§ 286dd. — Fund bailouts of banks; rescheduling of debt.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286dd]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286dd. Fund bailouts of banks; rescheduling of debt
The Secretary of the Treasury shall instruct the United States
Executive Director of the Fund--
(1) to oppose and vote against any Fund drawing by a member
country where, in his judgment, the Fund resources would be drawn
principally for the purpose of repaying loans which have been
imprudently made by banking institutions to the member country; and
(2) to work to insure that the Fund encourages borrowing
countries and banking institutions to negotiate, where appropriate,
a rescheduling of debt which is consistent with safe and sound
banking practices and the country's ability to pay.
(July 31, 1945, ch. 339, Sec. 46, as added Pub. L. 98-181, title VIII,
Sec. 807, Nov. 30, 1983, 97 Stat. 1273.)
