§262o–1 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury must tell the United States Executive Directors at international financial institutions (as the law defines) to promote global economic growth by checking if a borrowing government does three things: give full yearly data on military spending, build honest and publicly accountable government and end too much military control of the economy, and make big cuts in excessive military spending and forces. The Treasury must also tell those U.S. Directors to push each institution to watch and influence government budgets so more money goes to development instead of wasteful military costs, back loans that help governments improve governance and cut military spending, and consider a government’s record on these issues when deciding on loans and resources.

Title 22, §262o–1

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)(1)The Secretary of the Treasury shall instruct the United States Executive Directors of the international financial institutions (as defined in section 262r(c)(2) of this title) to promote growth in the international economy by taking into account, when considering whether to support or oppose loan proposals at these institutions, the extent to which the recipient government has demonstrated a commitment to achieving the following goals:

(A)to provide accurate and complete data on the annual expenditures and receipts of the armed forces;

(B)to establish good and publicly accountable governance, including an end to excessive military involvement in the economy; and

(C)to make substantial reductions in excessive military spending and forces.

(b)The Secretary of the Treasury shall instruct the United States Executive Directors of the international financial institutions (as so defined) to promote a policy at each institution under which—

(1)the respective institution monitors closely and, through regular policy consultations with recipient governments, seeks to influence the composition of public expenditure in favor of funding growth and development priorities and away from unproductive expenditure, including excessive military expenditures;

(2)the respective institution supports lending operations which assist efforts of recipient governments to promote good governance, including public participation, and reduce military expenditures; and

(3)the allocation of resources and the extension of credit by the respective institution takes into account the performance of recipient governments in the areas of good governance, ending excessive military involvement in the economy and reducing excessive military expenditures.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262o–1 Military spending by recipient countries; military involvement in economies of recipient countries

Summary

Title 22, §262o–1

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Citations & Metadata