An Act to amend the Inter-American Development Bank Act to authorize the United States to participate in an increase in the resources of the Fund for Special Operations of the Inter-American Development Bank, and for other purposes
PL 90-88 (H.R.9547), enacted 09/22/1967

226 
PtBLIC LAW 90-ai6-SEPT. 17, 1967 
[81 STAT. 
SEC. 3. Proceeds received from the sale of the Pleasanton Plant 
Materials Center shall be available to the Secretary until expended 
for carrying out this Act. Any such funds which the Secretary deter-
mines are not required for the establishment of a comparable new plant 
materials center as provided in this Act shall be deposited in the 
Treasury of the United States as miscellaneous receipts. 
Approved September 11, 1967. 
Public Law 90-86 
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September 17, 1967 
AN A C T 
[H. R. 9837] 
rl•,^^ amend the l^egislative Branch Appropriation Act, 19-59, as it relates to trans-
portation exi)enses of Members of the House of Representatives, and for other 
piirijoses. 
House of Repre-
sentatives. 
Members, trans-
portation ex-
penses^ 
77 Stat. 82; 
79 Stat. 583. 
Lump sum pay-
ments. 
Be it enacted hy the Senate and House of Representatives 
of the 
United /States of America in (fongress assembled^ That the last para-
graph under the subheading "Administrative Provisions" under the 
heading "SENATE" in the Legislative Branch Appropriation Act, 1959 
(2 U.S.C. 43b), is amended by striking out "for not to exceed four 
round trips in each year." and inserting in lieu thereof "for a number 
of round trips each year not to exceed the number of months Congress 
is in session in such year, such reimbursement to be made in accordance 
with rules and regulations established by the Committee on House 
Administration of the House of Representatives." 
SEC. 2. The first sentence of section 2 of the Act of August 28,1965 
(Public Law 89-147; 2 U.S.C. 43b-l), is amended by striking "$300" 
and inserting in lieu thereof "$750". 
SEC. 3. The amendments made by the first two sections of this Act 
shall take effect as of January 3,1967. 
Approved September 17. 1967. 
Public Law 90-87 
September 21, 1967 
AN A C T 
[s. 1956] 
ijijj extend for one year the authority for more flexible regulation ()f maxiumm 
rates of interest or dividends, higher resei've requirements, and open marlcet 
oijerations in agency issues. 
Interest and 
dividends. 
12 u s e 461 note. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 7 of the 
Act of September 21,1966 (80 Stat. 823), is hereby amended by strik-
ing "one-year" and inserting in lieu thereof "two-year". 
Approved September 21, 1967. 
Public Law 90-88 
September22, 1967 
AN A C T 
[H. R. 9547] 
TQ amend the Inter-American Development Bank Act to authorize the United 
States to participate in an increase in the resources of the Fund for Special 
Operations of the Inter-American Development Bank, and for other puriwses. 
Inter-American 
Development 
Bank. 
73 Stat. 299. 
Be it enacted by the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Inter-
American Development Bank Act (22 U.S.C. 283-283k) is amended 
by renumbering section 14 thereof as section 15 and by adding a new 
section 14, as follows: 
81 ST 
AT.] 
PUBLIC LAW 90-818-SEPT. 22, 1967 
227 
(( 
AUDIT 
"SEC. 
14. (a) The Secretary of the Treasury shall instruct the 
United States Executive Director to propose the establishment by the 
Board of Executive Directors of a program of selective but continuing 
independent and comprehensive audit of the Inter-American Develop-
ment Bank, in accordance with such terms of reference as the Board 
of Executive Directors itself (or through a subcommittee), may pre- 
'
" 
'"''"'••Is. 
scribe. Such proposal shall provide that the audit reports be submitted 
to the Board of Executive Directors and to the Board of Governors. 
"(b) The Comptroller General of the United States shall prepare 
for the Secretary of the Treasury the scope of the audit and the audit-
ing and reporting standards for the use of the United States Executive 
Director in assisting in the formulation of the terms of reference. 
"(c) The reports of the National Advisory Council on Interna- c^^re^s^*° 
tional Monetary and Financial Policies to the Congress shall include, 
°"^'"^^^-
among other things, an appraisal of the effectiveness of the imple-
mentation and administration of the loans made by the Bank based 
upon the audit reports. The Comptroller General shall periodically 
review the reports of audit and findings issued and report to the Sec-
retary of the Treasury and the Congress any suggestions he mi^ht 
have in improving the scope of the audit or auditing and reportmg 
• ti 
standards of the independent auditing firm, group, or staff." 
" 
SEC. 
2. The Inter-American Development Bank Act is further 
amended by adding a new section 16 at the end thereof: 
"SEC. 
16. (a) The United States Governor of the Bank is hereby o^e'l^^fions^in-*'^^^ 
authorized to vote in favor of the resolution entitled 'Increase of crea's^e T
n re-*" 
$1,200,000,000 in Resources of Fund for Special Operations' proposed sources, 
by the Governors at their annual meeting in April 1967 and now 
pending before the Board of Governors of the Bank. Upon the adop-
tion of such resolution, the United States Governor is authorized to 
agree, on behalf of the United States, to pay to the Fund for Special 
Operations of the Bank, the sum of $900,000,000, in accordance with 
and subject to the terms and conditions of such resolution, and sub-
ject to the further condition that in consideration of the United States 
balance-of-payments deficit any local cost financing, by project or 
otherwise, with the funds authorized under this section be held to the 
minimum possible level. The United States Governor is also authorized 
to vote in favor of the amendment to Annex C of the agreement, now 
pending before the Board of Governors of the Bank, to modify the 
procedure employed in the election of Executive Directors. 
"(b) There is hereby authorized to be appropriated without fiscal Appropriation. 
year Hmitation, for the United States share in the increase in the 
resources of the Fund for Special Operations of the Bank, t^e sum 
of $900,000,000. 
"(c) The voting power of the United States shaU be exercised for ^1^°%^^^^'^""' 
the purpose of disapproving any loan which might assist the recipient ^ '
^ • • 
country directly or mdirectly to acquire sophisticated or heavy mili-
tary equipment." 
Approved September 22, 1967.