank required to be made under article II, section 4, and article IV, section 3, respectively, of the agreement, is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Bank in exchange for dollars to the extent permitted by the agreement. The special notes provided for in this subsection shall be issued under the authority and subject to the provisions of chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no interest, shall be nonnegotiable, and shall be payable on demand of the Bank. The face amount of special notes issued to the Bank under the authority of this subsection and outstanding at any one time shall not exceed, in the aggregate, the amount of the subscription and quota of the United States actually paid to the Bank under article II, section 4, and article IV, section 3, respectively, of the agreement.
(c) Income covered into Treasury
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.
(Pub. L. 86–147, § 7, Aug. 7, 1959, 73 Stat. 300.)
heading: Codification
text: In subsec. (b), “chapter 31 of title 31” and “that chapter” substituted for “the Second Liberty Bond Act, as amended” and “that Act”, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
22 U.S.C. § 283f (FOREIGN RELATIONS AND INTERCOURSE)
§ 283f. Jurisdiction and venue of actions
For the purpose of any 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 agreement, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity 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 shall have original jurisdiction of any such action. When the Bank is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise provided by law.
(Pub. L. 86–147, § 8, Aug. 7, 1959, 73 Stat. 300.)
22 U.S.C. § 283g (FOREIGN RELATIONS AND INTERCOURSE)
§ 283g. Status, privileges, and immunities of the United States
The provisions of article X, section 4(c), and article XI, sections 2 to 9, both inclusive, of the agreement shall have full force and effect in the United States, its Territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in, and the establishment of, the Bank.
(Pub. L. 86–147, § 9, Aug. 7, 1959, 73 Stat. 301.)
22 U.S.C. § 283h (FOREIGN RELATIONS AND INTERCOURSE)
§ 283h. Securities issued by Bank; reports to and of Securities and Exchange Commission
(a) Exempt securities; reports of Bank to Commission
Any securities issued by the Bank (including any guarantee by the Bank, whether or not limited in scope) in connection with raising of funds for including in the Bank’s capital resources as defined in article II, section 5, and article IIA, section 4, of the agreement, and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article II, section 4(a)(ii), or article IIA, section 3(c), of the agreement is expressly applicable, 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) Suspension of exemption provisions; annual reports of Commission to 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 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 Congress such information as it shall deem advisable with regard to the operations and effect of this section and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.
(Pub. L. 86–147, § 11, Aug. 7, 1959, 73 Stat. 301; Pub. L. 94–302, title I, § 103(a)(3), May 31, 1976, 90 Stat. 593.)
heading: Amendments
text: 1976—Subsec. (a). Pub. L. 94–302 struck out “ordinary” after “in the Bank’s” and inserted “and article IIA, section 4” after “article II, section 5” and “or article IIA, section 3(c)” after “article II, section 4(a)(ii)”.
heading: Effective Date of 1976 Amendment
text: For effective date of amendment by Pub. L. 94–302, see section 103(b) of Pub. L. 94–302, set out as a note under section 283c of this title.
heading: Delegation of Functions
text: Functions of National Advisory Council on International Monetary and Financial Problems delegated to National Advisory Council on International Monetary and Financial Policies, see section 2(a) of Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813, set out as a note under section 286b of this title.
22 U.S.C. § 283i (FOREIGN RELATIONS AND INTERCOURSE)
§ 283i. Repealed. Pub. L. 101–240, title V, § 541(d)(3), Dec. 19, 1989, 103 Stat. 2518
text: Section, Pub. L. 86–147, § 12, Aug. 7, 1959, 73 Stat. 301, related to reports on effectiveness of section 283h of this title and section 24 of Title 12, Banks and Banking, on development of economic resources in member countries.
22 U.S.C. § 283j (FOREIGN RELATIONS AND INTERCOURSE)
§ 283j. Increased United States participation in Bank activities
The United States Governor of the Bank is hereby authorized (1) to vote (A) for the increases in the authorized capital stock of the Bank under article II, Section 2, of the agreement, and (B) for an increase in the resources of the Fund for Special Operations under article IV, section 3, of the agreement, all as recommended by the Executive Directors in a report dated March 18, 1963, to the Board of Governors of the Bank; (2) to agree on behalf of the United States to subscribe to its proportionate share of the $1,000,000,000 increase in the authorized callable capital stock of the Bank; and (3) to vote for an amendment to article VIII, section 3, of the agreement to provide that the Board of Governors may, upon certain conditions, increase by one the number of Executive Directors.
(Pub. L. 86–147, § 13, as added Pub. L. 88–259, § 1, Jan. 22, 1964, 78 Stat. 3.)
22 U.S.C. § 283j–1 (FOREIGN RELATIONS AND INTERCOURSE)
§ 283j–1. Audit
(a) Establishment
The Secretary of the Treasury shall instruct the United States Executive Director to propose the establishment by the Board of Executive Directors of a program of selective but continuing independent and comprehensive audit of the Inter-American Development Bank, in accordance with such terms of reference as the Board of Executive Directors itself (or through a subcommittee), may prescribe. Such proposal shall provide that the audit reports be submitted to the Board of Executive Directors and to the Board of Governors.
(b) Scope and standards
The Secretary of the Treasury shall prepare the scope of the audit and the auditing and reporting standards for the use of the United States Executive Director in assisting in the formulation of the terms of reference.
(c) Reports
The reports of the National Advisory Council on International Monetary and Financial Policies to the Congress shall include, among other things, an appraisal of the effectiveness of the implementation and administration of the loans made by the Bank based upon the audit reports. The Comptroller General may review the reports of audit and findings issued and report to the Secretary of the Treasury and the Congress any suggestions he might have in improving the scope of the audit or auditing and reporting standards of the independent auditing firm, group, or staff.
(Pub. L. 86–147, § 14, as added Pub. L. 90–88, § 1, Sept. 22, 1967, 81 Stat. 227; amended Pub. L. 104–316, title I, § 111(b), Oct. 19, 1996, 110 Stat. 3833.)
heading: Amendments
text: 1996—Subsec. (b). Pub. L. 104–316 substituted “Secretary of the Treasury shall prepare” for “Comptroller General of the United States shall prepare for the Secretary of the Treasury”.
Subsec. (c). Pub. L. 104–316 substituted “may review” for “shall periodically review” in second sentence.