22 U.S.C. § 286s — Consideration of basic human needs in

Page 187 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286s international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to— (A) oppose the provision of financial assist- ance to any government with respect to which the Secretary of State has made a finding de- scribed in paragraph (3); and (B) seek to ensure that the member coun- tries of the institution do not engage in vol- untary transactions involving the exchange of Special Drawing Rights held by such a govern- ment. (5) WAIVER.—The President may waive para- graphs (3) and (4) on a case-by-case basis if the President reports to the Committee on Finan- cial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the waiver is in the national inter- est of the United States, and includes a detailed explanation of the reasons therefor. (Pub. L. 90–349, § 6, June 19, 1968, 82 Stat. 189; Pub. L. 91–599, ch. 1, § 2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94–564, § 5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, § 803], Nov. 30, 1983, 97 Stat. 1270; Pub. L. 118–47, div. F, title VII, § 7071(a), (b), Mar. 23, 2024, 138 Stat. 850, 851.) AMENDMENT OF SUBSECTION (b) Pub. L. 118–47, div. F, title VII, § 7071(b), Mar. 23, 2024, 138 Stat. 851, provided that, effec- tive on the date that is 10 years after Mar. 23, 2024, paragraphs (3) to (5) of subsection (b) of this section, as added by section 7071(a) of title VII of div. F of Pub. L. 118–47, are repealed. See 2024 Amendment note below. Editorial Notes REFERENCES IN TEXT The Bretton Woods Agreements Act, referred to in subsec. (a), is act July 31, 1945, ch. 339, 59 Stat. 512, which is classified principally to this subchapter (§ 286 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 286 of this title and Tables. CODIFICATION Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ment Act, which comprises this subchapter. AMENDMENTS 2024—Subsec. (b)(3) to (5). Pub. L. 118–47, § 7071(b), struck out pars. (3) to (5) which established a prohibi- tion on certain transactions involving perpetrators of genocide and state sponsors of terrorism without con- gressional authorization and set out conditions under which the President could waive such prohibition. Pub. L. 118–47, § 7071(a), added pars. (3) to (5). 1983—Pub. L. 98–181 designated existing provisions as subsec. (a) and added subsec. (b). 1976—Pub. L. 94–564 substituted ‘‘article XVIII’’ for ‘‘article XXIV’’. 1970—Pub. L. 91–599 inserted ‘‘in each basic period’’ after ‘‘vote to allocate’’ and substituted ‘‘allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as author- ized under the Bretton Woods Agreements Act’’ for ‘‘net cumulative allocations to the United States ex- ceed an amount equal to the United States quota in the Fund as heretofore authorized under the Bretton Woods Agreements Act of 1945, as amended’’. Statutory Notes and Related Subsidiaries CHANGE OF NAME Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Com- mittee 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 Con- gress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Rep- resentatives, and jurisdiction over matters relating to securities and exchanges and insurance generally trans- ferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. EFFECTIVE DATE OF 2024 AMENDMENT Pub. L. 118–47, div. F, title VII, § 7071(b), Mar. 23, 2024, 138 Stat. 851, provided that the amendment made by section 7071(b) is effective on the date that is 10 years after Mar. 23, 2024. 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. § 286r. United States participation in special drawing account The provisions of article XXI(b) of the Articles of Agreement of the Fund shall have full force and effect in the United States and its terri- tories and possessions when the United States becomes a participant in the special drawing ac- count. (Pub. L. 90–349, § 7, June 19, 1968, 82 Stat. 189; Pub. L. 94–564, § 5(4), Oct. 19, 1976, 90 Stat. 2661.) Editorial Notes CODIFICATION Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ment Act, which comprises this subchapter. AMENDMENTS 1976—Pub. L. 94–564 substituted ‘‘article XXI(b)’’ for ‘‘article XXVII(b)’’. Statutory Notes and Related Subsidiaries 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. § 286s. Consideration of basic human needs in economic adjustment programs supported by Fund (a) Formulation and design of programs The President shall instruct the Secretary of the Treasury, the Secretary of State, and other appropriate Federal officials to use all appro- priate means to encourage countries, in formu- lating economic adjustment programs to deal with their balance of payments difficulties, to design those programs so as to safeguard, to the maximum feasible extent, jobs, investment, real per capita income, policies to reduce the gap in wealth between rich and poor, and social pro- grams such as health, housing, and education. Page 188 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286t (b) Changes in Fund guidelines, policies, and de- cisions; review prior to approval of standby arrangements; coordination among institu- tions; coordination between Fund and Bank; periodic analyses To ensure the effectiveness of economic ad- justment programs supported by Fund resources and the reinforcement of those programs by longer term efforts to promote sustained growth and improved living conditions— (1) United States representatives to the Fund shall recommend and shall work for changes in Fund guidelines, policies, and deci- sions that would— (A) permit stand-by arrangements to be extended beyond three years, as necessary to enable Fund members to implement their economic adjustment programs successfully; (B) provide that in approving any eco- nomic adjustment program the Fund shall take into account the effect such program will have on jobs, investment, real per cap- ita income, the gap in wealth between the rich and poor, and social programs such as health, housing, and education, in order to seek to minimize the adverse impact of those adjustment programs on basic human needs; and (C) provide that letters of intent sub- mitted to the Fund in support of an eco- nomic adjustment program reflect that the member country has taken into account the effect such program will have on the factors listed in subparagraph (B); (2)(A) before voting on the approval of any standby arrangement with respect to any eco- nomic adjustment program, the United States Executive Director shall review— (i) any analysis of factors prepared by the Fund or the member country in accordance with subparagraphs (B) and (C) of paragraph (1), or (ii) if no such analysis is prepared and available for such review, an analysis which shall be prepared by the United States Gov- ernor of the Fund which examines the effect of the program on the factors listed in sub- paragraph (B) of paragraph (1); and (B) the United States Executive Director of the Fund shall take into account the analysis reviewed pursuant to subparagraph (A) of this paragraph in voting on approval of that stand- by arrangement; (3) United States representatives to the Fund, to the Bank, and to other appropriate institutions shall work toward improving co- ordination among these institutions and, in particular, shall work toward formulation of programs in association with economic adjust- ment programs supported by Fund resources which (A) will, among other things, promote employment, investment, real income per cap- ita, improvements in income distribution, and the objectives of social programs such as health, housing, and education, and (B) will, to the maximum extent feasible and consistent with the borrowing country’s need to improve its balance of payments position within a rea- sonable period, ameliorate any adverse effects of economic adjustment programs on the poor; (4) United States representatives to the Fund and the Bank shall seek amendments to decisions on policies on the use of Fund and Bank resources to provide that, where coun- tries are seeking Extended Fund Facility or upper credit tranche drawings from the Fund and are eligible to receive financing from the Bank, the Fund and Bank will coordinate their financing activities in order— (A) to take into account the effects of eco- nomic adjustment programs on the areas listed in clause (A) of paragraph (3), (B) to provide, to the extent feasible, Bank project loans designed to safeguard and fur- ther basic human needs in countries adopt- ing economic adjustment programs sup- ported by Fund resources, and (C) to provide, as appropriate, Bank fi- nancing for programs of structural adjust- ment that will facilitate development of a productive economic base and greater at- tainment of basic human needs objectives over the longer term; and (5) United States representatives to the Fund and the Bank shall request the Fund and the Bank to provide periodic analyses of the effects of economic adjustment programs sup- ported by Fund or Bank financing on jobs, in- vestment, real income per capita, income dis- tribution, and social programs such as health, housing, and education. (July 31, 1945, ch. 339, § 33, as added Pub. L. 96–389, § 2(a), Oct. 7, 1980, 94 Stat. 1551; amended Pub. L. 101–240, title V, § 541(d)(1), Dec. 19, 1989, 103 Stat. 2518.) Editorial Notes AMENDMENTS 1989—Subsec. (c). Pub. L. 101–240 struck out subsec. (c) which required inclusion of statement detailing progress made in carrying out subsecs. (a) and (b) re- quirements in Council’s annual report to Congress. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 96–389, § 12, Oct. 7, 1980, 94 Stat. 1555, provided that: ‘‘This Act [enacting this section and sections 286e–1g and 286t to 286x of this title, amending sections 286e–1g, 286e–8, and 286e–9 of this title and section 27 of former Title 31, Money and Finance, and enacting pro- visions set out as notes under sections 286a and 286t of this title and section 822a of former Title 31] shall take effect on its date of enactment [Oct. 7, 1980], except that funds may not be appropriated under any author- ization contained in this Act for any period prior to Oc- tober 1, 1980.’’ § 286t. Omitted Editorial Notes CODIFICATION Section, act July 31, 1945, ch. 339, § 34, as added Oct. 7, 1980, Pub. L. 96–389, § 4(b), 94 Stat. 1553, directed the Secretary of the Treasury, in cooperation with the United States Director of the Fund, to study and report to Congress prior to May 15, 1981, with respect to ade- quacy of Fund resources and method of increasing Fund liquidity, promotion of more direct recycling of oil sur- pluses, and methods of providing adequate resources for balance-of-payments financing.