22 U.S.C. § 286aaa — Congressional notification with respect to exceptional access lending

FEDERAL · 22 U.S.C. · Chapter 7

Congressional notification with respect to exceptional access lending

Current through Pub. L. 119-102

Title 22 — Foreign Relations and Intercourse·Ch. 7 — INTERNATIONAL BUREAUS, CONGRESSES, ETC.·Subch. XV

(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 pe

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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.

22 U.S.C. § 286aaa (Congressional notification with respect to exceptional access lending) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

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

Editorial Notes

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.

Statutory Notes and Related Subsidiaries

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