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(G) Multilateral Investment Guarantee Agency Act
Partial text of H.R. 3570 as enacted into law by sec. 101(e) of Public Law 100-202
(Continuing Appropriations, 1988; H.J. Res. 395), 101 Stat. 1329), approved De. cember 22, 1987; and amended by Public Law 101-240 [International Development and Finance Act of 1989; H.R. 2494), 103 Stat. 2518, approved December 19, 1989
NOTE.-Sec. 101(e) of the Continuing Appropriations, 1988 (Public Law 100-202) enacted into law title IV of H.R. 3570, as introduced in the House of Representatives on December 11, 1987. The text of title IV is set out below.
TITLE IV-MULTILATERAL INVESTMENT GUARANTEE
SEC. 401. This title may be cited as the “Multilateral Investment Guarantee Agency Act”.
SEC. 402. This title shall be codified as subchapter XXVI of chapter 7 of title 22 of the United States Code.
ACCEPTANCE OF MEMBERSHIP SEC. 403.1 The President is hereby authorized to accept membership for the United States in the Multilateral Investment Guarantee Agency (hereinafter in this title referred to as the “Agency") provided for by the Convention Establishing the Multilateral Investment Guarantee Agency (hereinafter in this title referred to as the "Convention") deposited in the archives of the International Bank for Reconstruction and Development (hereinafter in this title referred to as the "Bank').
GOVERNOR AND ALTERNATE GOVERNOR
SEC. 404.2 The Governor and Alternate Governor of the Bank, appointed under section 3 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286a), shall serve as Governor and Alternate Governor, respectively, of the Agency.
INSTRUCTIONS FOR UNITED STATES DIRECTOR
SEC. 405.3 Immediately after taking office and prior to the issuance by the Agency of its first guarantee, the United States Director of the Agency shall propose and actively seek the adoption by the Board of Directors of policies and procedures under which the Agency will not issue guarantees in respect of any proposed investment that would
1 22 U.S.C. 290k. 2 22 U.S.C. 290k-1. 322 U.S.C. 290k-2.
(1) be in any country which has not taken or is not taking steps to afford internationally recognized workers' rights to workers in that country;
(2) be subject to trade-distorting performance requirements imposed by the host country that are likely to result in a significant net reduction in
(A) employment in the United States or other member countries; or
(B) other trade benefits likely to accrue to the United States or other member countries from the investment; or
(3) increase a country's productive capacity in an industry already facing excess worldwide capacity for the same, similar or competing product, and cause substantial injury to producers
of such product in another member country. SEC. 406.4 Consistent with the purposes of section 405, the Secretary of the Treasury shall
(1) instruct the United States Directory to oppose, and to actively seek the concurrence of other members of the Board of Directors in opposing, any guarantee or other investment promotion under consideration by the Agency if the proposed investment would
(A) be in any country which is not a beneficiary developing country for purposes of title V of the Trade Act of 1974 because it has not taken or is not taking steps to afford internationally-recognized workers' rights to workers in that country;
(B) be subject to trade-distorting performance requirements imposed by the host country that are likely to result in a significant net reduction in
(i) employment in the United States; or
(ii) other trade benefits likely to accrue to the United States from the investment; or (C) likely increase a country's productive capacity in an industry already facing excess worldwide capacity for the same, similar or competing product, and cause substantial injury to producers of such products in the United States; and
(2) within 12 months after the United States becomes a member of the Agency and each year thereafter for the 3 succeeding years, conduct an independent evaluation of the United States investments which have been guaranteed by the Agency to determine
(A) the anticipated net impact of such investments on employment in and exports from the United States, and
(B) the extent to which such investments were made in countries which had not taken or are not taking steps to afford internationally-recognized workers' rights to workers in those countries.
* 22 U.S.C. 290k-3.
In the course of conducting each evaluation required under paragraph (2), the Secretary shall actively solicit and take into account the views of United States labor organization. The Secretary shall furnish a copy of each such evaluation on its completion to the Congress.
SEC. 407.5 Recognizing that United States participation in the Agency represents an effort to enhance United States trade prospects and strengthen the role of the United States private sector in the development process, the Secretary of the Treasury shall ensure regular and continuing consultations with United States private sector representatives and representatives of United States labor organizations, through appropriate mechanisms, on policy directions and operations of the Agency, and shall take account of those consultations in determining the policies of the United States toward the Agency.
APPLICABILITY OF BRETTON WOODS AGREEMENTS ACT
SEC. 408.6 The provisions of section 4 of the Bretton Woods Agreements Act shall apply with respect to the Agency to the same extent as with respect to the Bank and the International Monetary Fund.7
SEC. 409.8 Unless authorized by law, neither the President nor any person or agency shall, on behalf of the United States
(1) subscribe to additional shares of stock of the Agency;
(2) vote for or agree to any amendment of the Convention which increases the obligations of the United States, or which changes the purpose or functions of the Agency; or
(3) make a loan or provide other financing to the Agency.
FEDERAL RESERVE BANKS AS DEPOSITORIES
SEC. 410.o Any Federal Reserve bank that is requested to do so by the Agency shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.
SUBSCRIPTION OF STOCK
SEC. 411.10 (a) The Secretary of the Treasury is authorized to subscribe on behalf of the United States to 20,519 shares of the capital stock of the Agency, except that the subscription shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts.
5 22 U.S.C. 290k-4. 6 22 U.S.C. 290k-5.
? 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 repealed duplicative requirements in other legislation. Sec. 541(eX5) struck out the last sentence of this section, which read: “Reports with respect to the Agency under paragraphs (5) and (6) of section 4(b) of such Act shall be included in the reports made thereunder after the United States accepts membership in the Agency.".
8 22 U.S.C 290k-6.
(b) In order to pay for United States subscription authorized in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $222,015,580, for payment by the Secretary of the Treasury. 11
(c) Any payment of dividends made to the United States by the Agency shall be deposited into the Treasury as a miscellaneous receipt.
JURISDICTION OF UNITED STATES COURTS AND ENFORCEMENT OF
SEC. 412.12 For the purposes of any civil action which may be brought within the United States, its territories or possessions, or the Commonwealth of Puerto Rico, by or against the Agency in accordance with the Convention, including an action brought to enforce an arbitral award against the Agency, the Agency shall be deemed to be an inhabitant of the Federal judicial district in which its principal office within the United States or its agency appointed for the purpose of accepting service or notice of service is located, and any such action to which the Agency shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States, including the courts enumerated in section 460 of title 28, United States Code, shall have original jurisdiction of any such action. When the Agency is a defendant in any action in a State court, it may at any time before the trial thereof remove the action into the appropriate district court of the United States by following the procedure for removal provided in section 1446 of title 28, United States Code.
SEC. 413.13 Articles 43 through 48, inclusive, of the Convention shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon the entry into force of the Convention for the United States.
11 The appropriation for the U.S. payment authorized in sec. 411 for FY 1988 was $222 million ($44.4 million paid-in capital; $177.6 million callable capital) (Public Law 100–202).
The Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1988 (sec. 101(e) of the Continuing Appropriations Act, 1988), Public Law 100-202 (101 Stat. 1329–132) also contained the following provisions relating to the U.S. payment:
"CONTRIBUTION TO THE MULTILATERAL INVESTMENT GUARANTEE AGENCY “For payment to the Multilateral Investment Guarantee Agency by the Secretary of the Treasury, for the paid-in share of the capital stock, $44,403,116, to reniain available until expended: Provided, That no such payment may be made prior to April 30, 1988: Provided further, That no such payment may be made on or after April 30, 1988, unless the Secretary of the Treasury certifies and reports to the Congress that the United States Director of the Agency has proposed and actively sought the adoption by the Agency of the policies and procedures specified in section 405 of H.R. 3750, as enacted herein: Provided further, That no such payment may be made on or after April 30, 1988, unless the Secretary of the Treasury certifies and reports to the Congress that the Board has adopted those policies and procedures, or substantially similar policies and procedures, or that the United States Director of the Agency will continue to propose and actively seek the adoption by the Agency of those policies and procedures until those policies and procedures, or substantially similar policies and procedures, have been adopted by the Board and that the failure to make such payment is likely to make the adoption of those policies and procedures more difficult to achieve.
"LIMITATION ON CALLABLE CAPITAL SUBSCRIPTIONS "The Secretary of the Treasury may subscribe without fiscal year limitation to the callable portion of the shares of capital stock in an amount not to exceed $177,612,464.”.
12 22 U.S.C. 290k-10. 13 22 U.S.C. 290k-11.
Sec. 414.14 (a) An award of an arbitral tribunal resolving a dispute arising under Article 57 or Article 58 of the Convention shall create a right arising under a treaty of the United States. The pecuniary obligations imposed by such an award shall be enforced and shall be given the same full faith and credit as if the award were a final judgment of a court of general jurisdiction of one of the several States. The Federal Arbitration Act (9 U.S. C. 1, et seq.) shall not apply to enforcement of awards rendered pursuant to the Convention.
(b) The district courts of the United States (including the courts enumerated in section 460 of title 28, United States Code) shall have exclusive jurisdiction over actions and proceedings under subsection (a) of this section, regardless of the amount in controversy.
1* 22 U.S.C. 290k-11.