22 U.S.C. § 290i–4 — Restrictions

submitted 45 years ago by Pub. L. 97-35 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 107 words · no verdicts yet

in plain englishAI-generated · not legal advice

Without a new law from Congress, the President can't buy more Bank stock, agree to bigger U.S. obligations, or lend money to the Bank. A narrow exception allows technical assistance funding.

Unless Congress passes a law allowing it, neither the President nor any other person or agency may do the following on behalf of the United States: (1) Buy additional shares of the Bank's stock. (2) Vote for, or agree to, any change to the Bank's founding agreement that would increase what the U.S. owes, or that would change the Bank's purpose or what it does. (3) Give the Bank a loan or any other financing. There is one exception to (3): a U.S. agency that Congress created, and that is legally allowed to fund international organizations, may still give the Bank money for technical assistance.

the actual law source: uscode.house.gov ↗public domain

(a)

1 Unless authorized by law, neither the President, nor any person or agency, shall, on behalf of the United States—

(1)

subscribe to additional shares of stock of the Bank;

(2)

vote for or agree to any amendment of the agreement which increases the obligations of the United States, or which changes the purpose or functions of the Bank; or

(3)

make a loan or provide other financing to the Bank, except that funds for technical assistance may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to provide funds to international organizations.

Source credit: (Pub. L. 97–35, title XIII, § 1336, Aug. 13, 1981, 95 Stat. 742.)

history & why it existsrecord from the source credit

1981Enacted · Pub. L. 97-35 · 95 Stat. 742

A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-35 on 1981-08-13.

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