Collection and exchange of information on monetary and financial problems

22 U.S.C. § 286z

• Title: 22 — Foreign Relations and Intercourse
• Chapter: SUBCHAPTER XV—INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT

Text

(a) Sense of Congress
It is the sense of the Congress that—
(1) the lack of sufficient information currently available to allow members of the Fund to make sound and prudent decisions concerning their public and private sector international borrowing, and to allow lenders to make sound and prudent decisions concerning their international lending, threatens the stability of the international monetary system; and
(2) in recognition of the Fund's duties, as provided particularly by article VIII of the Articles of Agreement of the Fund, to act as a center for the collection and exchange of information on monetary and financial problems, the Fund should adopt necessary and appropriate measures to ensure that more complete and timely financial information will be available.
(b) Initiation by United States Executive Director of discussions with other Directors; adoption of procedures
To this end, the Secretary of the Treasury shall instruct the United States Executive Director of the Fund to initiate discussions with other directors of the Fund and with Fund management, and to propose and vote for, the adoption of procedures, within the Fund—
(1) to collect and disseminate information, on a quarterly basis, from and to Fund members, and to such other persons as the Fund deems appropriate, concerning—
(A) the extension of credit by banks or nonbanks to private and public entities, including all government entities, instrumentalities, and central banks of member countries; and
(B) the receipt of such credit by those private and public entities of member countries, where such banks or nonbanks are not principally established within the borders of the member country to which the credits are extended; and
(2) to disseminate publicly information which is developed in the course of the Fund's collection, and to review and comment on efforts which the Fund determines would serve to enhance the informational base upon which international borrowing and lending decisions are taken.
(c) "Credit" defined
For purposes of this section, the term "credit" includes—
(1) outstanding loans to private and public entities, including government entities, instrumentalities, and central banks of any member, and
(2) unused lines of credit which have been made available to those private and public entities of any member,
where such loans or lines of credit are repayable in freely convertible currency.
(d) Providing necessary information
The President is authorized to use the authority provided under section 286f of this title to require any person (as defined in such section) subject to the jurisdiction of the United States to provide such information as the Fund determines to be necessary in order to carry out the provisions of this section.

History

(July 31, 1945, ch. 339, §42, as added Pub. L. 98–181, title I [title VIII, §802(a)(4)], Nov. 30, 1983, 97 Stat. 1269.)