22 U.S.C. § 262o–1: Military spending by…

Summary

The Treasury Secretary must tell U.S. representatives at international financial institutions to consider, when deciding whether to support or oppose loans, how much a country shows it will: give accurate yearly numbers for military spending and income; have open, accountable government and stop too much military control of the economy; and make large cuts in excessive military spending and forces. The Treasury Secretary must also tell those U.S. representatives to push each institution to watch and try to shift public spending toward growth and development and away from waste (including excess military costs); to back loans that help governments improve governance, public participation, and cut military spending; and to factor a government's progress on these goals into lending and credit decisions.

Title 22, §262o–1

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Consideration of commitment to achieving certain goals

(1)In general

The Secretary of the Treasury shall instruct the United States Executive Directors of the international financial institutions (as defined in section 262r(c)(2) of this title) to promote growth in the international economy by taking into account, when considering whether to support or oppose loan proposals at these institutions, the extent to which the recipient government has demonstrated a commitment to achieving the following goals:

(A)to provide accurate and complete data on the annual expenditures and receipts of the armed forces;

(B)to establish good and publicly accountable governance, including an end to excessive military involvement in the economy; and

(C)to make substantial reductions in excessive military spending and forces.

(b)Steps to achieve goals required

The Secretary of the Treasury shall instruct the United States Executive Directors of the international financial institutions (as so defined) to promote a policy at each institution under which—

(1)the respective institution monitors closely and, through regular policy consultations with recipient governments, seeks to influence the composition of public expenditure in favor of funding growth and development priorities and away from unproductive expenditure, including excessive military expenditures;

(2)the respective institution supports lending operations which assist efforts of recipient governments to promote good governance, including public participation, and reduce military expenditures; and

(3)the allocation of resources and the extension of credit by the respective institution takes into account the performance of recipient governments in the areas of good governance, ending excessive military involvement in the economy and reducing excessive military expenditures.

Statutory Notes and Related Subsidiaries

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

§262o–1 Military Spending by Recipient Countries; Military Involvement in Economies of Recipient Countries

Summary

Title 22, §262o–1

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Citations & Metadata