c. Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992 (FREEDOM Support Act) (Public Law 102-511) (partial text) d. IFI Funding for Mines (Public Law 99-88) (partial text) 175 177 e. Foreign Operations Appropriations Instructions, Fiscal Year 1997 (Public Law 104-208) (partial text) 179 f. International Lending Supervision Act of 1983 (Title IX of Public Law 98-181) 181 g. Multilateral Development Banks-Sense of Congress (Title X of Public Law 98-181) (partial text) 190 h. Foreign Currency Reports (Public Law 93-110) (partial text) 192 197 198 200 1. National Advisory Council on International Monetary and Financial Policies (Executive Order 11269, as amended) 201 1. Authorization for U.S. Participation a. International Monetary Fund/World Bank Group (1) Bretton Woods Agreements Act, as amended (Public Law (4) International Development Association Act, as amended (5) Special Facility for Sub-Saharan Africa (Title I of H.R. 2253, as enacted into law by sec. 101(i) of Public Law 99–190) (6) International Finance Corporation Act, as amended (Public (7) Multilateral Investment Guarantee Agency Act (Title IV of H.R. 3570, as enacted into law by sec. 101(e) of Public Law b. Inter-American Development Bank (1) Inter-American Development Bank Act, as amended (Public (2) Inter-American Investment Corporation Act (Title II of S. c. Asian Development Bank Act, as amended (Public Law 89-369) d. African Development Bank Act (Public Law 97-35) (partial text) e. African Development Fund Act, as amended (Public Law 94-302) h. Bank for Economic Cooperation and Development in the Middle East and North Africa Act (Public Law 104-208) (partial text) b. Providing for the Participation by the United States in a Capital Stock Increase of the International Bank for Reconstruction and Development and a Replenishment of the African Development Fund (H.R. 4645, as reported by committee on September 22, 1988, as enacted into law by reference in Title V of Public Law 100- c. Providing for Increased Participation by the United States in the Inter-American Development Bank, the Asian Development Bank, and the African Development Fund (Public Law 96-259) (partial 3. Other Legislation Relating to International Financial Institutions c. Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992 (FREEDOM Support Act) (Public Law 102-511) (partial text) d. IFI Funding for Mines (Public Law 99-88) (partial text) 175 177 e. Foreign Operations Appropriations Instructions, Fiscal Year 1997 (Public Law 104-208) (partial text) 179 f. International Lending Supervision Act of 1983 (Title IX of Public Law 98-181) 181 g. Multilateral Development Banks-Sense of Congress (Title X of Public Law 98-181) (partial text) 190 h. Foreign Currency Reports (Public Law 93-110) (partial text) 192 i. Par Value Modification Act, as amended (Public Law 92–268) 197 198 200 1. National Advisory Council on International Monetary and Financial Policies (Executive Order 11269, as amended) 201 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)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, 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: "§31. 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 Inter-American Development Bank to restrain their military expenditures, and to preserve and strengthen free and democratic institutions.". 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 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) 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. 122 U.S.C. 286. 222 U.S.C. 286a. See sec. 3 of the International Finance Corporation Act, page 48. See sec. 3 of the International Development Association Act, page 39. 3 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”. 4 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. (d)(1) 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). |