2015 US Code
Title 22 - Foreign Relations and Intercourse (Sections 1 - 9141)
Chapter 7 - International Bureaus, Congresses, Etc. (Sections 261 - 290q)
Subchapter XV - International Monetary Fund and Bank for Reconstruction and Development (Sections 286 - 286xx)
Sec. 286tt - Restrictions on use of United States funds for foreign governments; protection of American taxpayers
Publication Title | United States Code, 2012 Edition, Supplement 3, 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. 286tt - Restrictions on use of United States funds for foreign governments; protection of American taxpayers |
Contains | section 286tt |
Date | 2015 |
Laws In Effect As Of Date | January 3, 2016 |
Positive Law | No |
Disposition | standard |
Source Credit | July 31, 1945, ch. 339, §68, as added Pub. L. 111-203, title XV, §1501, July 21, 2010, 124 Stat. 2212. |
Statutes at Large Reference | 124 Stat. 2212 |
Public and Private Law | Public Law 111-203 |
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The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund—
(1) to evaluate, prior to consideration by the Board of Executive Directors of the Fund, any proposal submitted to the Board for the Fund to make a loan to a country if—
(A) the amount of the public debt of the country exceeds the gross domestic product of the country as of the most recent year for which such information is available; and
(B) the country is not eligible for assistance from the International Development Association.
(2) Opposition to loans unlikely to be repaid in full.—If any such evaluation indicates that the proposed loan is not likely to be repaid in full, the Secretary of the Treasury shall instruct the United States Executive Director at the Fund to use the voice and vote of the United States to oppose the proposal.
(b) Reports to CongressWithin 30 days after the Board of Executive Directors of the Fund approves a proposal described in subsection (a), and annually thereafter by June 30, for the duration of any program approved under such proposals, the Secretary of the Treasury shall report in writing to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate assessing the likelihood that loans made pursuant to such proposals will be repaid in full, including—
(1) the borrowing country's current debt status, including, to the extent possible, its maturity structure, whether it has fixed or floating rates, whether it is indexed, and by whom it is held;
(2) the borrowing country's external and internal vulnerabilities that could potentially affect its ability to repay; and
(3) the borrowing country's debt management strategy.
(July 31, 1945, ch. 339, §68, as added Pub. L. 111–203, title XV, §1501, July 21, 2010, 124 Stat. 2212.)
EFFECTIVE DATESection effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking.
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