22 U.S.C. § 262r — Annual report by Chairman of National Advisory Council on International Monetary and Financial Policies

(a) In general The Chairman must report every year to the Speaker of the House, the President of the Senate, and the President of the United States on how the U.S. takes part in international financial institutions. The report is due to the Speaker and Senate President by April 1 each year, covering the prior fiscal year — except the fiscal year 1989 report, which was due by June 1, 1990. (b) Contents of reports Each report must include: (1) Data and explanations about how effective the international financial institutions are, their operations and policies, plus recommendations and any other material the Chairman thinks is appropriate; (2) Reports on any specific issue that another law requires to be included in the National Advisory Council's report, as that requirement existed just before December 19, 1989; (3) A description of every loan or other financial assistance any international financial institution approved during the year, and a discussion of how it will benefit people — especially poor people — in the recipient country; (4) A review of how well the multilateral development banks have succeeded in reducing or ending import restrictions and unfair export subsidies that (A) are inconsistent with international agreements, and (B) seriously hurt the United States; (5) A description of actions taken and progress made under section 286cc(a) and (b); (6) The report required by section 2018(c) of the International Narcotics Act of 1986, covering actions and progress encouraging the banks to fund drug eradication and crop substitution; (7) A description of progress by the U.S. IMF representative toward the goals in section 286kk; (8) A description of the status of bank procedures specifically meant to increase the poor's productive role in borrower economies; (9) In consultation with the State Department, a report on progress toward the goals of title VII (other than section 262e), including information required under section 262d(c), and — for fiscal year 1990 — the report described in section 262p–4h; (10) In consultation with the State Department and USAID Administrator, an assessment of progress implementing title XIII's goals; and (11) A report on (A) progress transforming government-owned enterprises into privately owned ones as described in section 262p–4g(b); (B) how the resulting privately owned enterprises are performing; and (C) how development finance companies are helping strengthen the private sector in member borrowing countries. (c) Definitions For this title and titles XVIII and XIX: (1) "Chairman" means the Chairman of the National Advisory Council on International Monetary and Financial Policies. (2) "International financial institutions" means the IMF, World Bank, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank, the Bank for Economic Cooperation and Development in the Middle East and North Africa, and the Inter-American Investment Corporation. (3) "Multilateral development institutions" means the international financial institutions other than the IMF. (4) "Multilateral development banks" means the multilateral development institutions other than the Multilateral Investment Guarantee Agency. (d) Testimony required If the House Banking, Finance and Urban Affairs Committee asks, the Chairman must testify to support and explain each annual report. If the President has given someone other than the Chairman authority to manage U.S. participation in these institutions (under the Reorganization Plan No. 4 of 1965), that person must also, if the Committee asks, join the Chairman and testify about the report. In their testimony, the Chairman and any such other person must assess: how effective the international financial institutions are, the main issues affecting U.S. participation, major developments over the past year, prospects for the coming year, U.S. policy goals for these institutions, and any specific questions Committee members raise. (e) Advisory Committee on IMF policy (1) In general — The Treasury Secretary should set up an International Monetary Fund Advisory Committee. (2) Membership — The Secretary should appoint members after consulting relevant organizations, including representatives from industry, agriculture, organized labor, banking and financial services, and nongovernmental environmental and human rights organizations.