22 U.S.C. § 283c — Congressional authorization needed for

Page 144 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 283a ferred to as the ‘‘agreement’’) deposited in the archives of the Organization of American States. (Pub. L. 86–147, § 2, Aug. 7, 1959, 73 Stat. 299.) Statutory Notes and Related Subsidiaries SHORT TITLE Pub. L. 86–147, § 1, Aug. 7, 1959, 73 Stat. 299, provided that: ‘‘This Act [enacting this subchapter and amend- ing section 24 of Title 12, Banks and Banking] may be cited as the ‘Inter-American Development Bank Act’.’’ PROPOSALS FOR JOINT ACT BY PARTICIPANTS IN INTER- AMERICAN DEVELOPMENT BANK FOR INCREASED EX- PLORATION AND EXPLOITATION OF ENERGY AND MIN- ERAL RESOURCES OF WESTERN HEMISPHERE Pub. L. 96–259, title I, § 102, June 3, 1980, 94 Stat. 430, which required Presidential evaluation and report on a proposal for joint action by countries of Western Hemi- sphere and other countries which participate in Inter- American Development Bank to increase exploration for and exploitation of energy and mineral resources of Western Hemisphere through multilateral incentives, administered by Inter-American Development Bank, was repealed by Pub. L. 101–240, title V, § 541(d)(6), Dec. 19, 1989, 103 Stat. 2518. PAR VALUE MODIFICATION For Congressional direction that the Secretary of the Treasury maintain the value in terms of gold of the Inter-American Development Bank’s holdings of United States dollars following the establishment of a par value of the dollar at $38 for a fine troy ounce of gold pursuant to the Par Value Modification Act and for the authorization of the appropriations necessary to pro- vide such maintenance of value, see section 5152 of Title 31, Money and Finance. § 283a. Appointment of officers; term of office; salary (a) Governor and alternate governor The President, by and with the advice and con- sent of the Senate, shall appoint a governor of the Bank and an alternate for the governor. The term of office for the governor and the alternate governor shall be five years, but each shall re- main in office until a successor has been ap- pointed. (b) Executive director and alternate executive director The President, by and with the advice and con- sent of the Senate, shall appoint an executive director of the Bank and an alternate Executive Director. Except as provided for in article XV, section 3, of the agreement, the term of office for the executive director shall be three years, but he shall remain in office until a successor has been appointed. (c) Compensation No person shall be entitled to receive any sal- ary or other compensation from the United States for services as a governor, alternate gov- ernor, or executive director. (Pub. L. 86–147, § 3, Aug. 7, 1959, 73 Stat. 299; Pub. L. 91–599, ch. 2, § 21(b), Dec. 30, 1970, 84 Stat. 1658.) Editorial Notes AMENDMENTS 1970—Subsec. (b). Pub. L. 91–599 authorized appoint- ment of an alternate Executive Director. § 283b. National Advisory Council on Inter- national Monetary and Financial Problems The provisions of section 286b of this title shall apply with respect to the Bank to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund. (Pub. L. 86–147, § 4, Aug. 7, 1959, 73 Stat. 299; Pub. L. 101–240, title V, § 541(e)(2), Dec. 19, 1989, 103 Stat. 2518.) Editorial Notes AMENDMENTS 1989—Pub. L. 101–240 struck out at end ‘‘Reports with respect to the Bank under paragraphs (5) and (6) of sub- section (b) of section 286b of this title shall be included in the first report made thereunder after the establish- ment of the Bank and in each succeeding report.’’ Executive Documents DELEGATION OF FUNCTIONS Functions of National Advisory Council on Inter- national Monetary and Financial Problems under this section delegated to National Advisory Council on International Monetary and Financial Policies, see sec- tion 2(a) of Ex. Ord. No. 11269, Feb. 14, 1966, 31 F.R. 2813, set out as a note under section 286b of this title. § 283c. 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) sub- scribe to additional shares of stock under article II, section 3, or article IIA, section 2, of the agreement; (b) request or consent to any change in the quota of the United States under article IV, section 3, of the agreement; (c) accept any amendment under article XII of the agreement; or (d) make a loan or provide other financing to the Bank, except that loans or other financing may be provided to the Bank by a United States agency created pursuant to an Act of Congress which is authorized by law to make loans or pro- vide other financing to international organiza- tions. Unless Congress by law authorizes such actions, no governor or alternate appointed to represent the United States shall vote for any increase of capital stock of the Bank under arti- cle II, section 2, or article IIA, section 1, of the agreement or any increase in the resources of the Fund for Special Operations under article IV, section 3(g) thereof. (Pub. L. 86–147, § 5, Aug. 7, 1959, 73 Stat. 299; Pub. L. 94–302, title I, § 103(a)(2), May 31, 1976, 90 Stat. 593.) Editorial Notes AMENDMENTS 1976—Pub. L. 94–302 inserted ‘‘, or article IIA, section 2,’’ after ‘‘article II, section 3’’ and ‘‘or article IIA, sec- tion 1,’’ after ‘‘article II, section 2,’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Pub. L. 94–302, title I, § 103(b), May 31, 1976, 90 Stat. 593, provided that: ‘‘The amendments made by para- Page 145 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 283h graphs (2) and (3) of this section [amending this section and section 283h of this title] shall become effective upon approval by the Board of Governors of the Bank of the resolutions referred to in section 23 of the Inter- American Development Bank Act (22 U.S.C. 283 et seq.).’’ § 283d. Federal Reserve banks as depositories Any Federal Reserve bank which is requested to do so by the Bank shall act as its depository or as its fiscal agent and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks. (Pub. L. 86–147, § 6, Aug. 7, 1959, 73 Stat. 300.) § 283e. Payment of subscription to Bank and Fund by United States (a) Authorization of appropriations There is hereby authorized to be appropriated, without fiscal year limitation, for the purchase of thirty-five thousand shares of capital stock in the Bank, $350 million. In addition, there is au- thorized to be appropriated, without fiscal year limitation, for payment of the subscription of the United States to the Fund for Special Oper- ations, $100 million. (b) Issuance of special notes For the purpose of keeping to a minimum the cost to the United States of participation in the Bank, the Secretary of the Treasury, after pay- ing the requisite part of the subscription and quota of the United States in the Bank required to be made under article II, section 4, and arti- cle IV, section 3, respectively, of the agreement, is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes to the Bank in ex- change for dollars to the extent permitted by the agreement. The special notes provided for in this subsection shall be issued under the author- ity and subject to the provisions of chapter 31 of title 31, and the purposes for which securities may be issued under that chapter are extended to include the purposes for which special notes are authorized and directed to be issued under this subsection, but such notes shall bear no in- terest, shall be nonnegotiable, and shall be pay- able on demand of the Bank. The face amount of special notes issued to the Bank under the au- thority of this subsection and outstanding at any one time shall not exceed, in the aggregate, the amount of the subscription and quota of the United States actually paid to the Bank under article II, section 4, and article IV, section 3, re- spectively, of the agreement. (c) Income covered into Treasury Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. (Pub. L. 86–147, § 7, Aug. 7, 1959, 73 Stat. 300.) Editorial Notes CODIFICATION In subsec. (b), ‘‘chapter 31 of title 31’’ and ‘‘that chap- ter’’ substituted for ‘‘the Second Liberty Bond Act, as amended’’ and ‘‘that Act’’, respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Fi- nance. § 283f. Jurisdiction and venue of actions For the purpose of any action which may be brought within the United States, its Territories or possessions, or the Commonwealth of Puerto Rico by or against the Bank in accordance with the agreement, the Bank shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity to which the Bank shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action. When the Bank is a defendant in any such action, it may, at any time before the trial thereof, remove such action from a State court into the district court of the United States for the proper district by following the procedure for removal of causes otherwise pro- vided by law. (Pub. L. 86–147, § 8, Aug. 7, 1959, 73 Stat. 300.) § 283g. Status, privileges, and immunities of the United States The provisions of article X, section 4(c), and article XI, sections 2 to 9, both inclusive, of the agreement shall have full force and effect in the United States, its Territories and possessions, and the Commonwealth of Puerto Rico, upon ac- ceptance of membership by the United States in, and the establishment of, the Bank. (Pub. L. 86–147, § 9, Aug. 7, 1959, 73 Stat. 301.) § 283h. Securities issued by Bank; reports to and of Securities and Exchange Commission (a) Exempt securities; reports of Bank to Com- mission Any securities issued by the Bank (including any guarantee by the Bank, whether or not lim- ited in scope) in connection with raising of funds for including in the Bank’s capital resources as defined in article II, section 5, and article IIA, section 4, of the agreement, and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article II, section 4(a)(ii), or article IIA, section 3(c), of the agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of subsection (a)(2) of section 77c of title 15 and subsection (a)(12) of section 78c of title 15. The Bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appro- priate in view of the special character of the Bank and its operations and necessary in the Public interest or for the protection of inves- tors. (b) Suspension of exemption provisions; annual reports of Commission to Congress The Securities and Exchange Commission, act- ing in consultation with the National Advisory Council on International Monetary and Finan- cial Problems, is authorized to suspend the pro-