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22 U.S.C. § 286cCongressional authorization needed for certain actions

submitted 81 years ago by ch. 339 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 368 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law blocks the President and officials from taking several IMF and World Bank actions without Congress's approval. It covers changing the U.S. quota, changing the dollar's value, buying more Bank shares, and more. Congress must also get 60 days' notice before certain Fund borrowing.

This section lists several actions that neither the President nor any other person or agency may take on behalf of the United States, unless Congress passes a law authorizing it first: (a) requesting or agreeing to change the United States' quota under Article III, Section 2(a) of the Fund's Articles of Agreement; (b) proposing a par value for the U.S. dollar under paragraphs 2, 4, or 10 of Schedule C of the Fund's Articles; (c) proposing a change to the dollar's par value under paragraph 6 of Schedule C, or approving a general change in par values under paragraph 11 of Schedule C; (d) subscribing to additional shares of Bank stock under Article II, Section 3 of the Bank's Articles; (e) accepting an amendment under Article XXVIII of the Fund's Articles or Article VIII of the Bank's Articles; (f) making a loan to the Fund or the Bank; or (g) approving any disposal of the Fund's gold — unless the Secretary certifies to Congress that the disposal is necessary either to return gold to Fund members or to give the Fund enough liquidity to meet member countries' claims or handle threats to the stability of the international financial system. Separately, unless Congress authorizes it, no U.S. governor or alternate may vote to increase the Bank's capital stock under Article II, Section 2, if that increase would require a bigger U.S. subscription. And neither the President nor any other person or agency may, on the United States' behalf, agree to let the Fund borrow U.S. dollars — except from a foreign government or another official public source — unless the Secretary of the Treasury first sends notice of the proposed borrowing to both houses of Congress, at least 60 days before the borrowing is due to happen.
the actual law source: uscode.house.gov ↗public domain

Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change in the quota of the United States under article III, section 2(a), of the Articles of Agreement of the Fund; (b) propose a par value for the United States dollar under paragraph 2, paragraph 4, or paragraph 10 of schedule C of the Articles of Agreement of the Fund; (c) propose any change in the par value of the United States dollar under paragraph 6 of schedule C of the Articles of Agreement of the Fund, or approve any general change in par values under paragraph 11 of schedule C; (d) subscribe to additional shares of stock under article II, section 3, of the Articles of Agreement of the Bank; (e) accept any amendment under article XXVIII of the Articles of Agreement of the Fund or Article VIII of the Articles of Agreement of the Bank; (f) make any loan to the Fund or the Bank; or (g) approve any disposition of Fund gold, unless the Secretary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its members, or for the Fund to provide liquidity that will enable the Fund to meet member country claims on the Fund or to meet threats to the systemic stability of the international financial system. Unless Congress by law authorizes such action, no governor or alternate appointed to represent the United States shall vote for an increase of capital stock of the Bank under article II, section 2, of the Articles of Agreement of the Bank, if such increase involves an increased subscription on the part of the United States. Neither the President nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign government or other official public source) by the Fund of funds denominated in United States dollars, unless the Secretary of the Treasury transmits a notice of such proposed borrowing to both Houses of the Congress at least 60 days prior to the date on which such borrowing is scheduled to occur.

Source credit: (July 31, 1945, ch. 339, § 5, 59 Stat. 514; Pub. L. 89–126, § 1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94–564, § 3, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–147, § 4(a)(1), Oct. 28, 1977, 91 Stat. 1228; Pub. L. 98–181, title I [title VIII, § 811], Nov. 30, 1983, 97 Stat. 1274; Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A–317.)

history & why it existsrecord from the source credit
  • 1945Enacted · Act of July 31, 1945, ch. 339 · 59 Stat. 514
  • 1965Amended · Pub. L. 89-126 · 79 Stat. 519
  • 1976Amended · Pub. L. 94-564 · 90 Stat. 2660
  • 1977Amended · Pub. L. 95-147 · 91 Stat. 1228
  • 1983Amended · Pub. L. 98-181 · 97 Stat. 1274
  • 1999Amended · Pub. L. 106-113 · 113 Stat. 1536, 1501

A history note hasn’t been published yet. The record shows enactment by ch. 339 on 1945-07-31.

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