
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC286c]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
           CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
 
 SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION 
                             AND DEVELOPMENT
 
Sec. 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) 
propose 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 values under 
paragraph 11 of schedule C; (d) subscribe 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 Congress 
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 stability of the international financial system. Unless 
Congress by law authorizes such action, no governor or alternate 
appointed to represent the United States shall vote for an increase of 
capital 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 President nor 
any person or agency shall, on behalf of the United States, consent to 
any borrowing (other than borrowing from a foreign government or other 
official public source) by the Fund of funds denominated in United 
States dollars, unless the Secretary of the Treasury transmits 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, Sec. 5, 59 Stat. 514; Pub. L. 89-126, 
Sec. 1(2), Aug. 14, 1965, 79 Stat. 519; Pub. L. 94-564, Sec. 3, Oct. 19, 
1976, 90 Stat. 2660; Pub. L. 95-147, Sec. 4(a)(1), Oct. 28, 1977, 91 
Stat. 1228; Pub. L. 98-181, title VIII, Sec. 811, Nov. 30, 1983, 97 
Stat. 1274; Pub. L. 106-113, div. B, Sec. 1000(a)(5) [title V, 
Sec. 504(d)(1)], Nov. 29, 1999, 113 Stat. 1536, 1501A-317.)


                               Amendments

    1999--Pub. L. 106-113, which directed substitution of ``approve any 
disposition of Fund gold, unless the Secretary certifies to the Congress 
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 stability of the international financial system.'' for 
``approve either 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 International 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 sentence, 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 notice 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 relating 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 involves an 
increased subscription on the part of the United States''.


                    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.

                  Section Referred to in Other Sections

    This section is referred to in section 286b of this title.
