§ 290k-3. — Opposition to certain guarantees or investment promotions; independent evaluation of guaranteed investments.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC290k-3]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 7--INTERNATIONAL BUREAUS, CONGRESSES, ETC.
SUBCHAPTER XXVI--MULTILATERAL INVESTMENT GUARANTEE AGENCY
Sec. 290k-3. Opposition to certain guarantees or investment
promotions; independent evaluation of guaranteed investments
Consistent with the purposes of section 290k-2 of this title, the
Secretary of the Treasury shall--
(1) instruct the United States Director to oppose, and to
actively seek the concurrence of other members of the Board of
Directors in opposing, any guarantee or other investment promotion
under consideration by the Agency if the proposed investment would--
(A) be in any country which is not a beneficiary developing
country for purposes of title V of the Trade Act of 1974 [19
U.S.C. 2461 et seq.] because it has not taken or is not taking
steps to afford internationally-recognized workers' rights to
workers in that country;
(B) be subject to trade-distorting performance requirements
imposed by the host country that are likely to result in a
significant net reduction in--
(i) employment in the United States; or
(ii) other trade benefits likely to accrue to the United
States from the investment; or
(C) likely increase a country's productive capacity in an
industry already facing excess worldwide capacity for the same,
similar or competing product, and cause substantial injury to
producers of such products in the United States; and
(2) within 12 months after the United States becomes a member of
the Agency and each year thereafter for the 3 succeeding years,
conduct an independent evaluation of the United States investments
which have been guaranteed by the Agency to determine--
(A) the anticipated net impact of such investments on
employment in and exports from the United States, and
(B) the extent to which such investments were made in
countries which had not taken or are not taking steps to afford
internationally-recognized workers' rights to workers in those
countries.
In the course of conducting each evaluation required under paragraph
(2), the Secretary shall actively solicit and take into account the
views of United States labor organizations. The Secretary shall
furnish a copy of each such evaluation on its completion to the
Congress.
(Pub. L. 100-202, Sec. 101(e) [title I], Dec. 22, 1987, 101 Stat. 1329-
131, 1329-134.)
References in Text
The Trade Act of 1974, referred to in par. (1)(A), is Pub. L. 93-
618, Jan. 3, 1975, 88 Stat. 1978, as amended. Title V of the Trade Act
of 1974 is classified generally to subchapter V (Sec. 2461 et seq.) of
chapter 12 of Title 19, Customs Duties. For complete classification of
this Act to the Code, see section 2101 of Title 19 and Tables.
Codification
Section is based on section 406 of title IV of H.R. 3750, One
Hundredth Congress, as introduced Dec. 11, 1987, and enacted into law by
Pub. L. 100-202.
