§290g–8 Presidential Instructions to United States Governor of the Fund to Veto Any Use of Funds to Benefit a Country Pursuing a Detrimental Economic Policy Against United States Interests; Exceptions

Summary

The President must tell the United States Governor of the Fund to have the U.S. Executive Director vote against any loan or other use of the Fund’s money that would help a country that has harmed U.S. property or contracts. The rule covers three situations: the country has nationalized, expropriated, or seized property owned by any U.S. citizen or by a company, partnership, or association at least 50 percent owned by U.S. citizens; the country has tried to cancel or refuse to honor contracts with such U.S. persons or entities; or the country has used discriminatory taxes, fees, or restrictive rules that effectively seize or control such property.