22 U.S.C. § 286j — Use of Fund resources

submitted 81 years ago by ch. 339 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 176 words · no verdicts yet

in plain englishAI-generated · not legal advice

The U.S. governor and director at the IMF must get an official ruling on how far the Fund's authority to use its resources extends — including for relief, reconstruction, arms, or big capital outflows. If the IMF says its authority does reach that far, the U.S. governor must propose an amendment ruling that interpretation out. The President is authorized to accept such an amendment.

(a) Official interpretation of authority of Fund The governor and executive director of the IMF ("the Fund") appointed by the United States must promptly get an official interpretation from the Fund. The question: does the Fund's authority to use its resources go beyond normal monetary stabilization? Specifically, can it give temporary help to members facing seasonal, cyclical, or emergency swings in their balance of payments for current transactions? And does it have authority to use its resources for relief, reconstruction, or armaments, or to counter a large or sustained outflow of a member's capital? (b) Proposal of amendment If the Fund's interpretation answers "yes" to any of those questions, the U.S. governor of the Fund must promptly propose — and support — an amendment to the Fund's Articles of Agreement. That amendment would expressly rule out that interpretation. 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

(a) Official interpretation of authority of Fund

The governor and executive director of the Fund appointed by the United States are directed to obtain promptly an official interpretation by the Fund as to whether its authority to use its resources extends beyond current monetary stabilization operations to afford temporary assistance to members in connection with seasonal, cyclical, and emergency fluctuations in the balance of payment of any member for current transactions, and whether it has authority to use its resources to provide facilities for relief, reconstruction, or armaments, or to meet a large or sustained outflow of capital on the part of any member.

(b) Proposal of amendment

If the interpretation by the Fund answers in the affirmative any of the questions stated in subsection (a), the governor of the Fund representing the United States is directed to propose promptly and support an amendment to the Articles of Agreement for the purpose of expressly negativing such interpretation. 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, § 13, 59 Stat. 517.)

history & why it existsrecord from the source credit

1945Enacted · Act of July 31, 1945, ch. 339 · 59 Stat. 517

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

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