22 U.S.C. § 286dd — Fund bailouts of banks; rescheduling of debt

FEDERAL · 22 U.S.C. · Chapter 7

Fund bailouts of banks; rescheduling of debt

Current through Pub. L. 119-102

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

The Secretary of the Treasury shall instruct the United States Executive Director of the Fund—

(1)to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and

(2)to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropriate, a rescheduling of debt which is consistent with safe and sound banking practices and the country's ability to pay.

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The Secretary of the Treasury shall instruct the United States Executive Director of the Fund—
(1) to oppose and vote against any Fund drawing by a member country where, in his judgment, the Fund resources would be drawn principally for the purpose of repaying loans which have been imprudently made by banking institutions to the member country; and
(2) to work to insure that the Fund encourages borrowing countries and banking institutions to negotiate, where appropriate, a rescheduling of debt which is consistent with safe and sound banking practices and the country's ability to pay.

22 U.S.C. § 286dd (Fund bailouts of banks; rescheduling of debt) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(July 31, 1945, ch. 339, §46, as added Pub. L. 98–181, title I [title VIII, §807], Nov. 30, 1983, 97 Stat. 1273.)

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