22 U.S.C. § 286c — Congressional authorization needed for

Page 172 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE §§ 286b–1, 286b–2 (b) The Council shall from time to time transmit to all appropriate agencies and officers of the Government statements of the policies of the Council under this order and such other information relating to the above- mentioned transactions or to the functions of the Council hereunder as the Council shall deem desirable. SEC. 5. Executive Order No. 10033. Section 2(a) of Exec- utive Order No. 10033 of February 8, 1949 [set out as a note under section 286f of this title], is hereby amended by substituting for the name ‘‘National Advisory Coun- cil on International Monetary and Financial Problems’’ the following: ‘‘National Advisory Council on Inter- national Monetary and Financial Policies.’’ SEC. 6. Effective date. The provisions of this order shall be effective as of January 1, 1966. SEC. 7. Functions of the Secretary of State. The Sec- retary of State shall advise both the Secretary of the Treasury and the appropriate United States representa- tives to the International Bank for Reconstruction and Development, the International Development Associa- tion, the International Finance Corporation, the Inter- American Development Bank, the Asian Development Bank, the African Development Fund,, [sic] African De- velopment Bank, Inter-American Investment Corpora- tion, Multilateral Investment Guarantee Agency, and European Bank for Reconstruction and Development on the development aspects of matters relating to those institutions and their activities. §§ 286b–1, 286b–2. Repealed. Pub. L. 101–240, title V, § 541(d)(1), (5), Dec. 19, 1989, 103 Stat. 2518 Section 286b–1, Pub. L. 91–599, ch. 3, § 31, Dec. 30, 1970, 84 Stat. 1658, related to annual report to Congress of National Advisory Council on International Monetary and Financial Policies. Section 286b–2, act July 31, 1945, ch. 339, § 50, as added Nov. 30, 1983, Pub. L. 98–181, title I [title VIII, § 813], 97 Stat. 1276, related to reports to Congress by National Advisory Council on International Monetary and Fi- nancial Policies and Secretary of the Treasury. § 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) pro- pose 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 val- ues under paragraph 11 of schedule C; (d) sub- scribe 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 Con- gress 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 sta- bility of the international financial system. Un- less Congress by law authorizes such action, no governor or alternate appointed to represent the United States shall vote for an increase of cap- ital 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 Presi- dent nor any person or agency shall, on behalf of the United States, consent to any borrowing (other than borrowing from a foreign govern- ment or other official public source) by the Fund of funds denominated in United States dol- lars, unless the Secretary of the Treasury trans- mits 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, § 5, 59 Stat. 514; Pub. L. 89–126, § 1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94–564, § 3, Oct. 19, 1976, 90 Stat. 2660; Pub. L. 95–147, § 4(a)(1), Oct. 28, 1977, 91 Stat. 1228; Pub. L. 98–181, title I [title VIII, § 811], Nov. 30, 1983, 97 Stat. 1274; Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A–317.) Editorial Notes AMENDMENTS 1999—Pub. L. 106–113, which directed substitution of ‘‘approve any disposition of Fund gold, unless the Sec- retary certifies to the Congress that such disposition is necessary for the Fund to restitute gold to its mem- bers, or for the Fund to provide liquidity that will en- able 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 ei- ther 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 Inter- national 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 sen- tence, 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 no- tice 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 relat- ing 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 in- volves an increased subscription on the part of the United States’’. 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. § 286d. Federal Reserve banks as depositories Any Federal Reserve bank which is requested to do so by the Fund or 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. (July 31, 1945, ch. 339, § 6, 59 Stat. 514.)