African Development Bank Act

Summary

Title I: International Development Association - Amends the International Development Association Act to authorize the U.S. Governor to pay a specified sum as the U.S. contribution to the sixth replenishment of the Resources of the Association, subject to obtaining the necessary appropriations. Title II: African Development Bank - African Development Bank Act - Authorizes the President to accept membership for the United States in the African Development Bank. Provides for the appointment of a governor and an alternate governor of such Bank. Makes such Bank subject to the National Advisory Council on International Monetary and Financial Problems. Prohibits unauthorized: (1) subscriptions to additional shares in such Bank; (2) agreements increasing U.S. obligations or modifying the purpose of such Bank; or (3) financing for such Bank. Requires any Federal Reserve bank to act as the Bank's depository at the request of such Bank. Specifies the shares of such Bank to which the President is authorized to subscribe. Sets forth venue and jurisdiction provisions for such Bank. Exempts such Bank's obligations from specified limitations on underwriting investment securities and for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934. Requires such Bank to file reports as determined appropriate by the Securities and Exchange Commission. Authorizes the Commission to suspend the exemptions from the Securities laws. Directs such Bank to carry out U.S. policies concerning human rights and the development of light capital technologies. Makes U.S. citizen representatives to such Bank eligible for civil service benefits. Title III: International Bank for Reconstruction and Development and Asian Development Bank - Amends the Bretton Woods Agreements Act and the Asian Development Bank Act to provide that any subscription to additional shares of such Banks shall only be effective to the extent as provided in advance in appropriation Acts (presently, may be made only after the necessary amount has been appropriated). Title IV: Effective Date and Availability of Funds - Stipulates that authorized funds are not available for obligation prior to October 1, 1980.

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

Timeline

1. 13 March 1980

   Introduced

   Introduced in House

   Source: IntroReferral

2. 13 March 1980

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

3. 13 March 1980

   Introduced

   Introduced in House

   Source: IntroReferral

4. 16 May 1980

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs, H. Rept. 96-1015.

   Source: Committee

5. 16 May 1980

   Reported

   Reported to House from the Committee on Banking, Finance and Urban Affairs, H. Rept. 96-1015.

   Source: Committee

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 March 1980

  Open at official source

Sponsors

• Rep. Gonzalez, Henry B. [D-TX-20] · D · Sponsor
• · hsba00 · Standing

Related records

• related to → A resolution providing for the consideration of the bill H.R. 6811 to provide for increased United States participation in the International Development Association, to provide for United States participation in the African Development Bank, and for other purposes.
• related to ← African Development Bank Act