22 USC 286q - Limitation on allocations to the United States

U.S Code last checked for updates: Nov 22, 2024

§ 286q.

Limitation on allocations to the United States

(a)

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, 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 [22 U.S.C. 286 et seq.].

(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 Affairs of the House of Representatives, and the appropriate subcommittees thereof.

(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)

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.

(4)

The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 262r(c)(2) of this title) 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)

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.

(Pub. L. 90–349, § 6, June 19, 1968, 82 Stat. 189; Pub. L. 91–599, ch. 1, § 2, Dec. 30, 1970, 84 Stat. 1657; Pub. L. 94–564, § 5(3), Oct. 19, 1976, 90 Stat. 2661; Pub. L. 98–181, title I [title VIII, § 803], Nov. 30, 1983, 97 Stat. 1270; Pub. L. 118–47, div. F, title VII, § 7071(a), (b), Mar. 23, 2024, 138 Stat. 850, 851.)

cite as: 22 USC 286q