(a) In general
The Chairman shall report annually to the Speaker of the House of Representatives, the President of the Senate, and to the President of the United States on the participation of the United States in the international financial institutions. The Chairman shall present such report to the Speaker of the House of Representatives and the President of the Senate not later than April 1 of each year following the close of the fiscal year covered by such report, except that the report for fiscal year 1989 shall be submitted not later than June 1, 1990.
(b) Contents of reports
Terms Used In 22 USC 262r
- association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
- Chairman: means the Chairman of the National Advisory Council on International Monetary and Financial Policies. See 22 USC 262r
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- international financial institutions: means the International Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank 2 Bank for Economic Cooperation and Development in the Middle East and North Africa,,3 and Inter-American Investment Corporation. See 22 USC 262r
- multilateral development banks: means the multilateral development institutions other than the Multilateral Investment Guarantee Agency. See 22 USC 262r
- multilateral development institutions: means the international financial institutions other than the International Monetary Fund. See 22 USC 262r
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Testify: Answer questions in court.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Each annual report required by subsection (a) shall contain–
(1) such data and explanations concerning the effectiveness, operations, and policies of the international financial institutions, such recommendations concerning the international financial institutions, and such other data and material as the Chairman may deem appropriate;
(2) the reports on each specific issue and topic which is required by any other provision of law to be included in the report of the National Advisory Council on International Monetary and Financial Policies required by section 286b(b)(5) of this title, as in effect immediately before December 19, 1989;
(3) a description of each loan or other form of financial assistance approved by any international financial institution during the fiscal year covered by such report, and a discussion of how such loan or financial assistance will benefit the people, particularly the poor people, of the recipient country;
(4) a review of the success achieved through the multilateral development banks in reducing or eliminating import restrictions and unfair export subsidies which–
(A) have been determined to be consistent with international agreements; and
(B) have a serious adverse impact on the United States;
(5) a description of the actions taken and the progress made in carrying out subsections (a) and (b) of section 286cc of this title;
(6) the report required by section 2018(c) of the International Narcotics Act of 1986 (title II of Public Law 99-570), discussing the actions taken and progress made in encouraging the multilateral development banks to finance drug eradication and crop substitution programs;
(7) a description of the progress made by the United States Executive Director of the International Monetary Fund with respect to the goals of section 286kk of this title;
(8) a description of the status of procedures in the multilateral development banks specifically designed to increase the productive role of the poor in the economies of the nations which are borrowers from such banks;
(9) in consultation with the Secretary of State, a report on the progress toward achieving the goals of title VII (other than section 262e of this title), including the information required to be reported pursuant to section 262d(c) 1 of this title, and, for the fiscal year 1990, the report described in section 262p-4h of this title;
(10) in consultation with the Secretary of State and the Administrator of the Agency for International Development, an assessment of the progress being made to implement the objectives of title XIII; and
(11) a report on–
(A) the progress made in transforming government-owned enterprises into privately owned enterprises as described in section 262p-4g(b) of this title;
(B) the performance of the privately owned enterprises resulting from such transformation; and
(C) the contributions of development finance companies toward strengthening the private sector in member borrowing countries.
As used in this title, title XVIII, and title XIX:
The term “Chairman” means the Chairman of the National Advisory Council on International Monetary and Financial Policies.
(2) International financial institutions
The term “international financial institutions” means the International Monetary Fund, International Bank for Reconstruction and Development, European Bank for Reconstruction and Development, International Development Association, International Finance Corporation, Multilateral Investment Guarantee Agency, African Development Bank, African Development Fund, Asian Development Bank, Inter-American Development Bank 2 Bank for Economic Cooperation and Development in the Middle East and North Africa,,3 and Inter-American Investment Corporation.
(3) Multilateral development institutions
The term “multilateral development institutions” means the international financial institutions other than the International Monetary Fund.
(4) Multilateral development banks
The term “multilateral development banks” means the multilateral development institutions other than the Multilateral Investment Guarantee Agency.
(d) Testimony required
Upon request of the Committee on Banking, Finance and Urban Affairs of the House of Representatives, the Chairman shall testify before the Committee to support and explain each annual report required by subsection (a). If the President has delegated to a person or persons other than the Chairman the authority to manage United States participation in the international financial institutions which was vested in the President by section 1(b) of the Reorganization Plan No. 4 of 1965, such person or persons shall, upon request of the Committee, accompany the Chairman and testify before the Committee with regard to such report. The Chairman and such other person or persons shall assess, in their testimony, the effectiveness of the international financial institutions, the major issues affecting United States participation, the major developments in the past year, the prospects for the coming year, United States policy goals with respect to the international financial institutions, and any specific issues addressed to them by any member of the Committee.
(e) Advisory Committee on IMF policy
(1) In general
The Secretary of the Treasury should establish an International Monetary Fund Advisory Committee (in this subsection referred to as the “Advisory Committee”).
The Advisory Committee should consist of members appointed by the Secretary of the Treasury, after appropriate consultations with the relevant organizations. Such members should include representatives from industry, representatives from agriculture, representatives from organized labor, representatives from banking and financial services, and representatives from nongovernmental environmental and human rights organizations.