International Financial Institutions Amendments of 1987

Summary

International Financial Institutions Amendments of 1987 - Title I: Replenishments and Capital Increases Authorized - Amends the International Development Association Act to authorize the United States Governor to pay a specified amount on behalf of the United States to the International Development Association to the eighth replenishment of the resources of the Association. Authorizes appropriations for such contribution. Amends the Asian Development Bank Act to authorize the United States Governor of the Asian Development Bank to contribute a specified amount on behalf of the United States to the Asian Development Fund. Authorizes appropriations for such contribution. Amends the African Development Bank Act to authorize the United States Governor of the African Development Bank to agree to subscribe on behalf of the United States to a specified number of shares of capital stock of the Bank. Authorizes appropriations for such subscription. Amends the Inter-American Development Bank Act to authorize the United States Governor of the Inter-American Development Bank to agree to and to accept the amendments to the Articles of Agreement in the proposed resolution entitled "Merger of Inter-Regional and Ordinary Capital Resources." Amends the Bretton Woods Agreements Act to authorize the United States Governor of the International Bank for Reconstruction and Development to agree to and accept the amendment to the Articles of Agreement in the proposed resolution entitled "Amendment to the Articles of Agreement of the Bank" and forwarded to the United States on February 27, 1987. Title II: Multilateral Investment Guarantee Agency - Multilateral Investment Guarantee Agency Act - Authorizes the President to accept membership for the United States in the Multilateral Investment Guarantee Agency (Agency) provided for the Convention Establishing the Multilateral Investment Guarantee Agency deposited in the archives of the International Bank for Reconstruction and Development (Bank). Provides that the Governor and Alternate Governor of the Bank shall serve as Governor and Alternate Governor, respectively, of the Agency. Provides that certain provisions of the Bretton Woods Agreements Act shall apply with respect to the Agency to the same extent as with respect to the Bank and the International Monetary Fund. Prohibits the President or any person or agency, unless authorized by law, from: (1) subscribing to additional shares of stock in the Agency; (2) voting for or agreeing to any amendment of the Convention which increases the obligations of the United States, or which changes the purpose or functions of the Agency; or (3) making a loan or providing other financing to the Agency. Requires any Federal Reserve Bank that is requested to do so by the Agency to act as its depository or as its fiscal agent. Requires the Board of Governors of the Federal Reserve System to supervise and direct the carrying out of these functions by the Federal Reserve banks. Authorizes the Secretary of the Treasury to subscribe on behalf of the United States to a specified number of shares of the capital stock of the Agency. Authorizes appropriations for such subscription. Provides that any payment of dividends of such stock shall be deposited into the Treasury as a miscellaneous receipt. Sets forth the jurisdiction of U.S. courts regarding civil actions to which the Agency may be a party, including an action to enforce an arbitral award against the Agency. Gives full force and effect within the United States, its territories, and possessions to defined privileges and immunities accorded under the Convention to the Agency and to an arbitral tribunal award under such Convention.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 13 May 1987

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.