§ 286e-2. — Loans to Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 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.
