22 U.S.C. § 286q

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 286q - Limitation on allocations to the United States

(a) Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States vote to allocate in each basic period Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund so that allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act [22 U.S.C. 286 et seq.].

(b)

(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman and ranking minority members of the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees thereof.

(2) Such consultations shall include an explanation of the consistency of such proposal to allocate with the requirements of the Articles of Agreement of the Fund, in particular the requirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall "seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world".

(3) Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States engage in any voluntary transaction involving the exchange of Special Drawing Rights that are held by a member country of the Fund, if the Secretary of State has found that the government of the member country-

(A) has committed genocide at any time during the 1-year period ending with the date of the transaction; or

(B) has repeatedly provided support for acts of international terrorism.

(4) The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) to use the voice and vote of the United States to-

(A) oppose the provision of financial assistance to any government with respect to which the Secretary of State has made a finding described in paragraph (3); and

(B) seek to ensure that the member countries of the institution do not engage in voluntary transactions involving the exchange of Special Drawing Rights held by such a government.

(5) WAIVER.-The President may waive paragraphs (3) and (4) on a case-by-case basis if the President reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the waiver is in the national interest of the United States, and includes a detailed explanation of the reasons therefor.

22 U.S.C. § 286q

Pub. L. 90-349, §6, June 19, 1968, 82 Stat. 189; Pub. L. 91-599 ch. 1, §2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94-564, §5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98-181 title I [title VIII, §803], Nov. 30, 1983, 97 Stat. 1270; Pub. L. 118-47, div. F, title VII, §7071(a), (b), Mar. 23, 2024, 138 Stat. 850, 851.

Amendment of Subsection (b) Pub. L. 118-47, div. F, title VII, §7071(b), Mar. 23, 2024, 138 Stat. 851, provided that, effective on the date that is 10 years after Mar. 23, 2024, paragraphs (3) to (5) of subsec. (b) of this section, as added by section 7071(a) of title VII of div. F of Pub. L. 118-47 are repealed. See 2024 Amendment note below.

EDITORIAL NOTES

REFERENCES IN TEXTThe Bretton Woods Agreements Act, referred to in subsec. (a), is act July 31, 1945, ch. 339, 59 Stat. 512, which is classified principally to this subchapter (§286 et seq.). For complete classification of this Act to the Code, see Short Title note set out under section 286 of this title and Tables.

CODIFICATIONSection was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.

AMENDMENTS2024-Subsec. (b)(3) to (5). Pub. L. 118-47, §7071(b), struck out pars. (3) to (5). Pub. L. 118-47, §7071(a), added pars. (3) to (5).1983- Pub. L. 98-181 designated existing provisions as subsec. (a) and added subsec. (b). 1976- Pub. L. 94-564 substituted "article XVIII" for "article XXIV".1970- Pub. L. 91-599 inserted "in each basic period" after "vote to allocate" and substituted "allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act" for "net cumulative allocations to the United States exceed an amount equal to the United States quota in the Fund as heretofore authorized under the Bretton Woods Agreements Act of 1945, as amended".

STATUTORY NOTES AND RELATED SUBSIDIARIES

CHANGE OF NAMECommittee 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.

EFFECTIVE DATE OF 2024 AMENDMENT Pub. L. 118-47, div. F, title VII, §7071(b), Mar. 23, 2024, 138 Stat. 851, provided that, effective on the date that is 10 years after Mar. 23, 2024, pars. (3) to (5) of subsec. (b) of this section, as added by section 7071(a) of title VII of div. F of Pub. L. 118-47 are repealed.

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.