§262p–2 Instructions to United States Executive Directors for Extension of Credit

Summary

The Secretary of the Treasury must tell the United States Executive Directors at the International Bank for Reconstruction and Development and the International Development Association to start talks with other board members. They must propose that the banks take steps to increase poor people’s access to formal credit and require, where appropriate, that borrowing countries find and remove unreasonable legal and regulatory barriers to setting up or running lending organizations and to giving credit to microenterprises for small-scale economic activities. The Secretary must also tell the U.S. Executive Directors at the African Development Bank and the Asian Development Bank to discuss studying the Inter‑American Development Bank’s Program for the Financing of Small Projects and how it was tied into the bank, and to explore creating similar programs to lend to microenterprises. The National Advisory Council on International Monetary and Financial Policies must report to Congress each year on the status of these microenterprise credit efforts.