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3. International Financial Institutions

a. Authorization for U.S. Participation
(1) International Monetary Fund/World Bank Group

(A) 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 87-490 (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 (International Financial Institutions Act; 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 (Bretton Woods Agreements Act Amendments, 1978; H.R. 9214), 92 Stat. 1051, approved October 10, 1978; Public Law 96-389 (Bretton Woods Agreements Act Amendments, 1980; S. 2271), 94 Stat. 1551, approved October 7, 1980; Public Law 97-35 (Omnibus Budget Reconciliation Act of 1981; H.R. 3982), 95 Stat. 357 at 740 and 746, approved August 13, 1981, Public Law 98181 (Supplemental Appropriations Act, 1984; H.R. 3959), 97 Stat. 1153, approved November 30, 1983; Public Law 99-190 (Further Continuing Appropriations, 1986; H.J. Res. 465), 99 Stat. 1185, approved December 19, 1985; Public Law 99591 (Continuing Appropriations Act, 1987; H.J. Res. 738), 100 Stat. 3341, approved October 30, 1986; Public Law 100–202 (Continuing Appropriations, 1988; H.J. Res. 395), 101 Stat. 1329, approved December 22, 1987; H.R. 4645 as enacted by Public Law 100-461 (Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989; H.R. 4637), 102 Stat. 2268, approved October 1, 1988; and by Public Law 101-240 (International Development and Finance Act of 1989; H.R. 2494), 103 Stat. 2492, approved December 19, 1989 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.

122 U.S.C. 286.

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 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. 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) 4 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) 4 (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) 5 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.

2 22 U.S.C. 286a. See sec. 3 of the International Finance Corporation Act, page 92. See sec. 3 of the International Development Association Act, page 84.

Public Law 93-94 (87 Stat. 314) substituted the words "and an alternate for the governor of the Bank" for "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. (dX1) but without references to the councillor or associate.

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

(3) 5 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.

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 (see page 214), reestablished 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:
“8 31. Annual report

"The National Advisory Council on International Mone-
tary 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 Interna-
tional Development Association, the Inter-American Devel-
opment 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 joint-
ly and individually by member countries of the Inter-
American Development Bank to restrain their military ex-
penditures, and to preserve and strengthen free and demo
cratic 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 Export-Import Bank of Washington, and during such period as the Foreign Operations Administration shall continue to exist, the Director of the Foreign Operations Administration.

6 22 U.S.C. 286b. See sec. 5 of the International Finance Corporation Act, page 93. See sex. 4 of the International Development Association Act and sec. 4 of the Inter-American Development Bank Act, pages 84 and 102, respectively.

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)). See also Executive Order 11269, page 214.

(b)(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.

(2) The Council shall advise and consult with the President and the representatives of the United States on the Fund and the Bank on major problems arising in the administration of 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 ExportImport Bank of Washington 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 5 of this Act) 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 material following “. . . 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:

(1) The Economic Corporation Act of 1948 (62 Stat. 141), sec. 106 of which amended subsec. 4(a) so as to include the Administrator for Economic Cooperation "during such period as the Eco nomic Cooperation Administration shall continue to exist";

(2) The Mutual Security Act of 1951 (65 Stat. 378), sec. 501(e)2) of which amended subsec. 4(a), by substituting the Mutual Security Agency and the Director for Mutual Security for the Eco nomic Cooperation Administration and the Administrator for Economic Cooperation respectively;

(3) Reorganization Plan No. 5 of 1953, effective June 30, 1953 (67 Stat. 637), sec. 7 of which abolished the function of the Chairman of the Board of Directors of the Export-Import Bank of Washington of being a member of the National Advisory Council;

(4) Reorganization Plan No. 7 of 1953, effective Aug. 1, 1953 (67 Stat. 6400), sec. 4 of which provided that the Director of the Foreign Operations Administration should be a member of the National Advisory Council;

(5) Public Law 83-570 (68 Stat. 677, 678), sec. 2 of which inserted the part of the text quoted above following"... the Federal Reserve System.”.

Executive Order 10610 (20 F.R. 3179; effective July 1, 1955), abolished the Foreign Operations Administration and the Office of Director of the Foreign Operations Administration, and the membership of the Director of the Foreign Operations Administration on the National Advisory Council thereby expired by operation of law effective on that date.

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