Sec. 4. Tenth general capital increase
306 words·~1 min read·
/bill/117/s/616/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The President shall take steps to support a tenth general capital increase for the Inter-American Development Bank. The President shall advance diplomatic engagement to build support among member countries of the Bank for a tenth general capital increase for the Bank in order to strengthen the capacity of the Bank— to support Latin American and Caribbean countries in their efforts to address the COVID–19 pandemic and the related economic impact; and to advance inclusive economic and social development in the Americas.
Not later than 45 days after the date of the enactment of this Act, the President shall submit to the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives a report detailing efforts to carry out subsections
(a)and (b). The Inter-American Development Bank Act ( 22 U.S.C. 283 et seq.) is amended by adding at the end the following: The United States Governor of the Bank is authorized to vote in favor of a resolution to increase the capital stock of the Bank by $80,000,000,000 over a period not to exceed 5 years. The United States Governor of the Bank may subscribe on behalf of the United States to 1,990,714 additional shares of the capital stock of the Bank. Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts. In order to pay for the increase in the United States subscription to the Bank under subsection (b), there is authorized to be appropriated $24,014,857,191 for payment by the Secretary of the Treasury. Of the amount authorized to be appropriated under paragraph (1)— $600,371,430 shall be for paid in shares of the Bank; and $23,414,485,761 shall be for callable shares of the Bank. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 4
Tenth general capital increase
Cites 1Cited by 0 across 0 sources