b. Executive Order 11420, July 31, 1968, 33 F.R. 10997, 3 CFR, 1966-70 Comp., p. 739

ESTABLISHING THE EXPORT EXPANSION ADVISORY COMMITTEE

Whereas foreign trade is an essential and continuing element in sustaining the growth, strength, and prosperity of our economy, contributes to the improvement of our balance of payments, and fosters the long-term commercial interest of the United States; and Whereas, on March 20, 1968, I requested the Congress to empower the Export-Import Bank of the United States to use up to $500,000,000 of its loan, guarantee, and insurance authority to finance a broadened program to sell American goods in foreign markets; and

Whereas the Congress has authorized the Bank to extend loans, guarantees, and insurance which, in the judgment of the Board of Directors of the Bank, offer sufficient likelihood of repayment to justify the Bank's support in order to actively foster the foreign trade and long-term commercial interest of the United States; and

Whereas it is desirable and appropriate that guidance concerning the commercial interests and the balance of payments objectives of the United States be provided to the Board of Directors of the Bank in the use of such loan, guarantee, and insurance authority allocated to finance export expansion, and I have stated that I would establish an Export Expansion Advisory Committee to provide such guidance to the Board of Directors of the Bank: Now, therefore, by virtue of the authority vested in me as President of the United States, it is ordered as follows:

Section 1. Establishment of Advisory Committee. (a) There is hereby established the Export Expansion Advisory Committee (hereinafter referred to as "the Committee").

(b) The Committee shall be composed of the following members: the Secretary of Commerce, who shall be Chairman of the Committee, the Secretary of the Treasury, the Secretary of State, and the President and Chairman of the Board of the Export-Import Bank of the United States.

Sec. 2. Functions of the Committee. The Committee shall review and make recommendations concerning applications and proposals for loans, guarantees, and insurance to be charged against allocations made to finance export expansion and shall provide guidance to the Board of Directors of the Bank concerning the use of such allocations with the view to fostering the foreign trade and longterm commercial interest of the United States.

Sec. 3. Construction. Nothing in this order shall be construed to abrogate, modify, or restrict any function vested by law in, or as

signed pursuant to law to, any Federal agency, or any officer thereof or to any Federal interagency council or committee. As used herein the term "any Federal agency" includes any executive department and any other executive agency.

3. Bretton Woods Agreements Act, as amended

Public Law 79-171 [H.R. 3314], 59 Stat. 512, approved July 31, 1945, as amended by Public Law 80-472 [S. 2202], 62 Stat. 137, approved April 3, 1948; Public Law 81142 [H.R. 4332], 63 Stat. 298, approved June 29, 1949; Public Law 82-165 [H.R. 5113], 65 Stat. 373, approved October 10, 1951; Reorganization Plan No. 7 of 1953, August 1, 1953, 18 F.R. 4541, 67 Stat. 639: Public Law 83-570 [S. 3589], 68 Stat. 677, approved August 9, 1954; Public Law 86-48 [S. 1094], 73 Stat. 80, approved June 17, 1959; Public Law 97-490 [H.R. 10162], 76 Stat. 105, approved June 19, 1962; Public Law 88-178 [H.R. 7405], 77 Stat. 334, approved November 13, 1963; Public Law 89-31 [H.R. 6497], 79 Stat. 119, approved June 2, 1965; Public Law 89-126 [S. 1742], 79 Stat. 519, approved August 14, 1965; Public Law 91-599 [H.R. 18306], 84 Stat. 1657, approved December 30, 1970; Public Law 9394 [S. 1887], 87 Stat. 314, approved August 15, 1973; Public Law 94-564 [H.R. 13955], 90 Stat. 2660, approved October 19, 1976; Public Law 95–118 [H.R. 5262], 91 Stat. 1067, approved October 3, 1977; Public Law 95-147 [H.R. 5675], 91 Stat. 1227 at 1228, approved October 28, 1977; Public Law 95-435 [H.R. 9214], 92 Stat. 1051, approved October 10, 1978; Public Law 96-389 [S. 2271], 94 Stat. 1551, approved October 7, 1980; Public Law 97-35 [H.R. 3982], 95 Stat. 357 at 740 and 746, approved August 13, 1981, Public Law 98-181 [Supplemental Appropriations Act, 1984; H.R. 3959], 97 Stat. 1153, approved November 30, 1983; and by Public Law 99-190 [Further continuing appropriations, 1986; H.J. Res. 465], 99 Stat. 1185, approved December 19, 1985

AN ACT To provide for the participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SHORT TITLE

Section 1. This Act may be cited as the "Bretton Woods Agreements Act."

ACCEPTANCE OF MEMBERSHIP

Sec. 2.1 The President is hereby authorized to accept membership for the United States in the International Monetary Fund (herein after referred to as the "Fund"), and in the International Bank for Reconstruction and Development (hereinafter referred to as the "Bank"), provided for the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State.

APPOINTMENT OF GOVERNORS, EXECUTIVE DIRECTORS, AND ALTERNATES Sec. 3.2 (a) The President, by and with the advice and consent of the Senate, shall appoint a governor of the Fund who shall also

122 U.S.C. 286.

222 U.S.C. 286a. See sec. 3 of the International Finance Corporation Act, page 632 of the text. See sec. 3 of the International Development Association Act, page 651 of the text.

serve as governor of the Bank, and an executive director of the Fund and an executive director of the Bank. The executive directors so appointed shall also serve provisional executive directors of the Fund and the Bank for the purposes of the respective Articles of Agreement. The term of office for the governor of the Fund and of the Bank shall be five years. The term of office for the executive directors shall be two years, but the executive directors shall remain in office until their successors have been appointed.

(b) The President, by and with the advice and consent of the Senate, shall appoint an alternate for the governor of the fund and an alternate for the governor of the Bank.3 The President, by and with the advice and consent of the Senate, shall appoint an alternate for each of the executive directors. The alternate for each executive director shall be appointed from among individuals recommended to the President by the executive director. The terms of office for alternates for the governor and the executive directors shall be the same as the terms specified in subsection (a) for the governor and executive directors.

(c) + Should the provisions of Schedule D of the Articles of Agreement of the Fund apply, the Governor of the Fund shall also serve as councillor, shall designate an alternate for the councillor, and may designate associates.

(d)(1) 5 No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor, executive director, councillor, alternate, or associate.

(2) The United States executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level IV of the Executive Schedule under section 5315 of title 5, United States Code. The United States alternate executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level V of the Executive Schedule under section 5316 of title 5, United States Code.

(3) The Secretary of the Treasury shall instruct the United States executive director of the Fund to present to the Fund's Executive Board a comprehensive set of proposals, consistent with maintaining high levels of competence of Fund personnel and consistent with the Articles of Agreement, with the objective of assuring that salaries and other compensation accorded Fund employees do not exceed those received by persons filling similar levels of responsibility within national government service or private industry. The Secretary shall report these proposals together with any measures adopted by the Fund's Executive Board to the Congress prior to February 1, 1979.

The words "and an alternate for the governor of the Bank" were substituted by Public Law 93-94 (87 Stat. 314), for the words "who shall also serve as alternate for the governor of the bank".

Upon entry into force on Apr. 1, 1978 of the amendments to the Articles of Agreement to the IMF, subsecs. (c) and (d), as provided for in sec. 2 of Public Law 94-564, became effective. The old subsec. (c) language which was struck was essentially the same as the new subsec. (d1) but without references to the councillor or associate.

5 Sec. 2 of Public Law 95-435 (92 Stat. 1051) added the paragraph designation “(1)" and added pars. (2) and (3).

NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS

Section 1(a) and 3(a) of Reorganization Plan No. 4 of 1965, effective July 27, 1965, 30 F.R. 9353, abolished the Council and functions, with the President acquiring the duties. Subsequently Executive Order 11269, as amended (on page 629), re-established the National Advisory Council on International Monetary and Financial Policies under the executive branch.

The text of the reporting requirement of Chapter 3 of Public Law 91-599 (84 Stat. 1658), approved December 30, 1970, is observed in practice by the executive office. It reads as follows:

"831. Annual report

"The National Advisory Council on International Monetary and Financial Policies shall include in its annual report to the Congress (1) a statement with respect to each loan approved and outstanding, made by the International Bank for Reconstruction and Development, the International Development Association, the Inter-American Development Bank, and the Asian Development Bank, including an evaluation of new loans made by said organization and a progress report of the project covered by each loan, and a discussion of how each loan will benefit the people of the recipient country, and (2) a statement on steps taken jointly and individually by member countries of the InterAmerican Development Bank to restrain their military expenditures, and to preserve and strengthen free and democratic institutions."

Sec. 4.6 (a) 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

7

622 U.S.C. 286b. See sec. 5 of the International Finance Corporation Act, page 633 of text. Also consult page 533 for sec. 4 of the International Development Association Act and page 637 for sec. 4 of the Inter-American Development Bank Act.

"The material following

For revisions of functions and status of the Council, see Reorganization Plan No. 4 of 1965 (sec. 16, sec. 3(a) and sec. 3(b)), as well as Executive Order 11269 on page 629 of the text. • Federal Reserve System," read as follows in the original act: "and the Chairman of the Board of Trustees of the Export-Import Bank of Washington." Subsection 4(a) has been amended by the following: