Source: https://uscode.house.gov/view.xhtml?req=granuleid%3AUSC-prelim-title22-chapter7-subchapter15&saved=%7CZ3JhbnVsZWlkOlVTQy1wcmVsaW0tdGl0bGUyMi1zZWN0aW9uMjg2ZS0xbQ%3D%3D%7C%7C%7C0%7Cfalse%7Cprelim&edition=prelim
Timestamp: 2019-07-24 06:24:10
Document Index: 228762227

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[USC02] 22 USC CHAPTER 7, SUBCHAPTER XV: INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT
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22 USC CHAPTER 7, SUBCHAPTER XV: INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT
(July 31, 1945, ch. 339, §2, 59 Stat. 512.)
Pub. L. 90–349, June 19, 1968, 82 Stat. 188 [enacting sections 286n to 286r of this title and amending sections 412, 415, 417, and 467 of Title 12, Banks and Banking], is known as the "Special Drawing Rights Act". For complete classification of this Act to the Code, see Short Title note set out under section 286n of this title and Tables.
Act July 31, 1945, ch. 339, §1, 59 Stat. 512, provided: "This act [enacting this subchapter and amending section 822a of former Title 31, Money and Finance] may be cited as the &apos;Bretton Woods Agreements Act&apos;."
(July 31, 1945, ch. 339, §3, 59 Stat. 512; Pub. L. 93–94, Aug. 15, 1973, 87 Stat. 314; Pub. L. 94–564, §2, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–435, §2, Oct. 10, 1978, 92 Stat. 1051.)
1978—Subsec. (d). Pub. L. 95–435 designated existing provisions as par. (1) and added pars. (2) and (3).
1976—Subsec. (c). Pub. L. 94–564, §2(1), amended subsec. (c) generally to provide that the Governor serve as councillor and designate an alternate and associates. Former provisions relating to compensation were included in subsec. (d).
1973—Subsec. (b). Pub. L. 93–94 substituted "and an alternate for the governor of the Bank" for "who shall also serve as alternate for the governor of the Bank".
Pub. L. 94–564, §9, Oct. 19, 1976, 90 Stat. 2661, provided that: "The amendments made by sections 2, 3, 4, 5, 6, and 7 of this Act [amending this section, sections 286c, 286e–2, 286o, 286q, and 286r of this title, and section 822a of former Title 31, Money and Finance] shall become effective upon the entry into force of the amendments to the Articles of Agreement of the International Monetary Fund approved in Resolution Numbered 31–4 of the Board of Governors of the Fund." Such amendments entered into force Apr. 1, 1978.
Pub. L. 96–389, §9, Oct. 7, 1980, 94 Stat. 1554, provided that: "The United States Executive Director to the Fund shall seek to insure (a) that Fund salaries do not exceed those levels endorsed by the Fund Bank Joint Committee on Staff Compensation Issues; and (b) that travel costs are minimized by limiting first class and supersonic travel to instances where no reasonable alternative exists."
§286b. National Advisory Council on International Monetary and Financial Problems
(a) Establishment and composition
In order to coordinate the policies and operations of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which make or participate in making foreign loans or which engage in foreign financial, exchange or monetary transactions, there is hereby established the National Advisory Council on International Monetary and Financial Problems (hereinafter referred to as the "Council"), consisting of the Secretary of the Treasury, as Chairman, the Secretary of State, the Secretary of Commerce, the Chairman of the Board of Governors of the Federal Reserve System, the President of the Export-Import Bank of the United States, and during such period as the Foreign Operations Administration shall continue to exist, the Director of the Foreign Operations Administration.
(b) Duties and functions; reports by Council
(1) The Council, after consultation with the representatives of the United States on the Fund and the Bank, shall recommend to the President general policy directives for the guidance of the representatives of the United States on the Fund and the Bank.
(3) The Council shall coordinate, by consultation or otherwise, so far as is practicable, the policies and operations of the representatives of the United States on the Fund and the Bank, the Export-Import Bank of the United States and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange or monetary transactions.
(4) Whenever, under the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the approval, consent or agreement of the United States is required before an act may be done by the respective institutions, the decision as to whether such approval, consent, or agreement, shall be given or refused shall (to the extent such decision is not prohibited by section 286c of this title) be made by the Council, under the general direction of the President. No governor, executive director, or alternate representing the United States shall vote in favor of any waiver of condition under article V, section 4, or in favor of any declaration of the United States dollar as a scarce currency under article VII, section 3, of the Articles of Agreement of the Fund, without prior approval of the Council.
(5) The Council shall make such reports and recommendations to the President as he may from time to time request, or as the Council may consider necessary to more effectively or efficiently accomplish the purposes of this subchapter or the purposes for which the Council is created.
(6) The general policy objectives for the guidance of the United States Executive Director of the Bank shall take into account the effect that development assistance loans have upon individual industry sectors and international commodity markets—
(B) to avoid, wherever possible, government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities.
(c) Reports to Council
The representatives of the United States on the Fund and the Bank, and the Export-Import Bank of the United States (and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange or monetary transactions) shall keep the Council fully informed of their activities and shall provide the Council with such further information or data in their possession as the Council may deem necessary to the appropriate discharge of its responsibilities under this subchapter.
(July 31, 1945, ch. 339, §4, 59 Stat. 512; Apr. 3, 1948, ch. 169, title I, §106, 62 Stat. 141; Oct. 10, 1951, ch. 479, title V, §501(e)(2), 65 Stat. 378; 1953 Reorg. Plan No. 5, eff. June 30, 1953, 18 F.R. 3741, 67 Stat. 637; 1953 Reorg. Plan No. 7, eff. Aug. 1, 1953, 18 F.R. 4541, 67 Stat. 639; Aug. 9, 1954, ch. 660, §2, 68 Stat. 678; Pub. L. 89–126, §1(1), Aug. 14, 1965, 79 Stat. 519; Pub. L. 90–267, §1(a), Mar. 13, 1968, 82 Stat. 47; Pub. L. 98–181, title I [title VIII, §808(a)], Nov. 30, 1983, 97 Stat. 1273; Pub. L. 101–240, title V, §541(d)(1), (f)(1), Dec. 19, 1989, 103 Stat. 2518, 2519.)
1989—Subsec. (b). Pub. L. 101–240 redesignated pars. (7) and (8) as (5) and (6), respectively, and struck out former pars. (5) and (6) which read as follows:
"(5) The Council shall transmit to the President and to the Congress an annual report with respect to the participation of the United States in the Fund and Bank.
"(6) Each such report shall contain such data concerning the operations and policies of the Fund and Bank, such recommendations concerning the Fund and Bank, and such other data and material as the Council may deem appropriate."
1983—Subsec. (b)(8). Pub. L. 98–181 added par. (8).
1965—Subsec. (b)(5). Pub. L. 89–126 substituted provisions requiring an annual report, for provisions which required the Council to report from time to time, but not less frequently than every six months.
Subsec. (b)(6). Pub. L. 89–126 struck out provisions which required special reports on operations and policies of the Fund and Bank and prescribed contents of such reports, and inserted provisions requiring the annual report to contain such data concerning the operations and policies of the Fund and Bank, such recommendations concerning the Fund and the Bank, and such other data and material as deemed appropriate.
1951—Subsec. (a). Act Oct. 10, 1951, substituted "Mutual Security Agency" for "Economic Cooperation Administration", and "Director for Mutual Security" for "Administrator for Economic Cooperation".
1948—Subsec. (a). Act Apr. 3, 1948, ch. 169, title I, §106, 62 Stat. 141, added Administrator for Economic Cooperation, during existence of the Administration, to membership of National Advisory Council.
"Export-Import Bank of Washington" changed in text to "Export-Import Bank of the United States" to conform to such change in name in the Export-Import Bank Act of 1945, section 635 et seq. of Title 12, Banks and Banking, provided for in section 1(a) of Pub. L. 90–267.
Act Apr. 3, 1948, cited as a credit to this section, was repealed by act June 20, 1952, ch. 449, §7(c), 66 Stat. 144.
Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813, as amended by Ex. Ord. No. 11334, Mar. 7, 1967, 32 F.R. 3933; Ex. Ord. No. 11808, Sept. 30, 1974, 39 F.R. 35563; Ex. Ord. No. 11977, Mar. 14, 1977, 42 F.R. 14671; Ex. Ord. No. 12164, Sept. 29, 1979, 44 F.R. 56681; Ex. Ord. No. 12188, Jan. 2, 1980, 45 F.R. 989; Ex. Ord. No. 12403, Feb. 8, 1983, 48 F.R. 6087; Ex. Ord. No. 12567, Oct. 2, 1986, 51 F.R. 35495; Ex. Ord. No. 12647, Aug. 2, 1988, 53 F.R. 29323; Ex. Ord. No. 12766, June 18, 1991, 56 F.R. 28463; Ex. Ord. No. 13118, §10(9), Mar. 31, 1999, 64 F.R. 16598, provided:
(e) The Secretary of the Treasury is hereby delegated the functions conferred upon the President by Section 203(b) and Section 207 of the Act of May 31, 1976 (90 Stat. 593 and 594, 22 U.S.C. 290g–1 and 290g–5), subject to the provisions of Section 7 of this Order.
Sec. 5. Executive Order No. 10033. Section 2(a) of Executive Order No. 10033 of February 8, 1949 [set out as a note under section 286f of this title], is hereby amended by substituting for the name "National Advisory Council on International Monetary and Financial Problems" the following: "National Advisory Council on International Monetary and Financial Policies."
§§286b–1, 286b–2. Repealed. Pub. L. 101–240, title V, §541(d)(1), (5), Dec. 19, 1989, 103 Stat. 2518
Section 286b–1, Pub. L. 91–599, ch. 3, §31, Dec. 30, 1970, 84 Stat. 1658, related to annual report to Congress of National Advisory Council on International Monetary and Financial Policies.
Section 286b–2, act July 31, 1945, ch. 339, §50, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VIII, §813], 97 Stat. 1276, related to reports to Congress by National Advisory Council on International Monetary and Financial Policies and Secretary of the Treasury.
(July 31, 1945, ch. 339, §5, 59 Stat. 514; Pub. L. 89–126, §1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94–564, §3, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–147, §4(a)(1), Oct. 28, 1977, 91 Stat. 1228; Pub. L. 98–181, title I [title VIII, §811], Nov. 30, 1983, 97 Stat. 1274; Pub. L. 106–113, div. B, §1000(a)(5) [title V, §504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A-317.)
1999—Pub. L. 106–113, which directed substitution of "approve any disposition of Fund gold, unless the Secretary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its members, or for the Fund to provide liquidity that will enable the Fund to meet member country claims on the Fund or to meet threats to the systemic stability of the international financial system." for "approve either the disposition of more than 25 million ounces of Fund gold for the benefit of the Trust Fund established by the Fund on May 6, 1976, or the establishment of any additional trust fund whereby resources of the International Monetary Fund would be used for the special benefit of a single member, or of a particular segment of the membership, of the Fund." in cl. (g) of first sentence, was executed by making the substitution for text which ended with "the fund." rather than "the Fund.", to reflect the probable intent of Congress.
1983—Pub. L. 98–181 inserted provision prohibiting the President or any person or agency from consenting to a borrowing of funds denominated in dollars unless notice of such borrowing is transmitted to Congress at least 60 days prior to such borrowing.
1977—Pub. L. 95–147 added to cl. (g) provisions relating to disposition of more than 25 million ounces of Fund gold for the benefit of the Trust Fund.
1976—Pub. L. 94–564 amended cls. (a) to (g) generally.
1965—Pub. L. 89–126 inserted "if such increase involves an increased subscription on the part of the United States".
§286d. Federal Reserve banks as depositories
(July 31, 1945, ch. 339, §6, 59 Stat. 514.)
§286e. Payment of subscriptions to Fund and Bank by United States; issuance of special notes; income covered into Treasury
(July 31, 1945, ch. 339, §7(b)–(d), 59 Stat. 514; Pub. L. 86–48, §2, June 17, 1959, 73 Stat. 80; Pub. L. 87–490, §2, June 19, 1962, 76 Stat. 105.)
Subsection (a), referred to in the first par., means section 7(a) of act July 31, 1945, ch. 339, 59 Stat. 514, which generally amended subsec. (c) of section 822a of former Title 31, Money and Finance. Section 822a(c) of former Title 31 was repealed and reenacted as section 5302(d) of Title 31 by Pub. L. 97–258, §4(a), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31.
In first and second pars., "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.
1959—Pub. L. 86–48 struck out "of $950,000,000" after "is authorized to pay the balance", and substituted "$8,675,000,000" for "not to exceed $4,125,000,000".
Pub. L. 96–544, Dec. 17, 1980, 94 Stat. 3213, provided that: "For an increase in the United States quota in the International Monetary Fund, the dollar equivalent of 4,202.5 million Special Drawing Rights (approximately $5,537,839,000), to remain available until expended, and balances equivalent to the current SDR value of the United States quota in the Fund shall be merged with this appropriation. Amounts equivalent to the United States reserve position in the Fund shall be credited to this appropriation. Amounts available in this account may be transferred to the Fund by the Secretary of the Treasury to meet United States obligations in the Fund in an amount not to exceed at any time the United States quota in the Fund. The amounts provided for valuation adjustments of Fund holdings of United States dollars shall continue to be available for this purpose and shall be available for transfers to this appropriation account for the purpose of such adjustments. In the administration of these funds it shall be the policy of the United States:
"(1) 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;
"(2) that the United States Executive Director of the Fund shall promptly notify the Fund of such policy;
"(3) that 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; and
"(4) that 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."
§286e–1. Increase in quota of United States and in capital stock of Bank; subscription to additional shares
(a) The United States Governor of the Fund is authorized to request and consent to an increase of $1,375,000,000 in the quota of the United States under article III, section 2, of the articles of agreement of the Fund, as proposed in the resolution of the Board of Governors of the Fund dated February 2, 1959.
(b) The United States Governor of the Bank is authorized (1) to vote for increases in the capital stock of the Bank under article II, section 2, of the articles of agreement of the Bank, as recommended in the resolution of the Board of Governors of the Bank dated February 2, 1959, and (2) if such increases become effective, to subscribe on behalf of the United States to thirty-one thousand seven hundred and fifty additional shares of stock under article II, section 3, of the articles of agreement of the Bank.
(July 31, 1945, ch. 339, §16, as added Pub. L. 86–48, §1, June 17, 1959, 73 Stat. 80.)
§286e–1a. Increase in capital stock of Bank
The United States Governor of the Bank is authorized to vote for an increase of $1,000,000,000 in the authorized capital stock of the Bank under article II, section 2, of the articles of agreement of the Bank, as recommended in the report, dated November 6, 1962, to the Board of Governors of the Bank by the Bank's Executive Directors.
(July 31, 1945, ch. 339, §19, as added Pub. L. 88–178, Nov. 13, 1963, 77 Stat. 334.)
(July 31, 1945, ch. 339, §20, as added Pub. L. 89–31, June 2, 1965, 79 Stat. 119.)
§286e–1c. Additional increase in quota of United States
(a) The United States Governor of the Fund is authorized to consent to an increase of $1,540,000,000 in the quota of the United States in the Fund.
(b) In order to pay the increase in the United States quota in the Fund provided for in this section, there is hereby authorized to be appropriated $1,540,000,000, to remain available until expended.
(July 31, 1945, ch. 339, §22, as added Pub. L. 91–599, ch. 1, §1, Dec. 30, 1970, 84 Stat. 1657.)
§286e–1d. Increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(a) The United States Governor of the Bank is authorized (1) to vote for an increase of $3,000,000,000 in the authorized capital stock of the Bank, and (2) if such increase becomes effective, to subscribe on behalf of the United States to two thousand four hundred and sixty-one additional shares of the capital stock of the Bank.
(b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there is hereby authorized to be appropriated $246,100,000 to remain available until expended.
(July 31, 1945, ch. 339, §23, as added Pub. L. 91–599, ch. 1, §1, Dec. 30, 1970, 84 Stat. 1657.)
§286e–1e. Equivalent increase in quota of United States
The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 1,705 million Special Drawing Rights.
(July 31, 1945, ch. 339, §25, as added Pub. L. 94–564, §1, Oct. 19, 1976, 90 Stat. 2660.)
§286e–1f. Additional increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(a) The United States Governor of the Bank is authorized—
(1) to vote for an increase of seventy thousand shares in the authorized capital stock of the Bank; and
(2) if such increase becomes effective, to subscribe on behalf of the United States to thirteen thousand and five additional shares of the capital stock of the Bank: Provided, however, 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 Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $1,568,856,318 for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, §27, as added Pub. L. 95–118, title II, §201, Oct. 3, 1977, 91 Stat. 1067; amended Pub. L. 97–35, title XIII, §1312, Aug. 13, 1981, 95 Stat. 740.)
1981—Subsec. (a)(2). Pub. L. 97–35 substituted "effective only to such extent or in such amounts as are provided in advance in appropriations Acts" for "made only after the amount required for such subscription has been appropriated".
§286e–1g. Additional increase in quota of United States; condition
The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 4,202.5 million Special Drawing Rights, limited to such amounts as are appropriated in advance in appropriation Acts.
(July 31, 1945, ch. 339, §32, as added and amended Pub. L. 96–389, §§1, 11, Oct. 7, 1980, 94 Stat. 1551, 1555.)
1980—Pub. L. 96–389, §11, substituted "limited to such amounts as are appropriated in advance in appropriation Acts" for "to such extent or in such amounts as are provided in appropriations Acts".
Section effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as a note under section 286s of this title.
§286e–1h. Increase of subscription of stock; authority of United States Governor of Bank; authorization of appropriations
(2) to subscribe on behalf of the United States to not more than seventy-three thousand and ten shares of the capital stock of the Bank: Provided, however, That not more than seven and one-half percent ($658,305,195) of the price of the shares subscribed may be paid in to the Bank on subscription, with the remainder of that price ($8,149,256,155) being subject to call only when a call on unpaid subscriptions is required to meet obligations of the Bank for funds borrowed or on loans guaranteed by it and not for use by the Bank in its lending activities or for administrative expenses: Provided further, That any subscription to such 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 paid-in portion of the United States subscription to the Bank provided for in this section, there is authorized to be appropriated, without fiscal year limitation, $658,305,195 for payment by the Secretary of the Treasury: Provided, however, That not more than $109,720,549 of such sum may be made available for each of the fiscal years 1982, 1983, and 1984.
(July 31, 1945, ch. 339, §39, as added Pub. L. 97–35, title XIII, §1311, Aug. 13, 1981, 95 Stat. 740.)
§286e–1i. Increase in United States quota; consultations with Congress
(a) The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 5,310,800,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.
(A) the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and any appropriate subcommittee of each such committee; and
(B) the committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any appropriate subcommittee of each such committee,
(A) not later than thirty days before the initiation of such international negotiations;
(B) during the period in which such negotiations are being held, in a frequent and timely manner; and
(C) before a session of such negotiations is held at which the United States representatives may agree to such quota increase.
(July 31, 1945, ch. 339, §41, as added Pub. L. 98–181, title I [title VIII, §802(a)(4)], Nov. 30, 1983, 97 Stat. 1268.)
§286e–1j. Additional increase in capital stock of Bank; subscription to additional shares; authorization of appropriations
(2) to subscribe on behalf of the United States to twelve thousand four hundred and fifty-three additional shares of the capital stock of the Bank, except that any subscription to such 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 Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $1,502,267,655 for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, §51, as added Pub. L. 99–190, §101(i) [title I, (a)], Dec. 19, 1985, 99 Stat. 1291, 1294.)
Section 51 of act July 31, 1945, is based on section 301 of title III of H.R. 2253, Ninety-ninth Congress, as reported May 15, 1985, and enacted into law by Pub. L. 99–190.
§286e–1k. Capital stock increase
(a) Increase authorized
The United States Governor of the Bank is authorized—
(2) to subscribe on behalf of the United States to 116,262 additional shares of the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are authorized to be appropriated, without fiscal year limitation, $14,025,266,370, for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, §53, as added Pub. L. 100–461, title V, §555, Oct. 1, 1988, 102 Stat. 2268–36.)
Section 53 of act July 31, 1945, is based on section 1 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.
§286e–1l. Quota increase to 8,608,500,000 Special Drawing Rights
The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 8,608,500,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.
(July 31, 1945, ch. 339, §56, as added Pub. L. 102–511, title X, §1001, Oct. 24, 1992, 106 Stat. 3357.)
§286e–1m. Quota increase to 10,622,500,000 Special Drawing Rights
The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 10,622,500,000 Special Drawing Rights.
(b) Subject to appropriations
The authority provided by subsection (a) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(July 31, 1945, ch. 339, §61, as added Pub. L. 105–277, div. A, §101(d) [title VI, §608], Oct. 21, 1998, 112 Stat. 2681–150, 2681-224.)
§286e–2. Loans to Fund
(2) In order to carry out the purposes of a one-time decision of the Executive Directors of the International Monetary Fund (the Fund) to expand the resources of the New Arrangements to Borrow, established pursuant to the decision of January 27, 1997 referred to in paragraph (1) above, and to make other amendments to the New Arrangements to Borrow to achieve an expanded and more flexible New Arrangements to Borrow as contemplated by paragraph 17 of the G–20 Leaders&apos; Statement of April 2, 2009 in London, the Secretary of the Treasury is authorized to instruct the United States Executive Director to consent to such amendments notwithstanding subsection (d) of this section, and to make loans, in an amount not to exceed the dollar equivalent of 75,000,000,000 Special Drawing Rights, in addition to any amounts previously authorized under this section and limited to such amounts as are provided in advance in appropriations Acts, except that prior to activation, the Secretary of the Treasury shall report to Congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding, to the Fund under article VII, section 1(i), of the Articles of Agreement of the Fund: Provided, That prior to instructing the United States Executive Director to provide consent to such amendments, the Secretary of the Treasury shall consult with the appropriate congressional committees on the amendments to be made to the New Arrangements to Borrow, including guidelines and criteria governing the use of its resources; the countries that have made commitments to contribute to the New Arrangements to Borrow and the amount of such commitments; and the steps taken by the United States to expand the number of countries so the United States share of the expanded New Arrangements to Borrow remains not greater than 20 percent, which approximates the United States share as of June 24, 2009: Provided further, That any loan under the authority granted in this subsection shall be made with due regard to the present and prospective balance of payments and reserve position of the United States.
(A) no amendments made, or anticipated to be made, to the NAB to achieve an expanded and more flexible NAB, as described in paragraph 17 of the G20 Leaders&apos; Statement at the 2009 London Summit, will impair the ability of the Secretary of the Treasury to consider a renewal of the NAB decision at intervals no greater than 5 years and to withdraw the adherence of the United States to the NAB decision as is currently provided under paragraph 19 of the New Arrangement to Borrow, adopted by the Executive Board of the International Monetary Fund (IMF) on January 27, 1997; and
(B)(i) the IMF will borrow resources from members under the NAB only when quota resources need to be supplemented in order to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system;
(iii) it is in the United States&apos; strategic economic interest to maintain the relative size or lower of the United States contribution to the NAB as in effect on the date of the certification.
(5) The authority to make loans under this section shall expire on December 16, 2022.
(1) For the purpose of making loans to the International Monetary Fund pursuant to subsection (a)(1) of this section, there is authorized to be appropriated 6,712,000,000 Special Drawing Rights, except that prior to activation, the Secretary of the Treasury shall certify whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the Fund has fully explored other means of funding, to remain available until expended to meet calls by the International Monetary Fund. Any payments made to the United States by the International Monetary Fund as a repayment on account of the principal of a loan made under this section shall continue to be available for loans to the International Monetary Fund, only to the extent that amounts available for such loans are not rescinded by an Act of Congress.
(2) For the purpose of making loans to the International Monetary Fund pursuant to subsection (a)(2) of this section, there is hereby authorized to be appropriated not to exceed the dollar equivalent of 75,000,000,000 Special Drawing Rights, in addition to any amounts previously authorized under this section, except that prior to activation, the Secretary of the Treasury shall report to Congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the Fund has fully explored other means of funding, to remain available until expended to meet calls by the Fund. Any payments made to the United States by the Fund as a repayment on account of the principal of a loan made under this section shall continue to be available for loans to the Fund, only to the extent that amounts available for such loans are not rescinded by an Act of Congress.
Payments of interest and charges to the United States on account of any loan to the International Monetary Fund shall be covered into the Treasury as miscellaneous receipts. In addition to the amount authorized in subsection (b), there is authorized to be appropriated such amounts as may be necessary for the payment of charges in connection with any purchases of currencies or gold by the United States from the International Monetary Fund.
(d) Amendment to Executive Directors&apos; decision prohibited; conditions
(e) New requirement for activation of the new arrangements to borrow
(1) The Secretary of the Treasury shall include in the certification and report required by paragraphs (a)(1), (a)(2), (b)(1), and (b)(2) of this section prior to activation an additional certification and report that—
(A) the one-year forward commitment capacity of the IMF (excluding borrowed resources) is expected to fall below 100,000,000,000 Special Drawing Rights during the period of the NAB activation; and
(B) activation of the NAB is in the United States strategic economic interest with the reasons and analysis for that determination.
(2) Prior to submitting any certification and report required by paragraphs (a)(1), (a)(2), (b)(1), and (b)(2) of this section, the Secretary of the Treasury shall consult with the appropriate congressional committees.
(f) Appropriate congressional committees, defined
In this section, the term "appropriate congressional committees" means the Committees on Appropriations and Foreign Relations of the Senate and the Committees on Appropriations and Financial Services of the House of Representatives.
(July 31, 1945, ch. 339, §17, as added Pub. L. 87–490, §1, June 19, 1962, 76 Stat. 105; amended Pub. L. 94–564, §4, Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, §802(a)(1)–(3)], Nov. 30, 1983, 97 Stat. 1268; Pub. L. 105–277, div. A, §101(d) [title VI, §609], Oct. 21, 1998, 112 Stat. 2681–150, 2681-224; Pub. L. 111–32, title XIV, §1401, June 24, 2009, 123 Stat. 1916; Pub. L. 111–117, div. F, title VII, §7090(b), (c), Dec. 16, 2009, 123 Stat. 3406; Pub. L. 114–113, div. K, title IX, §9001, Dec. 18, 2015, 129 Stat. 2829.)
2015—Subsec. (a)(5). Pub. L. 114–113, §9001(1), added par. (5).
Subsec. (b). Pub. L. 114–113, §9001(2), inserted before period at end of pars. (1) and (2) ", only to the extent that amounts available for such loans are not rescinded by an Act of Congress".
Subsec. (e). Pub. L. 114–113, §9001(3), added subsec. (e).
Subsec. (f). Pub. L. 114–113, §9001(4), added subsec. (f).
2009—Subsec. (a). Pub. L. 111–32, §1401(1), designated existing provisions as par. (1) and added par. (2).
Subsec. (a)(2). Pub. L. 111–117, §7090(c), substituted "remains not greater than 20 percent, which approximates the United States share as of June 24, 2009" for "is representative of its share as of the date of the enactment of this Act".
Subsec. (a)(3), (4). Pub. L. 111–117, §7090(b), added pars. (3) and (4).
Subsec. (b). Pub. L. 111–32, §1401(2), designated existing provisions as par. (1), inserted "subsection (a)(1) of" after "pursuant to", and added par. (2).
1998—Subsec. (a). Pub. L. 105–277, §101(d) [title VI, §609(1)], substituted "February 24, 1983, and January 27, 1997" for "and February 24, 1983" and "6,712,000,000" for "4,250,000,000".
Subsec. (b). Pub. L. 105–277, §101(d) [title VI, §609(2)], substituted "6,712,000,000" for "4,250,000,000".
Subsec. (d). Pub. L. 105–277, §101(d) [title VI, §609(3)], inserted "or the Decision of January 27, 1997," after "February 24, 1983," and "or the New Arrangements to Borrow, as applicable" before period at end.
1983—Subsec. (a). Pub. L. 98–181, §802(a)(1), substituted "decisions of January 5, 1962, and February 24, 1983, as amended in accordance with their terms" for "decision of January 5, 1962", and "in an amount not to exceed the equivalent of 4,250,000,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts, except that prior to activation, the Secretary of the Treasury shall certify that supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the fund has fully explored other means of funding" for "not to exceed $2,000,000,000 outstanding at any one time".
Subsec. (b). Pub. L. 98–181, §802(a)(2), substituted "4,250,000,000 Special Drawing Rights, except that prior to activation, the Secretary of the Treasury shall certify whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and that the Fund has fully explored other means of funding" for "$2,000,000,000".
Subsec. (d). Pub. L. 98–181, §802(a)(3), added subsec. (d).
1976—Subsec. (a). Pub. L. 94–564 substituted "section 1(i)" for "section 2(i)".
Pub. L. 114–113, div. K, title IX, §9001(3), Dec. 18, 2015, 129 Stat. 2829, provided in part that subsection (e) of this section is "effective from the first day of the next period of renewal of the NAB [New Arrangements to Borrow] decision after enactment of this Act [Dec. 18, 2015]".
§286e–3. Transfers to stabilization fund of purchase of currencies or gold from International Monetary Fund; administration; utilization of fund resources for repayments
(July 31, 1945, ch. 339, §18, as added Pub. L. 87–490, §1, June 19, 1962, 76 Stat. 105.)
"Section 5302 of title 31" substituted in text 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.
§286e–4. Loans to International Finance Corporation; amendment to Articles of Agreement
The United States Governor of the Bank is authorized to agree to an amendment to the articles of agreement of the Bank to permit the Bank to make, participate in, or guarantee loans to the International Finance Corporation for use in the lending operations of the latter.
(July 31, 1945, ch. 339, §21, as added Pub. L. 89–126, §1(3), Aug. 14, 1965, 79 Stat. 519.)
§286e–5. Amendments to Articles of Agreement
The United States Governor of the Fund is authorized to accept the amendments to the Articles of Agreement of the Fund approved in resolution numbered 31–4 of the Board of Governors of the Fund.
(July 31, 1945, ch. 339, §24, as added Pub. L. 94–564, §1, Oct. 19, 1976, 90 Stat. 2660.)
§286e–5a. Additional amendments to Articles of Agreement
The United States Governor of the Bank is hereby authorized to agree to and to accept the amendment to the Articles of Agreement in the proposed resolution entitled "Amendment to the Articles of Agreement of the Bank", forwarded to the United States on February 27, 1987.
(July 31, 1945, ch. 339, §52, as added Pub. L. 100–202, §101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329-134.)
Section 52 of act July 31, 1945, is based on section 601 of title VI of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by Pub. L. 100–202.
§286e–5b. Acceptance of amendments to Articles of Agreement of the Fund approved on June 28, 1990
The United States Governor of the Fund may agree to and accept the amendments to the Articles of Agreement of the Fund as proposed in the resolution numbered 45–3 of the Board of Governors of the Fund that was approved by such Board on June 28, 1990.
(July 31, 1945, ch. 339, §57, as added Pub. L. 102–511, title X, §1001, Oct. 24, 1992, 106 Stat. 3357.)
§286e–6. Vote against establishment of Council
The United States Governor of the Fund is directed to vote against the establishment of a Council authorized under Article XII, Section 1 of the Fund Articles of Agreement as amended, if under any circumstances the United States&apos; vote in the Council would be less than its weighted vote in the Fund.
(July 31, 1945, ch. 339, §26, as added Pub. L. 94–564, §1, Oct. 19, 1976, 90 Stat. 2660.)
§286e–7. Supplementary Financing Facility
For the purpose of participation of the United States in the Supplementary Financing Facility (hereinafter referred to as the "facility") established by the decision numbered 5508–(77/127) of the Executive Directors of the Fund, the Secretary of the Treasury is authorized to make resources available as provided in the decision numbered 5509–(77/127) of the Fund, in an amount not to exceed the equivalent of 1,450 million Special Drawing Rights.
(b) Adjustments in the value of monetary assets
The Secretary of the Treasury shall account, through the fund established by section 5302 of title 31, for any adjustment in the value of monetary assets held by the United States in respect of United States participation in the facility.
Notwithstanding any other provision of this section, the authority of the Secretary to enter into agreements making resources available under this section shall be limited to such amounts as are appropriated in advance in appropriation Acts. Effective October 1, 1978, there are hereby authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as are necessary to carry out subsection (a) of this section, but not to exceed an amount of dollars equivalent to 1,450 million Special Drawing Rights.
(July 31, 1945, ch. 339, §28, as added Pub. L. 95–435, §1, Oct. 10, 1978, 92 Stat. 1051.)
In subsec. (b), "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.
§286e–8. Treatment of creditors in debt rescheduling
The Secretary of the Treasury shall instruct the United States executive director to seek to assure that no decision by the International Monetary Fund undermines or departs from United States policy regarding the comparability of treatment of public and private creditors in cases of debt rescheduling where official United States credits are involved.
(July 31, 1945, ch. 339, §29, as added Pub. L. 95–435, §3, Oct. 10, 1978, 92 Stat. 1052; amended Pub. L. 96–389, §5, Oct. 7, 1980, 94 Stat. 1554.)
1980—Pub. L. 96–389 struck out "on the use of the facility" after "Monetary Fund".
Amendment by Pub. L. 96–389 effective Oct. 7, 1980, see section 12 of Pub. L. 96–389, set out as an Effective Date note under section 286s of this title.
§286e–9. Stabilization programs
The Secretary of the Treasury shall instruct the United States executive director on the Executive Board of the International Monetary Fund to initiate a wide consultation with the managing director of the Fund and other member country executive directors with regard to encouraging the staff of the Fund to formulate stabilization programs which, to the maximum feasible extent, foster a broader base of productive investment and employment, especially in those productive activities which are designed to meet basic human needs.
(July 31, 1945, ch. 339, §30, as added Pub. L. 95–435, §4, Oct. 10, 1978, 92 Stat. 1052; amended Pub. L. 96–389, §2(b), Oct. 7, 1980, 94 Stat. 1553; Pub. L. 101–240, title V, §541(d)(1), (f)(2), Dec. 19, 1989, 103 Stat. 2518, 2519.)
1989—Pub. L. 101–240 struck out subsec. (a) designation and struck out subsec. (b) which read as follows: "In order to gain a better understanding of the social, political and economic impact of the Fund's stabilization programs on borrowing countries, especially as it relates to the poor majority within those countries, the United States Governor of the Fund shall prepare and submit, not later than 180 days after the close of each calendar year, a report to the Congress. Such report shall evaluate, to the maximum extent feasible, with respect to countries to which loans are made during each year, the effects of policies of those countries which result from the standby agreements on basic human needs in such countries."
1980—Subsec. (a). Pub. L. 96–389, §2(b)(1), struck out "entered into pursuant to loans from the Supplementary Financing Facility" after "stabilization programs".
Subsec. (b). Pub. L. 96–389, §2(b)(2), (3), struck out "entered into pursuant to loans from the Supplementary Financing Facility" after "stabilization programs" and "by the Supplementary Financing Facility" after "loans are made".
§286e–10. Repealed. Pub. L. 97–35, title XIII, §1371(a)(1), Aug. 13, 1981, 95 Stat. 746
Section, act July 31, 1945, ch. 339, §31, as added Oct. 10, 1978, Pub. L. 95–435, §4, 92 Stat. 1052, required an annual report to Congress on the status of internationally recognized human rights in each country which draws on funds under the Supplementary Financing Facility of the International Monetary Fund.
Repeal 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.
§286e–11. Assistance by the Fund to any country harboring international terrorists
The Secretary of the Treasury shall instruct the Executive Director of the United States to the International Monetary Fund to work in opposition to any extension of financial or technical assistance by the Supplemental Financing Facility or by any other agency or facility of such Fund to any country the government of which—
(1) permits entry into the territory of such country to any person who has committed an act of international terrorism, including any act of aircraft hijacking, or otherwise supports, encourages, or harbors such person; or
(2) fails to take appropriate measures to prevent any such person from committing any such act outside the territory of such country.
(Pub. L. 95–435, §6, Oct. 10, 1978, 92 Stat. 1053.)
§286e–12. Contribution to Interest Subsidy Account of Enhanced Structural Adjustment Facility of International Monetary Fund
(a) Contribution authorized
To pay for the contribution authorized by subsection (a), there are authorized to be appropriated not to exceed $150,000,000, without fiscal year limitation, for payment by the Secretary of the Treasury.
(July 31, 1945, ch. 339, §54, as added Pub. L. 101–240, title III, §301, Dec. 19, 1989, 103 Stat. 2500.)
§286e–13. Approval of fund pledge to sell gold to provide resources for Reserve Account of Enhanced Structural Adjustment Facility Trust
The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the Fund's pledge to sell, if needed, up to 3,000,000 ounces of the Fund's gold, to restore the resources of the Reserve Account of the Enhanced Structural Adjustment Facility Trust to a level that would be sufficient to meet obligations of the Trust payable to lenders which have made loans to the Loan Account of the Trust that have been used for the purpose of financing programs to Fund members previously in arrears to the Fund.
(July 31, 1945, ch. 339, §58, as added Pub. L. 102–511, title X, §1001, Oct. 24, 1992, 106 Stat. 3357.)
§286f. Obtaining and furnishing information to the Fund
(a) Required disclosure
Whenever a request is made by the Fund to the United States as a member to furnish data under article VIII, section 5, of the Articles of Agreement of the Fund, the President may, through any agency he may designate, require any person to furnish such information as the President may determine to be essential to comply with such request. In making such determination the President shall seek to collect the information only in such detail as is necessary to comply with the request of the Fund. No information so acquired shall be furnished to the Fund in such detail that the affairs of any person are disclosed.
(b) Penalty for refusal
In the event any person refuses to furnish such information when requested to do so, the President, through any designated governmental agency, may by subpoena require such person to appear and testify or to appear and produce records and other documents, or both. In case of contumacy by, or refusal to obey a subpoena served upon any such person, the district court for any district in which such person is found or resides or transacts business, upon application by the President or any governmental agency designated by him, shall have jurisdiction to issue an order requiring such person to appear and give testimony or appear and produce records and documents, or both; and any failure to obey such order of the court may be punished by such court as a contempt thereof.
(c) Penalty for unlawful disclosures
It shall be unlawful for any officer or employee of the Government, or for any advisor or consultant to the Government, to disclose, otherwise than in the course of official duty, any information obtained under this section, or to use any such information for his personal benefit. Whoever violates any of the provisions of this subsection shall, upon conviction, be fined not more than $5,000, or imprisoned for not more than five years, or both.
(d) "Person" defined
The term "person" as used in this section means an individual, partnership, corporation or association.
(July 31, 1945, ch. 339, §8, 59 Stat. 515.)
Ex. Ord. No. 10033. Regulations Governing the Providing of Statistical Information to Intergovernmental Organizations
Ex. Ord. No. 10033, Feb. 8, 1949, 14 F.R. 561, as amended by Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813; Ex. Ord. No. 12013, Oct. 7, 1977, 42 F.R. 54931; Ex. Ord. No. 12318, Aug. 21, 1981, 46 F.R. 42833, provided:
Section 1. Except as provided in section 2 hereof, the Director of the Office of Management and Budget, hereinafter referred to as the Director, (a) shall determine, with the concurrence of the Secretary of State, what statistical information shall be provided in response to official requests received by the United States Government from any intergovernmental organization of which this country is a member, and (b) shall determine which Federal executive agency or agencies shall prepare the statistical information thus to be provided. The statistical information so prepared shall be transmitted to the requesting intergovernmental organization through established channels by the Secretary of State or by any Federal executive agency now or hereafter authorized by the Secretary of State to transmit such information.
Sec. 2. (a) The National Advisory Council on International Monetary and Financial Policies, hereinafter referred to as the National Advisory Council, shall determine, after consultation with the Director, what information is essential in order that the United States Government may comply with official requests for information received from the International Monetary Fund or the International Bank for Reconstruction and Development.
(b) The Director shall determine which Federal executive agency or agencies shall collect or make available information found essential under section 2(a) hereof.
(c) In the collection of information pursuant to a determination made by the Director under section 2(b) hereof in response to a request under article VIII, section 5, of the Articles of Agreement of the International Monetary Fund, the authority conferred on the President by section 8 of the Bretton Woods Agreements Act [this section] to require any person to furnish such information, by subpoena or otherwise, may be exercised by each of the following-named agencies:
United States Tariff Commission [now the United States International Trade Commission].
(d) The information collected or made available under section 2 of this order shall be submitted to the National Advisory Council for review and for presentation to the said Fund or Bank.
(e) As used in this order, the word "person" means an individual, partnership, corporation, or association.
Sec. 3. The Director's determination of any matter under section 1 or section 2(b) of this order shall be made after consulting appropriate Federal executive agencies and giving due consideration to any responsibility now exercised by any of them in relation to an intergovernmental organization.
Sec. 4. This order shall not be construed to authorize the Director or the National Advisory Council to provide, or to require any Federal executive agency to provide, to an intergovernmental organization (a) information during any period of time when the agency having primary responsibility for security of the specified information declares that it must be withheld from the intergovernmental organization in the interest of military security, or (b) information which any Federal executive agency is required by law to maintain on a confidential basis.
Sec. 5. The Director and the National Advisory Council are authorized to prescribe such regulations as may be necessary to carry out their respective responsibilities under this order.
Sec. 6. To the extent that this order conflicts with any previous Executive order, the provisions of this order shall control.
Sec. 7. [Revoked by Ex. Ord. No. 12318, Aug. 21, 1981, 46 F.R. 42833]
§286g. Jurisdiction and venue of actions
(July 31, 1945, ch. 339, §10, 59 Stat. 516.)
§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.)
§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.)
§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), 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.)
§286k. Further promotion of international economic relations
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.)
1977—Pub. L. 95–147 designated existing provisions as subsec. (a) and added subsec. (b).
§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.)
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.
§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.)
§286l. British loan; authorization to Secretary of the Treasury to carry out agreement
(July 15, 1946, ch. 577, §1, 60 Stat. 535; Pub. L. 85–21, Apr. 20, 1957, 71 Stat. 17.)
1957—Pub. L. 85–21 inserted ", and the action of the Secretary of the Treasury in signing the agreement dated March 6, 1957, amending said agreement is approved".
"Whereas in the Bretton Woods Agreements Act [this subchapter] the Congress has declared it to be the policy of the United States &apos;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&apos;; and
"Whereas in further implementation of the purposes of the Bretton Woods Agreements, the Governments of the United States and the United Kingdom have negotiated an agreement dated December 6, 1945, designed to expedite the achievement of stable and orderly exchange arrangements, the prompt elimination of exchange restrictions and discriminations, and other objectives of the above-mentioned policy declared by the Congress."
(i) The term "current transactions" shall have the meaning prescribed in Article XIX (i) of the Articles of Agreement of the International Monetary Fund.
(ii) The term "sterling area" means the United Kingdom and the other territories declared by the Defence (Finance) Definition of the Sterling Area) (No. 2) Order, 1944, to be included in the sterling area, namely "the following territories excluding Canada and Newfoundland, that is to say—
(b) any other part of His Majesty's dominions,
(c) any territory in respect of which a mandate on behalf of the League of Nations has been accepted by His Majesty and is being exercised by His Majesty's Government in the United Kingdom or in any Dominion,
(f) Iceland and the Faroe Islands."
Fred M. Vinson,
§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.)
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.
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.
§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.)
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 &apos;Special Drawing Rights Act&apos;."
(Pub. L. 90–349, §3, June 19, 1968, 82 Stat. 188; Pub. L. 94–564, §5(1), (2), Oct. 19, 1976, 90 Stat. 2661.)
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.
1976—Subsec. (a). Pub. L. 94–564, §5(1), substituted "article XVIII" for "article XXIV".
§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.)
(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".
§286r. United States participation in 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.)
1976—Pub. L. 94–564 substituted "article XXI(b)" for "article XXVII(b)".
§286s. Consideration of basic human needs in economic adjustment programs supported by Fund
(a) Formulation and design of programs
The President shall instruct the Secretary of the Treasury, the Secretary of State, and other appropriate Federal officials to use all appropriate means to encourage countries, in formulating economic adjustment programs to deal with their balance of payments difficulties, to design those programs so as to safeguard, to the maximum feasible extent, jobs, investment, real per capita income, policies to reduce the gap in wealth between rich and poor, and social programs such as health, housing, and education.
(b) Changes in Fund guidelines, policies, and decisions; review prior to approval of standby arrangements; coordination among institutions; coordination between Fund and Bank; periodic analyses
To ensure the effectiveness of economic adjustment programs supported by Fund resources and the reinforcement of those programs by longer term efforts to promote sustained growth and improved living conditions—
(A) permit stand-by arrangements to be extended beyond three years, as necessary to enable Fund members to implement their economic adjustment programs successfully;
(B) provide that in approving any economic adjustment program the Fund shall take into account the effect such program will have on jobs, investment, real per capita income, the gap in wealth between the rich and poor, and social programs such as health, housing, and education, in order to seek to minimize the adverse impact of those adjustment programs on basic human needs; and
(C) provide that letters of intent submitted to the Fund in support of an economic adjustment program reflect that the member country has taken into account the effect such program will have on the factors listed in subparagraph (B);
(2)(A) before voting on the approval of any standby arrangement with respect to any economic adjustment program, the United States Executive Director shall review—
(i) any analysis of factors prepared by the Fund or the member country in accordance with subparagraphs (B) and (C) of paragraph (1), or
(ii) if no such analysis is prepared and available for such review, an analysis which shall be prepared by the United States Governor of the Fund which examines the effect of the program on the factors listed in subparagraph (B) of paragraph (1); and
(B) the United States Executive Director of the Fund shall take into account the analysis reviewed pursuant to subparagraph (A) of this paragraph in voting on approval of that standby arrangement;
(3) United States representatives to the Fund, to the Bank, and to other appropriate institutions shall work toward improving coordination among these institutions and, in particular, shall work toward formulation of programs in association with economic adjustment programs supported by Fund resources which (A) will, among other things, promote employment, investment, real income per capita, improvements in income distribution, and the objectives of social programs such as health, housing, and education, and (B) will, to the maximum extent feasible and consistent with the borrowing country's need to improve its balance of payments position within a reasonable period, ameliorate any adverse effects of economic adjustment programs on the poor;
(4) United States representatives to the Fund and the Bank shall seek amendments to decisions on policies on the use of Fund and Bank resources to provide that, where countries are seeking Extended Fund Facility or upper credit tranche drawings from the Fund and are eligible to receive financing from the Bank, the Fund and Bank will coordinate their financing activities in order—
(B) to provide, to the extent feasible, Bank project loans designed to safeguard and further basic human needs in countries adopting economic adjustment programs supported by Fund resources, and
(C) to provide, as appropriate, Bank financing for programs of structural adjustment that will facilitate development of a productive economic base and greater attainment of basic human needs objectives over the longer term; and
(5) United States representatives to the Fund and the Bank shall request the Fund and the Bank to provide periodic analyses of the effects of economic adjustment programs supported by Fund or Bank financing on jobs, investment, real income per capita, income distribution, and social programs such as health, housing, and education.
(July 31, 1945, ch. 339, §33, as added Pub. L. 96–389, §2(a), Oct. 7, 1980, 94 Stat. 1551; amended Pub. L. 101–240, title V, §541(d)(1), Dec. 19, 1989, 103 Stat. 2518.)
1989—Subsec. (c). Pub. L. 101–240 struck out subsec. (c) which required inclusion of statement detailing progress made in carrying out subsecs. (a) and (b) requirements in Council's annual report to Congress.
Pub. L. 96–389, §12, Oct. 7, 1980, 94 Stat. 1555, provided that: "This Act [enacting this section and sections 286e–1g and 286t to 286x of this title, amending sections 286e–1g, 286e–8, and 286e–9 of this title and section 27 of former Title 31, Money and Finance, and enacting provisions set out as notes under sections 286a and 286t of this title and section 822a of former Title 31] shall take effect on its date of enactment [Oct. 7, 1980], except that funds may not be appropriated under any authorization contained in this Act for any period prior to October 1, 1980."
§286t. Omitted
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.
Recycling Balance-of-Payments Surpluses by Oil Exporting Countries
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."
§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.)
1981—Pub. L. 97–35 struck out reporting requirement on progress toward achieving account.
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.
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.
§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.)
§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
(July 31, 1945, ch. 339, §37, as added Pub. L. 96–389, §7, Oct. 7, 1980, 94 Stat. 1554.)
§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.)
§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.)
To this end, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate discussions with other directors of the Fund and with Fund management, and to propose and vote for, the adoption of procedures, within the Fund—
For purposes of this section, the term "credit" includes—
(July 31, 1945, ch. 339, §42, as added Pub. L. 98–181, title I [title VIII, §802(a)(4)], Nov. 30, 1983, 97 Stat. 1269.)
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—
(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.)
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.
§286bb. Elimination of predatory agricultural export subsidies
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of a policy encouraging Fund members to eliminate all predatory agricultural export subsidies which might result in the reduction of other member countries&apos; exports.
(July 31, 1945, ch. 339, §44, as added Pub. L. 98–181, title I [title VIII, §805], Nov. 30, 1983, 97 Stat. 1271.)
To ensure the effectiveness of economic adjustment programs supported by Fund resources—
The provisions of subsection (b)(2) shall not apply in any case in which the Secretary of the Treasury first determines and provides written documentation to the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives that—
(July 31, 1945, ch. 339, §45, as added Pub. L. 98–181, title I [title VIII, §806], Nov. 30, 1983, 97 Stat. 1272.)
§286dd. Fund bailouts of banks; rescheduling of debt
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund—
(1) to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and
(2) to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropriate, a rescheduling of debt which is consistent with safe and sound banking practices and the country's ability to pay.
(July 31, 1945, ch. 339, §46, as added Pub. L. 98–181, title I [title VIII, §807], Nov. 30, 1983, 97 Stat. 1273.)
§286ee. International cooperation
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose that the Fund adopt the following policies with respect to international lending:
(A) intensify its examination of the trend and volume of external indebtedness of private and public borrowers in the member country and comment, as appropriate, in its report to the Executive Board from the viewpoint of the contribution of such borrowings to the economic stability of the borrower; and
(2) As part of any Fund-approved stabilization program, the Fund should give consideration to placing limits on public sector external short- and long-term borrowing.
(3) As a part of its annual report, and at such times as it may consider desirable, the Fund should publish its evaluation of the trend and volume of international lending as it affects the economic situation of lenders, borrowers, and the smooth functioning of the international monetary system.
(July 31, 1945, ch. 339, §47, as added Pub. L. 98–181, title I [title VIII, §809], Nov. 30, 1983, 97 Stat. 1274.)
§286ff. Fund interest rates
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of Fund policies regarding the rate of remuneration paid on use of member's quota subscriptions and the rate of charges on Fund drawings to bring those rates in line with market rates.
(July 31, 1945, ch. 339, §48, as added Pub. L. 98–181, title I [title VIII, §810], Nov. 30, 1983, 97 Stat. 1274.)
§286gg. Elimination of trade restrictions
(a) Promotion of fair trade as financial assistance policy
(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the multilateral development banks (in this section referred to as the "banks") and of the Fund to initiate a wide consultation with the Managing Director of each of the banks and of the Fund and the other directors of the banks and of the Fund with regard to the development of financial assistance policies which, to the maximum feasible extent—
(A) reduce obstacles to and restrictions upon international trade and investment in goods and services;
(2) The Secretary of the Treasury shall work closely in this effort with the Trade Policy Committee.
(3) As part of this effort, the Secretary of the Treasury shall also instruct the United States Executive Director of each of the banks and of the Fund to encourage close cooperation between their staff and the Secretariat of the World Trade Organization (as the term "World Trade Organization" is defined in section 3501(8) of title 19).
(b) Agreement to eliminate unfair trade practices as condition of financial assistance
(1) The Secretary of the Treasury shall instruct the United States Executive Director of each of the banks and of the Fund, prior to the extension to any country of financial assistance by the banks and by the Fund, to work to have the banks and the Fund obtain the agreement of such country to eliminate, in a manner consistent with its balance of payments adjustment program, unfair trade and investment practices with respect to goods and services which the United States Trade Representative, after consultation with the Trade Policy Committee, has determined to have a significant deleterious effect on the international trading system.
(A) the provision of predatory export subsidies, employed in connection with the exporting of agricultural commodities and products thereof to foreign countries;
(D) the imposition of trade-related performance requirements on foreign investment; and
(c) United States position on requests for loans or drawing under bank and Fund programs; progress made in eliminating unfair trade practices
(1) In determining the United States position on requests for loans or periodic drawing under bank and Fund programs, the Secretary of the Treasury shall take full account of the progress countries have made in achieving targets for eliminating or phasing out the practices referred to in subsection (b) of this section.
(2) In the event that the United States supports a request for loans or drawing by a country that has not achieved the bank and Fund targets relating to such practices specified in its program, the Secretary of the Treasury shall report to the appropriate committees of the Congress the reasons for the United States position.
(d) "Multilateral development banks" defined
For purposes of this section, the term "multilateral development banks" means the International Bank for Reconstruction and Development, the Inter-American Development Bank, the African Development Bank, and the Asian Development Bank.
(July 31, 1945, ch. 339, §49, as added Pub. L. 98–181, title I [title VIII, §812], Nov. 30, 1983, 97 Stat. 1275; amended Pub. L. 99–500, §101(f) [title V, §555], Oct. 18, 1986, 100 Stat. 1783–213, 1783-240, and Pub. L. 99–591, §101(f) [title V, §555], Oct. 30, 1986, 100 Stat. 3341–214, 3341-240; Pub. L. 106–36, title I, §1002(c), June 25, 1999, 113 Stat. 133.)
1999—Subsec. (a)(3). Pub. L. 106–36 substituted "Secretariat of the World Trade Organization (as the term &apos;World Trade Organization&apos; is defined in section 3501(8) of title 19)" for "GATT Secretariat".
1986—Subsec. (a)(1). Pub. L. 99–500 and Pub. L. 99–591, §101(f) [title V, §555(b)], inserted "each of the multilateral development banks (in this section referred to as the &apos;banks&apos;) and of", "each of the banks and of", and "banks and of the", and substituted "development of financial" for "development of Fund financial".
Subsec. (a)(3). Pub. L. 99–500 and Pub. L. 99–591, §101(f) [title V, §555(c)], inserted "each of the banks and of" and substituted "their staff" for "Fund staff".
Subsec. (b)(1). Pub. L. 99–500 and Pub. L. 99–591, §101(f) [title V, §555(d)], inserted "each of the banks and of", "the banks and by", and "the banks and".
Subsec. (c). Pub. L. 99–500 and Pub. L. 99–591, §101(f) [title V, §555(e), (f)], inserted "bank and" and "loans or" in pars. (1) and (2).
Subsec. (d). Pub. L. 99–500 and Pub. L. 99–591, §101(f) [title V, §555(a)], added subsec. (d).
§286hh. Policy based lending for debt reduction
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 advocate and support the facilitation of voluntary market-based programs for the reduction of sovereign debt and the promotion of sustainable economic development, which, if implemented, would—
(1) not require any organization or government to participate in such a program;
(3) provide assistance to participating countries conditioned on the implementation of economic reforms, and the preservation of economic reforms previously implemented, by the country that are consistent with the principles of sustainable development;
(4) encourage participating countries to make economic adjustments steadily and over a period of time in order to achieve policy reform;
(5) use debt reduction techniques that would not compensate commercial banks for the reduction in the value of such debt, but would serve as a catalyst for new lending;
(6) involve such bank in lending for purposes of debt reduction and conversion only where such involvement would not lower the credit-worthiness of such bank;
(7) not require public sector funding beyond that provided through any capital increase for such bank, and any replenishment for the International Development Association, which is agreed to by the member countries of such institutions; and
(8) accomplish debt reduction, not as an end, but as a means to greater growth and investment in, and the restoration of voluntary private lending to, participating countries for environmentally and economically sustainable development.
(b) Policy based lending for debt reduction and sustainable growth
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 policy based loans be made by such bank for, among other reasons, facilitating a reduction in the debt service burden of any country which is participating in a voluntary market-based program for debt reduction described in subsection (c).
(c) Voluntary market-based program for debt reduction and sustainable growth
In connection with the discussions initiated pursuant to subsection (b), the Secretary shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to propose that a country be considered to be participating in a voluntary market-based program of debt reduction for purposes of subsection (b) if the creditors of such country agree to significantly reduce the debt service of such country through forgiveness of a percentage of the interest owed by such country on any sovereign debt or through any other means.
Not later than March 1, 1989, March 1, 1991, and March 1, 1993, respectively, 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 Foreign Relations of the Senate 3 reports each of which—
(1) describes the long term strategy and lending programs of the International Bank for Reconstruction and Development for reducing and managing the debt burden of the countries designated as "Highly Indebted Countries" in the 1987–1988 World Debt Tables published by such bank, and summarize the long term strategy and lending programs of such bank for other seriously indebted countries;
(2) contains an explanation of the measures taken by such bank to facilitate the reduction of the debt burden of the countries designated as "Highly Indebted Countries" in the 1987–1988 World Debt tables 1 published by such bank;
(3) describes the extent (if any) to which such bank has implemented the measures described in subsections (b) and (c); and
(4) describes the success each of such countries has had in managing and reducing their debt burdens and achieving sustainable and equitable economic growth as measured by criteria including the ratio of debt service to exports, the ratio of debt to gross national product, net resource flows, and per capita income.
(e) Review by House Banking Committee
On receipt of each report required to be submitted pursuant to subsection (d), and after consultation with the Secretary of the Treasury, the Committee on Banking, Finance and Urban Affairs of the House of Representatives shall forward such report to the Committee on Appropriations of the House of Representatives with an assessment by the Committee on Banking, Finance and Urban Affairs describing the effect on the international debt situation of funding the subscription of the United States to the shares of capital stock of the International Bank for Reconstruction and Development due for payment by the United States in the then next fiscal year.
(Pub. L. 100–461, title V, §555, Oct. 1, 1988, 102 Stat. 2268–36; Pub. L. 111–203, title IX, §939(f), July 21, 2010, 124 Stat. 1886.)
Section is based on section 3 of H.R. 4645, One Hundredth Congress, as reported Sept. 28, 1988, and enacted into law by Pub. L. 100–461.
2010—Subsec. (a)(6). Pub. L. 111–203 substituted "credit-worthiness" for "credit rating".
§286ii. Limitations on Bank policy based lending; actions required to be taken to oppose excessive policy based lending by Bank
(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.)
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.
§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.
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.
§286kk. Discussions to enhance capacity of Fund to alleviate potentially adverse impacts of Fund programs on poor and environment
(1) the initiation of a systematic review of policy prescriptions implemented by the Fund, for the purpose of determining whether the Fund's objectives were met and the social and environmental impacts of such policy prescriptions; and
(2) the establishment of procedures which ensure the inclusion, in future economic reform programs approved by the Fund, of policy options which eliminate or reduce the potential adverse impact on the well-being of the poor or the environment resulting from such programs.
(July 31, 1945, ch. 339, §55, as added Pub. L. 101–240, title III, §302, Dec. 19, 1989, 103 Stat. 2500.)
§286ll. Fund policy changes
(a) Policy changes within IMF
The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to promote regularly and vigorously in program discussions and quota increase negotiations the following proposals:
(1) Poverty alleviation, reduction of barriers to economic and social progress, and progress toward environmentally sound policies and programs
(A)(i) Considerations of poverty alleviation and the reduction of barriers to economic and social progress should be incorporated into all Fund programs and all consultations under article IV of the Articles of Agreement of the Fund.
(ii) Preparation of Policy Framework Papers should be extended to all nations which have Fund programs and active Bank or International Development Association lending programs, and existence of a Policy Framework Paper should be a precondition for new lending to such nations by the Fund.
(iii) All Policy Framework Papers should articulate the principal poverty, economic, and social measures that the borrowing nation needs to address, and this portion of the Policy Framework Paper (or a summary thereof that includes specific measures and timing) should be made available when the Policy Framework Paper is submitted to the Executive Directors of the Bank and of the Fund for consideration.
(iv) In considering whether to allocate resources of the Fund to a borrower, the Fund should take into consideration the nature of the program and commitment of the borrower to address the issues referred to in clause (iii).
(v) The Fund should establish procedures to enable the Fund to cooperate with the Bank in evaluating the effectiveness of the measures referred to in clause (iii), at the levels of policy, project design, monitoring, and reporting, in the international financial institutions and in the borrowing nations.
(B)(i) The Fund should be encouraged to make further progress toward environmentally sound policies and programs.
(ii) The Fund should incorporate environmental considerations into all Fund programs, including consultations under article IV of the Articles of Agreement of the Fund.
(iii) The Fund should be encouraged to support the efforts of nations to implement systems of natural resource accounting in their national income accounts.
(iv) The Fund should be encouraged to assist and cooperate fully with the statistical research being undertaken by the Organization for Economic Cooperation and Development and by the United Nations in order to facilitate development and adoption of a generally applicable system for taking account of the depletion or degradation of natural resources in national income accounts.
(v) The Fund should be encouraged to consider and implement, as appropriate, revisions in its national income reporting systems consistent with such new systems as are of general applicability.
(2) Policy audits
(A) The Fund should conduct periodic audits to review systematically the policy prescriptions recommended and required by the Fund in the areas of poverty and the environment.
(i) to determine whether the Fund's objectives were met; and
(ii) to evaluate the social and environmental impacts of the implementation of the policy prescriptions.
(C) Such audits would have access to all ongoing programs and activities of the Fund and the ability to review the effects of Fund-supported programs, on a country-by-country basis, with respect to poverty, economic development, and environment.
(D) Such audits should be made public as appropriate with due respect to confidentiality.
(3) Ensuring policy options that increase the productive participation of the poor
The Fund should establish procedures that ensure the focus of future economic reform programs approved by the Fund on policy options that increase the productive participation of the poor in the economy.
(4) Public access to information
(A) The Fund should establish procedures for public access to information.
(B) Such procedures shall seek to ensure access of the public to information while paying due regard to appropriate confidentiality.
(C) Policy Framework Papers and the supporting documents prepared by the Fund's mission to a country are examples of documents that should be made public at an appropriate time and in appropriate ways.
Each annual report of the National Advisory Council on International Monetary and Financial Policies shall describe the following:
(1) The actions that the United States Executive Director and other officials have taken to convince the Fund to adopt the proposals set forth in subsection (a) through formal initiatives before the Board and management of the Fund, through bilateral discussions with other member nations, and through any further quota increase negotiations.
The Secretary of the Treasury shall instruct the United States Executive Director to the Fund to urge the Fund—
(1) to explore ways to increase the involvement and participation of important ministries, national development experts, environmental experts, free-market experts, and other legitimate experts and representatives from the loan-recipient country in the development of Fund programs; and
(July 31, 1945, ch. 339, §59, as added Pub. L. 102–511, title X, §1002, Oct. 24, 1992, 106 Stat. 3357.)
§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
(2) Progress report to the Congress
(b) Annual reports by Fund on levels of military spending
(c) Analysis and assessment of military spending to be included in article IV consultations by Fund
(July 31, 1945, ch. 339, §60, as added Pub. L. 102–511, title X, §1003, Oct. 24, 1992, 106 Stat. 3359.)
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—
(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.)
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".
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."
§286oo. Principles for International Monetary Fund lending
(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;
(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;
(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.)
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.
§286pp. Acceptance of amendments to Articles of Agreement of Fund approved on April 28 and May 5, 2008
The United States Governor of the Fund may agree to and accept the amendments to the Articles of Agreement of the Fund as proposed in the resolutions numbered 63–2 and 63–3 of the Board of Governors of the Fund which were approved by such Board on April 28, 2008 and May 5, 2008, respectively.
(July 31, 1945, ch. 339, §64, as added Pub. L. 111–32, title XIV, §1402, June 24, 2009, 123 Stat. 1917.)
§286qq. Quota increase to 4,973,100,000 Special Drawing Rights
The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 4,973,100,000 Special Drawing Rights.
(July 31, 1945, ch. 339, §65, as added Pub. L. 111–32, title XIV, §1402, June 24, 2009, 123 Stat. 1918.)
§286rr. Approval to sell a limited amount of the Fund's gold
(a) The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the sale of up to 12,965,649 ounces of the Fund's gold acquired since the second Amendment to the Fund's Articles of Agreement, only if such sales are consistent with the guidelines agreed to by the Executive Board of the Fund described in the Report of the Managing Director to the International Monetary and Financial Committee on a New Income and Expenditure Framework for the International Monetary Fund (April 9, 2008) to prevent disruption to the world gold market: Provided, That at least 30 days prior to any such vote, the Secretary shall consult with the appropriate congressional committees regarding the use of proceeds from the sale of such gold: Provided further, That the Secretary of the Treasury shall seek to ensure that:
(1) the Fund will provide support to low-income countries that are eligible for the Poverty Reduction and Growth Facility or other low-income lending from the Fund by making available Fund resources of not less than $4,000,000,000;
(2) such Fund resources referenced above will be used to leverage additional support by a significant multiple to provide loans with substantial concessionality and debt service payment relief and/or grants, as appropriate to a country's circumstances: 1
(3) support provided through forgiveness of interest on concessional loans will be provided for not less than two years; and
(4) the support provided to low-income countries occurs within six years, a substantial amount of which shall occur within the initial two years.
(b) In addition to agreeing to and accepting the amendments referred to in section 286pp of this title relating to the use of proceeds from the sale of such gold, the United States Governor is authorized, consistent with subsection (a), to take such actions as may be necessary, including those referred to in section 286c(e) of this title, to also use such proceeds for the purpose of assisting low-income countries.
(July 31, 1945, ch. 339, §66, as added Pub. L. 111–32, title XIV, §1402, June 24, 2009, 123 Stat. 1918.)
§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.)
2009—Pub. L. 111–117 substituted "resolution numbered 52–4" for "resolution numbered 54–4".
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."
§286tt. Restrictions on use of United States funds for foreign governments; protection of American taxpayers
The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund—
(1) to evaluate, prior to consideration by the Board of Executive Directors of the Fund, any proposal submitted to the Board for the Fund to make a loan to a country if—
(A) the amount of the public debt of the country exceeds the gross domestic product of the country as of the most recent year for which such information is available; and
(B) the country is not eligible for assistance from the International Development Association.
(2) Opposition to loans unlikely to be repaid in full.—If any such evaluation indicates that the proposed loan is not likely to be repaid in full, the Secretary of the Treasury shall instruct the United States Executive Director at the Fund to use the voice and vote of the United States to oppose the proposal.
Within 30 days after the Board of Executive Directors of the Fund approves a proposal described in subsection (a), and annually thereafter by June 30, for the duration of any program approved under such proposals, the Secretary of the Treasury shall report in writing to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate assessing the likelihood that loans made pursuant to such proposals will be repaid in full, including—
(1) the borrowing country's current debt status, including, to the extent possible, its maturity structure, whether it has fixed or floating rates, whether it is indexed, and by whom it is held;
(2) the borrowing country's external and internal vulnerabilities that could potentially affect its ability to repay; and
(3) the borrowing country's debt management strategy.
(July 31, 1945, ch. 339, §68, as added Pub. L. 111–203, title XV, §1501, July 21, 2010, 124 Stat. 2212.)
§286uu. Acceptance of an amendment to the Articles of Agreement of the Bank to increase basic votes
The United States Governor of the Bank may accept on behalf of the United States the amendment to the Articles of Agreement of the Bank as proposed in resolution No. 596, entitled "Enhancing Voice and Participation of Developing and Transition Countries," of the Board of Governors of the Bank that was approved by such Board on January 30, 2009.
(July 31, 1945, ch. 339, §69, as added Pub. L. 112–74, div. I, title VII, §7081(a), Dec. 23, 2011, 125 Stat. 1258.)
§286vv. Capital stock increases
(a) Increases authorized
(1)(A) to vote in favor of a resolution to increase the capital stock of the Bank on a selective basis by 230,374 shares; and
(B) to subscribe on behalf of the United States to 38,459 additional shares of the capital stock of the Bank, as part of the selective increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts;
(2)(A) to vote in favor of a resolution to increase the capital stock of the Bank on a general basis by 484,102 shares; and
(B) to subscribe on behalf of the United States to 81,074 additional shares of the capital stock of the Bank, as part of the general increase in the capital stock of the Bank, except that any subscription to such additional shares shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
(1) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(2)(B), there are authorized to be appropriated, without fiscal year limitation, $9,780,361,991 for payment by the Secretary of the Treasury.
(2) Of the amount authorized to be appropriated under paragraph (2)(A)— 1
(A) $586,821,720 shall be for paid in shares of the Bank; and
(B) $9,193,540,271 shall be for callable shares of the Bank.
(3) In order to pay for the increase in the United States subscription to the Bank under subsection (a)(1)(B), there are authorized to be appropriated, without fiscal year limitation, $4,639,501,466 for payment by the Secretary of the Treasury.
(4) Of the amount authorized to be appropriated under paragraph (3), $278,370,088 shall be for paid in shares of the Bank, and $4,361,131,378 shall be for callable shares of the Bank.
(July 31, 1945, ch. 339, §70, as added Pub. L. 112–74, div. I, title VII, §7081(a), Dec. 23, 2011, 125 Stat. 1259; amended Pub. L. 113–6, div. F, title VII, §1704(d), Mar. 26, 2013, 127 Stat. 429.)
§286ww. Acceptance of amendments to Articles of Agreement of Fund
The United States Governor of the Fund may accept the amendments to the Articles of Agreement of the Fund as proposed in resolution 66–2 of the Board of Governors of the Fund.
(July 31, 1945, ch. 339, §71, as added Pub. L. 114–113, div. K, title IX, §9002, Dec. 18, 2015, 129 Stat. 2830.)
§286xx. Quota increase
The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 40,871,800,000 Special Drawing Rights.
(July 31, 1945, ch. 339, §72, as added Pub. L. 114–113, div. K, title IX, §9002, Dec. 18, 2015, 129 Stat. 2830.)