Sec. 4.6. national advisory council on international monetary and financial problems5

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## Sec. 4.6 national advisory council on international monetary and financial problems5 **[**[22 U.S.C. 286b](/us/usc/t22/s286b)**]** ###

(a)In order to coordinate the policies and operations of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which make or participate in making foreign loans or which engage in foreign financial, exchange or monetary transactions, there is hereby established the National Advisory Council on International Monetary and Financial Problems (hereinafter referred to as the “Council”), consisting of the Secretary of the Treasury, as Chairman, the Secretary of State, the Secretary of Commerce, the Chairman of the Board of Governors of the Federal Reserve System,7 the President of the Export-Import Bank of Washington, and during such period as the Foreign Operations Administration shall continue to exist, the Director of the Foreign Operations Administration. 5Section 1(a) and 3(a) of Reorganization Plan No. 4 of 1965, effective July 27, 1965, 30 F.R. 9353, abolished the Council and functions, with the President acquiring the duties. Subsequently Executive Order 11269, as amended, reestablished the National Advisory Council on International Monetary and Financial Policies under the executive branch. The text of the reporting requirement of chapter 3 of Public Law 91–599 (84 Stat. 1658), approved December 30, 1970, is observed in practice by the Executive office. It reads as follows: ``§31. Annual report ``The National Advisory Council on International Monetary and Financial Policies shall include in its annual report to the Congress

(1)a statement with respect to each loan approved and outstanding, made by the International Bank for Reconstruction and Development, the International Development Association, the Inter-American Development Bank, and the Asian Development Bank, including an evaluation of new loans made by said organization and a progress report of the project covered by each loan, and a discussion of how each loan will benefit the people of the recipient country, and

(2)a statement on steps taken jointly and individually by member countries of the Inter-American Development Bank to restrain their military expenditures, and to preserve and strengthen free and democratic institutions.''. 6See sec. 5 of the International Finance Corporation Act. See sec. 4 of the International Development Association Act and sec. 4 of the Inter-American Development Bank Act. For revisions of functions and status of the Council, see Reorganization Plan No. 4 of 1965 (sec. 16, sec. 3(a) and sec. 3(b)). See also Executive Order 11269. 7The material following “. . . Federal Reserve System,” read as follows in the original act: “and the Chairman of the Board of Trustees of the Export-Import Bank of Washington”. Subsection 4(a) has been amended by the following:

(1)The Economic Corporation Act of 1948 (62 Stat. 141), sec. 106 of which amended subsec. 4(a) so as to include the Administrator for Economic Cooperation “during such period as the Economic Cooperation Administration shall continue to exist”;

(2)The Mutual Security Act of 1951 (65 Stat. 378), sec. 501(e)(2) of which amended subsec. 4(a), by substituting the Mutual Security Agency and the Director for Mutual Security for the Economic Cooperation Administration and the Administrator for Economic Cooperation respectively;

(3)Reorganization Plan No. 5 of 1953, effective June 30, 1953 (67 Stat. 637), sec. 7 of which abolished the function of the Chairman of the Board of Directors of the Export-Import Bank of Washington of being a member of the National Advisory Council;

(4)Reorganization Plan No. 7 of 1953, effective Aug. 1, 1953 (67 Stat. 6400), sec. 4 of which provided that the Director of the Foreign Operations Administration should be a member of the National Advisory Council;

(5)Public Law 83–570 (68 Stat. 677, 678), sec. 2 of which inserted the part of the text quoted above following “. . . the Federal Reserve System” Executive Order 10610 (20 F.R. 3179; effective July 1, 1955), abolished the Foreign Operations Administration and the Office of Director of the Foreign Operations Administration, and the membership of the Director of the Foreign Operations Administration on the National Advisory Council thereby expired by operation of law effective on that date. ###

(b)####

(1)The Council, after consultation with the representatives of the United States on the Fund and the Bank, shall recommend to the President general policy directives for the guidance of the representatives of the United States on the Fund and the Bank. ####

(2)The Council shall advise and consult with the President and the representatives of the United States on the Fund and the Bank on major problems arising in the administration of the Fund and the Bank. ####

(3)The Council shall coordinate, by consultation or otherwise, so far as is practicable, the policies and operations of the representatives of the United States on the Fund and the Bank, the Export-Import Bank of Washington and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign, financial, exchange or monetary transactions. ####

(4)Whenever, under the Articles of Agreement of the Fund or the Articles of Agreement of the Bank, the approval, consent or agreement of the United States is required before an act may be done by the respective institutions, the decision as to whether such approval, consent, or agreement, shall be given or refused shall (to the extent such decision is not prohibited by section 5 of this Act) be made by the Council, under the general direction of the President. No governor, executive director, or alternate representing the United States shall vote in favor of any waiver of condition under article V, section 4, or in favor of any declaration of the United States dollar as a scarce currency under article VII, section 3, of the Articles of Agreement of the Fund, without prior approval of the Council. #### (5)8 The Council shall make such reports and recommendations to the President as he may from time to time request, or as the Council may consider necessary to more effectively or efficiently accomplish the purposes of this Act or the purposes for which the Council is created. 8Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101–240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701–1703 and titles XVIII and XIX of the International Financial Institutions Act and repealed duplicative requirements in other legislation. Sec. 541(d)(1) of the International Development and Finance Act of 1989 (Public Law 101–240; 103 Stat. 2518) repealed clauses

(5)and (6), and redesignated clauses

(7)and

(8)as

(5)and (6), respectively. Clauses

(5)and

(6)formerly read as follows: ``(5) The Council shall transmit to the President and to the Congress an annual report with respect to the participation of the United States in the Fund and Bank. ``(6) Each such report shall contain such data concerning the operations and policies of the Fund and Bank, such recommendations concerning the Fund and Bank, and such other data and material as the Council may deem appropriate.''. #### (6)8 The general policy objectives of the guidance of the United States Executive Director of the Bank shall take into account the effect that development assistance loans have upon individual industry sectors and international commodity markets— #####

(A)to minimize projected adverse impacts; and #####

(B)to avoid, wherever possible, government subsidization of production and exports of international commodities without regard to economic conditions in the markets for such commodities. ###

(c)The representatives of the United States on the Fund and the Bank, and the Export-Import Bank of Washington (and all other agencies of the Government to the extent that they make or participate in the making of foreign loans or engage in foreign financial, exchange or monetary transactions) shall keep the Council fully informed of their activities and shall provide the Council with such further information or data in their possession as the Council may deem necessary to the appropriate discharge of its responsibilities under this Act.

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