§262r–4 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury must send a written report by October 1 each year to the House Committees on Banking and Financial Services and Ways and Means and to the Senate Committees on Finance and Foreign Relations. The report must describe progress by the U.S. Executive Director in getting the IMF to adopt the reforms in section 262o–2 and progress by the IMF in carrying out the policies in section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001. After sending that report, and no later than March 1 each year, the Secretary must testify before the House Committee on Banking and Financial Services and the Senate Committee on Foreign Relations. The testimony must cover IMF reform, efforts to reform the international financial system, whether countries getting IMF help are meeting conditions, and how the IMF, multilateral development banks, and other multilateral finance bodies are implementing anti‑money‑laundering and counter‑terrorist‑financing standards.

Title 22, §262r–4

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)Not later than October 1 of each year, the Secretary of the Treasury shall submit to the Committees on Banking and Financial Services and on Ways and Means of the House of Representatives and the Committees on Finance and on Foreign Relations of the Senate a written report on (1) the progress (if any) made by the United States Executive Director at the International Monetary Fund in influencing the International Monetary Fund to adopt the policies and reform its internal procedures in the manner described in section 262o–2 of this title, and (2) the progress made by the International Monetary Fund in adopting and implementing the policies described in section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001.

(b)After submitting the report required by subsection (a) but not later than March 1 of each year, the Secretary of the Treasury shall appear before the Committee on Banking and Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate and present testimony on—

(1)any progress made in reforming the International Monetary Fund;

(2)the status of efforts to reform the international financial system;

(3)the compliance of countries which have received assistance from the International Monetary Fund with agreements made as a condition of receiving the assistance; and

(4)the status of implementation of international anti-money laundering and counterterrorist financing standards by the International Monetary Fund, the multilateral development banks, and other multilateral financial policymaking bodies.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001, referred to in subsec. (a)(2), is section 801(c)(1)(B) of Pub. L. 106–429, § 101(a) [title VIII], Nov. 6, 2000, 114 Stat. 1900, 1900A–65, which is not classified to the Code.

Amendments

2004—Subsec. (b)(4). Pub. L. 108–458 added par. (4). 2000—Subsec. (a). Pub. L. 106–429 inserted “(1)” after “a written report on” and inserted before period at end “, and (2) the progress made by the International Monetary Fund in adopting and implementing the policies described in section 801(c)(1)(B) of the Foreign Operations, Export Financing, and Related Programs Appropriations Act, 2001”. Pub. L. 106–200 substituted “Committees on Banking and Financial Services and on Ways and Means of the House of Representatives and the Committees on Finance and on Foreign Relations of the Senate” for “Committee on Banking and Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate”.

Statutory Notes and Related Subsidiaries

Change of Name

Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. Definitions The definitions in section 262r of this title apply to this section.

§262r–4 Annual report and testimony on state of international financial system, IMF reform, and compliance with IMF agreements