22 U.S.C. § 286e–1i: Increase in United States…

Summary

The U.S. Governor for the Fund may agree to raise the United States quota by 5,310,800,000 Special Drawing Rights, but only if Congress has already provided the money in advance in appropriations laws. The Treasury Secretary must meet with the chair and top minority member of key House and Senate committees (House Banking, Finance and Urban Affairs and Appropriations; Senate Foreign Relations, Appropriations, and Banking, Housing, and Urban Affairs, and their subcommittees) to discuss the government’s position and Congress’s views on any IMF quota increase that would require more U.S. money. Those talks must happen at least 30 days before talks start, often during negotiations, and before any session where U.S. reps could agree to the increase.

Title 22, §286e–1i

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 5,310,800,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.

(b)(1)The Secretary of the Treasury shall consult with the chairman and the ranking minority member of—

(A)the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and any appropriate subcommittee of each such committee; and

(B)the committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any appropriate subcommittee of each such committee,

for purposes of discussing the position of the executive branch and the views of the Congress with respect to any international negotiations being held to consider any future quota increase for the International Monetary Fund which may involve an increased contribution, subscription, or loan by the United States.

(2)Such consultation shall be made—

(A)not later than thirty days before the initiation of such international negotiations;

(B)during the period in which such negotiations are being held, in a frequent and timely manner; and

(C)before a session of such negotiations is held at which the United States representatives may agree to such quota increase.

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Change of Name

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub. L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

§286e–1i Increase in United States Quota; Consultations with Congress

Summary

Title 22, §286e–1i

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Change of Name

Citations & Metadata