< Back to H.R. 5262 (95th Congress, 1977–1978)

Text of the An Act to provide for increased participation by the United States in the International Bank for Reconstruction and Development, the ...

...and Development, the International Development Association, the International Finance Corporation, the Asian Development Bank

This bill was enacted after being signed by the President on October 3, 1977. The text of the bill below is as of Oct 3, 1977 (Passed Congress/Enrolled Bill).

PUBLIC LAW 95-118—OCT. 3, 1977                                    91 STAT. 1067

Public Law 95- 118
95th Congress
                                   An Act
To provide for increased participation by tlie United States in the International      Oct. 3, 1977
  Bank for Reconstruction and Development, the International Development               [H.R. 5262]
  Association, the International Finance Corporation, the Asian Development
  Bank and the Asian Development Fund, and for other purposes.

 Be it enacted hy the Senate and House of Representatives of the
United States of America in Congress assemhled^                                      International
                                                                                     financial
                                                                                     institutions.
TITLE I—PURPOSE AND POLICY; DECLARATION OF                                           U.S.
  CONGRESSIONAL INTENT IN RESPECT TO CONTINUED                                       participation,
  PARTICIPATION OF T H E UNITED STATES GOVERN-                                       increase.
  MENT IN INTERNATIONAL FINANCIAL INSTITUTIONS
  FOSTERING ECONOMIC DEVELOPMENT IN LESS
  DEVELOPED COUNTRIES
  SEC. 101. (a) I t is the sense of the Congress that—                    22 u s e 262c.
        (1) for humanitarian, economic, and political reasons, it is in
     the national interest of the United States to assist in fostering
     economic development in the less developed countries of this
     world;
        (2) the development-oriented international financial institu-
     tions have proved themselves capable of playing a significant role
     in assisting economic development by providing to less developed
     countries access to capital and technical assistance and soliciting
     from them maximum self-help and mutual cooperation;
        (3) this has been achieved with minimal risk of financial loss
     to contributing countries;
        (4) such institutions have proved to be an effective mechanism
     for sharing the burden among developed countries of stimulating
     economic development in the less developed world; and
        (5) although continued United States participation in the
     international financial institutions is an important part of efforts
     by the United States to assist less developed countries, more of
     this burden should be shared by other developed countries. As a
     step in that direction, in future negotiations, the United States
     should work toward aggregate contributions to future replenish-
     ments to international financial institutions covered by this Act
     not to exceed 25 per centum.
   (b) The Congress recognizes that economic development is a long-
term process needing funding commitments to international financial
institutions. It also notes that the availability of funds for the United
States contribution to international financial institutions is subject to
the appropriations process.

T I T L E II—INTERNATIONAL BANK FOR RECONSTRUC-
                TION AND DEVELOPMENT
  SEC. 201. The Bretton Woods Agreements Act (22 U.S.C. 286 et Capital stock
seq.) is further amended by adding at the end thereof the following increase,
new section:                                                        authorization.

91 STAT. 1068 PUBLIC LAW 95-118—OCT. 3, 1977 22 u s e 286e-lf. "SEC. 27. (a) The United States Governor of the Bank is authorized— "(1) to vote for an increase of seventy thousand shares in the authorized capital stock of the Bank; and "(2) if such increase becomes effective, to subscribe on behalf of the United States to thirteen thousand and five additional shares of the capital stock of the Bank: Provided^ however^ That any subscription to additional shares shall be made only after the amount required for such subscription has been appropriated. Appropriation "(b) In order to pay for the increase in the United States subscrip- authorization. tion to the Bank provided for in this section, there are hereby author- ized to be appropriated, without fiscal year limitation, $1,568,856,-318 for payment by the Secretary of the Treasury.". TITLE III—INTERNATIONAL FINANCE CORPORATION Capital stock SEC. 301. The International Finance Corporation Act (22 U.S.C. increase, 282 et seq.) is further amended by adding at the end thereof the authorization. following new section: 22 u s e 282i. "SEC. 11. (a) The United States Governor of the Corporation is authorized— " (1) to vote for an increase of five hundred and forty thousand shares in the authorized capital stock of the Corporation; and "(2) if such increase becomes effective, to subscribe on behalf of the United States to one hundred and eleven thousand four hun- dred and ninety-three additional shares of the capital stock of the Corporation: Provided^ however^ That any commitment to make payment for such additional subscriptions shall be made subject to obtaining the necessary appropriations. Appropriation "(b) \n order to pay for the increase in the United States sub- authorization. scription to the Corporation provided for in this section, there are hereby authorized to be appropriated, without fiscal year limitation, $111,493,000 for payment by the Secretary of the Treasury.". TITLE IV—INTERNATIONAL DEVELOPMENT ASSOCIATION Replenishment SEC. 401. The International Development Association Act, as payment, amended (22 U.S.C. 284 et seq.), is further amended by adding at authorization. the end thereof the following new section: 22 u s e 284n. "SEC. 16. (a) The United States Governor is hereby authorized to agree on behalf of the United States to pay to the Association $2,400,000,000 as the United States contribution to the fifth replenish- ment of the Resources of the Association: Provided^ however, That any conunitment to make such contributions shall be made subject to obtaining the necessary appropriations. Appropriation "(b) In order to pay for the United States contribution provided authorization. for in this section, there are hereby authorized to be appropriated, without fiscal year limitation, $2,400,000,000 for payment by the Secretary of the Treasury.". TITLE V—ASIAN DEVELOPMENT BANK AND ASIAN DEVELOPMENT FUND Additional capital SEC. 501. The Asian Development Bank Act, as amended (22 U.S.C. stock, 285-285r), is further amended by adding at the end thereof the subscription followinof new sections: authorization.
PUBLIC LAW 95-118—OCT. 3 , 1977 91 STAT. 1069 " S E C . 22. (a) T h e United States Governor of t h e B a n k is authorized 22 u s e 285s. to subscribe on behalf of the United States to sixty-seven thousand and five hundred additional shares of t h e capital stock of the B a n k : Provided, however, T h a t any subscription t o additional shares shall be made only after the amount required for such subscription h a s been appropriated. " ( b ) I n order to p a y for the increase in t h e United States sub- Appropriation scription to t h e B a n k provided for in this section, there are hereby authorization. authorized to be appropriated without fiscal year limitation $814,286,250 for payment by t h e Secretary of the Treasury. " S E C . 23. (a) T h e United States Governor of t h e Bank is hereby Contribution authorized to contribute on behalf of the United States $180,000,000 authorization. to t h e Asian Development F u n d , a special fund of the B a n k : Pro- 22 use 285t. vided, however, T h a t any commitment t o make such contribution shall be made subject t o obtaining the necessary appropriations. " ( b ) I n order to p a y for t h e United States contribution to the Asian Appropriation Development F u n d provided for in this section, there are hereby authorization. authorized to be appropriated without fiscal year limitation $180,000,000 for payment by t h e Secretary of t h e Treasury.". TITLE VI—AFRICAN DEVELOPMENT FUND SEC. 601. T h e African Development F u n d A c t (22 U.S.C. eontribution 2 9 0 g - 4 ( a ) ) is amended by adding the following new section: authorization. " S E C . 212. (a) T h e United States Governor is hereby authorized to 22 use contribute on behalf of the United States $50,000,000 to the African 290g-10. Development F u n d , which would represent an additional United States contribution to the first replenishment. T h e Secretary of the Treasury is directed to begin discussions with other donor nations to the African Development F u n d for the purpose of setting amounts and of reviewing a n d possibly changing the voting structure within the F u n d : Provided, however, T h a t any commitment to make such contribution shall be made subject to obtaining the necessary appropriations. (b) I n order to p a y for the United States contribution to the Appropriation African Development F u n d provided for in this section there are authorization. authorized to be appropriated without fiscal year limitation $50,000,000 for payment by the Secretary of the Treasury.". T I T L E VII—HUMAN R I G H T S SEC. 701. (a) The United States Government, in connection with Assistance its voice and vote in the International Bank for Reconstruction and policies. Development, the International Development Association, the Inter- 22 use 262d. national Finance Corporation, the Inter-American Development Bank, the African Development Fund, and the Asian Development Bank, shall advance the cause of human rights, including by seeking to channel assistance toward countries other than those whose govern- ments engage in— (1) a consistent pattern of gross violations of internationally recognized human rights, such as torture or cruel, inhumane, or degrading treatment or punishment, prolonged detention without charges, or other flagrant denial to life, liberty, and the security of person; or (2) provide refuge to individuals committing acts of interna- tional terrorism by hijacking aircraft.
91 STAT. 1070 PUBLIC LAW 95-118—OCT. 3, 1977 Executive (b) Further, the Secretary of the Treasury shall instruct each Directors, policy Executive Director of the above institutions to consider in carrying considerations. out his duties: (1) specific actions by either the executive branch or the Con- gress as a whole on individual bilateral assistance programs because of human rights considerations; (2) the extent to which the economic assistance provided by the above institutions directly benefit the needy people in the recipient country; (3) whether the recipient country has detonated a nuclear device or is not a State Party to the Treaty on Nonproliferation of Nuclear Weapons or both; and (4) in relation to assistance for the Socialist Eepublic of Viet- nam, the People's Democratic Republic of Laos, and Democratic Kampuchea (Cambodia), the responsiveness of the governments of such countries in providing a more substantial accounting of Americans missing in action. Annual reports to (c) The Secretaries of State and Treasury shall report annually to Speaker of the the Speaker of the House of Representatives and the President of the House and Senate on the progress toward achieving the goals of this title, includ- President of the Senate. ing the listing required in subsection (d). (d) The United States Government, in connection with its voice and vote in the institutions listed in subsection (a), shall seek to channel assistance to projects which address basic human needs of the people of the recipient country. The annual report required under subsection (c) shall include a listing of categories of such assistance granted, with particular attention to categories that address basic human needs. (e) In determining whether a country is in gross violation of internationally recognized human rights standards, as defined by the provisions of subsection (a), the United States Government shall give consideration to the extent of cooperation of such country in permitting an unimpeded investigation of alleged violations of internationally recognized human rights by appropriate international organizations including, but not limited to, the International Committee of the Red Cross, Amnesty International, the International Commission of Jurists, and groups or persons acting under the authority of the United Nations or the Organization of American States. Financial or (f) The United States Executive Directors of the institutions listed technical in subsection (a) are authorized and instructed to oppose any loan, assistance, any extension of financial assistance, or any technical assistance to prohibition. any country described in subsection (a) (1) or (2), unless such assist- ance is directed specifically to programs which serve the basic human needs of the citizens of such country. Repeals. SEC. 702. Section 28 of the Inter-American Development Bank Act, as amended (22 U.S.C. 283y), section 211 of the Act of May 31, 1976 (22 U.S.C. 290g-9), and section 15 of the International Development Association Act, as amended (22 U.S.C. 284m), are repealed. Standard for SEC. 703. (a) The Secretary of State and the Secretary of the human needs and Treasury shall initiate a wide consultation designed to develop a viable protection of standard for the meeting of basic human needs and the protection of human rights, human rights and a mechanism for acting together to insure that the development. 22 u s e 262c rewards of international economic cooperation are especially avail- note. able to those who subscribe to such standards and are seen to be moving
PUBLIC LAW 95-118—OCT. 3, 1977 91 STAT. 1071 toward making them effective in their own systems of governance. (b) Not later than one year after the date of enactment of this Act, Report to the Secretary of State and the Secretary of the Treasury shall report President of the to the President of the Senate and the Speaker of the House of Repre- Senate and sentatives on the progress made in carrying out this section. Speaker of the House. SEC. 704. The President shall direct the United States Executive Salaries and Directors of such international financial institutions to take all appro- benefits, priate actions to keep the salaries and benefits of the employees of comparabihty to such institutions to levels comparable to salaries and benefits of U.S. employees of private business and the United States Government in 22 u s e 262e. comparable positions. TITLE VIII—LIGHT CAPITAL TECHNOLOGY SEC. 801. (a) The United States Government, in connection with Development and its voice and vote in the International Bank for Reconstruction and utilization. Development, the International Development Association, the Inter- 22 u s e 262f. national Finance Corporation, the Inter-American Development Bank, the African Development Fund, and the Asian Development Bank, shall promote the development and utilization of light capital ( technologies, otherwise known as intermediate, appropriate, or village technologies, by such international institutions as major facets of their development strategies, with major emphasis on the production and conservation of energy through light capital technologies. (b) The Secretary of the Treasury shall report to the Congress Report to not later than six months after the date of enactment of this section Congress, and annually thereafter on the progress toward achieving the goals of this title. Each report shall include a separate and comprehensive Contents, discussion, with examples of specific projects and policies, of each institution's activity in light capital technologies and of United States efforts to carry out subsection (a) with respect to each institution. TITLE IX—HITMAN NUTRITION IN DEVELOPING COUNTRIES SEC. 901. (a) The Congress declares it to be the policy of the United Assistance States, in connection with its voice and vote in the International policies. Bank for Reconstruction and Development, the International Devel- 22 u s e 262g. opment Association, the International Finance Corporation, the Inter- American Development Bank, the African Development Fund, the Asian Development Fund, and the Asian Development Bank, to com- bat hunger and malnutrition and to encourage economic development in the developing countries, with emphasis on assistance to those countries that are determined to improve their own agricultural pro- duction, by seeking to channel assistance for agriculturally related development to projects that would aid in fulfilling domestic food and nutrition needs and in alleviating hunger and malnutrition in the recipient country. The United States representatives to the institutions Palm oil, sugar named in this section shall oppose any loan or other financial assist- and citrus crops, ance for establishing or expanding production for export of palm oil, U.S. producers, sugar, or citrus crops if such loan or assistance will cause injury to protection. United States producers of the same, similar, or competing agricul- tural commodity. (b) The Secretaries of State and Treasury shall report annually to Annual report to the Speaker of the House of Representatives and the President of the Speaker of the Senate on the progress towards achieving the goals of this title. House and President of the Senate. 29-194 0 - 8 0 - 7 0
91 STAT. 1072 PUBLIC LAW 95-118—OCT. 3, 1977 T I T L E X — E F F E C T I V E DATE 22 use 282i SEC. 1001. This Act shall take effect on the date of its enactment, oo*®- except that no funds authorized to be appropriated by any amendment contained in title I I , I I I , IV, V, or VI may be available for use or obligation prior to October 1,1977. Approved October 3, 1977. •. • * J i': . •I • '', LEGISLATIVE HISTORY: HOUSE REPORTS: No. 95-154 (Comm. on Banking, Finance and Urban Affairs) and No. 95-544 (Comm. of Conference). SENATE REPORTS: No. 95-159 (Comm. on Foreign Relations) and No. 95-363 (Comm. of Conference). CONGRESSIONAL RECORD, VoL 123 (1977): , - Apr. 6, considered and passed House. June 14, considered and passed Senate, amended. July 27, Senate agreed to conference report. ^^'-'- Sept. 16, House disagreed to conference report, receded and concurred in Senate amendment with an amendment. * Sept. 21, Senate concurred in House amendment.