
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC286aa]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
           CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
 
 SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION 
                             AND DEVELOPMENT
 
Sec. 286aa. Instructions to United States Executive Director; 
        Communist dictatorships
        
    The Congress hereby finds that Communist dictatorships result in 
severe constraints on labor and capital mobility and other highly 
inefficient labor and capital supply rigidities which contribute to 
balance of payments deficits in direct contradiction of the goals of the 
International Monetary Fund. Therefore, the Secretary of the Treasury 
shall instruct the United States Executive Director of the Fund to 
actively oppose any facility involving use of Fund credit by any 
Communist dictatorship, unless the Secretary of the Treasury certifies 
and documents in writing upon request and so notifies and appears, if 
requested, before the Foreign Relations and Banking, Housing, and Urban 
Affairs Committees of the Senate and the Banking, Finance and Urban 
Affairs Committee of the House of Representatives, at least twenty-one 
days in advance of any vote on such drawing that such drawing--
        (1) provides the basis for correcting the balance of payments 
    difficulties and restoring a sustainable balance of payments 
    position;
        (2) would reduce the severe constraints on labor and capital 
    mobility or other highly inefficient labor and capital supply 
    rigidities and advances market-oriented forces in that country; and
        (3) is in the best economic interest of the majority of the 
    people in that country.

Should the Secretary not meet a request to appear before the 
aforementioned committees at least twenty-one days in advance of any 
vote on any facility involving use of Fund credit by any communist 
dictatorship and certify and document in writing that these three 
conditions have been met, the United States Executive Director shall 
vote against such program.

(July 31, 1945, ch. 339, Sec. 43, as added Pub. L. 98-181, title VIII, 
Sec. 804, Nov. 30, 1983, 97 Stat. 1270; amended Pub. L. 103-149, 
Sec. 4(b)(6), Nov. 23, 1993, 107 Stat. 1505.)


                               Amendments

    1993--Pub. L. 103-149 struck out ``(a)'' before ``The Congress'' and 
struck out subsec. (b) which related to use of International Monetary 
Fund credit by any country which practices apartheid.

                         Change of Name

    Committee on Banking, Finance and Urban Affairs of House of 
Representatives treated as referring to Committee 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 
Congress. Committee on Banking and Financial Services of House of 
Representatives abolished and replaced by Committee on Financial 
Services of House of Representatives, and jurisdiction over matters 
relating to securities and exchanges and insurance generally transferred 
from Committee on Energy and Commerce of House of Representatives by 
House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
