§ 286q. — Limitation on allocations to the United States.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286q]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 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''.
(Pub. L. 90-349, Sec. 6, June 19, 1968, 82 Stat. 189; Pub. L. 91-599,
ch. 1, Sec. 2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94-564, Sec. 5(3),
Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98-181, title VIII, Sec. 803, Nov.
30, 1983, 97 Stat. 1270.)
References in Text
The Bretton Woods Agreements Act, referred to in subsec. (a), is act
July 31, 1945, ch. 339, 59 Stat. 512, as amended, which is classified
principally to this subchapter (Sec. 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.
Codification
Section 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.
Amendments
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''.
Change of Name
Committee 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 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.
