22 U.S.C. § 286 — Acceptance of membership by United

Page 168 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 285dd States $461,000,000 to the eighth replenishment of the resources of the Fund, subject to obtain- ing the necessary appropriations. (b) In order to pay for the United States con- tribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $461,000,000 for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 32, as added Pub. L. 109–102, title V, § 599C(c), Nov. 14, 2005, 119 Stat. 2243.) Editorial Notes CODIFICATION Pub. L. 109–102, title V, § 599C(c), Nov. 14, 2005, 119 Stat. 2243, which directed that this section be added at the end of ‘‘the Asian Development Fund Act, Public Law 92–245, as amended (22 U.S.C. 285 et seq.)’’, was exe- cuted by adding this section at the end of the Asian De- velopment Bank Act, Pub. L. 89–369, which is classified to this subchapter, to reflect the probable intent of Congress. § 285dd. Ninth replenishment (a) The United States Governor of the Bank is authorized to contribute, on behalf of the United States, $461,000,000 to the ninth replenishment of the resources of the Fund, subject to obtaining the necessary appropriations. (b) In order to pay for the United States con- tribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $461,000,000 for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 33, as added Pub. L. 112–10, div. B, title XI, § 2126(e), Apr. 15, 2011, 125 Stat. 191.) § 285ee. Fifth capital increase (a) Subscription authorized (1) The United States Governor of the Bank may subscribe on behalf of the United States to 1,104,420 additional shares of the capital stock of the Bank. (2) Any subscription by the United States to capital stock of the Bank shall be effective only to such extent or in such amounts as are pro- vided in advance in appropriations Acts. (b) Authorization of appropriations (1) In order to pay for the increase in the United States subscription to the Bank provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $13,323,173,083, for payment by the Secretary of the Treasury. (2) Of the amount authorized to be appro- priated under paragraph (1)— (A) $532,929,240 is authorized to be appro- priated for paid-in shares of the Bank; and (B) $12,790,243,843 is authorized to be appro- priated for callable shares of the Bank, for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 34, as added Pub. L. 112–10, div. B, title XI, § 2126(e), Apr. 15, 2011, 125 Stat. 191.) § 285ff. Tenth replenishment (a) The United States Governor of the Bank is authorized to contribute, on behalf of the United States, $359,600,000 to the tenth replenishment of the resources of the Fund, subject to obtaining the necessary appropriations. (b) In order to pay for the United States con- tribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $359,600,000 for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 35, as added Pub. L. 113–235, div. J, title VII, § 7083(a), Dec. 16, 2014, 128 Stat. 2684.) § 285gg. Eleventh replenishment (a) The United States Governor of the Bank is authorized to contribute, on behalf of the United States, $189,580,000 to the eleventh replenish- ment of the resources of the Fund, subject to ob- taining the necessary appropriations. (b) In order to pay for the United States con- tribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $189,580,000 for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 36, as added Pub. L. 115–141, div. K, title VII, § 7083(a), Mar. 23, 2018, 132 Stat. 965.) § 285hh. Twelfth replenishment (a) The United States Governor of the Bank is authorized to contribute, on behalf of the United States, $177,440,000 to the twelfth replenishment of the resources of the Fund, subject to obtain- ing the necessary appropriations. (b) In order to pay for the United States con- tribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $177,440,000 for payment by the Secretary of the Treasury. (Pub. L. 89–369, § 37, as added Pub. L. 117–328, div. K, title VII, § 7072(b), Dec. 29, 2022, 136 Stat. 5092.) SUBCHAPTER XV—INTERNATIONAL MONE- TARY FUND AND BANK FOR RECON- STRUCTION AND DEVELOPMENT § 286. Acceptance of membership by United States in International Monetary Fund The President is hereby authorized to accept membership for the United States in the Inter- national Monetary Fund (hereinafter referred to as the ‘‘Fund’’), and in the International Bank for Reconstruction and Development (herein- after referred to as the ‘‘Bank’’), provided for by the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State. (July 31, 1945, ch. 339, § 2, 59 Stat. 512.) Statutory Notes and Related Subsidiaries SHORT TITLE OF 1968 AMENDMENT Pub. L. 90–349, June 19, 1968, 82 Stat. 188 [enacting sec- tions 286n to 286r of this title and amending sections 412, 415, 417, and 467 of Title 12, Banks and Banking], is known as the ‘‘Special Drawing Rights Act’’. For com- plete classification of this Act to the Code, see Short Title note set out under section 286n of this title and Tables. SHORT TITLE Act July 31, 1945, ch. 339, § 1, 59 Stat. 512, provided: ‘‘This act [enacting this subchapter and amending sec- Page 169 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286b tion 822a of former Title 31, Money and Finance] may be cited as the ‘Bretton Woods Agreements Act’.’’ PAR VALUE MODIFICATION For Congressional direction that the Secretary of the Treasury maintain the value in terms of gold of the holdings in United States dollars of the International Monetary Fund and of the International Bank for Re- construction and Development following the establish- ment 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 appropriation nec- essary to provide such maintenance of value, see sec- tion 5152 of Title 31, Money and Finance. § 286a. Appointments (a) Governors and executive directors; term of office The President, by and with the advice and con- sent of the Senate, shall appoint a governor of the Fund who shall also serve as a governor of the Bank, and an executive director of the Fund and an executive director of the Bank. The exec- utive directors so appointed shall also serve as provisional executive directors of the Fund and the Bank for the purposes of the respective Arti- cles of Agreement. The term of office for the governor of the Fund and of the Bank shall be five years. The term of office for the executive directors shall be two years, but the executive directors shall remain in office until their suc- cessors have been appointed. (b) Alternates; term of office The President, by and with the advice and con- sent of the Senate, shall appoint an alternate for the governor of the Fund and an alternate for the governor of the Bank. The President, by and with the advice and consent of the Senate, shall appoint an alternate for each of the execu- tive directors. The alternate for each executive director shall be appointed from among individ- uals recommended to the President by the exec- utive director. The terms of office for alternates for the governor and the executive directors shall be the same as the terms specified in sub- section (a) for the governor and executive direc- tors. (c) Governor to serve as councillor; alternates and associates Should the provisions of Schedule D of the Ar- ticles of Agreement of the Fund apply, the Gov- ernor of the Fund shall also serve as councillor, shall designate an alternate for the councillor, and may designate associates. (d) Compensation for services (1) No person shall be entitled to receive any salary or other compensation from the United States for services as a Governor, executive di- rector, councillor, alternate, or associate. (2) The United States executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an indi- vidual occupying a position at level IV of the Executive Schedule under section 5315 of title 5. The United States alternate executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level V of the Executive Schedule under section 5316 of title 5. (3) The Secretary of the Treasury shall in- struct the United States executive director of the Fund to present to the Fund’s Executive Board a comprehensive set of proposals, con- sistent with maintaining high levels of com- petence of Fund personnel and consistent with the Articles of Agreement, with the objective of assuring that salaries and other compensation accorded Fund employees do not exceed those received by persons filling similar levels of re- sponsibility within national government service or private industry. The Secretary shall report these proposals together with any measures adopted by the Fund’s Executive Board to the Congress prior to February 1, 1979. (July 31, 1945, ch. 339, § 3, 59 Stat. 512; Pub. L. 93–94, Aug. 15, 1973, 87 Stat. 314; Pub. L. 94–564, § 2, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–435, § 2, Oct. 10, 1978, 92 Stat. 1051.) Editorial Notes AMENDMENTS 1978—Subsec. (d). Pub. L. 95–435 designated existing provisions as par. (1) and added pars. (2) and (3). 1976—Subsec. (c). Pub. L. 94–564, § 2(1), amended sub- sec. (c) generally to provide that the Governor serve as councillor and designate an alternate and associates. Former provisions relating to compensation were in- cluded in subsec. (d). Subsec. (d). Pub. L. 94–564, § 2(2), added subsec. (d). 1973—Subsec. (b). Pub. L. 93–94 substituted ‘‘and an alternate for the governor of the Bank’’ for ‘‘who shall also serve as alternate for the governor of the Bank’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Pub. L. 94–564, § 9, Oct. 19, 1976, 90 Stat. 2661, provided that: ‘‘The amendments made by sections 2, 3, 4, 5, 6, and 7 of this Act [amending this section, sections 286c, 286e–2, 286o, 286q, and 286r of this title, and section 822a of former Title 31, Money and Finance] shall become ef- fective upon the entry into force of the amendments to the Articles of Agreement of the International Mone- tary Fund approved in Resolution Numbered 31–4 of the Board of Governors of the Fund.’’ Such amendments entered into force Apr. 1, 1978. LEVELS OF FUND SALARIES AND MINIMIZATION OF TRAVEL COSTS Pub. L. 96–389, § 9, Oct. 7, 1980, 94 Stat. 1554, provided that: ‘‘The United States Executive Director to the Fund shall seek to insure (a) that Fund salaries do not exceed those levels endorsed by the Fund Bank Joint Committee on Staff Compensation Issues; and (b) that travel costs are minimized by limiting first class and supersonic travel to instances where no reasonable al- ternative exists.’’ § 286b. National Advisory Council on Inter- national Monetary and Financial Problems (a) Establishment and composition In order to coordinate the policies and oper- ations of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which make or par- ticipate in making foreign loans or which en- gage in foreign financial, exchange or monetary transactions, there is hereby established the Na- tional Advisory Council on International Mone- tary and Financial Problems (hereinafter re- ferred to as the ‘‘Council’’), consisting of the