§ 286aaa. Congressional notification with respect to exceptional access lending

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(a)In general The United States Executive Director at the Fund may not support any proposal that would alter the criteria used by the Fund for exceptional access lending if the proposal would permit a country that is ineligible, before the proposed alteration, to receive exceptional access lending, unless, not later than 15 days before consideration of the proposal by the Board of Executive Directors of the Fund, the Secretary of the Treasury has submitted to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate a report on the justification for the proposal and the effects of the proposed alteration on moral hazard and repayment risk at the Fund.

(b)Waiver The Secretary of the Treasury may reduce the applicable notice period required under subsection

(a)to not less than 7 days on reporting to the Committee on Financial Services of the House of Representatives and Committee on Foreign Relations of the Senate that the reduction is important to the national interest of the United States, with an explanation of the reasons therefor.

(July 31, 1945, ch. 339, § 74, as added Pub. L. 118–47, div. F, title VII, § 7071(d), Mar. 23, 2024, 138 Stat. 852.)

Repeal of Section

Pub. L. 118–47, div. F, title VII, § 7071(d)(2), Mar. 23, 2024, 138 Stat. 852, provided that, effective on the date that is 10 years after Mar. 23, 2024, this section is repealed.

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July 31, 1945, ch. 339, § 74
Pub. L. 118–47, div. F, title VII, § 7071(d)
138 Stat. 852
Pub. L. 118–47, div. F, title VII, § 7071(d)(2)

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§ 286aaa

Congressional notification with respect to exceptional access lending

Stat. Comp.×3

ActJuly 31, 1945, ch. 339, § 74

Pub. L.Pub. L. 118–47, div. F, title VII, § 7071(d)

Stat.138 Stat. 852

Pub. L.Pub. L. 118–47, div. F, title VII, § 7071(d)(2)

Cites 4Cited by 3 across 1 source