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22 U.S.C. § 286e–12Contribution to Interest Subsidy Account of Enhanced Structural Adjustment Facility of International Monetary Fund

submitted 81 years ago by Pub. L. 101-240 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 115 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor of the IMF contribute $150 million to a special fund that subsidizes interest on Fund loans. The commitment can only happen after Congress appropriates the money. Congress authorizes up to that same $150 million.

(a) Contribution authorized. The United States Governor of the Fund may contribute $150,000,000, on behalf of the United States, to the Interest Subsidy Account of the Fund's Enhanced Structural Adjustment Facility. But the Governor cannot actually commit to that contribution until Congress has appropriated an equal amount for this purpose. (b) Limitation on authorization of appropriations. To pay for this contribution, Congress authorizes up to $150,000,000 to be appropriated, with no fiscal-year deadline. The Secretary of the Treasury makes the payment.
the actual law source: uscode.house.gov ↗public domain
(a) Contribution authorized
(1) In general

Subject to paragraph (2), the United States Governor of the Fund may contribute $150,000,000 to the Interest Subsidy Account of the Enhanced Structural Adjustment Facility of the Fund on behalf of the United States.

(2) Condition

The United States Governor of the Fund may not make a commitment to contribute any amount authorized to be contributed under paragraph (1) before an amount equal to such amount has been appropriated for such purpose.

(b) Limitation on authorization of appropriations

To pay for the contribution authorized by subsection (a), there are authorized to be appropriated not to exceed $150,000,000, without fiscal year limitation, for payment by the Secretary of the Treasury.

Source credit: (July 31, 1945, ch. 339, § 54, as added Pub. L. 101–240, title III, § 301, Dec. 19, 1989, 103 Stat. 2500.)

history & why it existsrecord from the source credit
  • 1945Enacted · Pub. L. 101-240 · 103 Stat. 2500

A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-240 on 1945-07-31.

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