ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

22 U.S.C. § 286dd — Fund bailouts of banks; rescheduling of debt

submitted 81 years ago by Pub. L. 98-181 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 95 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law tells the Treasury Secretary to instruct the U.S. director at the IMF on bank bailouts. The director must oppose IMF loans mainly used to repay banks' risky lending. The director must also push for responsible debt rescheduling.

The Secretary of the Treasury must instruct the United States Executive Director of the Fund to do two things. (1) Oppose and vote against any Fund loan to a member country if, in the director's judgment, the Fund's money would mainly be used to repay loans that banks made imprudently — carelessly or riskily — to that country. (2) Work to make sure the Fund encourages borrowing countries and banks to negotiate a rescheduling of debt where appropriate — one that follows safe, sound banking practices and matches what the country can actually afford to pay.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury shall instruct the United States Executive Director of the Fund—

(1)

to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and

(2)

to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropriate, a rescheduling of debt which is consistent with safe and sound banking practices and the country’s ability to pay.

Source credit: (July 31, 1945, ch. 339, § 46, as added Pub. L. 98–181, title I [title VIII, § 807], Nov. 30, 1983, 97 Stat. 1273.)

history & why it existsrecord from the source credit
  • 1945Enacted · Pub. L. 98-181 · 97 Stat. 1273

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-181 on 1945-07-31.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case