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

Summary

The Secretary of the Treasury must tell the U.S. Executive Director at the International Monetary Fund to oppose any IMF loan or credit to a Communist dictatorship unless the Secretary certifies in writing, gives the paperwork if asked, and notifies—and appears if asked—before the Senate Foreign Relations Committee, the Senate Banking, Housing, and Urban Affairs Committee, and the House Banking, Finance, and Urban Affairs Committee at least 21 days before any vote on the loan that the loan— It will fix the country’s balance of payments and make it sustainable; it will reduce the severe limits on moving labor and capital and help market forces; and it is in the best economic interest of the majority of people in that country.

Title 22, §286aa

Foreign Relations and Intercourse — Source: USLM XML via OLRC

The Congress hereby finds that Communist dictatorships result in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contribute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any Communist dictatorship, unless the Secretary of the Treasury certifies and documents in writing upon request and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing that such drawing—

(1)provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of payments position;

(2)would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and

(3)is in the best economic interest of the majority of the people in that country.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1993—Pub. L. 103–149 struck out “(a)” before “The Congress” and struck out subsec. (b) which related to use of International Monetary Fund credit by any country which practices apartheid.

Statutory Notes and Related Subsidiaries

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. 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.

§286aa Instructions to United States Executive Director; Communist dictatorships