Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section286q&num=0&edition=prelim
Timestamp: 2020-08-15 15:38:19
Document Index: 663643865

Matched Legal Cases: ['§ 286', '§286', '§6', '§2', '§5', '§803', '§286']

[USC02] 22 USC 286q: Limitation on allocations to the United States
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22 USC 286q: Limitation on allocations to the United States Text contains those laws in effect on August 14, 2020
§286q. Limitation on allocations to the United States
(a) Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States vote to allocate in each basic period Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund so that allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act [22 U.S.C. 286 et seq.].
(b)(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman and ranking minority members of the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees thereof.
(2) Such consultations shall include an explanation of the consistency of such proposal to allocate with the requirements of the Articles of Agreement of the Fund, in particular the requirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall "seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world".
( Pub. L. 90–349, §6, June 19, 1968, 82 Stat. 189 ; Pub. L. 91–599, ch. 1, §2, Dec. 30, 1970, 84 Stat. 1657 ; Pub. L. 94–564, §5(3), Oct. 19, 1976, 90 Stat. 2661 ; Pub. L. 98–181, title I [title VIII, §803], Nov. 30, 1983, 97 Stat. 1270 .)
The Bretton Woods Agreements Act, referred to in subsec. (a), is act July 31, 1945, ch. 339, 59 Stat. 512 , as amended, which is classified principally to this subchapter (§286 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 286 of this title and Tables.
1983-Pub. L. 98–181 designated existing provisions as subsec. (a) and added subsec. (b).
1976-Pub. L. 94–564 substituted "article XVIII" for "article XXIV".
1970-Pub. L. 91–599 inserted "in each basic period" after "vote to allocate" and substituted "allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act" for "net cumulative allocations to the United States exceed an amount equal to the United States quota in the Fund as heretofore authorized under the Bretton Woods Agreements Act of 1945, as amended".