Collapse to view only § 290m-5. Grants out of paid-in capital resources
- § 290m. North American Development Bank
- § 290m-1. Status, immunities, and privileges
- § 290m-2. Community adjustment and investment program
- § 290m-3. “Border Environment Cooperation Agreement” defined
- § 290m-4. Authority to agree to certain amendments to the Border Environment Cooperation Agreement
- § 290m-5. Grants out of paid-in capital resources
- § 290m-6. Repealed.
- § 290m-7. First capital increase
- § 290m-8. Performance measures
§ 290m. North American Development Bank
(a) Acceptance of membership
(b) Subscription of stock
(1) Subscription authority
(A) In general
(B) Effectiveness of subscription
(2) Limitations on authorization of appropriations
(3) Funding; limitation on callable capital subscriptions
(A) Funding
(B) Limitation on callable capital subscriptions
(4) Disposition of net income distributed by the facility
(c) Compensation of Board members
(d) Applicability of Bretton Woods Agreements Act
(e) Restrictions
Unless authorized by law, neither the President nor any person or agency shall, on behalf of the United States—
(1) subscribe to additional shares of stock of the Bank;
(2) vote for or agree to any amendment of the Cooperation Agreement which increases the obligations of the United States, or which changes the purpose or functions of the Bank; or
(3) make a loan or provide other financing to the Bank.
(f) Federal Reserve banks as depositories
(g) Jurisdiction of United States courts and enforcement of arbitral awards
(h) Exemption from securities laws for certain securities issued by Bank; reports required
(1) Omitted
(2) Exemption from securities laws for certain securities issued by the Bank; reports required
(3) Authority of Securities and Exchange Commission to suspend exemption; reports to the Congress
(Pub. L. 103–182, title V, § 541, Dec. 8, 1993, 107 Stat. 2165; Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–1. Status, immunities, and privileges
Article VIII of Chapter II of the Cooperation Agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon entry into force of the Cooperation Agreement.
(Pub. L. 103–182, title V, § 542, Dec. 8, 1993, 107 Stat. 2167; Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–2. Community adjustment and investment program
(a) The President
(1) The President may enter into an agreement with the Bank that facilitates implementation by the President of a program for community adjustment and investment in support of the Agreement pursuant to chapter II of the Cooperation Agreement (hereafter in this section referred to as the “community adjustment and investment program”).
(2) The President may receive from the Bank 10 percent of the paid-in capital actually paid to the Bank by the United States for the President to carry out, without further appropriations, through Federal agencies and their loan and loan guarantee programs, the community adjustment and investment program, pursuant to an agreement between the President and the Bank.
(3) The President may select one or more Federal agencies that make loans or guarantee the repayment of loans to assist in carrying out the community adjustment and investment program, and may transfer the funds received from the Bank to such agency or agencies for the purpose of assisting in carrying out the community adjustment and investment program.
(4)
(A) Each Federal agency selected by the President to assist in carrying out the community adjustment and investment program shall use the funds transferred to it by the President from the Bank to pay for the costs of direct and guaranteed loans, as defined in section 661a of title 2, and, as appropriate, other costs associated with such loans, all subject to the restrictions and limitations that apply to such agency’s existing loan or loan guarantee program.
(B) Funds transferred to an agency under subparagraph (A) shall be in addition to the amount of funds authorized in any appropriations Act to be expended by that agency for its loan or loan guarantee program.
(5) The President shall—
(A) establish guidelines for the loans and loan guarantees to be made under the community adjustment and investment program;
(B) endorse the grants made by the Bank for the community adjustment and investment program, as provided in Article I, section 1(b), and Article III, section 11(a), of Chapter II of the Cooperation Agreement; and
(C) endorse any loans or guarantees made by the Bank for the community adjustment and investment program, as provided in Article I, section 1(b), and Article III, section 6(a) and (c) of Chapter II of the Cooperation Agreement.
(b) Advisory Committee
(1) Establishment
(2) Membership
(A) In generalThe Advisory Committee shall consist of 9 members of the public, appointed by the President, who, collectively, represent—
(i) community groups whose constituencies include low-income families;
(ii) any scientific, professional, business, nonprofit, or public interest organization or association which is neither affiliated with, nor under the direction of, a government;
(iii) for-profit business interests; and
(iv) other appropriate entities with relevant expertise.
(B) Representation
(3) FunctionIt shall be the function of the Advisory Committee—
(A) to provide advice to the President regarding the implementation of the community adjustment and investment program, including advice on the guidelines to be established by the President for the loans and loan guarantees to be made pursuant to subsection (a)(4), advice on identifying the needs for adjustment assistance and investment in support of the goals and objectives of the Agreement, taking into account economic and geographic considerations, and advice on such other matters as may be requested by the President; and
(B) to review on a regular basis the operation of the community adjustment and investment program and provide the President with the conclusions of its review.
(4) Terms of members
(A) In general
(B) Chairperson
(C) Meetings
(D) Reimbursement for expenses
(E) Staff and facilities
(c) OmbudsmanThe President shall appoint an ombudsman to provide the public with an opportunity to participate in the carrying out of the community adjustment and investment program.
(1) FunctionIt shall be the function of the ombudsman—
(A) to establish procedures for receiving comments from the general public on the operation of the community adjustment and investment program, to receive such comments, and to provide the President with summaries of the public comments; and
(B) to perform an independent inspection and programmatic audit of the operation of the community adjustment and investment program and to provide the President with the conclusions of its investigation and audit.
(2) Authorization of appropriations
(d) Reporting requirement
(Pub. L. 103–182, title V, § 543, Dec. 8, 1993, 107 Stat. 2167; Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149; Pub. L. 117–286, § 4(a)(163), Dec. 27, 2022, 136 Stat. 4323.)
§ 290m–3. “Border Environment Cooperation Agreement” defined
For purposes of this subchapter, the term “Border Environment Cooperation Agreement” (referred to in this subchapter as the “Cooperation Agreement”) means the November 1993 Agreement Between the Government of the United States of America and the Government of the United Mexican States Concerning the Establishment of a Border Environment Cooperation Commission and a North American Development Bank.
(Pub. L. 103–182, title V, § 544, Dec. 8, 1993, 107 Stat. 2170; Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–4. Authority to agree to certain amendments to the Border Environment Cooperation Agreement
The President may agree to amendments to the Cooperation Agreement that—
(1) enable the Bank to make grants and nonmarket rate loans out of its paid-in capital resources with the approval of its Board; and
(2) amend the definition of “border region” to include the area in the United States that is within 100 kilometers of the international boundary between the United States and Mexico, and the area in Mexico that is within 300 kilometers of the international boundary between the United States and Mexico.
(Pub. L. 103–182, title V, § 545, as added Pub. L. 108–215, § 1(a), Apr. 5, 2004, 118 Stat. 579; amended Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–5. Grants out of paid-in capital resources
(a) In general
The President shall instruct the United States Federal Government representatives on the Board of Directors of the North American Development Bank to oppose any proposal where grants out of the Bank’s paid-in capital resources, except for grants from paid-in capital authorized for the community adjustment and investment program under the Bank’s charter of 1993, would—
(1) be made to a project that is not being financed, in part, by loans; or
(2) account for more than 50 percent of the financing of any individual project.
(b) Exception
(1) General rule
The requirements of subsection (a) shall not apply in cases where—
(A) the President determines there are exceptional economic circumstances for making the grant and consults with the Committee on Foreign Relations of the Senate and the Committee on Financial Services of the House of Representatives; or
(B)
(i) the grant is being made for a project that is so small that obtaining a loan is impractical; and
(ii) the grant does not exceed $250,000.
(2) Limitation
(Pub. L. 103–182, title V, § 546, as added Pub. L. 108–215, § 1(b), Apr. 5, 2004, 118 Stat. 579; amended Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–6. Repealed. Pub. L. 113–188, title XVI, § 1601(a), Nov. 26, 2014, 128 Stat. 2025
§ 290m–7. First capital increase
(a) Subscription authorized
(1) In general
(2) Limitation
(b) Limitations on authorization of appropriations
(1) In general
(2) Allocation of funds
Of the amount authorized to be appropriated under paragraph (1)—
(A) $225,000,000 shall be for paid in shares of the Bank; and
(B) $1,275,000,000 shall be for callable shares of the Bank.
(Pub. L. 103–182, title V, § 547, as added Pub. L. 116–113, title VIII, § 831, Jan. 29, 2020, 134 Stat. 96; amended Pub. L. 116–113, title VI, § 601, Jan. 29, 2020, 134 Stat. 78; Pub. L. 116–260, div. O, title VI, § 601(a)(1), (2), Dec. 27, 2020, 134 Stat. 2149.)
§ 290m–8. Performance measures
(a) In general
The Secretary of the Treasury should direct the representatives of the United States to the Board of Directors of the North American Development Bank to use the voice and vote of the United States to seek to require the Bank to develop performance measures that—
(1) demonstrate how projects and financing approved by the Bank are meeting the Bank’s mission and providing added value to the region near the international land border between the United States and Mexico; and
(2) are reviewed and updated not less frequently than annually.
(b) Report to Congress
(Pub. L. 116–113, title VIII, § 834, Jan. 29, 2020, 134 Stat. 97.)