African Development Fund Act - Authorizes the President to accept participation for the United States in the African Development Fund.
Requires the President, by and with the advice and consent of the Senate, to appoint a Governor and an Alternate Governor of the Fund. Requires the Governor to cast the votes of the United States for the Director to represent the United States in the Fund.
Prohibits any person or agency, unless Congress authorizes by law, from: (1) agreeing to increase the subscription of the United States to the Fund; (2) agreeing to any amendment which increases the subscription of the United States; or (3) making a loan or providing other financing for the Fund.
Authorizes to be appropriated $25,000,000 as the United States subscription to the Fund.
Stipulates that any Federal Reserve Bank requested by the President to act as a depository for the Fund shall do so.
Declares that the agreement establishing the Fund shall have full force and effect in the United States upon acceptance of participation.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Currency and Housing.
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