dreamproit/uscode huggingface dataset:
22 U.S.C. § 286t (FOREIGN RELATIONS AND INTERCOURSE)
§ 286t. Omitted
heading: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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: Editorial Notes
heading: Amendments
text: 1981—Pub. L. 97–35 struck out reporting requirement on progress toward achieving account.
heading: Statutory Notes and Related Subsidiaries
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: Statutory Notes and Related Subsidiaries
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: Statutory Notes and Related Subsidiaries
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: Statutory Notes and Related Subsidiaries
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. § 286aa (FOREIGN RELATIONS AND INTERCOURSE)
§ 286aa. Instructions to United States Executive Director; Communist dictatorships
The Congress hereby finds that Communist dictatorships result in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any Communist dictatorship, unless the Secretary of the Treasury certifies and documents in writing upon request and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing that such drawing—
(1) provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of payments position;
(2) would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and
(3) is in the best economic interest of the majority of the people in that country.
Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any communist dictatorship and certify and document in writing that these three conditions have been met, the United States Executive Director shall vote against such program.
(July 31, 1945, ch. 339, § 43, as added Pub. L. 98–181, title I [title VIII, § 804], Nov. 30, 1983, 97 Stat. 1270; amended Pub. L. 103–149, § 4(b)(6), Nov. 23, 1993, 107 Stat. 1505.)
heading: Editorial Notes
heading: Amendments
text: 1993—Pub. L. 103–149 struck out “(a)” before “The Congress” and struck out subsec. (b) which related to use of International Monetary Fund credit by any country which practices apartheid.
heading: Statutory Notes and Related Subsidiaries
heading: Change of Name
text: Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
22 U.S.C. § 286ii (FOREIGN RELATIONS AND INTERCOURSE)
§ 286ii. Limitations on Bank policy based lending; actions required to be taken to oppose excessive policy based lending by Bank
The Secretary of the Treasury shall—
(1) take all necessary steps to encourage the International Bank for Reconstruction and Development to limit—
(A) the aggregate value of the policy based loans made by such bank (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, to 25 percent of the aggregate value of all loans made by such bank in such fiscal year; and
(B) the aggregate value of the policy based loans made by such bank to the government of a particular country (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, and occurring during any period of 3 consecutive fiscal years of such bank (determined after disregarding any such fiscal year in which such bank did not make a policy based loan to such government), to 50 percent of the aggregate value of all loans made by such bank to such government during such 3-year period;
(2) instruct the United States Executive Director of such bank to propose and actively seek the adoption by the board of Executive Directors of such bank of a resolution establishing as official bank operating policy for fiscal years 1990 through 1995 of such bank the limits specified in paragraph (1); and
(3) until the resolution described in paragraph (2) is adopted, undertake, in consultation with the Secretary of State, discussions with other member country governments to secure the consent and cooperation of such governments with respect to the adoption of the limits specified in paragraph (1).
(Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 4 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.
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.
22 U.S.C. § 286jj (FOREIGN RELATIONS AND INTERCOURSE)
§ 286jj. Partial guarantees in connection with debt reduction for borrower countries
The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to initiate discussions with other directors of such bank and to propose that such bank establish criteria under which such bank would provide partial guarantees on debt service payments by borrower countries to private creditors when such guarantees would serve a catalytic role in facilitating final agreement on financing packages which involve significant debt reduction.
(Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.)
heading: Editorial Notes
heading: Codification
text: Section is based on section 5 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.
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.
22 U.S.C. § 286mm (FOREIGN RELATIONS AND INTERCOURSE)
§ 286mm. Measures to reduce military spending by developing nations
(a) Development by Fund of means to measure military spending
(1) Position of the United States
The United States Executive Director of the Fund shall use the voice and vote of the United States to urge the Fund, in consultation with the Bank, to continue to develop an economic methodology to measure the level of military spending by each developing country.
(2) Progress report to the Congress
No later than 1 year after October 24, 1992, the Secretary of the Treasury shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate a report on the status of the development by the Fund of a workable economic methodology to measure military spending by developing countries.
(b) Annual reports by Fund on levels of military spending
The United States Executive Director of the Fund shall use the voice and vote of the United States to urge the Fund, beginning with 1994, to provide the Executive Board of the Fund with annual reports stating the estimate by the Fund of the level of military spending by each developing country in the immediately preceding calendar year (or, with respect to developing countries whose fiscal years are not calendar years, in the most recently completed fiscal year of the developing country), not later than the date of the annual fall Interim and Development Committee meetings.
(c) Analysis and assessment of military spending to be included in article IV consultations by Fund
The United States Executive Director of the Fund shall use the voice and vote of the United States to urge the Fund, beginning no later than the date of the first report provided as described in subsection (b), to include in every article IV consultation with a developing country an analysis of the level of military spending by the developing country in the immediately preceding calendar year (or, with respect to developing countries whose fiscal years are not calendar years, in the most recently completed fiscal year of the developing country).
(July 31, 1945, ch. 339, § 60, as added Pub. L. 102–511, title X, § 1003, Oct. 24, 1992, 106 Stat. 3359.)
heading: Statutory Notes and Related Subsidiaries
heading: Change of Name
text: Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
22 U.S.C. § 286nn (FOREIGN RELATIONS AND INTERCOURSE)
§ 286nn. Approval of contributions for debt reductions for the poorest countries
For the purpose of mobilizing the resources of the Fund in order to help reduce poverty and improve the lives of residents of poor countries and, in particular, to allow those poor countries with unsustainable debt burdens to receive deeper, broader, and faster debt relief, without allowing gold to reach the open market or otherwise adversely affecting the market price of gold, the Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote—
(1) to approve an arrangement whereby the Fund—
(A) sells a quantity of its gold at prevailing market prices to a member or members in nonpublic transactions sufficient to generate 2.226 billion Special Drawing Rights in profits on such sales;
(B) immediately after, and in conjunction with each such sale, accepts payment by such member or members of such gold to satisfy existing repurchase obligations of such member or members so that the Fund retains ownership of the gold at the conclusion of such payment; and
(C) uses the earnings on the investment of the profits of such sales through a separate subaccount, only for the purpose of providing debt relief from the Fund under the modified Heavily Indebted Poor Countries (HIPC) Initiative (as defined in section 262p–6 of this title); and
(2) to support a decision that shall terminate the Special Contingency Account 2 (SCA–2) of the Fund so that the funds in the SCA–2 shall be made available to the poorest countries. Any funds attributable to the United States participation in SCA–2 shall be used only for debt relief from the Fund under the modified HIPC Initiative.
(July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316; amended Pub. L. 106–429, § 101(a) [title VIII, § 801(a)], Nov. 6, 2000, 114 Stat. 1900, 1900A–64.)
heading: Editorial Notes
heading: Amendments
text: 2000—Par. (1)(B), (D). Pub. L. 106–429 inserted “and” at end of subpar. (B) and struck out subpar. (D) which read as follows: “shall not use more than 9⁄14 of the earnings on the investment of the profits of such sales; and”.
heading: Statutory Notes and Related Subsidiaries
heading: Certification to Congress Relating To Use of Profits To Augment International Monetary Fund
text: Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(b)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316, provided that: “Within 15 days after the United States Executive Director casts the votes necessary to carry out the instruction described in section 62 of the Bretton Woods Agreements Act [22 U.S.C. 286nn], the Secretary of the Treasury shall certify to the Congress that neither the profits nor the earnings on the investment of profits from the gold sales made pursuant to the instruction or of the funds attributable to United States participation in SCA–2 will be used to augment the resources of any reserve account of the International Monetary Fund for the purpose of making loans.”
22 U.S.C. § 286oo (FOREIGN RELATIONS AND INTERCOURSE)
§ 286oo. Principles for International Monetary Fund lending
It is the policy of the United States to work to implement reforms in the International Monetary Fund (IMF) to achieve the following goals:
(1) Short-term balance of payments financing
Lending from the general resources of the Fund should concentrate chiefly on short-term balance of payments financing.
(2) Limitations on medium-term financing
Use of medium-term lending from the general resources of the Fund should be limited to a set of well-defined circumstances, such as—
(A) when a member’s balance of payments problems will be protracted;
(B) such member has a strong structural reform program in place; and
(C) the member has little or no access to private sources of capital.
(3) Premium pricing
Premium pricing should be introduced for lending from the general resources of the Fund, for greater than 200 percent of a member’s quota in the Fund, to discourage excessive use of Fund lending and to encourage members to rely on private financing to the maximum extent possible.
(4) Redressing misreporting of information
The Fund should have in place and apply systematically a strong framework of safeguards and measures to respond to, correct, and discourage cases of misreporting of information in the context of a Fund program, including—
(A) suspending Fund disbursements and ensuring that Fund lending is not resumed to members that engage in serious misreporting of material information until such time as remedial actions and sanctions, as appropriate, have been applied;
(B) ensuring that members make early repayments, where appropriate, of Fund resources disbursed on the basis of misreported information;
(C) making public cases of serious misreporting of material information;
(D) requiring all members receiving new disbursements from the Fund to undertake annually independent audits of central bank financial statements and publish the resulting audits; and
(E) requiring all members seeking new loans from the Fund to provide to the Fund detailed information regarding their internal control procedures, financial reporting and audit mechanisms and, in cases where there are questions about the adequacy of these systems, undertaking an on-site review and identifying needed remedies.
(July 31, 1945, ch. 339, § 63, as added Pub. L. 106–429, § 101(a) [title VIII, § 805], Nov. 6, 2000, 114 Stat. 1900, 1900A–67.)
heading: Editorial Notes
heading: Codification
text: Section 101(a) [title VIII, § 805] of Pub. L. 106–429, which directed amendment of the Bretton Woods Agreement Act by adding this section, was executed by amending the Bretton Woods Agreements Act by adding this section, to reflect the probable intent of Congress.
22 U.S.C. § 286ss (FOREIGN RELATIONS AND INTERCOURSE)
§ 286ss. Acceptance of amendment to Articles of Agreement of Fund approved on October 22, 1997
The United States Governor of the Fund may agree to and accept the amendment to the Articles of Agreement of the Fund as proposed in the resolution numbered 52–4 of the Board of Governors of the Fund which was approved by such Board on October 22, 1997: Provided, That not more than one year after the acceptance of such amendments to the Fund’s Articles of Agreement, the Secretary of the Treasury shall submit a report to the appropriate congressional committees analyzing Special Drawing Rights, to include a discussion of how those countries that significantly use or acquire Special Drawing Rights in accordance with Article XIX, Section 2(c), use or acquire them; the extent to which countries experiencing balance of payment difficulties exchange or use their Special Drawing Rights to acquire reserve currencies; and the manner in which those reserve currencies are acquired when utilizing Special Drawing Rights.
(July 31, 1945, ch. 339, § 67, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918; amended Pub. L. 111–117, div. F, title VII, § 7034(q)(1)(A), Dec. 16, 2009, 123 Stat. 3363.)
heading: Editorial Notes
heading: Amendments
text: 2009—Pub. L. 111–117 substituted “resolution numbered 52–4” for “resolution numbered 54–4”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2009 Amendment
text: Pub. L. 111–117, div. F, title VII, § 7034(q)(1)(B), Dec. 16, 2009, 123 Stat. 3363, provided that: “The amendment made by subparagraph (A) [amending this section] shall take effect as if included in the enactment of section 1402 of Public Law 111–32.”