ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

22 U.S.C. § 290i–12Seventh capital increase

submitted 6 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 145 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the U.S. buy 532,023 more shares in the Bank's seventh capital increase. Congress must approve up to about $7.3 billion to pay for them.

(a) Subscription authorized: (1) In general: The U.S. Governor of the Bank may agree, for the United States, to buy 532,023 additional shares of the Bank's stock. (2) Limitation: This only takes effect once Congress approves the money in advance through an appropriations law. (b) Authorization of appropriations: (1) In general: Congress authorizes up to $7,286,587,008, with no fiscal-year deadline, for the Secretary of the Treasury to pay for these shares. (2) Share types: Of that amount, $437,190,016 pays for paid-in shares (paid right away), and $6,849,396,992 pays for callable shares (the Bank can call on this money later if needed).
the actual law source: uscode.house.gov ↗public domain
(a) Subscription authorized
(1) In general

The United States Governor of the Bank may subscribe on behalf of the United States to 532,023 additional shares of the capital stock of the Bank.

(2) Limitation

Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.

(b) Authorization of appropriations
(1) In general

In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $7,286,587,008 for payment by the Secretary of the Treasury.

(2) Share types

Of the amount authorized to be appropriated under paragraph (1)—

(A)

$437,190,016 shall be for paid in shares of the Bank; and

(B)

$6,849,396,992 shall be for callable shares of the Bank.

Source credit: (Pub. L. 97–35, title XIII, § 1345, as added Pub. L. 116–136, div. B, title XI, § 21012(b)(3), Mar. 27, 2020, 134 Stat. 594.)

history & why it existsrecord from the source credit
  • 2020Enacted · Pub. L. 97-35 · 134 Stat. 594

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 2020-03-27.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case