§ 286z. — Collection and exchange of information on monetary and financial problems.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC286z]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XV--INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION
AND DEVELOPMENT
Sec. 286z. Collection and exchange of information on monetary
and financial problems
(a) Sense of Congress
It is the sense of the Congress that--
(1) the lack of sufficient information currently available to
allow members of the Fund to make sound and prudent decisions
concerning their public and private sector international borrowing,
and to allow lenders to make sound and prudent decisions concerning
their international lending, threatens the stability of the
international monetary system; and
(2) in recognition of the Fund's duties, as provided
particularly by article VIII of the Articles of Agreement of the
Fund, to act as a center for the collection and exchange of
information on monetary and financial problems, the Fund should
adopt necessary and appropriate measures to ensure that more
complete and timely financial information will be available.
(b) Initiation by United States Executive Director of discussions with
other Directors; adoption of procedures
To this end, the Secretary of the Treasury shall instruct the United
States Executive Director of the Fund to initiate discussions with other
directors of the Fund and with Fund management, and to propose and vote
for, the adoption of procedures, within the Fund--
(1) to collect and disseminate information, on a quarterly
basis, from and to Fund members, and to such other persons as the
Fund deems appropriate, concerning--
(A) the extension of credit by banks or nonbanks to private
and public entities, including all government entities,
instrumentalities, and central banks of member countries; and
(B) the receipt of such credit by those private and public
entities of member countries, where such banks or nonbanks are
not principally established within the borders of the member
country to which the credits are extended; and
(2) to disseminate publicly information which is developed in
the course of the Fund's collection, and to review and comment on
efforts which the Fund determines would serve to enhance the
informational base upon which international borrowing and lending
decisions are taken.
(c) ``Credit'' defined
For purposes of this section, the term ``credit'' includes--
(1) outstanding loans to private and public entities, including
government entities, instrumentalities, and central banks of any
member, and
(2) unused lines of credit which have been made available to
those private and public entities of any member,
where such loans or lines of credit are repayable in freely convertible
currency.
(d) Providing necessary information
The President is authorized to use the authority provided under
section 286f of this title to require any person (as defined in such
section) subject to the jurisdiction of the United States to provide
such information as the Fund determines to be necessary in order to
carry out the provisions of this section.
(July 31, 1945, ch. 339, Sec. 42, as added Pub. L. 98-181, title VIII,
Sec. 802(a)(4), Nov. 30, 1983, 97 Stat. 1269.)
