22 U.S.C. § 286i — Stabilization loans by Bank; amendment to Articles of Agreement

submitted 81 years ago by ch. 339 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 126 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. governor and director at the World Bank must quickly get an official ruling on whether the Bank can make or guarantee loans for economic reconstruction, including long-term stabilization loans. If the Bank says no, the U.S. governor must propose and support an amendment giving the Bank that power, after consulting the IMF. The President is authorized to accept such an amendment for the United States.

The governor and executive director of the World Bank ("the Bank") appointed by the United States must promptly get an official interpretation from the Bank. The question: does the Bank have authority to make or guarantee loans for programs of economic reconstruction and rebuilding monetary systems, including long-term stabilization loans? If the Bank rules that its powers do not include making or guaranteeing such loans, the U.S. governor of the Bank must promptly propose — and support — an amendment to the Bank's Articles of Agreement. That amendment would explicitly give the Bank this power, after it consults with the IMF. The President is authorized and directed to accept such an amendment on behalf of the United States.

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

The governor and executive director of the Bank appointed by the United States are directed to obtain promptly an official interpretation by the Bank as to its authority to make or guarantee loans for programs of economic reconstruction and the reconstruction of monetary systems, including long-term stabilization loans. If the Bank does not interpret its powers to include the making or guaranteeing of such loans, the governor of the Bank representing the United States is directed to propose promptly and support an amendment to the Articles of Agreement for the purpose of explicitly authorizing the Bank, after consultation with the Fund, to make or guarantee such loans. The President is authorized and directed to accept an amendment to that effect on behalf of the United States.

Source credit: (July 31, 1945, ch. 339, § 12, 59 Stat. 516.)

history & why it existsrecord from the source credit

1945Enacted · Act of July 31, 1945, ch. 339 · 59 Stat. 516

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

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