
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: 22USC286e-2]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
           CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
 
 SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION 
                             AND DEVELOPMENT
 
Sec. 286e-2. Loans to Fund


(a) Limitation; balance of payments and reserve position considerations

    In order to carry out the purposes of the decisions of January 5, 
1962, February 24, 1983, and January 27, 1997, as amended in accordance 
with their terms, of the Executive Directors of the International 
Monetary Fund, the Secretary of the Treasury is authorized to make 
loans, in an amount not to exceed the equivalent of 6,712,000,000 
Special Drawing Rights, limited to such amounts as are provided in 
advance in appropriations Acts, except that prior to activation, the 
Secretary of the Treasury shall certify that supplementary resources are 
needed to forestall or cope with an impairment of the international 
monetary system and that the Fund has fully explored other means of 
funding, to the Fund under article VII, section 1(i), of the Articles of 
Agreement of the Fund. Any loan under the authority granted in this 
subsection shall be made with due regard to the present and prospective 
balance of payments and reserve position of the United States.

(b) Authorization of appropriations; repayments available for loans to 
        Fund

    For the purpose of making loans to the International Monetary Fund 
pursuant to this section, there is authorized to be appropriated 
6,712,000,000 Special Drawing Rights, except that prior to activation, 
the Secretary of the Treasury shall certify whether supplementary 
resources are needed to forestall or cope with an impairment of the 
international monetary system and that the Fund has fully explored other 
means of funding, to remain available until expended to meet calls by 
the International Monetary Fund. Any payments made to the United States 
by the International Monetary Fund as a repayment on account of the 
principal of a loan made under this section shall continue to be 
available for loans to the International Monetary Fund.

(c) Interest and charges covered into Treasury; additional authorization 
        of appropriations for payment of charges for purchase of 
        currencies or gold from Fund

    Payments of interest and charges to the United States on account of 
any loan to the International Monetary Fund shall be covered into the 
Treasury as miscellaneous receipts. In addition to the amount authorized 
in subsection (b) of this section, there is authorized to be 
appropriated such amounts as may be necessary for the payment of charges 
in connection with any purchases of currencies or gold by the United 
States from the International Monetary Fund.

(d) Amendment to Executive Directors' decision prohibited; conditions

    Unless the Congress by law so authorizes, neither the President, the 
Secretary of the Treasury, nor any other person acting on behalf of the 
United States, may instruct the United States Executive Director to the 
Fund to consent to any amendment to the Decision of February 24, 1983, 
or the Decision of January 27, 1997, of the Executive Directors of the 
Fund, if the adoption of such amendment would significantly alter the 
amount, terms, or conditions of participation by the United States in 
the General Arrangements to Borrow or the New Arrangements to Borrow, as 
applicable.

(July 31, 1945, ch. 339, Sec. 17, as added Pub. L. 87-490, Sec. 1, June 
19, 1962, 76 Stat. 105; amended Pub. L. 94-564, Sec. 4, Oct. 19, 1976, 
90 Stat. 2661; Pub. L. 98-181, title VIII, Sec. 802(a)(1)-(3), Nov. 30, 
1983, 97 Stat. 1268; Pub. L. 105-277, div. A, Sec. 101(d) [title VI, 
Sec. 609], Oct. 21, 1998, 112 Stat. 2681-150, 2681-224.)


                               Amendments

    1998--Subsec. (a). Pub. L. 105-277, Sec. 101(d) [title VI, 
Sec. 609(1)], substituted ``February 24, 1983, and January 27, 1997'' 
for ``and February 24, 1983'' and ``6,712,000,000'' for 
``4,250,000,000''.
    Subsec. (b). Pub. L. 105-277, Sec. 101(d) [title VI, Sec. 609(2)], 
substituted ``6,712,000,000'' for ``4,250,000,000''.
    Subsec. (d). Pub. L. 105-277, Sec. 101(d) [title VI, Sec. 609(3)], 
inserted ``or the Decision of January 27, 1997,'' after ``February 24, 
1983,'' and ``or the New Arrangements to Borrow, as applicable'' before 
period at end.
    1983--Subsec. (a). Pub. L. 98-181, Sec. 802(a)(1), substituted 
``decisions of January 5, 1962, and February 24, 1983, as amended in 
accordance with their terms'' for ``decision of January 5, 1962'', and 
``in an amount not to exceed the equivalent of 4,250,000,000 Special 
Drawing Rights, limited to such amounts as are provided in advance in 
appropriations Acts, except that prior to activation, the Secretary of 
the Treasury shall certify that supplementary resources are needed to 
forestall or cope with an impairment of the international monetary 
system and that the fund has fully explored other means of funding'' for 
``not to exceed $2,000,000,000 outstanding at any one time''.
    Subsec. (b). Pub. L. 98-181, Sec. 802(a)(2), substituted 
``4,250,000,000 Special Drawing Rights, except that prior to activation, 
the Secretary of the Treasury shall certify whether supplementary 
resources are needed to forestall or cope with an impairment of the 
international monetary system and that the Fund has fully explored other 
means of funding'' for ``$2,000,000,000''.
    Subsec. (d). Pub. L. 98-181, Sec. 802(a)(3), added subsec. (d).
    1976--Subsec. (a). Pub. L. 94-564 substituted ``section 1(i)'' for 
``section 2(i)''.


                    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 title 2 sections 645, 901.
