A bill to provide for continuing United States participation in the International Development Association, to provide for United States participation in the African Development Bank, and for other purposes.
Title I: International Development Association - Amends the International Development Association Act to authorize the payment of a specified sum, subject to obtaining the necessary appropriations, as the U.S. contribution to the sixth replenishment of the resources of the Association. Limits the amount of such sum which shall be available in fiscal years 1981 and 1982.
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 Bank Governor and an Alternate Governor. Makes U.S. participation in 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.
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).
Became Public Law No: 97-113.
For Further Action See H.R.3439.
Introduced in Senate
Read second time and referred to Senate Committee on Foreign Relations.
Committee on Foreign Relations. Hearings held.
Committee on Foreign Relations. Ordered to be reported with an amendment favorably.
Committee on Foreign Relations. Reported to Senate by Senator Percy favorably with an amendment in the nature of a substitute. With written report No. 97-36.
Committee on Foreign Relations. Reported to Senate by Senator Percy favorably with an amendment in the nature of a substitute. With written report No. 97-36.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 45.
Considered by Senate.
Passed/agreed to in Senate: Passed Senate with amendments by Yea-Nay Vote. 58-32. Record Vote No: 87.
Roll Call #87 (Senate)Passed Senate with amendments by Yea-Nay Vote. 58-32. Record Vote No: 87.
Roll Call #87 (Senate)checking server…
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Referred to House Committee on Banking, Finance and Urban Affairs.
Committee on Foreign Relations. Provisions of measure incorporated into measure S. 1196 ordered to be reported.