(6) European Bank for Reconstruction and Development Act Sec. 562(c) of Public Law 101-513 [Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1991; H.R. 5114], 104 Stat. 1979 at 2034, approved November 5, 1990 AN ACT Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 1991, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for foreign operations, export financing, and related programs for the fiscal year ending September 30, 1991, and for other purposes, namely: GENERAL AUTHORIZATIONS SEC. 562. GENERAL AUTHORIZATIONS. INTERNATIONAL BANKING PROVISIONS * (c) EUROPEAN BANK FOR RECONSTRUCTION and DevelopmENT.— (1) SHORT TITLE.-This subsection may be cited as the “European Bank for Reconstruction and Development Act". (2) 2 ACCEPTANCE OF MEMBERSHIP.-The President is hereby authorized to accept membership for the United States in the European Bank for Reconstruction and Development (in this subsection referred to as the "Bank") provided for by the agreement establishing the Bank (in this subsection referred to as the "Agreement"), signed on May 29, 1990. (3) 3 GOVERNOR AND ALTERNATE GOVERNOR. (A) APPOINTMENT.-The President, by and with the advice and consent of the Senate, shall appoint a Governor of the Bank, an alternate for the Governor, and a Director of the Bank. (B) COMPENSATION.-Any person who serves as a Governor of the Bank or as an alternate for the Governor may not receive any salary or other compensation from the United States by reason of such service. (4) APPLICABILITY OF CERTAIN PROVISIONS OF THE BRETTON WOODS AGREEMENTS ACT.-Section 4 of the Bretton Woods 122 U.S.C. 290/ note. 2 22 U.S.C. 2901. 322 U.S.C. 290/-1. * 22 U.S.C. 2901-2. Agreements Act shall apply to the Bank in the same manner in which such section applies to the International Bank for Reconstruction and Development and the International Monetary Fund. (5) 5 FEDERAL RESERVE BANKS AS DEPOSITORIES.-Any Federal Reserve Bank which is requested to do so by the Bank may act as its depository, or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall exercise general supervision over the carrying out of these functions. (6) 6 SUBSCRIPTION OF STOCK.— (A) SUBSCRIPTION AUTHORITY.— (i) IN GENERAL.-The Secretary of the Treasury may subscribe on behalf of the United States to 100,000 shares of the capital stock of the Bank. (ii) EFFECTIVENESS OF SUBSCRIPTION COMMITMENT.— Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts. (B) LIMITATIONS ON AUTHORIZATION OF APPROPRIATIONS.— For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subparagraph (A), there are authorized to be appropriated $1,167,010,000 without fiscal year limitation." (C) DISPOSITION OF NET INCOME DISTRIBUTIONS BY THE BANK. Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. $ 22 U.S.C. 2901-3. 22 U.S.C. 2901-4. "Appropriations for U.S. subscription authorized in paragraph (6) were provided in the following amounts and Public Laws: fiscal year 1991-$233.4 million ($70 million paid-in capital, $163.38 callable capital) (Public Law 101-513), reduced by $1.3 million as a result of sequestration (Public Law 101-508), $1.3 million restored (Public Law 102-27); fiscal year 1992-$230 million ($68.99 million paid-in capital, $160.97 callable capital) (Public Law 102-145, as amended by Public Law 102-266); fiscal year 1993 $200 million ($60 million paid in capital, $140 million callable capital) (Public Law 102-391). Sec. 579 of Public Law 101-513 (104 Stat. 2045), as continued by Public Law 102–145, as amended, further provided the following: "WITHHOLDING OF OBLIGATIONS FOR THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT "SEC. 579. (a) None of the funds made available by this Act for the European Bank for Reconstruction and Development may be obligated until the President reaches an agreement or agreements, as necessary, with the Polish Government or with other creditors, the authority to enter into which he is hereby granted notwithstanding any other provision of law, which accurately reflect the real collectability of the debts of the Polish Government to the Government of the United States and which adjusts the amount of debt and debt service payable by the Polish Government to the Government of the United States accordingly, subject to the following conditions: "(1) an International Monetary Fund agreement is in effect with respect to Poland, and it is clear that it is the intent of the Polish Government to continue full implementation of that program, and "(2) the recent historic change of the Polish Government into a democracy has been maintained, and "(3) the Polish Government is seeking comparable treatment of both public and private external debt. "(b) If the President determines that, in order to substantially increase the probability of other creditor governments and commercial bankers taking actions adjusting or restructuring their Polish debt to reflect its real collectability, it is best for the United States to use the authority contained in subsection (a), then the President may exercise the authority of subsection (a) unilaterally. "(c) Funds may be obligated notwithstanding subsection (a) subject to the regular notification procedures of the Committees on Appropriations.". (7) 8 JURISDICTION AND VENUE OF CIVIL ACTIONS BY OR AGAINST THE BANK.— (A) JURISDICTION.-The United States district courts shall have original and exclusive jurisdiction of any civil action brought in the United States by or against the Bank. (B) VENUE. For purposes of section 1391(b) of title 28, United States Code, the Bank shall be deemed to be a resident of the judicial district in which the principal office of the Bank in the United States, or its agent appointed for the purpose of accepting service or notice of service, is located. 9 (8) EFFECTIVENESS OF AGREEMENT.-The Agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank and the entry into force of the Agreement. (9) 10 EXEMPTION FROM SECURITIES LAWS FOR CERTAIN SECURITIES ISSUED BY THE BANK; REPORTS REQUIRED.— (A) EXEMPTION FROM SECURITIES LAWS; REPORTS TO SECURITIES AND EXCHANGE COMMISSION.-Any securities issued by the Bank (including any guaranty by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank's ordinary capital resources as defined in article 7 of the Agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 6, paragraph 4, of the Agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934. 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) AUTHORITY OF SECURITIES AND EXCHANGE COMMISSION TO SUSPEND EXEMPTION; REPORTS TO THE CONGRESS.-The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, may suspend the provisions of subparagraph (A) 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 the Congress such information as it shall deem advisable with regard to the operations and effect of this paragraph. (10) TECHNICAL AMENDMENTS.— (A) ANNUAL REPORT REQUIRED ON PARTICIPATION OF THE UNITED STATES IN THE BANK.-Section 1701(c)(2) of the 22 U.S.C. 2901-5. 22 U.S.C. 2907-6. 10 22 U.S.C. 2901-7. International Financial (B) EXEMPTION FROM LIMITATIONS AND RESTRICTIONS ON POWER OF NATIONAL BANKING ASSOCIATIONS TO DEAL IN AND UNDERWRITE INVESTMENT SECURITIES OF THE BANK.—The 7th sentence of paragraph 7 of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended by inserting "the European Bank for Reconstruction and Development," before "the Inter-American Development Bank,". (C) BENEFITS FOR UNITED STATES CITIZEN-REPRESENTATIVES TO THE BANK.-Section 51 of the Act entitled "An Act to authorize United States participation in increases in the resources of certain international financial institutions, to provide for an annual audit of the Exchange Stabilization Fund by the General Accounting Office, and for other purposes." (Public Law 91-599; 22 U.S.C. 276c-2) is amended by inserting "the European Bank for Reconstruction and Development," before "the Inter-American Development Bank,". (11) 11 CONGRESSIONAL CONSULTATIONS.-During negotiations on the establishment of operational guidelines for the Bank, the Secretary of the Treasury shall (A) consult on a regular and timely basis with the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and the Committee on Foreign Relations and the Committee on Appropriations of the Senate; (B) seek to ensure that procedures and mechanisms are established, including the creation of specific departments or staffs within the Bank, which will allow the Bank to assess the impact of any loans, guarantees, or other activities on the environment and on internationally recognized human rights in borrower countries; and (C) report, through consultation within 90 days after the date of the enactment of this Act, to the Committees speci 11 22 U.S.C. 2901-8. Sec. 584 of Public Law 101-513 (104 Stat. 2046; 22 U.S.C. 2901-8 note), as continued by Public Law 102-145, as amended, provided: "EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT "SEC. 584. In all negotiations concerning the structure, bylaws, and operating procedures of the European Bank for Reconstruction and Development (EBRD), the Secretary of the Treasury shall vigorously seek "(1) establishment of procedures for environmental assessment of all proposed operations with potentially significant environmental impacts; "(2) establishment of an environmental unit with sufficient staff to review proposed operations, monitor compliance with environmental provisions, and provide overall policy guidance; "(3) establishment of procedures for systematic consultation with and involvement of the public and interested nongovernmental organizations, including an opportunity for comment by local communities which may be affected by EBRD operations and establishment of a system of public notification and comment during the development of EBRD policies and operating procedures; and "(4) agreement that a significant portion of the EBRD's funds shall be devoted to projects focused on environmental restoration and protection.". |