Page:United States Statutes at Large Volume 97.djvu/1303

 PUBLIC LAW 98-181—NOV. 30, 1983 97 STAT. 1271 (1) provides the basis for correcting the balance of payments difficulties and restoring a sustainable balance of pa)Tnents position; (2) would reduce the severe constraints on labor and capital mobility or other highly inefficient labor and capital supply rigidities and advances market-oriented forces in that country; and (3) is in the best economic interest of the majority of the people in that country. Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any commu- nist dictatorship and certify and docvunent in writing that these three conditions have been met, the United States Executive Direc- tor shall vote against such program. "(b) The Congress hereby finds that the practice of apartheid results in severe constraints on labor and capital mobility and other highly inefficient labor and capital supply rigidities which contrib- ute to balance of payments deficits in direct contradiction of the goals of the International Monetary Fund. Therefore, the President shall instruct the United States Executive Director of the Fund to actively oppose any facility involving use of Fund credit by any country which practices apartheid unless the Secretary of the Treas- ury certifies and documents in writing, upon request, and so notifies and appears, if requested, before the Foreign Relations and Banking, Housing, and Urban Affairs Committees of the Senate and the Banking, Finance and Urban Affairs Committee of the House of Representatives, at least twenty-one days in advance of any vote on such drawing, that such drawing: (1) would reduce the severe con- straints on labor and capital mobility, through such means as increasing access to education by workers and reducing artificial constraints on worker mobility and substantial reduction of racially- based restrictions on the geographical mobility of labor; (2) would reduce other highly inefficient labor and capital supply rigidities; (3) would benefit economically the majority of the people of any coun- try which practices apartheid; (4) is suffering from a genuine bal- ance of payments imbalance that cannot be met by recourse to private capital markets. Should the Secretary not meet a request to appear before the aforementioned committees at least twenty-one days in advance of any vote on any facility involving use of Fund credit by any country practicing apartheid and certify and docu- ment in writing that these four conditions have been met, the United States Executive Director shall vote against such program.". Countries prac- ticing apartheid, restricted fund- ing. Notification of congressional committees. ELIMINATION OF AGRICULTURAL EXPORT SUBSIDIES SEC. 805. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end thereof the following: ELIMINATION OF AGRICULTURAL EXPORT SUBSIDIES "SEC. 44. The Secretary of the Treasury shall instruct the United States Executive Director of the Fund to propose and work for the adoption of a policy encouraging Fund members to eliminate all predatory agricultural export subsidies which might result in the reduction of other member countries' exports.". 22 USC 286bb.

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