§286a — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The President must appoint a governor and executive directors for the Fund, and those people also serve the Bank in the same jobs. The governor serves for five years. Executive directors serve for two years and stay on until their replacements are named. The President must also appoint alternates for the governor and each executive director. Each alternate executive director must be chosen from people the executive director recommends. If Schedule D applies, the governor also serves as councillor, names an alternate councillor, and may name associates. No one may get pay from the United States for serving as governor, executive director, councillor, alternate, or associate. The Fund may not pay the U.S. executive director more than the rate for level IV of the Executive Schedule (section 5315, title 5) or the alternate more than level V (section 5316, title 5). The Secretary of the Treasury must tell the U.S. executive director to propose pay limits to the Fund’s Executive Board and report those proposals and any Board actions to Congress before February 1, 1979.

Title 22, §286a

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(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 a 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 as 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. 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)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)(1)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)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. 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.

(3)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.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1978—Subsec. (d). Pub. L. 95–435 designated existing provisions as par. (1) and added pars. (2) and (3). 1976—Subsec. (c). Pub. L. 94–564, § 2(1), amended subsec. (c) generally to provide that the Governor serve as councillor and designate an alternate and associates. Former provisions relating to compensation were included in subsec. (d). Subsec. (d). Pub. L. 94–564, § 2(2), added subsec. (d). 1973—Subsec. (b). Pub. L. 93–94 substituted “and an alternate for the governor of the Bank” for “who shall also serve as alternate for the governor of the Bank”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1976 Amendment Pub. L. 94–564, § 9, Oct. 19, 1976, 90 Stat. 2661, provided that: “The

Amendments

made by section 2, 3, 4, 5, 6, and 7 of this Act [amending this section, section 286c, 286e–2, 286o, 286q, and 286r of this title, and section 822a of former Title 31, Money and Finance] shall become effective upon the entry into force of the

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to the Articles of Agreement of the International Monetary Fund approved in Resolution Numbered 31–4 of the Board of Governors of the Fund.” Such

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entered into force Apr. 1, 1978. Levels of Fund Salaries and Minimization of Travel Costs Pub. L. 96–389, § 9, Oct. 7, 1980, 94 Stat. 1554, provided that: “The United States Executive Director to the Fund shall seek to insure (a) that Fund salaries do not exceed those levels endorsed by the Fund Bank Joint Committee on Staff Compensation Issues; and (b) that travel costs are minimized by limiting first class and supersonic travel to instances where no reasonable alternative exists.”

§286a Appointments

Summary

Title 22, §286a

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Statutory Notes and Related Subsidiaries

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