dreamproit/uscode huggingface dataset:
22 U.S.C. § 286h (FOREIGN RELATIONS AND INTERCOURSE)
§ 286h. Status, privileges, and immunities of the United States
The provisions of article IX, sections 2 to 9, both inclusive, and the first sentence of article VIII, section 2(b), of the Articles of Agreement of the Fund, and the provisions of article VI, section 5(i), and article VII, sections 2 to 9, both inclusive, of the Articles of Agreement of the Bank, shall have full force and effect in the United States and its Territories and possessions upon acceptance of membership by the United States in, and the establishment of, the Fund and the Bank, respectively.
(July 31, 1945, ch. 339, § 11, 59 Stat. 516.)
22 U.S.C. § 286i (FOREIGN RELATIONS AND INTERCOURSE)
§ 286i. Stabilization loans by Bank; amendment to Articles of Agreement
The governor and executive director of the Bank appointed by the United States are directed 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.)
22 U.S.C. § 286j (FOREIGN RELATIONS AND INTERCOURSE)
§ 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.)
22 U.S.C. § 286k (FOREIGN RELATIONS AND INTERCOURSE)
§ 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.)
heading: Amendments
text: 1977—Pub. L. 95–147 designated existing provisions as subsec. (a) and added subsec. (b).
22 U.S.C. § 286k–1 (FOREIGN RELATIONS AND INTERCOURSE)
§ 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.)
heading: Amendments
text: 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.
22 U.S.C. § 286k–2 (FOREIGN RELATIONS AND INTERCOURSE)
§ 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 provisions of section 286k–1 (a) of this title 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 section 286k–1 of this title and section 24 of title 12 and in connection therewith shall include any views submitted for such purpose by any association of dealers registered with the Commission.
(June 29, 1949, ch. 276, § 3, 63 Stat. 299.)
heading: Codification
text: Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreements Act, which comprises this subchapter.
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. § 286m (FOREIGN RELATIONS AND INTERCOURSE)
§ 286m. Amount of loan; public-debt transaction; disposition of interest payments
For the purpose of carrying out the agreement dated December 6, 1945, between the United States and the United Kingdom, the Secretary of the Treasury is authorized to use as a public-debt transaction not to exceed $3,750,000,000 of the proceeds of any securities issued after July 15, 1946, under chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include such purpose. Payments to the United Kingdom under this section and section 286l of this title and pursuant to the agreement and repayments thereof shall be treated as public-debt transactions of the United States. Payments of interest to the United States under the agreement shall be covered into the Treasury as miscellaneous receipts.
(July 15, 1946, ch. 577, § 2, 60 Stat. 535.)
heading: References in Text
text: Agreement dated December 6, 1945, between the United States and the United Kingdom, referred to in text, is set out as a note under section 286l of this title.
heading: Codification
text: “Chapter 31 of title 31” and “that chapter” substituted in text 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.
Section was not enacted as a part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.
22 U.S.C. § 286n (FOREIGN RELATIONS AND INTERCOURSE)
§ 286n. Special Drawing Rights
The President is hereby authorized (a) to accept the amendment to the articles of agreement of the International Monetary Fund (hereinafter referred to as the “Fund”), attached to the April 1968 report by the Executive Directors to the Board of Governors of the Fund, for the purpose of (i) establishing a facility based on Special Drawing Rights in the Fund and (ii) giving effect to certain modifications in the present rules and practices of the Fund, and (b) to participate in the special drawing account established by the amendment.
(Pub. L. 90–349, § 2, June 19, 1968, 82 Stat. 188.)
heading: Codification
text: Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.
heading: Short Title
text: Pub. L. 90–349, § 1, June 19, 1968, 82 Stat. 188, provided: “That this Act [enacting this section and sections 286o to 286r of this title and amending sections 412, 415, 417, and 467 of Title 12, Banks and Banking] may be cited as the ‘Special Drawing Rights Act’.”
22 U.S.C. § 286o (FOREIGN RELATIONS AND INTERCOURSE)
§ 286o. Administration as part of the Exchange Stabilization Fund
(a) Special Drawing Rights
Special Drawing Rights allocated to the United States pursuant to article XVIII of the Articles of Agreement of the Fund, and Special Drawing Rights otherwise acquired by the United States, shall be credited to the account of, and administered as part of, the Exchange Stabilization Fund established by section 5302 of title 31.
(b) Deposit in and withdrawal from Fund
The proceeds resulting from the use of Special Drawing Rights by the United States, and payments of interest to the United States pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be deposited in the Exchange Stabilization Fund. Currency payments by the United States in return for Special Drawing Rights, and payments of charges or assessments pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be made from the resources of the Exchange Stabilization Fund.
(Pub. L. 90–349, § 3, June 19, 1968, 82 Stat. 188; Pub. L. 94–564, § 5(1), (2), Oct. 19, 1976, 90 Stat. 2661.)
heading: Codification
text: In subsec. (a), “section 5302 of title 31” substituted for “section 10 of the Gold Reserve Act of 1934, as amended (31 U.S.C. 822a)” 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.
Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.
heading: Amendments
text: 1976—Subsec. (a). Pub. L. 94–564, § 5(1), substituted “article XVIII” for “article XXIV”.
Subsec. (b). Pub. L. 94–564, § 5(2), substituted “article XX, article XXIV, and XXV” for “article XXVI, article XXX, and article XXXI” wherever appearing.
heading: Effective Date of 1976 Amendment
text: Amendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title.
22 U.S.C. § 286p (FOREIGN RELATIONS AND INTERCOURSE)
§ 286p. Issuance, purpose, and redemption of Special Drawing Rights certificates
(a) The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such denominations as he may determine, against any Special Drawing Rights held to the credit of the Exchange Stabilization Fund. Such certificates shall be issued and remain outstanding only for the purpose of financing the acquisition of Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.
(b) Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.
(Pub. L. 90–349, § 4, June 19, 1968, 82 Stat. 188.)
heading: Codification
text: Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.
22 U.S.C. § 286r (FOREIGN RELATIONS AND INTERCOURSE)
§ 286r. United States participation in special drawing account
The provisions of article XXI(b) of the Articles of Agreement of the Fund shall have full force and effect in the United States and its territories and possessions when the United States becomes a participant in the special drawing account.
(Pub. L. 90–349, § 7, June 19, 1968, 82 Stat. 189; Pub. L. 94–564, § 5(4), Oct. 19, 1976, 90 Stat. 2661.)
heading: Codification
text: Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.
heading: Amendments
text: 1976—Pub. L. 94–564 substituted “article XXI(b)” for “article XXVII(b)”.
heading: Effective Date of 1976 Amendment
text: Amendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title.
22 U.S.C. § 286t (FOREIGN RELATIONS AND INTERCOURSE)
§ 286t. Omitted
heading: Codification
text: Section, act July 31, 1945, ch. 339, § 34, as added Oct. 7, 1980, Pub. L. 96–389, § 4(b), 94 Stat. 1553, directed the Secretary of the Treasury, in cooperation with the United States Director of the Fund, to study and report to Congress prior to May 15, 1981, with respect to adequacy of Fund resources and method of increasing Fund liquidity, promotion of more direct recycling of oil surpluses, and methods of providing adequate resources for balance-of-payments financing.
heading: Recycling Balance-of-Payments Surpluses by Oil Exporting Countries
text: Pub. L. 96–389, § 4(a), Oct. 7, 1980, 94 Stat. 1553, provided that: “It is the sense of the Congress that (1) the interests of the United States and those of other member countries require an effective International Monetary Fund equipped with resources adequate to facilitate orderly balance-of-payments adjustments; (2) persistent balance-of-payments surpluses in oil exporting countries have placed, and will continue to place, severe strains on the resources of oil importing countries and on the liquidity of the Fund; (3) these strains can only be relieved if the oil exporting countries assume a greater burden for financing balance-of-payments deficits through direct methods of recycling their surpluses and through proportionally greater contributions to the Fund and to the international lending institutions; and (4) the Fund must explore innovative proposals to encourage more direct recycling of oil surpluses and to increase its own liquidity.”
22 U.S.C. § 286u (FOREIGN RELATIONS AND INTERCOURSE)
§ 286u. Dollar-Special Drawing Rights substitution account
It is the sense of the Congress that the Secretary of the Treasury and the United States Executive Director of the Fund shall encourage member countries of the Fund to negotiate a dollar-Special Drawing Rights substitution account in which equitable burden sharing would exist among participants in the account.
(July 31, 1945, ch. 339, § 35, as added Pub. L. 96–389, § 4(b), Oct. 7, 1980, 94 Stat. 1554; amended Pub. L. 97–35, title XIII, § 1371(a)(2), Aug. 13, 1981, 95 Stat. 746.)
heading: Amendments
text: 1981—Pub. L. 97–35 struck out reporting requirement on progress toward achieving account.
heading: Effective Date of 1981 Amendment
text: Amendment by Pub. L. 97–35 effective Aug. 13, 1981, see section 1372 of Pub. L. 97–35, set out as an Effective Date note under section 290i of this title.
heading: Effective Date
text: Amendment by Pub. L. 96–389 effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as a note under section 286s of this title.
22 U.S.C. § 286v (FOREIGN RELATIONS AND INTERCOURSE)
§ 286v. Membership for Taiwan in Fund
It is the sense of the Congress that it is the policy of the United States that Taiwan (before January 1, 1979, known as the Republic of China) shall be granted appropriate membership in the Fund and that the United States Executive Director of the Fund shall so notify the Fund.
(July 31, 1945, ch. 339, § 36, as added Pub. L. 96–389, § 6, Oct. 7, 1980, 94 Stat. 1554.)
heading: Effective Date
text: Section effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as a note under section 286s of this title.
22 U.S.C. § 286w (FOREIGN RELATIONS AND INTERCOURSE)
§ 286w. Denial of membership or other status in Fund for Palestine Liberation Organization; United States participation in Fund if membership or other status granted; report by President to Congress
It is the policy of the United States that the Palestine Liberation Organization should not be given membership in the Fund or be given observer status or any other official status at any meeting sponsored by or associated with the Fund. The United States Executive Director of the Fund shall promptly notify the Fund of such policy.
In the event that the Fund provides either membership, observer status, or any other official status to the Palestine Liberation Organization, such action would result in a serious diminution of United States support. Upon review of such action, the President would be required to report his recommendations to the Congress with regard to any further United States participation in the Fund.
(July 31, 1945, ch. 339, § 37, as added Pub. L. 96–389, § 7, Oct. 7, 1980, 94 Stat. 1554.)
heading: Effective Date
text: Section effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as a note under section 286s of this title.
22 U.S.C. § 286x (FOREIGN RELATIONS AND INTERCOURSE)
§ 286x. Assistance to private sector of El Salvador, Nicaragua, and other nations
It is the sense of the Congress that in providing assistance through loans or other means to any nation, in particular El Salvador and Nicaragua, the Fund and the Bank should encourage programs which assist the private sector to create an environment which will stabilize the economy of the nation; and that the United States representatives to the Fund and the Bank shall promote the use of assistance by the Fund and the Bank to encourage such programs.
(July 31, 1945, ch. 339, § 38, as added Pub. L. 96–389, § 8, Oct. 7, 1980, 94 Stat. 1554.)
heading: Effective Date
text: Section effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as a note under section 286s of this title.
22 U.S.C. § 286y (FOREIGN RELATIONS AND INTERCOURSE)
§ 286y. Promoting conditions for exchange rate stability
(a) In order to help assure that the resources provided under section 286e–1i of this title are used to support pro-growth policies which will help establish the economic conditions necessary for more appropriate financial and exchange rate alignment and stability, it is the sense of Congress that the Secretary of the Treasury shall—
(1) in consultation with the Secretary of State and the United States Trade Representative, initiate discussions with other countries regarding the economic dislocations which result from structural exchange rate imbalances; and
(2) instruct the United States Executive Director of the Fund to work for adoption of policies in the Fund, both within the framework of article IV (of the Articles of Agreement of the Fund) consultations and with respect to the conditions associated with Fund-supported balance of payments adjustments programs, which promote conditions contributing to the stability of exchange rates and avoid the manipulation of exchange rates between major currencies. Among other initiatives, the Secretary of the Treasury shall propose strengthening the article IV consultation procedures of the Fund to attempt to ensure that countries which are artificially maintaining undervalued or overvalued rates of exchange agree to adopt market determined exchange rates.
(b) In determining his vote on extensions of assistance to any Fund borrower, the United States Executive Director of the Fund shall take into account whether such borrower’s policies are consistent with the requirements of article IV of the Articles of Agreement of the Fund.
(July 31, 1945, ch. 339, § 40, as added Pub. L. 98–181, title I [title VIII, § 801], Nov. 30, 1983, 97 Stat. 1267.)