§290k–3 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury must tell the United States Director on the Agency's Board to oppose, and try to get other board members to agree to oppose, any guarantee or investment support the Agency is considering if the investment would (1) be in a country that is not a "beneficiary developing country" under title V of the Trade Act of 1974 because it has not taken steps to protect internationally recognized workers' rights; (2) be tied to host‑country rules that distort trade and are likely to cause a significant net loss of U.S. jobs or other trade benefits to the United States; or (3) likely boost production in an industry that already has too much global capacity and would seriously harm U.S. producers. Within 12 months after the United States becomes a member of the Agency, and each year for the 3 succeeding years, the Secretary must carry out an independent review of U.S. investments the Agency guaranteed to determine the expected net effects on U.S. employment and exports and how many of those investments were in countries that had not taken steps to protect internationally recognized workers' rights.

Title 22, §290k–3

Foreign Relations and Intercourse — Source: USLM XML via OLRC

Consistent with the purposes of section 290k–2 of this title, the Secretary of the Treasury shall—

(1)instruct the United States Director to oppose, and to actively seek the concurrence of other members of the Board of Directors in opposing, any guarantee or other investment promotion under consideration by the Agency if the proposed investment would—

(A)be in any country which is not a beneficiary developing country for purposes of title V of the Trade Act of 1974 [19 U.S.C. 2461 et seq.] because it has not taken or is not taking steps to afford internationally-recognized workers’ rights to workers in that country;

(B)be subject to trade-distorting performance requirements imposed by the host country that are likely to result in a significant net reduction in—

(i)employment in the United States; or

(ii)other trade benefits likely to accrue to the United States from the investment; or

(C)likely increase a country’s productive capacity in an industry already facing excess worldwide capacity for the same, similar or competing product, and cause substantial injury to producers of such products in the United States; and

(2)within 12 months after the United States becomes a member of the Agency and each year thereafter for the 3 succeeding years, conduct an independent evaluation of the United States investments which have been guaranteed by the Agency to determine—

(A)the anticipated net impact of such investments on employment in and exports from the United States, and

(B)the extent to which such investments were made in countries which had not taken or are not taking steps to afford internationally-recognized workers’ rights to workers in those countries.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Trade Act of 1974, referred to in par. (1)(A), is Pub. L. 93–618, Jan. 3, 1975, 88 Stat. 1978. Title V of the Trade Act of 1974 is classified generally to subchapter V (§ 2461 et seq.) of chapter 12 of Title 19, Customs Duties. For complete classification of this Act to the Code, see section 2101 of Title 19 and Tables. Codification Section is based on section 406 of title IV of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by Pub. L. 100–202.

§290k–3 Opposition to certain guarantees or investment promotions; independent evaluation of guaranteed investments

Summary

Title 22, §290k–3

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata