§ 262n-2. — Financing projects for production of export commodities, products, or minerals in surplus in world markets discouraged; instructions by Secretary of the Treasury to United States Executive Directors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC262n-2]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
Sec. 262n-2. Financing projects for production of export
commodities, products, or minerals in surplus in world markets
discouraged; instructions by Secretary of the Treasury to United
States Executive Directors
(a) The Secretary of the Treasury shall take all appropriate steps
to discourage multilateral development banks from financing projects
which will result in the production of commodities, products, or
minerals for export that will be in surplus in world markets at the time
such production begins.
(b) The Secretary of the Treasury shall instruct the United States
Executive Directors of the multilateral development banks to use the
voice and vote of the United States in the respective banks--
(1) to oppose financing by the respective bank of projects which
produce, or will produce, commodities, products, or minerals for
export if--
(A) the commodity, product, or mineral is subsidized in a
manner which is inconsistent with Article XVI.3 of the GATT 1994
as defined in section 3501(1)(B) of title 19, or Article 3.1(a)
of the Agreement on Subsidies and Countervailing Measures
referred to in section 3511(d)(12) of title 19; and
(B) support from financial sources other than multilateral
development banks does not accompany such financing; and
(2) to oppose financing by the respective bank for production of
a commodity, product, or mineral for export which--
(A) is likely to be in surplus on world markets at the time
such production begins; and
(B) when exported, is likely to cause injury to United
States producers within the meaning of Article 15 of the
Agreement on Subsidies and Countervailing Measures referred to
in subparagraph (A).
(Pub. L. 95-118, title XIV, Sec. 1403, as added Pub. L. 100-202,
Sec. 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329-131, 1329-134;
amended Pub. L. 106-36, title I, Sec. 1002(b), June 25, 1999, 113 Stat.
133.)
Codification
Section 1403 of Pub. L. 95-118 is based on section 701 of title VII
of H.R. 3750, One Hundredth Congress, as introduced Dec. 11, 1987, and
enacted into law by Pub. L. 100-202.
Amendments
1999--Subsec. (b)(1)(A). Pub. L. 106-36, Sec. 1002(b)(1),
substituted ``GATT 1994 as defined in section 3501(1)(B) of title 19, or
Article 3.1(a) of the Agreement on Subsidies and Countervailing Measures
referred to in section 3511(d)(12) of title 19'' for ``General Agreement
on Tariffs and Trade or Article 10 of the Agreement on Interpretation
and Application of Articles VI, XVI, and XXIII of the General Agreement
on Tariffs and Trade''.
Subsec. (b)(2)(B). Pub. L. 106-36, Sec. 1002(b)(2), substituted
``Article 15 of the Agreement on Subsidies and Countervailing Measures
referred to in subparagraph (A)'' for ``Article 6 of the Agreement on
Interpretation and Application of Articles VI, XVI, and XXIII of the
General Agreement on Tariffs and Trade''.
Definitions
The definitions in section 262p-5 of this title apply to this
section.
