2013 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 7 - INTERNATIONAL BUREAUS, CONGRESSES, ETC. (§§ 261 - 290q)
Subchapter XV - INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT (§§ 286 - 286vv)
Section 286q - Limitation on allocations to the United States
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | 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 |
Contains | section 286q |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 90-349, §6, June 19, 1968, 82 Stat. 189; Pub. L. 91-599, ch. 1, §2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94-564, §5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98-181, title I [title VIII, §803], Nov. 30, 1983, 97 Stat. 1270. |
Statutes at Large References | 59 Stat. 512 82 Stat. 189 84 Stat. 1657 90 Stat. 2661 97 Stat. 1270 |
Public Law References | Public Law 90-349, Public Law 91-599, Public Law 94-564, Public Law 98-181, Public Law 104-14 |
Congressional Bill Reference | Unknown Value5 107th Congress |
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(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, §6, June 19, 1968, 82 Stat. 189; Pub. L. 91–599, ch. 1, §2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94–564, §5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, §803], Nov. 30, 1983, 97 Stat. 1270.)
REFERENCES IN TEXTThe 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 (§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.
CODIFICATIONSection 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.
AMENDMENTS1983—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 NAMECommittee 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 AMENDMENTAmendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title.
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