(a) In order to coordinate
the policies and operations of the representatives of the United States
of the Fund and the Bank and of all agencies of the Government which
make or participate in making foreign loans or which engage in foreign
financial, exchange or monetary transactions, there is hereby established
the National Advisory Council on International Monetary and Financial
Problems (hereinafter referred to as the “Council”), consisting of
the Secretary of the Treasury, as Chairman, the Secretary of State,
the Secretary of Commerce, the Chairman of the Board of Governors
of the Federal Reserve System, the President of the Export-Import
Bank of Washington, and during such period as the Foreign Operations
Administration shall continue to exist, the Director of the Foreign
Operations Administration.
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(b) (1) The Council, after consultation
with the representatives of the United States on the Fund and the
Bank, shall recommend to the President general policy directives for
the guidance of the representatives of the United States on the Fund
and the Bank.
(2) The
Council shall advise and consult with the President and the representatives
of the United States on the Fund and the Bank on major problems arising
in the administration of the Fund and the Bank.
(3) The Council shall coordinate, by consultation
or otherwise, so far as is practicable, the policies and operations
of the representatives of the United States on the Fund and the Bank,
the Export-Import Bank of Washington and all other agencies of the
Government to the extent that they make or participate in the making
of foreign loans or engage in foreign financial, exchange or monetary
transactions.
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(4) Whenever, under the
Articles of Agreement of the Fund or the Articles of Agreement of
the Bank, the approval, consent or agreement of the United States
is required before an act may be done by the respective institutions,
the decision as to whether such approval, consent, or agreement, shall
be given or refused shall (to the extent such decision is not prohibited
by section 5 of this Act) be made by the Council, under the general
direction of the President. No governor, executive director, or alternate
representing the United States shall vote in favor of any waiver of
condition under article V, section 4, or in favor of any declaration
of the United States dollar as a scarce currency under article VII,
section 3, of the Articles of Agreement of the Fund, without prior
approval of the Council.
(5) The Council shall make such reports and recommendations to the
President as he may from time to time request, or as the Council may
consider necessary to move effectively or efficiently accomplish the
purposes of this Act or the purposes for which the Council is created.
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(6) The general policy
objectives for the guidance of the United States Executive Director
of the Bank shall take into account the effect that development assistance
loans have upon individual industry sectors and international commodity
markets—
(A) to minimize projected adverse impacts;
and
(B) to avoid,
wherever possible, government subsidization of production and exports of international
commodities without regard to economic conditions in the markets for
such commodities.
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(c) The representatives of the United States on the Fund and the
Bank, and the Export-Import Bank of Washington (and all other agencies
of the Government to the extent that they make or participate in the
making of foreign loans or engage in foreign financial, exchange or
monetary transactions) shall keep the Council fully informed of their
activities and shall provide the Council with such further information
or data in their possession as the Council may deem necessary to the
appropriate discharge of its responsibilities under this Act.
[22 USC 286b. As amended
by acts of April 3, 1948 (62 Stat. 141); Oct. 10, 1951 (65 Stat. 378);
June 20, 1952 (66 Stat. 144); Aug. 9, 1954 (68 Stat. 678); Aug. 14,
1965 (79 Stat. 519); March 13, 1968 (82 Stat. 47); Nov. 30, 1983 (97
Stat. 1273); and Dec. 19, 1989 (103 Stat. 2518, 2519). The Foreign
Operations Administration was abolished June 30, 1955 by Executive
Order 10610 of May 9, 1965. The National Advisory Council on International
Monetary and Financial Problems was abolished, effective July 27,
1965, under Reorganization Plan No. 4 of 1965, and its functions were
transferred to the President. Executive Order 11269, Feb. 14, 1966,
established, effective Jan. 1, 1966, the “National Advisory Council
on International Monetary and Financial Policies” and delegated to
it all the functions that had been vested in the President under such
reorganization plan, except certain functions delegated to the secretary
of the Treasury.]
