Sec. 6.3. **[**[22 U.S.C. 286q](/us/usc/t22/s286q)**]**
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## Sec. 6.3 **[**[22 U.S.C. 286q](/us/usc/t22/s286q)**]** ### (a)4 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,1 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. 3Amended and restated by sec. 2 of Public Law 91–599 (84 Stat. 1657). 4Sec. 803 of Public Law 98–181 (97 Stat. 1270) added the subsec. designation “(a)” and a new subsec. (b). ###
(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 Affairs5 of the House of Representatives, and the appropriate subcommittees thereof. 5Sec. 1(a)(2) of Public Law 104–14 (109 Stat. 186) provided that references to the Committee on Banking, Finance and Urban Affairs of the House of Representatives shall be treated as referring to the Committee on Banking and Financial Services of the House of Representatives. ####
(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”. #### (3)6 Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States engage in any voluntary transaction involving the exchange of Special Drawing Rights that are held by a member country of the Fund, if the Secretary of State has found that the government of the member country— #####
(A)has committed genocide at any time during the 1-year period ending with the date of the transaction; or #####
(B)has repeatedly provided support for acts of international terrorism. 6Effective March 23, 2034, paragraphs
(3)through
(5)of section 6(b), as added by section 7071(a) of division F of Public Law 118–47, are repealed. #### (4)6 The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to— #####
(A)oppose the provision of financial assistance to any government with respect to which the Secretary of State has made a finding described in paragraph (3); and #####
(B)seek to ensure that the member countries of the institution do not engage in voluntary transactions involving the exchange of Special Drawing Rights held by such a government. #### (5)6 Waiver The President may waive paragraphs
(3)and
(4)on a case-by-case basis if the President reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the waiver is in the national interest of the United States, and includes a detailed explanation of the reasons therefor.
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- Pub. L. 91-599
- 84 Stat. 1657
- Pub. L. 98-181
- 97 Stat. 1270
- Pub. L. 104-14
- 109 Stat. 186
- Pub. L. 118-47
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Sec. 6.3
**[**[22 U.S.C. 286q](/us/usc/t22/s286q)**]**
Pub. L.Pub. L. 91-599
Stat.84 Stat. 1657
Pub. L.Pub. L. 98-181
Stat.97 Stat. 1270
Pub. L.Pub. L. 104-14
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