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Title 22 — Foreign Relations and IntercourseRelease 119-73not60

§286aaa Congressional Notification with Respect to Exceptional Access Lending

Title 22 › Chapter 7— INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter XV— INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT › § 286aaa

Last updated Apr 5, 2026|Official source

Summary

The U.S. Executive Director on the Fund’s board must not support any change to the Fund’s rules for exceptional access lending if the change would let a country that was previously ineligible get that lending, unless the Secretary of the Treasury sends a report to the House Financial Services Committee and the Senate Foreign Relations Committee at least 15 days before the Board considers the change. The report must explain why the change is proposed and how it would affect moral hazard (the chance countries take more risks) and the Fund’s repayment risk. The Secretary may shorten that 15-day notice to no less than 7 days if the Secretary tells the same two committees that the shorter notice is important to U.S. national interests and explains why.

Full Legal Text

Title 22, §286aaa

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The United States Executive Director at the Fund may not support any proposal that would alter the criteria used by the Fund for exceptional access lending if the proposal would permit a country that is ineligible, before the proposed alteration, to receive exceptional access lending, unless, not later than 15 days before consideration of the proposal by the Board of Executive Directors of the Fund, the Secretary of the Treasury has submitted to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate a report on the justification for the proposal and the effects of the proposed alteration on moral hazard and repayment risk at the Fund.
(b)The Secretary of the Treasury may reduce the applicable notice period required under subsection (a) to not less than 7 days on reporting to the Committee on Financial Services of the House of Representatives and Committee on Foreign Relations of the Senate that the reduction is important to the national interest of the United States, with an explanation of the reasons therefor.

Legislative History

Notes & Related Subsidiaries

Repeal of Section Pub. L. 118–47, div. F, title VII, § 7071(d)(2), Mar. 23, 2024, 138 Stat. 852, provided that, effective on the date that is 10 years after Mar. 23, 2024, this section is repealed.

Statutory Notes and Related Subsidiaries

Effective Date

of Repeal Pub. L. 118–47, div. F, title VII, § 7071(d)(2), Mar. 23, 2024, 138 Stat. 852, provided that the repeal of this section is effective on the date that is 10 years after Mar. 23, 2024.

Reference

Citations & Metadata

Citation

22 U.S.C. § 286aaa

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 5, 2026

Release point: 119-73not60