PRIA, Government Policy, Made Personal

Summary

The Secretary of the Treasury must discourage multilateral development banks from funding projects that will make goods or minerals for export when those exports will be in surplus on world markets at the time production starts. The Secretary must also tell the United States Executive Directors at those banks to use the U.S. voice and vote to oppose such financing when either (1) the export is subsidized in ways inconsistent with Article XVI.3 of GATT 1994 (as defined in section 3501(1)(B) of title 19) or Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures (referred to in section 3511(d)(12) of title 19) and no other non‑bank funding joins the project, or (2) the export is likely to be in surplus when production starts and its export would likely injure U.S. producers as defined in Article 15 of the Agreement on Subsidies and Countervailing Measures.

Title 22, §262n–2

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)The Secretary of the Treasury shall take all appropriate steps to discourage multilateral development banks from financing projects which will result in the production of commodities, products, or minerals for export that will be in surplus in world markets at the time such production begins.

(b)The Secretary of the Treasury shall instruct the United States Executive Directors of the multilateral development banks to use the voice and vote of the United States in the respective banks—

(1)to oppose financing by the respective bank of projects which produce, or will produce, commodities, products, or minerals for export if—

(A)the commodity, product, or mineral is subsidized in a manner which is inconsistent with Article XVI.3 of the GATT 1994 as defined in section 3501(1)(B) of title 19, or Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19; and

(B)support from financial sources other than multilateral development banks does not accompany such financing; and

(2)to oppose financing by the respective bank for production of a commodity, product, or mineral for export which—

(A)is likely to be in surplus on world markets at the time such production begins; and

(B)when exported, is likely to cause injury to United States producers within the meaning of Article 15 of the Agreement on Subsidies and Countervailing Measures referred to in subparagraph (A).

Notes & Related Subsidiaries

Editorial Notes

Codification section 1403 of Pub. L. 95–118 is based on section 701 of title VII of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by Pub. L. 100–202.

Amendments

1999—Subsec. (b)(1)(A). Pub. L. 106–36, § 1002(b)(1), substituted “GATT 1994 as defined in section 3501(1)(B) of title 19, or Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19” for “General Agreement on Tariffs and Trade or Article 10 of the Agreement on Interpretation and Application of Articles VI, XVI, and XXIII of the General Agreement on Tariffs and Trade”. Subsec. (b)(2)(B). Pub. L. 106–36, § 1002(b)(2), substituted “Article 15 of the Agreement on Subsidies and Countervailing Measures referred to in subparagraph (A)” for “Article 6 of the Agreement on Interpretation and Application of Articles VI, XVI, and XXIII of the General Agreement on Tariffs and Trade”.

Statutory Notes and Related Subsidiaries

Definitions The definitions in section 262p–5 of this title apply to this section.

§262n–2 Financing Projects for Production of Export Commodities, Products, or Minerals in Surplus in World Markets Discouraged; Instructions by Secretary of the Treasury to United States Executive Directors