2014 US Code
Title 22 - Foreign Relations and Intercourse (Sections 1 - 9141)
Chapter 69A - Cuban Liberty and Democratic Solidarity (Libertad) (Sections 6021 - 6091)
Subchapter I - Strengthening International Sanctions Against the Castro Government (Sections 6031 - 6046)
Sec. 6034 - United States opposition to Cuban membership in international financial institutions
| Publication Title | United States Code, 2012 Edition, Supplement 2, 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 69A - CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY (LIBERTAD) SUBCHAPTER I - STRENGTHENING INTERNATIONAL SANCTIONS AGAINST THE CASTRO GOVERNMENT Sec. 6034 - United States opposition to Cuban membership in international financial institutions |
| Contains | section 6034 |
| Date | 2014 |
| Laws In Effect As Of Date | January 5, 2015 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 104-114, title I, §104, Mar. 12, 1996, 110 Stat. 794. |
| Statutes at Large Reference | 110 Stat. 794 |
| Public and Private Law | Public Law 104-114 |
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Except as provided in paragraph (2), the Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to oppose the admission of Cuba as a member of such institution until the President submits a determination under section 6063(c)(3) of this title that a democratically elected government in Cuba is in power.
(2) Transition governmentOnce the President submits a determination under section 6063(c)(1) of this title that a transition government in Cuba is in power—
(A) the President is encouraged to take steps to support the processing of Cuba's application for membership in any international financial institution, subject to the membership taking effect after a democratically elected government in Cuba is in power, and
(B) the Secretary of the Treasury is authorized to instruct the United States executive director of each international financial institution to support loans or other assistance to Cuba only to the extent that such loans or assistance contribute to a stable foundation for a democratically elected government in Cuba.
(b) Reduction in United States payments to international financial institutionsIf any international financial institution approves a loan or other assistance to the Cuban Government over the opposition of the United States, then the Secretary of the Treasury shall withhold from payment to such institution an amount equal to the amount of the loan or other assistance, with respect to either of the following types of payment:
(1) The paid-in portion of the increase in capital stock of the institution.
(2) The callable portion of the increase in capital stock of the institution.
(c) "International financial institution" definedFor purposes of this section, the term "international financial institution" means the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guaranty Agency, and the Inter-American Development Bank.
(Pub. L. 104–114, title I, §104, Mar. 12, 1996, 110 Stat. 794.)
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