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22 U.S.C. § 262n–2Financing projects for production of export commodities, products, or minerals in surplus in world markets discouraged; instructions by Secretary of the Treasury to United States Executive Directors

submitted 39 years ago by Pub. L. 95-118 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 234 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary must discourage development banks from funding projects that oversupply world commodity markets. U.S. bank representatives must oppose financing for improperly subsidized exports. They must also oppose financing likely to injure U.S. producers through oversupply.

(a) The Secretary of the Treasury must take all appropriate steps to discourage multilateral development banks from financing projects that will produce commodities, products, or minerals for export that will be in surplus on world markets once production starts. (b) The Secretary of the Treasury must instruct the U.S. Executive Directors of the multilateral development banks to use America's voice and vote at each bank: (1) To oppose bank financing of projects that produce, or will produce, commodities, products, or minerals for export if: (A) The commodity, product, or mineral is subsidized in a way inconsistent with Article XVI.3 of the GATT 1994 (as defined in section 3501(1)(B) of title 19) or Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures (referred to in section 3511(d)(12) of title 19); and (B) Financing from sources other than multilateral development banks isn't also supporting the project. (2) To oppose bank financing for producing a commodity, product, or mineral for export that: (A) Is likely to be in surplus on world markets once production starts; and (B) Would likely, once exported, injure U.S. producers, within the meaning of Article 15 of the Agreement on Subsidies and Countervailing Measures mentioned in subparagraph (A).
the actual law source: uscode.house.gov ↗public domain
(a)

The Secretary of the Treasury shall take all appropriate steps to discourage multilateral development banks from financing projects which will result in the production of commodities, products, or minerals for export that will be in surplus in world markets at the time such production begins.

(b)

The Secretary of the Treasury shall instruct the United States Executive Directors of the multilateral development banks to use the voice and vote of the United States in the respective banks—

(1)

to oppose financing by the respective bank of projects which produce, or will produce, commodities, products, or minerals for export if—

(A)

the commodity, product, or mineral is subsidized in a manner which is inconsistent with Article XVI.3 of the GATT 1994 as defined in section 3501(1)(B) of title 19, or Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures referred to in section 3511(d)(12) of title 19; and

(B)

support from financial sources other than multilateral development banks does not accompany such financing; and

(2)

to oppose financing by the respective bank for production of a commodity, product, or mineral for export which—

(A)

is likely to be in surplus on world markets at the time such production begins; and

(B)

when exported, is likely to cause injury to United States producers within the meaning of Article 15 of the Agreement on Subsidies and Countervailing Measures referred to in subparagraph (A).

Source credit: (Pub. L. 95–118, title XIV, § 1403, as added Pub. L. 100–202, § 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329–131, 1329–134; amended Pub. L. 106–36, title I, § 1002(b), June 25, 1999, 113 Stat. 133.)

history & why it existsrecord from the source credit
  • 1987Enacted · Pub. L. 95-118 · 101 Stat. 1329
  • 1999Amended · Pub. L. 106-36 · 113 Stat. 133

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-118 on 1987-12-22.

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