22 USC 286dd: Fund bailouts of banks; rescheduling of debt
Text contains those laws in effect on December 24, 2024
From Title 22-FOREIGN RELATIONS AND INTERCOURSECHAPTER 7-INTERNATIONAL BUREAUS, CONGRESSES, ETC.SUBCHAPTER XV-INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT
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§286dd. Fund bailouts of banks; rescheduling of debt
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.
(July 31, 1945, ch. 339, §46, as added