§ 262c. — Commitments for United States contributions to international financial institutions fostering economic development in less developed countries; continuation of participation.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262c]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262c. Commitments for United States contributions to
international financial institutions fostering economic
development in less developed countries; continuation of
participation
(a) Congressional findings
It is the sense of the Congress that--
(1) for humanitarian, economic, and political reasons, it is in
the national interest of the United States to assist in fostering
economic development in the less developed countries of this world;
(2) the development-oriented international financial
institutions have proved themselves capable of playing a significant
role in assisting economic development by providing to less
developed countries access to capital and technical assistance and
soliciting from them maximum self-help and mutual cooperation;
(3) this has been achieved with minimal risk of financial loss
to contributing countries;
(4) such institutions have proved to be an effective mechanism
for sharing the burden among developed countries of stimulating
economic development in the less developed world; and
(5) although continued United States participation in the
international financial institutions is an important part of efforts
by the United States to assist less developed countries, more of
this burden should be shared by other developed countries. As a step
in that direction, in future negotiations, the United States should
work toward aggregate contributions to future replenishments to
international financial institutions covered by this Act not to
exceed 25 per centum.
(b) Funding commitments to international financial institutions;
availability of funds subject to appropriations
The Congress recognizes that economic development is a long-term
process needing funding commitments to international financial
institutions. It also notes that the availability of funds for the
United States contribution to international financial institutions is
subject to the appropriations process.
(Pub. L. 95-118, title I, Sec. 101, Oct. 3, 1977, 91 Stat. 1067.)
References in Text
This Act, referred to in subsec. (a)(5), is Pub. L. 95-118, Oct. 3,
1977, 91 Stat. 1067, as amended, known as the International Financial
Institutions Act, which enacted sections 262c, 262d, 262e to 262g-3,
262m to 262p-7, 262r to 262t, 282i, 284n, 285s, 285t, 286e-1f, and 290g-
10 of this title, repealed sections 283y, 284m, and 290g-9 of this
title, and enacted provisions set out as notes under sections 262c and
282i of this title. For complete classification of this Act to the Code,
see Short Title of 1977 Amendment note set out under section 261 of this
title and Tables.
Effective Date
Section effective Oct. 3, 1977, see section 1001 of Pub. L. 95-118,
set out as a note under section 282i of this title.
Future United States Contributions to the International Financial
Institutions
Pub. L. 96-536, Sec. 101(b) [H.J. Res. 637, Sec. 101(b); H.R. 4473,
title I], Dec. 16, 1980, 94 Stat. 3167, provided in part that: ``It is
the sense of the Congress that the United States share of contributions
to future replenishments of the International Financial Institutions
should not exceed the percentages enumerated below for each of the
respective accounts within these institutions:
``Asian Development Bank:
``Paid-in capital, 16.3 percent;
``Callable capital, 16.3 percent;
``Asian Development Fund, 22.2 percent;
``African Development Bank:
``Special Fund, 18 percent;
``Inter-American Development Bank:
``Paid-in capital, 34.5 percent;
``Callable capital, 34.5 percent;
``Fund for Special Operations, 40 percent;
``International Bank for Reconstruction and Development:
``Paid-in capital, 24 percent;
``Callable capital, 24 percent;
``International Development Association, 25 percent;
``International Finance Corporation, 23 percent.''
Similar provisions were contained in the following appropriation
acts:
Pub. L. 96-123, Sec. 101(a) [incorporating Pub. L. 95-481, title
III], Nov. 20, 1979, 93 Stat. 923.
Pub. L. 95-481, title III, Oct. 18, 1978, 92 Stat. 1599.
Pub. L. 95-148, title III, Oct. 31, 1977, 91 Stat. 1238.
Standards for Human Needs and Protection of Human Rights; Consultation
for Development of Criteria; Report to Congress
Section 703 of Pub. L. 95-118 provided that:
``(a) The Secretary of State and the Secretary of the Treasury shall
initiate a wide consultation designed to develop a viable standard for
the meeting of basic human needs and the protection of human rights and
a mechanism for acting together to insure that the rewards of
international economic cooperation are especially available to those who
subscribe to such standards and are seen to be moving toward making them
effective in their own systems of governance.
``(b) Not later than one year after the date of enactment of this
Act [Oct. 3, 1977], the Secretary of State and the Secretary of the
Treasury shall report to the President of the Senate and the Speaker of
the House of Representatives on the progress made in carrying out this
section.''
