Title 22 — Foreign Relations and Intercourse
Chapter 69A — Cuban Liberty and Democratic Solidarity (libertad)
§ 6034. United States opposition to Cuban membership in international financial institutions
Statutory text
Continued opposition to Cuban membership in international financial institutions
In general
Except as provided in paragraph (2), the Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to oppose the admission of Cuba as a member of such institution until the President submits a determination under section 6063(c)(3) of this title that a democratically elected government in Cuba is in power.
Transition government
Once the President submits a determination under section 6063(c)(1) of this title that a transition government in Cuba is in power—
the President is encouraged to take steps to support the processing of Cuba’s application for membership in any international financial institution, subject to the membership taking effect after a democratically elected government in Cuba is in power, and
the Secretary of the Treasury is authorized to instruct the United States executive director of each international financial institution to support loans or other assistance to Cuba only to the extent that such loans or assistance contribute to a stable foundation for a democratically elected government in Cuba.
Reduction in United States payments to international financial institutions
If any international financial institution approves a loan or other assistance to the Cuban Government over the opposition of the United States, then the Secretary of the Treasury shall withhold from payment to such institution an amount equal to the amount of the loan or other assistance, with respect to either of the following types of payment:
The paid-in portion of the increase in capital stock of the institution.
The callable portion of the increase in capital stock of the institution.
“International financial institution” defined
For purposes of this section, the term “international financial institution” means the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guaranty Agency, and the Inter-American Development Bank.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996
Pub. L. 104–114 title I § 104 · 110 Stat. 785
Enacted · 22 U.S.C. § 6034
(Pub. L. 104–114, title I, § 104, Mar. 12, 1996, 110 Stat. 794.)
Source evidence
Code source credit
(Pub. L. 104–114, title I, § 104, Mar. 12, 1996, 110 Stat. 794.)Enacted provision · exact public law section
SEC. 104. UNITED STATES OPPOSITION TO CUBAN MEMBERSHIP IN INTERNATIONAL FINANCIAL INSTITUTIONS. (a) Continued Opposition to Cuban Membership in International Financial Institutions.— (1) In general.— President. Except as provided in paragraph (2), the Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to oppose the admission of Cuba as a member of such institution until the President submits a determination under section 203(c)(3) that a democratically elected government in Cuba is in power. (2) Transition government.— Once the President submits a determination under section 203(c)(1) that a transition government in Cuba is in power— (A) the President is encouraged to take steps to support the processing of Cuba’s application for membership in any international financial institution, subject to the membership taking effect after a democratically elected government in Cuba is in power, and (B) the Secretary of the Treasury is authorized to instruct the United States executive director of each international financial institution to support loans or other assistance to Cuba only to the extent that such loans or assistance contribute to a stable foundation for a democratically elected government in Cuba. (b) Reduction in United States Payments to International Financial Institutions.— If any international financial institution approves a loan or other assistance to the Cuban Government over the opposition of the United States, then the Secretary of the Treasury shall withhold from payment to such institution an amount equal to the amount of the loan or other assistance, with respect to either of the following types of payment: (1) The paid-in portion of the increase in capital stock of the institution. (2) The callable portion of the increase in capital stock of the institution. (c) Definition.— For purposes of this section, the term “international financial institution” means the International Monetary Fund, the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guaranty Agency, and the Inter-American Development Bank.
1 of 1 references resolved to an enrolled provision