Title 22 — Foreign Relations and IntercourseRelease 119-73
§290g–8 Presidential instructions to United States Governor of the Fund to veto any use of funds to benefit a country pursuing a detrimental economic policy against United States interests; exceptions
Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XXII— - AFRICAN DEVELOPMENT FUND › § 290g–8
Summary
The President must tell the U.S. Governor at the Fund to have the U.S. executive director vote against any use of Fund money for a country that seized property from U.S. citizens or companies that are 50 percent or more U.S.-owned; tried to cancel or refuse to honor contracts with those U.S. parties; or used unfair taxes, rules, or other measures that effectively take or control that property.
Full Legal Text
Title 22, §290g–8
Foreign Relations and Intercourse — Source: USLM XML via OLRC
The President shall instruct the United States Governor of the Fund to cause the Executive Director representing the United States in the Fund to cast the votes of the United States against any loan or other utilization of the funds of the Fund for the benefit of any country which has—
(1)nationalized or expropriated or seized ownership or control of property owned by any United States citizen or by any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citizens;
(2)taken steps to repudiate or nullify existing contracts or agreements with any United States citizen or any corporation, partnership, or association not less than 50 per centum of which is beneficially owned by United States citizens; or
(3)imposed or enforced discriminatory taxes or other exactions, or restrictive maintenance or operational conditions, or has taken other actions, which have the effect of nationalizing, expropriating, or otherwise seizing ownership or control of property so owned;
Reference
Citations & Metadata
Citation
22 U.S.C. § 290g–8
Title 22 — Foreign Relations and Intercourse
Last Updated
Apr 6, 2026
Release point: 119-73