§ 286tt. Restrictions on use of United States funds for foreign governments; protection of American taxpayers
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/usc/title-22/section-286ttA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general 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 Congress Within 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.)
Connections14 cite this · traces to 1
Cited by 14 sections
statute-compilations
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- Sec. 16Conforming corrections to other statutes
- Sec. 815Conforming corrections to other statutes
- Sec. 999FConforming corrections to other statutes
- Sec. 999FConforming corrections to other statutes
- Sec. 1Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely to be sustainable in the medium term
- Sec. 1212Technical corrections to other statutes
- Sec. 1212Technical corrections to other statutes
- Sec. 1212Technical corrections to other statutes
- Sec. 4Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely to be sustainable in the medium term
- Sec. 3Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely to be sustainable in the medium term
- Sec. 906Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely to be sustainable in the medium term
- Sec. 906Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely to be sustainable in the medium term
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U.S. Code
4 references not yet in our index
- July 31, 1945, ch. 339, § 68
- Pub. L. 111–203, title XV, § 1501
- 124 Stat. 2212
- section 4 of Pub. L. 111–203
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§ 286tt
Restrictions on use of United States funds for foreign governments; protection of American taxpayers
Bills×12
Stat. Comp.×1
Stat.×1
ActJuly 31, 1945, ch. 339, § 68
Pub. L.Pub. L. 111–203, title XV, § 1501
Stat.124 Stat. 2212
Pub. L.section 4 of Pub. L. 111–203
Cites 5Cited by 14 across 3 sources