22 U.S.C. § 286z — Collection and exchange of information on monetary and financial problems
submitted 81 years ago by Pub. L. 98-181 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 432 words · no verdicts yet
Congress finds that a lack of good information about international borrowing and lending threatens the stability of the world monetary system, and wants the IMF to fix that. The Treasury Secretary must push the IMF to adopt procedures for quarterly collection and public sharing of credit data between banks and public/private borrowers across member countries. The President can require any person under U.S. jurisdiction to supply information the IMF needs for this purpose.
(a) Sense of Congress
Congress finds that: (1) not enough information is available to let IMF members make sound decisions about their public and private international borrowing, and to let lenders make sound decisions about international lending — and this threatens the stability of the international monetary system; and (2) since the IMF, under Article VIII of its Articles of Agreement, is supposed to act as a center for collecting and exchanging information on monetary and financial problems, the IMF should adopt measures to make sure more complete and timely financial information is available.
(b) Initiation by United States Executive Director of discussions with other Directors; adoption of procedures
To this end, the Secretary of the Treasury must instruct the U.S. Executive Director of the IMF to start discussions with other Fund directors and Fund management, and to propose and vote for procedures within the Fund that would: (1) collect and share information quarterly, from and to Fund members (and other appropriate persons), about (A) credit extended by banks or non-banks to private and public entities — including government entities, instrumentalities, and central banks of member countries; and (B) the receipt of that credit by those entities, where the lending banks or non-banks are not mainly based in the borrowing country; and (2) publicly share information the Fund develops from this collection, and review and comment on efforts to improve the information base used for international borrowing and lending decisions.
(c) "Credit" defined
For this section, "credit" includes: (1) outstanding loans to private and public entities — including government entities, instrumentalities, and central banks of any member; and (2) unused lines of credit made available to those entities — where the loans or credit lines are repayable in freely convertible currency.
(d) Providing necessary information
The President is authorized to use the authority under section 286f to require any person (as defined in that section) under U.S. jurisdiction to provide information the Fund determines it needs to carry out this section.
It is the sense of the Congress that—
the lack of sufficient information currently available to allow members of the Fund to make sound and prudent decisions concerning their public and private sector international borrowing, and to allow lenders to make sound and prudent decisions concerning their international lending, threatens the stability of the international monetary system; and
in recognition of the Fund’s duties, as provided particularly by article VIII of the Articles of Agreement of the Fund, to act as a center for the collection and exchange of information on monetary and financial problems, the Fund should adopt necessary and appropriate measures to ensure that more complete and timely financial information will be available.
To this end, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate discussions with other directors of the Fund and with Fund management, and to propose and vote for, the adoption of procedures, within the Fund—
to collect and disseminate information, on a quarterly basis, from and to Fund members, and to such other persons as the Fund deems appropriate, concerning—
the extension of credit by banks or nonbanks to private and public entities, including all government entities, instrumentalities, and central banks of member countries; and
the receipt of such credit by those private and public entities of member countries, where such banks or nonbanks are not principally established within the borders of the member country to which the credits are extended; and
to disseminate publicly information which is developed in the course of the Fund’s collection, and to review and comment on efforts which the Fund determines would serve to enhance the informational base upon which international borrowing and lending decisions are taken.
For purposes of this section, the term “credit” includes—
outstanding loans to private and public entities, including government entities, instrumentalities, and central banks of any member, and
unused lines of credit which have been made available to those private and public entities of any member,
where such loans or lines of credit are repayable in freely convertible currency.
The President is authorized to use the authority provided under section 286f of this title to require any person (as defined in such section) subject to the jurisdiction of the United States to provide such information as the Fund determines to be necessary in order to carry out the provisions of this section.
Source credit: (July 31, 1945, ch. 339, § 42, as added Pub. L. 98–181, title I [title VIII, § 802(a)(4)], Nov. 30, 1983, 97 Stat. 1269.)
- 1945Enacted · Pub. L. 98-181 · 97 Stat. 1269
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-181 on 1945-07-31.
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