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ties for relief, reconstruction, or armaments, or to meet a large or sustained outflow of capital on the part of any member.

(b) 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 hereby directed to propose promptly and support an amendment to the Articles of Agreement for the purpose of expressly negativing such interpretation. The President is hereby authorized and directed to accept an amendment to that effect on behalf of the United States.

FURTHER PROMOTION OF INTERNATIONAL ECONOMIC RELATIONS SEC. 14.23 (a) 24 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 hereby 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) 24 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.

SEC. 15.25 (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 paragraph (AX2) of section 3 of the Act of May 27, 1933, as amended (U.S.C., title 15, sec. 77c), and paragraph (a)(12) of section 3 of the Act of June 6, 1934, as amended (U.S.C., title 15, sec. 78c). 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 for the protection of investors.

23 22 U.S.C. 286k.

24 Sec. 4(aX2) of Public Law 95-147 (91 Stat. 1228) added subsection designation “(a)" and a new subsec. (b).

25 22 U.S.C. 286k-1. Sec. 15 was added by sec. 2 of Public Law 81-142 (63 Stat. 298–299). Sec. 1 of that Act provided as follows:

"That paragraph Seventh or section 8 of the National Bank Act, as amended (U.S.C., title 12, sec. 24), is amended by adding to the end thereof the following new sentence: “The limitations and restrictions herein contained as to dealing in and underwriting investment securities shall not apply to obligations issued by the International Bank for Reconstruction and Development which are at the time eligible for purchase by a national bank for its own account: Provided, That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund'."'. Sec. 3 of Public Law 81-142 also provided as follows:

Continued "SUSPENSION OF RIGHT OF INTERNATIONAL BANK TO ISSUE SECURITIES UNDER SECTION 286K-1: REPORT OF SECURITIES AND EXCHANGE COMMISSION (22 U.S.C. 286k-2. Heading inserted by United States Code.)

(b) 26* * * [Repealed-1989)

SEC. 16.27 (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 sub scribe 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.

SEC. 17.28 (a) In order to carry out the purposes of the decision of January 5, 1962, and February 24, 1983, as amended in accordance with their terms, 29 of the Executive Directors of the International Monetary Fund, the Secretary of the Treasury is authorized to make loans, 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, 30 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, 31 to the Fund under article VII, section 1(i), 32 of the Articles of Agreement of the Fund. 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.

"Sec. 3. 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 15(a) of the Bretton Woods Agreements Act at any time as to any or all securities issued or guaranteed by the Bank 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 Act and in connection therewith shall include any views submitted for such purpose by an association of dealers registered with the Commission."

26 Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701-1703 and titles XVIII and XIX of the International Financial Institutions Act (beginning at page 187) and re pealed duplicative requirements in other legislation. Sec. 541(0/1) of the International Develop ment and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2518) repealed sec. 15(b), which read as follows:

"The reports of the National Advisory Council provided for in section 4(aX6) of the Bretton Woods Agreements Act shall also cover and include the effectiveness of the provisions of section 15(a) of this Act and the exemption for securities issued by the Bank provided by Section 8 of the National Bank Act in facilitating the operations of the Bank and the extent to which the operations of the Bank may assist in financing European recovery and the reconstruction and development of the economic resources of member countries of the Bank and the recommendations of the Council as to any modifications it may deem desirable in the provisions of this Act.".

27 22 U.S.C. 286e-1.
28 22 U.S.C. 286e-z. Sec. 17 was added by Public Law 87-490 (76 Stat. 105).

29 Sec. 802(axl) of Public Law 98-181 (97 Stat. 1268) added the phrase "and February 24, 1983, as amended in accordance with their terms,".

(b) For the purpose of making loans to the International Monetary Fund pursuant to this section, there is hereby authorized to be appropriated 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, 33 to remain available until expended to meet calls by the International Monetary Fund. Any payments made to the United States by the International Monetary Funds 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.

(c) 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 hereby 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) 34 Unless the Congress by law so authorizes, neither the President, the Secretary of the Treasury, nor any other person acting on behalf of the United States, may instruct the United States Executive Director to the Fund to consent to any amendment to the Decision of February 24, 1983, of the Executive Directors of the Fund, if the adoption of such amendment would significantly alter the amount, terms, or conditions of participation by the United States in the General Arrangements to Borrow.

SEC. 18.35 Any purchases of currencies or gold by the United States from the International Monetary Fund may be transferred to and administered by the Fund established by section 10 of the Gold Reserve Act of 1934, as amended (31 U.S.C. 822a),36 for use in

32

30 Sec. 1101(b) of Public Law 98-181 (97 Stat. 1287) appropriated for an increase in loans to the IMF under the General Arrangements to Borrow, the dollar equivalent of 4,250 million Special Drawing Rights, less $2 billion previously appropriated by Public Law 87-872. For text of sec. 1101(b), see page 206.

" Sec. 802(aX1) of Public Law 98-181 (97 Stat.1268) substituted the words to this point beginning with “in an amount not to exceed the equivalent of 4,250,000,000 ..." in lieu of "not to exceed $2,000,000,000 outstanding at any one time".

Upon entry into force of the amendments to the Articles of Agreement of the IMF on Apr. 1, 1978, this reference to sec. 1(i) was substituted in lieu of a reference to sec. 2(i), as had been provided for by sec. 4 of Public Law 94-564.

Sec. 802aX 2) of Public Law 98-181 (97 Stat. 1268) substituted the words to this point beginning with “4,250,000,000 Special Drawing Rights, ..." in lieu of “$2,000,000,000”.

** Sec. 8021aX3) of Public Law 98-181 (97 Stat. 1268) added subsec. (d).
35 22 U.S.C. 286-3. Sec. 18 was added by Public Law 87-490 (76 Stat. 105).
se Public Law 97-258 recodified title 31, U.S.C., and sec. 822a became sec. 5302.

33

accordance with the provisions of that section. The Secretary of the Treasury is authorized to utilize the resources of that fund for the purpose of any repayments in connection with such transactions.

SEC. 19.37 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.

SEC. 20.38 (a) The United States Governor of the Fund is authorized to consent to an increase of $1,035,000,000 in the quota of the United States in the Fund.

(b) In order to pay the increase in the United States subscription to the Fund provided for in this section, there is hereby authorized to be appropriated $1,035,000,000, to remain available until expended.

Sec. 21.39 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.

SEC. 22.40 (a) The United States Governor of the Bank 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.

SEC. 23.41 (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.

SEC. 24.42 The United States Governor of the Bank 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.

SEC. 25.43 The United States Governor of the Bank 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.

SEC. 26.44 The United States Governor of the Bank is directed to vote against the establishment of a Council authorized under Arti

37 22 U.S.C. 286e-la. Sec. 19 was added by Public Law 88-178 (77 Stat, 234). 38 22 U.S.C. 286e-lb. Sec. 20 was added by Public Law 89-31 (79 Stat. 119). 39 22 U.S.C. 286e-4. Sec. 21 was added by Public Law 89-126 (79 Stat. 519). 40 22 U.S.C. 286e-lc. Sec. 22 was added by Public Law 91-599 (84 Stat. 1657). 41 22 U.S.C. 286e-1d. Sec. 23 was added by Public Law 91-599 (84 Stat. 1657). 42 22 U.S.C. 286e-5. Sec. 24 was added by sec. 1 of Public Law 94-564 (90 Stat. 2660). 43 22 U.S.C. 286e-le. Sec. 25 was added by sec. 1 of Public Law 94-564 (90 Stat. 2660). 44 22 U.S.C. 286e-6. Sec. 26 was added by sec. 1 of Public Law 94-564 (90 Stat. 2660).

cle XII, Section 1 of the Fund Articles of Agreement as amended, if under any circumstances the United States' vote in the Council would be less than its weighted vote in the Fund.

SEC. 27.45 (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 ad

vance in appropriation Acts. 46 (b) In order to pay for the increase in the United States subscription to the Bank provided for in this section, there are hereby authorized to be appropriated, without fiscal year limitations, $1,568,856,318 for payment by the Secretary of the Treasury.47

Sec. 28.48 (a) 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 5508–177/127) 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) The Secretary of the Treasury shall account, through the Fund established by section 10 of the Gold Reserve Act of 1934 (31 U.S.C. 822a), for any adjustment in the value of monetary assets held by the United States in respect to United States participation in the facility.

(c) 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. 49

45 22 U.S.C. 286e-1f. Sec. 27 was added by sec. 201 of Public Law 95-118 (91 Stat. 1067).

** The proviso clause in par. (2) was amended and restated by sec. 1312 of Public Law 97-35 (95 Stat. 740). It formerly read as follows: "That any subscription to additional shares shall be made only after the amount required for such description has been appropriated."

*7 U.S. payments for this increase were made in the following amounts and Public Laws: fiscal year 1978—$380 million ($38 million paid-in capital; $342 million callable capital) (Public Law 95–148); fiscal year 1979–$163.1 million ($16.3 million paid-in capital; $146.8 million callable capital) (Public Law 95-481); fiscal year 1980—$163.1 million ($16.3 million paid-in capital; $146.8 million callable capital) (Public Law 96-123); fiscal year 1981-$328 million ($32.8 million paid-in capital; $295.2 million callable capital) (Public Law 96-536); fiscal year 1982 $371.7 million ($37.2 million paid-in capital; $334.5 million callable capital) (Public Law 97-121); fiscal year 1983—8163.2 million ($16.3 million paid-in capital; $146.9 million callable capital) (Public Law

*8 22 U.S.C. 286e-7. Sec. 28 was added by sec. 1 of Public Law 95-435 (92 Stat. 1051). 49 Title V of Public Law 95-481 (92 Stat 1600) stated: "For the purpose of participation by the United States, in an amount equivalent to 1,450,000,000 Special Drawing Rights, in the Supplementary Financing Facility established by decision numbered 5508-77/127) of the Executive Directors of the Fund, as provided in the deci

Continued

97-377).

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