Page:United States Statutes at Large Volume 81.djvu/261

 81 ST AT.]

PUBLIC LAW 90-818-SEPT. 22, 1967

227

((A U D I T "SEC. 14. (a) The Secretary of the Treasury shall instruct the United States Executive Director to propose the establishment by the Board of Executive Directors of a program of selective but continuing independent and comprehensive audit of the Inter-American Development Bank, in accordance with such terms of reference as the Board of Executive Directors itself (or through a subcommittee), may prescribe. Such proposal shall provide that the audit reports be submitted to the Board of Executive Directors and to the Board of Governors. " (b) The Comptroller General of the United States shall prepare for the Secretary of the Treasury the scope of the audit and the auditing and reporting standards for the use of the United States Executive Director in assisting in the formulation of the terms of reference. "(c) The reports of the National Advisory Council on International Monetary and Financial Policies to the Congress shall include, among other things, an appraisal of the effectiveness of the implementation and administration of the loans made by the Bank based upon the audit reports. The Comptroller General shall periodically review the reports of audit and findings issued and report to the Secretary of the Treasury and the Congress any suggestions he mi^ht have in improving the scope of the audit or auditing and reporting standards of the independent auditing firm, group, or staff." SEC. 2. The Inter-American Development Bank Act is further amended by adding a new section 16 at the end thereof: "SEC. 16. (a) The United States Governor of the Bank is hereby authorized to vote in favor of the resolution entitled 'Increase of $1,200,000,000 in Resources of F u n d for Special Operations' proposed by the Governors at their annual meeting in April 1967 and now pending before the Board of Governors of the Bank. Upon the adoption of such resolution, the United States Governor is authorized to agree, on behalf of the United States, to pay to the F u n d for Special Operations of the Bank, the sum of $900,000,000, in accordance with and subject to the terms and conditions of such resolution, and subject to the further condition that in consideration of the United States balance-of-payments deficit any local cost financing, by project or otherwise, with the funds authorized under this section be held to the minimum possible level. The United States Governor is also authorized to vote in favor of the amendment to Annex C of the agreement, now pending before the Board of Governors of the Bank, to modify the procedure employed in the election of Executive Directors.

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"(b) There is hereby authorized to be appropriated without fiscal Appropriation. year Hmitation, for the United States share in the increase in the resources of the Fund for Special Operations of the Bank, t^e sum of $900,000,000. "(c) The voting power of the United States shall be exercised for ^1^°%^^^^'^""' the purpose of disapproving any loan which might assist the recipient ^ ' • • ^ country directly or mdirectly to acquire sophisticated or heavy military equipment." Approved September 22, 1967.

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