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22 U.S.C. § 286kFurther promotion of international economic relations

submitted 81 years ago by ch. 339 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 260 words · no verdicts yet

in plain englishAI-generated · not legal advice

It is U.S. policy to seek more international cooperation to expand and balance world trade, cut trade barriers, end unfair trade practices, and stabilize international economic relations. U.S. officials at the IMF and World Bank must weigh progress on this when setting U.S. lending policy. The President must share IMF information with congressional committees on request, within limits for sensitive material.

(a) Congressional declaration of policy Congress recognizes that more international economic cooperation is needed to expand and balance world trade, and to make the IMF and World Bank work better. It is U.S. policy to seek further agreement and cooperation among nations and international bodies, as soon as possible, on ways to: reduce obstacles and restrictions on international trade, eliminate unfair trade practices, promote mutually beneficial commercial relations, and otherwise expand and balance international trade while stabilizing international economic relations. When considering U.S. foreign lending policy — and the policies of the IMF and World Bank, especially in exchange transactions — the National Advisory Council and U.S. representatives at the Fund and Bank must carefully weigh the progress made toward this cooperation. (b) Transmittal of information to Congressional committees If any congressional committee with legislative or oversight power over monetary policy or the IMF asks, the President must give that committee relevant information the IMF has provided to any U.S. department or agency. The President must do this consistent with U.S. membership obligations at the IMF, and subject to limits appropriate to how sensitive the information is.
the actual law source: uscode.house.gov ↗public domain
(a) Congressional declaration of policy

In the realization that additional measures of international economic cooperation are necessary to facilitate the expansion and balanced growth of international trade and render most effective the operations of the Fund and the Bank, it is declared to be the policy of the United States to seek to bring about further agreement and cooperation among nations and international bodies, as soon as possible, on ways and means which will best reduce obstacles to and restrictions upon international trade, eliminate unfair trade practices, promote mutually advantageous commercial relations, and otherwise facilitate the expansion and balanced growth of international trade and promote the stability of international economic relations. In considering the policies of the United States in foreign lending and the policies of the Fund and the Bank, particularly in conducting exchange transactions, the Council and the United States representatives on the Fund and the Bank shall give careful consideration to the progress which has been made in achieving such agreement and cooperation.

(b) Transmittal of information to Congressional committees

The President shall, upon the request of any committee of the Congress with legislative or oversight jurisdiction over monetary policy or the International Monetary Fund, provide to such committee any appropriate information relevant to that committee’s jurisdiction which is furnished to any department or agency of the United States by the International Monetary Fund. The President shall comply with this provision consistent with United States membership obligations in the International Monetary Fund and subject to such limitations as are appropriate to the sensitive nature of the information.

Source credit: (July 31, 1945, ch. 339, § 14, 59 Stat. 517; Pub. L. 95–147, § 4(a)(2), Oct. 28, 1977, 91 Stat. 1228.)

history & why it existsrecord from the source credit
  • 1945Enacted · Act of July 31, 1945, ch. 339 · 59 Stat. 517
  • 1977Amended · Pub. L. 95-147 · 91 Stat. 1228

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

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