§ 286aa. — Instructions to United States Executive Director; Communist dictatorships.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286aa]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286aa. Instructions to United States Executive Director;
Communist dictatorships
The Congress hereby finds that Communist dictatorships result in
severe constraints on labor and capital mobility and other highly
inefficient labor and capital supply rigidities which contribute to
balance of payments deficits in direct contradiction of the goals of the
International Monetary Fund. Therefore, the Secretary of the Treasury
shall instruct the United States Executive Director of the Fund to
actively oppose any facility involving use of Fund credit by any
Communist dictatorship, unless the Secretary of the Treasury certifies
and documents in writing upon request and so notifies and appears, if
requested, before the Foreign Relations and Banking, Housing, and Urban
Affairs Committees of the Senate and the Banking, Finance and Urban
Affairs Committee of the House of Representatives, at least twenty-one
days in advance of any vote on such drawing that such drawing--
(1) provides the basis for correcting the balance of payments
difficulties and restoring a sustainable balance of payments
position;
(2) would reduce the severe constraints on labor and capital
mobility or other highly inefficient labor and capital supply
rigidities and advances market-oriented forces in that country; and
(3) is in the best economic interest of the majority of the
people in that country.
Should the Secretary not meet a request to appear before the
aforementioned committees at least twenty-one days in advance of any
vote on any facility involving use of Fund credit by any communist
dictatorship and certify and document in writing that these three
conditions have been met, the United States Executive Director shall
vote against such program.
(July 31, 1945, ch. 339, Sec. 43, as added Pub. L. 98-181, title VIII,
Sec. 804, Nov. 30, 1983, 97 Stat. 1270; amended Pub. L. 103-149,
Sec. 4(b)(6), Nov. 23, 1993, 107 Stat. 1505.)
Amendments
1993--Pub. L. 103-149 struck out ``(a)'' before ``The Congress'' and
struck out subsec. (b) which related to use of International Monetary
Fund credit by any country which practices apartheid.
Change of Name
Committee on Banking, Finance and Urban Affairs of House of
Representatives treated as referring to Committee on Banking and
Financial Services of House of Representatives by section 1(a) of Pub.
L. 104-14, set out as a note preceding section 21 of Title 2, The
Congress. Committee on Banking and Financial Services of House of
Representatives abolished and replaced by Committee on Financial
Services of House of Representatives, and jurisdiction over matters
relating to securities and exchanges and insurance generally transferred
from Committee on Energy and Commerce of House of Representatives by
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
