Page:United States Statutes at Large Volume 123.djvu/3426

 123STA T . 3 406PUBLIC LA W 111 – 11 7—DE C. 16 , 200 9(b)CONDIT ION ALSU N SE TON A UT H O R IT Y TO M A K E L OANS TO F UND THE N E W ARRAN G E M ENTS TO B ORROW .— S ection17 ( a )o f t h e B r etton W oo ds A g ree m ents Act ( 2 2 U .S.C. 2 86 e – 2(a)) is amended b y adding at the end the fo l lo w ing

‘( 3 ) T hea u thority to ma k e loans under this section shall e xp ire on the date that is 5 years after the date of the enactment of this paragraph unless the Secretary of the Treasury , not later than 6 0 days before such expiration date or 60 days prior to the renewal of the decision go v erning the New Arrange - ments to Borrow (NAB), whichever occurs first, certifies to the appropriate congressional committees, that— ‘‘(A) no amendments made, or anticipated to be made, to the NAB to achieve an expanded and more flexible NAB, as described in paragraph 17 of the G 20 Leaders ’ Statement at the 200 9 London Summit, will impair the ability of the Secretary of the Treasury to consider a renewal of the NAB decision at intervals no greater than 5 years and to withdraw the adherence of the United States to the NAB decision as is currently provided under paragraph 19 of the New Arrangement to Borrow, adopted by the E xecutive Board of the I nternational Monetary Fund (IMF) on J anuary 27, 1997 and ‘‘(B)(i) the IMF will borrow resources from members under the NAB only when q uota resources need to be supplemented in order to forestall or cope with an impair- ment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system; ‘‘(ii) the IMF has, prior to any activation of the NAB, fully explored other means of funding to supplement any potential shortfall in quota resources necessary to forestall or cope with an impairment of the international monetary system or to deal with an exceptional situation that poses a threat to the stability of that system; or ‘‘(iii) it is in the United States’ strategic economic interest to maintain the relative si z e or lower of the United States contribution to the NAB as in effect on the date of the certification. ‘‘( 4 ) Not later than 15 days before submitting the certifi- cation under paragraph (3), the Secretary of the Treasury shall consult with the appropriate congressional committees regarding such certification.’’. (c) LIMITATION ON P ER C ENTAGE O F NEW ARRANGEMENTS TO BORROW TO BE FUNDED B Y THE UNITED STATES.—Section 17(a)(2) of the Bretton Woods Agreements Act (22 U.S.C. 286e–2(a)(2)) is amended by striking ‘‘is representative of its share as of the date of the enactment of this Act’’ and inserting ‘‘remains not greater than 20 percent, which approximates the United States share as of the date of the enactment of the Supplemental Appropriations Act, 2009 Public Law 111–32’’. (d) R E P ORTING RE Q UIREMENTS.—Not later than 60 days after the enactment of this Act and annually thereafter until September 30, 2014, the Secretary of the Treasury, in consultation with other appropriate Federal agencies, shall submit to the Committees on Appropriations a report on the loans made and programs carried out using financing provided by or through the New Arrangements Deadlin e .C e rt i f i c ati o n. Con su ltation. Exp iration date. Deadlines. Certification.