§ 286c. — Congressional authorization needed for certain actions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286c]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286c. Congressional authorization needed for certain
actions
Unless Congress by law authorizes such action, neither the President
nor any person or agency shall on behalf of the United States (a)
request or consent to any change in the quota of the United States under
article III, section 2(a), of the Articles of Agreement of the Fund; (b)
propose a par value for the United States dollar under paragraph 2,
paragraph 4, or paragraph 10 of schedule C of the Articles of Agreement
of the Fund; (c) propose any change in the par value of the United
States dollar under paragraph 6 of schedule C of the Articles of
Agreement of the Fund, or approve any general change in par values under
paragraph 11 of schedule C; (d) subscribe to additional shares of stock
under article II, section 3, of the Articles of Agreement of the Bank;
(e) accept any amendment under article XXVIII of the Articles of
Agreement of the Fund or Article VIII of the Articles of Agreement of
the Bank; (f) make any loan to the Fund or the Bank; or (g) approve any
disposition of Fund gold, unless the Secretary certifies to the Congress
that such disposition is necessary for the Fund to restitute gold to its
members, or for the Fund to provide liquidity that will enable the Fund
to meet member country claims on the Fund or to meet threats to the
systemic stability of the international financial system. Unless
Congress by law authorizes such action, no governor or alternate
appointed to represent the United States shall vote for an increase of
capital stock of the Bank under article II, section 2, of the Articles
of Agreement of the Bank, if such increase involves an increased
subscription on the part of the United States. Neither the President nor
any person or agency shall, on behalf of the United States, consent to
any borrowing (other than borrowing from a foreign government or other
official public source) by the Fund of funds denominated in United
States dollars, unless the Secretary of the Treasury transmits a notice
of such proposed borrowing to both Houses of the Congress at least 60
days prior to the date on which such borrowing is scheduled to occur.
(July 31, 1945, ch. 339, Sec. 5, 59 Stat. 514; Pub. L. 89-126,
Sec. 1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94-564, Sec. 3, Oct. 19,
1976, 90 Stat. 2660; Pub. L. 95-147, Sec. 4(a)(1), Oct. 28, 1977, 91
Stat. 1228; Pub. L. 98-181, title VIII, Sec. 811, Nov. 30, 1983, 97
Stat. 1274; Pub. L. 106-113, div. B, Sec. 1000(a)(5) [title V,
Sec. 504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A-317.)
Amendments
1999--Pub. L. 106-113, which directed substitution of ``approve any
disposition of Fund gold, unless the Secretary certifies to the Congress
that such disposition is necessary for the Fund to restitute gold to its
members, or for the Fund to provide liquidity that will enable the Fund
to meet member country claims on the Fund or to meet threats to the
systemic stability of the international financial system.'' for
``approve either the disposition of more than 25 million ounces of Fund
gold for the benefit of the Trust Fund established by the Fund on May 6,
1976, or the establishment of any additional trust fund whereby
resources of the International Monetary Fund would be used for the
special benefit of a single member, or of a particular segment of the
membership, of the Fund.'' in cl. (g) of first sentence, was executed by
making the substitution for text which ended with ``the fund.'' rather
than ``the Fund.'', to reflect the probable intent of Congress.
1983--Pub. L. 98-181 inserted provision prohibiting the President or
any person or agency from consenting to a borrowing of funds denominated
in dollars unless notice of such borrowing is transmitted to Congress at
least 60 days prior to such borrowing.
1977--Pub. L. 95-147 added to cl. (g) provisions relating to
disposition of more than 25 million ounces of Fund gold for the benefit
of the Trust Fund.
1976--Pub. L. 94-564 amended cls. (a) to (g) generally.
1965--Pub. L. 89-126 inserted ``if such increase involves an
increased subscription on the part of the United States''.
Effective Date of 1976 Amendment
Amendment effective Apr. 1, 1978, see section 9 of Pub. L. 94-564,
set out as a note under section 286a of this title.
Section Referred to in Other Sections
This section is referred to in section 286b of this title.
