22 U.S.C. § 283c — Congressional authorization needed for certain actions
submitted 67 years ago by Pub. L. 86-147 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 184 words · no verdicts yet
Without a law from Congress, the President cannot commit the U.S. to buy more Bank stock, change the U.S. quota, accept certain amendments, or lend money to the Bank. The U.S. governor also cannot vote for capital or fund increases without that same congressional approval.
Unless Congress passes a law allowing it, neither the President nor anyone acting for the United States may, on the country's behalf: (a) subscribe to additional shares of stock under article II, section 3, or article IIA, section 2, of the agreement; (b) ask for or agree to any change in the United States' quota under article IV, section 3, of the agreement; (c) accept any amendment made under article XII of the agreement; or (d) make a loan or give other financing to the Bank. There is an exception to (d): a U.S. agency that Congress created and specifically authorized by law to make loans or give financing to international organizations may still do so for the Bank.
Separately, unless Congress passes a law allowing it, no governor or alternate representing the United States may vote in favor of increasing the Bank's capital stock under article II, section 2, or article IIA, section 1, of the agreement, or in favor of increasing the resources of the Fund for Special Operations under article IV, section 3(g) of the agreement.
Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional shares of stock under article II, section 3, or article IIA, section 2, of the agreement; (b) request or consent to any change in the quota of the United States under article IV, section 3, of the agreement; (c) accept any amendment under article XII of the agreement; or (d) make a loan or provide other financing to the Bank, except that loans or other financing may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to make loans or provide other financing to international organizations. Unless Congress by law authorizes such actions, no governor or alternate appointed to represent the United States shall vote for any increase of capital stock of the Bank under article II, section 2, or article IIA, section 1, of the agreement or any increase in the resources of the Fund for Special Operations under article IV, section 3(g) thereof.
Source credit: (Pub. L. 86–147, § 5, Aug. 7, 1959, 73 Stat. 299; Pub. L. 94–302, title I, § 103(a)(2), May 31, 1976, 90 Stat. 593.)
- 1959Enacted · Pub. L. 86-147 · 73 Stat. 299
- 1976Amended · Pub. L. 94-302 · 90 Stat. 593
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-147 on 1959-08-07.
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