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U.S. Code as of:
01/19/04
Section 262r. Annual report by Chairman of National Advisory Council on International Monetary and Financial Policies
(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
Each annual report required by subsection (a) of this section
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) 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.
(c) Definitions
As used in this title, title XVIII, and title XIX:
(1) Chairman
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
(!1) Bank for Economic Cooperation and Development in the Middle
East and North Africa,,(!2) 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) of this section. 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").
(2) Membership
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.
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