Page:United States Statutes at Large Volume 116 Part 1.djvu/728

 116 STAT. 702 PUBLIC LAW 107-189-JUNE 14, 2002 Deadline. Records. Records. 12 USC 635a note. "(VII) The Tied Aid Credit Fund may be used to preemptively counter potential foreign tied aid offers without triggering foreign tied aid use. "(ii) CONCLUSION. —Once the principles, process and standards referred to in subparagraph (A) are followed, the final case-by-case decisions on the use of the Tied Aid Credit Fund shall be made by the Bank: Provided however, That the Bank shall not approve the extension of a proposed tied aid credit if the President of the United States determines, after consulting with the President of the Bank and the Secretary of the Treasury, that the extension of the tied aid credit would materially impede achieving the purposes described in subsection (a)(6). " (C) INITIAL PRINCIPLES, PROCESS, AND STANDARDS. — As soon as is practicable but not later than 6 months after the date of the enactment of this paragraph, the Secretary and the Bank shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a copy of the principles, process, and standards developed pursuant to subparagraph (A). " (D) TRANSITIONAL PRINCIPLES AND STANDARDS.—The principles and standards set forth in subparagraph (B)(i) shall govern the use of the Tied Aid Credit Fund until the principles, process, and standards required by subparagraph (C) are submitted. "(E) UPDATE AND REVISION.—The Secretary and the Bank jointly should update and revise, as needed, the principles, process, and standards developed pursuant to subparagraph (A), and, on doing so, shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a copy of the principles, process, and standards so updated and revised.", (b) RECONSIDERATION OF BOARD DECISIONS ON USE OF FUND.— Section 10(b) of such Act (12 U.S.C. 635i-3(b)) is further amended by adding at the end the following: " (6) RECONSIDERATION OF DECISIONS.— "(A) IN GENERAL. —Taking into consideration the time sensitivity of transactions, the Board of Directors of the Bank shall expeditiously pursuant to paragraph (2) reconsider a decision of the Board to deny an application for the use of the Tied Aid Credit Fund if the applicant submits the request for reconsideration within 3 months of the denial. "(B) PROCEDURAL RULES.— In any such reconsideration, the applicant may be required to provide new information on the application.". SEC. 10. EXPANSION OF AUTHORITY TO USE TIED AID CREDIT FUND. (a) UNTIED AID. — (1) NEGOTIATIONS. —The Secretary of the Treasury shall seek to negotiate an OECD Arrangement on Untied Aid. In the negotiations, the Secretary should seek agreement on subjecting untied aid to the rules governing the Arrangement, including the rules governing disclosure.

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