§290m–7 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury can buy 150,000 more shares of the Bank for the United States. Any such buy only counts if Congress first approves the money in an appropriation law. Congress may provide up to $1,500,000,000, not tied to a fiscal year, to pay for the shares: $225,000,000 for paid‑in shares and $1,275,000,000 for callable shares.

Title 22, §290m–7

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)(1)The Secretary of the Treasury is authorized to subscribe on behalf of the United States to, and make payment for, 150,000 additional shares of the capital stock of the Bank.

(2)Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.

(b)(1)In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $1,500,000,000 for payment by the Secretary of the Treasury.

(2)Of the amount authorized to be appropriated under paragraph (1)—

(A)$225,000,000 shall be for paid in shares of the Bank; and

(B)$1,275,000,000 shall be for callable shares of the Bank.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2020—Pub. L. 116–260, § 601(a)(1), (2), provided that section 601 of Pub. L. 116–113 does not apply to this section and revived the provisions of this section as if such section 601 had not been enacted. See below. Pub. L. 116–113, § 601, which repealed this section effective on the date the USMCA entered into force (July 1, 2020), was made inapplicable to this section by section 601(a)(1), (2) of Pub. L. 116–260.

Statutory Notes and Related Subsidiaries

Effective Date

of 2020 AmendmentAmendment by Pub. L. 116–260 effective July 1, 2020, see section 601(h) of div. O of Pub. L. 116–260, set out as a note under section 81c of Title 19, Customs Duties.

§290m–7 First capital increase