22 U.S.C. § 286e–1i — Increase in United States quota; consultations with Congress

submitted 81 years ago by Pub. L. 98-181 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 225 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. Governor of the IMF agree to raise the U.S. quota by 5.31 billion Special Drawing Rights, but only with Congress's funding. It also requires the Treasury Secretary to consult key House and Senate committees before, during, and just before any future quota talks.

(a) The United States Governor of the Fund may consent to an increase in the U.S. quota at the Fund, equal to 5,310,800,000 Special Drawing Rights. This authority is limited to whatever amount Congress appropriates in advance. (b) The Secretary of the Treasury must consult with the chairman and ranking minority member of (A) the House Committee on Banking, Finance and Urban Affairs, the House Committee on Appropriations, and any relevant subcommittees of each; and (B) the Senate Committee on Foreign Relations, the Senate Committee on Appropriations, and the Senate Committee on Banking, Housing, and Urban Affairs, and any relevant subcommittees of each. The point of this consultation is to discuss the executive branch's position and Congress's views on any international talks about a future IMF quota increase that could mean a bigger U.S. contribution, subscription, or loan. This consultation must happen: (A) no later than 30 days before those international negotiations begin; (B) often and in a timely way while the negotiations are underway; and (C) before any negotiating session where U.S. representatives might agree to the quota increase.

the actual law source: uscode.house.gov ↗public domain

(a)

The United States Governor of the Fund is authorized to consent to an increase in the quota of the United States in the Fund equivalent to 5,310,800,000 Special Drawing Rights, limited to such amounts as are provided in advance in appropriations Acts.

(b)

(1)

The Secretary of the Treasury shall consult with the chairman and the ranking minority member of—

(A)

the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and any appropriate subcommittee of each such committee; and

(B)

the committee on Foreign Relations, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate, and any appropriate subcommittee of each such committee,

for purposes of discussing the position of the executive branch and the views of the Congress with respect to any international negotiations being held to consider any future quota increase for the International Monetary Fund which may involve an increased contribution, subscription, or loan by the United States.

(2)

Such consultation shall be made—

(A)

not later than thirty days before the initiation of such international negotiations;

(B)

during the period in which such negotiations are being held, in a frequent and timely manner; and

(C)

before a session of such negotiations is held at which the United States representatives may agree to such quota increase.

Source credit: (July 31, 1945, ch. 339, § 41, as added Pub. L. 98–181, title I [title VIII, § 802(a)(4)], Nov. 30, 1983, 97 Stat. 1268.)

history & why it existsrecord from the source credit

1945Enacted · Pub. L. 98-181 · 97 Stat. 1268

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

no arguments yet — make the first case