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22 U.S.C. § 286iiLimitations on Bank policy based lending; actions required to be taken to oppose excessive policy based lending by Bank

submitted 38 years ago by Pub. L. 100-461 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 277 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary must push the World Bank to cap policy-based loans (other than debt-reduction loans) at 25% of all loans made in a fiscal year. The Bank must also cap policy-based loans to any one country's government at 50% of all loans to that government over any three-year stretch. These caps apply to Bank fiscal years after June 30, 1989.

The Secretary of the Treasury must: (1) Take all necessary steps to get the World Bank ("the Bank") to limit two things (not counting the debt-reduction loans described in section 286hh(b)): (A) the total value of policy-based loans the Bank makes in any Bank fiscal year starting after June 30, 1989, to 25 percent of all loans the Bank makes that year; and (B) the total value of policy-based loans the Bank makes to any one country's government in any Bank fiscal year starting after June 30, 1989 — measured over any period of three straight Bank fiscal years (skipping any year the Bank made no policy-based loan to that government) — to 50 percent of all loans the Bank made to that government over that three-year period. (2) Instruct the U.S. Executive Director at the Bank to propose and actively push the Bank's Board of Executive Directors to adopt these limits as official Bank policy for Bank fiscal years 1990 through 1995. (3) Until that resolution is adopted, work with the Secretary of State to discuss with other member governments and secure their agreement and cooperation on adopting these limits.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury shall—

(1)

take all necessary steps to encourage the International Bank for Reconstruction and Development to limit—

(A)

the aggregate value of the policy based loans made by such bank (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, to 25 percent of the aggregate value of all loans made by such bank in such fiscal year; and

(B)

the aggregate value of the policy based loans made by such bank to the government of a particular country (other than for the purpose described in section 286hh(b) of this title) in any fiscal year of such bank beginning after June 30, 1989, and occurring during any period of 3 consecutive fiscal years of such bank (determined after disregarding any such fiscal year in which such bank did not make a policy based loan to such government), to 50 percent of the aggregate value of all loans made by such bank to such government during such 3-year period;

(2)

instruct the United States Executive Director of such bank to propose and actively seek the adoption by the board of Executive Directors of such bank of a resolution establishing as official bank operating policy for fiscal years 1990 through 1995 of such bank the limits specified in paragraph (1); and

(3)

until the resolution described in paragraph (2) is adopted, undertake, in consultation with the Secretary of State, discussions with other member country governments to secure the consent and cooperation of such governments with respect to the adoption of the limits specified in paragraph (1).

Source credit: (Pub. L. 100–461, title V, § 555, Oct. 1, 1988, 102 Stat. 2268–36.)

history & why it existsrecord from the source credit
  • 1988Enacted · Pub. L. 100-461 · 102 Stat. 2268

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-461 on 1988-10-01.

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