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H.R. 4834 (114th): North American Development Bank General Capital Increase Authorization Act of 2016

The text of the bill below is as of Mar 22, 2016 (Introduced).


I

114th CONGRESS

2d Session

H. R. 4834

IN THE HOUSE OF REPRESENTATIVES

March 22, 2016

(for himself, Mr. Vela, Mr. Cuellar, Mr. O’Rourke, Mr. Grijalva, Ms. Maxine Waters of California, and Ms. Moore) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To authorize United States participation in a general capital increase for the North American Development Bank.

1.

Short title

This Act may be cited as the North American Development Bank General Capital Increase Authorization Act of 2016.

2.

General capital increase

Part 2 of subtitle D of title V of Public Law 103–182 (22 U.S.C. 290m–290m–5) is amended by adding at the end the following:

547.

First capital increase

(a)

Subscription authorized

(1)

In general

The Secretary of the Treasury may subscribe on behalf of the United States to 150,000 additional shares of the capital stock of the Bank.

(2)

Limitation

Any subscription by the United States to the capital stock of the Bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations Acts.

(b)

Limitations on authorization of appropriations

In order to pay for the increase in the United States subscription to the Bank under subsection (a), there are authorized to be appropriated, without fiscal year limitation, $1,500,000,000 for payment by the Secretary of the Treasury, of which—

(1)

$225,000,000 shall be for paid-in shares of the Bank; and

(2)

$1,275,000,000 shall be for callable shares of the Bank.

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