§286c — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Congress must approve by law before the President, any U.S. official, or any agency can agree to major changes involving the IMF or the World Bank for the United States. That includes changing the U.S. quota or the dollar’s official value at the IMF, subscribing to more World Bank stock, accepting amendments to the IMF or Bank agreements, making loans to the IMF or World Bank, approving IMF gold sales, or voting for a Bank capital increase that would raise the U.S. share. The Secretary of the Treasury can allow an IMF gold sale only if he or she certifies to Congress that the sale is needed to return gold to members, to give the IMF liquidity to meet member claims, or to address threats to global financial stability. Also, the United States cannot agree to IMF borrowing in U.S. dollars (except from foreign governments or other official public sources) unless the Treasury Secretary notifies both Houses of Congress at least 60 days before the planned borrowing.

Title 22, §286c

Foreign Relations and Intercourse — Source: USLM XML via OLRC

Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change in the quota of the United States under article III, section 2(a), of the Articles of Agreement of the Fund; (b) propose a par value for the United States dollar under paragraph 2, paragraph 4, or paragraph 10 of schedule C of the Articles of Agreement of the Fund; (c) propose any change in the par value of the United States dollar under paragraph 6 of schedule C of the Articles of Agreement of the Fund, or approve any general change in par values under paragraph 11 of schedule C; (d) subscribe to additional shares of stock under article II, section 3, of the Articles of Agreement of the Bank; (e) accept any amendment under article XXVIII of the Articles of Agreement of the Fund or Article VIII of the Articles of Agreement of the Bank; (f) make any loan to the Fund or the Bank; or (g) approve any disposition of Fund gold, unless the Secretary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its members, or for the Fund to provide liquidity that will enable the Fund to meet member country claims on the Fund or to meet threats to the systemic stability of the international financial system. Unless Congress by law authorizes such action, no governor or alternate appointed to represent the United States shall vote for an increase of capital stock of the Bank under article II, section 2, of the Articles of Agreement of the Bank, if such increase involves an increased subscription on the part of the United States. Neither the President nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign government or other official public source) by the Fund of funds denominated in United States dollars, unless the Secretary of the Treasury transmits a notice of such proposed borrowing to both Houses of the Congress at least 60 days prior to the date on which such borrowing is scheduled to occur.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1999—Pub. L. 106–113, which directed substitution of “approve any disposition of Fund gold, unless the Secretary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its members, or for the Fund to provide liquidity that will enable the Fund to meet member country claims on the Fund or to meet threats to the systemic stability of the international financial system.” for “approve either the disposition of more than 25 million ounces of Fund gold for the benefit of the Trust Fund established by the Fund on May 6, 1976, or the establishment of any additional trust fund whereby resources of the International Monetary Fund would be used for the special benefit of a single member, or of a particular segment of the membership, of the Fund.” in cl. (g) of first sentence, was executed by making the substitution for text which ended with “the fund.” rather than “the Fund.”, to reflect the probable intent of Congress. 1983—Pub. L. 98–181 inserted provision prohibiting the President or any person or agency from consenting to a borrowing of funds denominated in dollars unless notice of such borrowing is transmitted to Congress at least 60 days prior to such borrowing. 1977—Pub. L. 95–147 added to cl. (g) provisions relating to disposition of more than 25 million ounces of Fund gold for the benefit of the Trust Fund. 1976—Pub. L. 94–564 amended cls. (a) to (g) generally. 1965—Pub. L. 89–126 inserted “if such increase involves an increased subscription on the part of the United States”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1976 AmendmentAmendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title.

§286c Congressional Authorization Needed for Certain Actions