general authorizations

general authorizations Sec. 562. General Authorizations.— sub-saharan africa (a) Authorization.—Part I of the Foreign Assistance Act of 1961 is amended by adding after chapter 9 the following new chapter: “Chapter 10—Development Fund for Africa “Sec. 496. Long-Term Development Assistance for Sub-Saharan Africa.—(a) Findings.—The Congress finds that— “(1) drought and famine have caused countless deaths and untold suffering among the people of sub-Saharan Africa; “(2) drought and famine in combination with other factors such as desertification, government neglect of the agricultural sector, and inappropriate economic policies have severely affected long-term development in sub-Saharan Africa; and “(3) the most cost-effective and efficient way of overcoming Africa’s vulnerability to drought and famine is to address Africa’s long-term development needs through a process that builds 104 STAT. 2027upon the needs and capabilities of the African people, promotes sustained and equitable economic growth, preserves the environment, and protects the rights of the individual. “(b) Authority To Furnish Assistance.—The President is authorized to furnish project and program assistance, on such terms and conditions as he may determine in accordance with the policies contained in this section, for long-term development in sub-Saharan Africa. “(c) Purpose of Assistance.— “(1) Purpose.—The purpose of assistance under this section shall be to help the poor majority of men and women in sub--Saharan Africa to participate in a process of long-term development through economic growth that is equitable, participatory, environmentally sustainable, and self-reliant. “(2) Use of assistance to encourage private sector development.—Assistance under this section should, in a manner consistent with paragraph (1), be used to promote sustained economic growth, encourage private sector development, pro-mote individual initiatives, and help to reduce the role of central governments in areas more appropriate for the private sector. “(d) Application of Development Assistance General Authorities and Policies.—Except to the extent inconsistent with this section— “(1) any reference in any law to chapter 1 of this part (including references to sections 103 through 106) shall be deemed to include a reference to this section; and “(2) assistance under this section shall be provided consistent with the policies contained in section 102. “(e) Private and Voluntary Organizations.— “(1) Consultation to ensure local perspectives.—The Agency for International Development shall take into account the local-level perspectives of the rural and urban poor in sub-Saharan Africa, including women, during the planning process for project and program assistance under this section. In order to gain that perspective the Agency for International Development should consult closely with African, United States, and other private and voluntary organizations that have demonstrated effectiveness in or commitment to the promotion of local, grassroots activities on behalf of long-term development in sub-Saharan Africa as described in subsection (c). “(2) Definition of private and voluntary organizations.—For purposes of this section, the term “private and voluntary organization” includes (in addition to entities traditionally considered to be private and voluntary organizations) cooperatives, credit unions, trade unions, women’s groups, nonprofit development research institutions, and indigenous local organizations, which are private and nonprofit. “(f) Local Involvement in Project Implementation.—Local people, including women, shall be closely consulted and involved in the implementation of every project under this section which as a local focus. “(g) Participation of African Women.—The Agency for International Development shall ensure that development activities assisted under this section incorporate a significant expansion of the participation (including decisionmaking) and integration of African women in each of the critical sectors described in subsection (i). 104 STAT. 2028 “(h) Types of Assistance.— “(1) Projects and programs to address critical sectoral priorities.—Assistance under this section shall emphasize primarily projects and programs to address critical sectoral priorities for long-term development described in subsection (i). “(2) Reform of economic policies.— “(A) Use of program assistance.—Assistance under this section may also include program assistance to promote reform of sectoral economic policies affecting long-term development in sub-Saharan Africa as described in subsection (c), with primary emphasis on reform of economic policies to support the critical sectoral priorities described in subsection (i). “(B) Protection of vulnerable groups.—Assisted policy reforms shall also include provisions to protect vulnerable groups (especially poor, isolated, and female farmers, the urban poor, and children including displaced children) and long-term environmental interests from possible negative consequences of the reforms. “(3) Other assistance.—Funds made available to carry out this section shall be used almost exclusively for assistance in accordance with paragraphs (1) and (2). Assistance consistent with the purpose of subsection (c) may also be furnished under this section to carry out the provisions of sections 103 through 106 of this Act. “(i) Critical Sectoral Priorities.—The critical sectoral priorities for long-term development, as described in subsection (c), are the following: “(1) Agricultural production and natural resources.— “(A) Agricultural production.—Increasing agricultural production in ways which protect and restore the natural resource base, especially food production, through agricultural policy changes, agricultural research (including participatory research directly involving small farmers) and extension, development and promotion of agriculture marketing activities, credit facilities, and appropriate production packages, and the construction and improvement of needed production-related infrastructure such as farm-to-market roads, small-scale irrigation, and rural electrification. Within this process, emphasis shall be given to promoting increased equity in rural income distribution, recognizing the role of small farmers. “(B) Natural resource base.—Maintaining and restoring the renewable natural resource base primarily in ways which increase agricultural production, through the following: “(i) Small-scale, affordable, resource-conserving, low-risk local projects, using appropriate technologies (including traditional agricultural methods) suited to local environmental, resource, and climatic conditions, and featuring close consultation with and involvement of local people at all stages of project design and implementation. Emphasis shall be given to grants for African local government organizations, international or African nongovernmental organizations, and United States private and voluntary organizations. 104 STAT. 2029 “(ii) Support for efforts at national and regional levels to provide technical and other support for projects of the kinds described in clause (i) and to strengthen the capacities of African countries to provide effective extension and other services in support of environmentally sustainable increases in food production. “(iii) Support for special training and education efforts to improve the capacity of countries in sub-Saharan Africa to manage their own environments and natural resources. “(iv) Support for low-cost desalination activities in order to increase the availability of fresh water sources in sub-Saharan Africa. “(2) Health.—Improving health conditions, with special emphasis on meeting the health needs of mothers and children (including displaced children) through the establishment of primary health care systems that give priority to preventive health and that will be ultimately self-sustaining. “(3) Voluntary family planning services.—Providing in-creased access to voluntary family planning services, including encouragement of private, community, and local government initiatives. “(4) Education.—Improving the relevance, equity, and efficiency of education, with special emphasis on improving primary education. “(5) Income-generating opportunities.—Developing income-generating opportunities for the unemployed and under-employed in urban and rural areas through, among other things, support for off-farm employment opportunities in micro- and small-scale labor-intensive enterprises. “(j) Minimum Levels of Assistance for Certain Critical Sectors.—The Agency for International Development should target the equivalent of 10 percent of the amount authorized to be appropriated for each fiscal year to carry out this chapter for each of the following: “(1) The activities described in subsection (i)(1)(B), including identifiable components of agricultural production projects. “(2) The activities described in subsection (i)(2). “(3) The activities described in subsection (i)(3). “(k) Effective Use of Assistance.—Assistance provided under this section shall be concentrated in countries which will make the most effective use of such assistance in order to fulfill the purpose specified in subsection (c), especially those countries (including those of the Sahel region) having the greatest need for outside assistance. “(l) Promotion of Regional Integration.—Assistance under this section shall, to the extent consistent with this section, include assistance to promote the regional and subregional integration of African production structures, markets, and infrastructure. “(m) Donor Coordination Mechanism.—Funds made available to carry out this section may be used to assist the governments of countries in sub-Saharan Africa to increase their capacity to participate effectively in donor coordination mechanisms at the country, regional, and sector levels. “(n) Relation to Other Authorities.— “(1) Assistance under other authorities.—The authority granted by this section to provide assistance for long-term 104 STAT. 2030development in sub-Saharan Africa is not intended to preclude the use of other authorities for that purpose. Centrally funded programs which benefit sub-Saharan Africa shall continue to be funded under chapter 1 of part I of this Act. “(2) Transfer authorities.— “(A) The transfer authority contained in section 109 of this Act shall not apply with respect to this section. “(B) The transfer authority contained in section 610(a) of this Act may not be used to transfer funds made available to carry out this section in order to allow them to be used in carrying out any other provision of this Act. “(3) Reprogramming notifications.—Section 634A of this Act does not apply with respect to funds made available to carry out this section. “(4) Procurement of goods and services.—In order to allow the assistance authorized by this section to be furnished as effectively and expeditiously as possible, section 604(a) of this Act, and similar provisions relating to the procurement of goods and services, shall not apply with respect to goods and services procured for use in carrying out this section. The exemption provided by this paragraph shall not be construed to apply to the Comprehensive Anti/Apartheid Act of 1986. “(o) Support for SADCC Projects.— “(1) Authority to provide assistance.—To the extent funds are provided for such purpose in the annual Foreign Operations, Export Financing, and Related Programs Appropriations Act, funds made available to carry out this chapter may be used to assist sector projects, in the sectors specified in paragraph (2), that are supported by the Southern Africa Development Co-ordination Conference (SADCC) to enhance the economic development of the member states forming that regional institution. “(2) Sectors.—The sectors with respect to which assistance may be provided under this subsection are the following: transportation; manpower development; agriculture and natural resources; energy (including the improved utilization of electrical power sources which already exist in the member states and offer the potential to swiftly reduce the dependence of those states on South Africa for electricity); and industrial development and trade (including private sector initiatives). “(3) Relation to dfa policies and authorities.—To the maximum extent feasible, the assistance authorized by this subsection shall be provided consistent with the policies and authorities contained in the preceding subsection of this section. “Sec. 497. Authorizations of Appropriations for the Development Fund for Africa.—Funds appropriated to carry out this chapter are authorized to be made available until expended. It is the sense of the Congress that the authority of this subsection should be used to extend the period of availability of those funds whenever appropriate to improve the quality of assistance provided under section 496.”. (b) Evaluations.—It is the sense of the Congress that there should be periodic evaluations of the progress of the Agency for International Development in achieving the purpose specified in section 496(c) of the Foreign Assistance Act of 1961. (c) Reports to Congress.—As part of the annual Congressional Presentation materials for economic assistance, the Administrator of the Agency for International Development shall include a descrip-104 STAT. 2031tion of the progress made during the previous fiscal year in carrying out chapter 10 of part I of the Foreign Assistance Act of 1961 in three countries in sub-Saharan Africa which represent differing economic situations and levels of progress. The description shall include— (1) the nature and extent of consultation to ensure local perspectives, as described in subsections (e)(1) and (f) of section 496; (2) the degree of involvement of local people in the implementation of projects having a local focus; (3) the extent to which there has been expansion of the participation and integration of African women in each of the critical sectors specified in section 496(i); (4) program assistance provided, including the amounts obligated, the criteria used for assisting reforms, and the provisions made pursuant to section 496(h)(2)(B) to protect vulnerable groups from possible negative consequences of the reforms; and (5) a description of the assistance for the critical sector priorities specified in section 496(i), by sector, including the amounts obligated. (d) Conforming Amendments.—The Foreign Assistance Act of 1961 is amended— (1) in section 105(b)— (A) by striking out “(b)(1)” and inserting in lieu thereof “(b)”; and (B) by striking out paragraph (2); (2) in section 113(b)(1), by inserting “and chapter 10 of this part” after “this chapter”; (3) in section 116(e)(1)— (A) by inserting “, chapter 10 of this part,” after “available under this chapter”; and (B) by inserting before the period at the end of the first sentence “or under chapter 10 of this part, except that funds made available under chapter 10 of this part may only be used under this subsection with respect to countries in sub-Saharan Africa”; (4) in subsection (c)(1) of section 117 (relating to environment and natural resources), by inserting “and chapter 10 of this part” after “this chapter”; (5) by repealing section 121; (6) in section 123— (A) in subsection (b), by inserting “and chapter 10 of this part” after “this chapter”; and (B) in subsection (g), by striking out “121, or 491” and inserting in lieu thereof “491, or 496”; (7) in section 126(b)(1), by inserting “, and chapter 10 of this part,” after “this chapter”; and (8) in section 531(a), by inserting “or, in the case of countries in sub-Saharan Africa, chapter 10 of part I” after “chapter 1 of part I”. export-import bank The authorities made available under title IV of this Act for the Export-Import Bank may be used by the Bank, notwithstanding section 2(b)(2) of the Export-Import Bank Act of 1945, in connection with the purchase or lease of any product by any East European country, or any agency or national thereof: Provided, That section 104 STAT. 20322(b)(6)(B)(vi) of the Export-Import Bank Act of 1945 (12 U.S.C. 635(b)(6)(B)(vi)) is amended by striking out “1990” and inserting in lieu thereof “1992”. poland assistance Section 2223(a) of the American Aid to Poland Act of 1988 (7 U.S.C. 1431 note) is amended by inserting “governmental and” after “used by”: Provided, That section 416(b)(7)(D)(ii) of the Agricultural Act of 1949 (7 U.S.C. 1431(b)(7)(D)(ii)) is amended in the penultimate sentence— (1) by striking out “such” and inserting in lieu thereof “governmental and nongovernmental”; and (2) by inserting “governmental or” after “activities of”. FIRST CLASS AIR TRAVEL RESTRICTIONS The Secretary of the Treasury shall instruct the United States Executive Directors of the multilateral development banks and of the International Monetary Fund— (1) to seek the adoption, within 12 months after the date of the enactment of this section, of administrative procedures prohibiting personnel of their respective banks and the affiliates of such banks, and of the Fund, from using first class air travel for business of such banks or of the Fund. (2) if such procedures are not so adopted, report to the Secretary and Congress on the estimated additional costs (if any) incurred by their respective banks or the Fund by reason of the use of first class air travel by personnel of such banks or of the Fund in lieu of coach or business class air travel, who shall make such report available to the Congress on request. international banking provisions (a) Provisions Relating to the International Bank for Reconstruction and Development.— (1) Authority of the united states to participate in the ninth replenishment of the international development association.—The International Development Association Act (22 U.S.C. 284 et seq.) is amended by adding at the end the following: “SEC. 21. NINTH REPLENISHMENT. “(a) In General.—The United States Governor is hereby authorized to agree on behalf of the United States to pay to the Association $3,180,000,000 to the ninth replenishment of the re-sources of the Association, subject to obtaining the necessary appropriations. “(b) Limitations on Authorization of Appropriations.—In order to pay for the United States contribution provided for in subsection (a), there are authorized to be appropriated, without fiscal year limitation, $3,180,000,000 for payment by the Secretary of the Treasury.”. (2) Policy provisions.—The International Financial Institutions Act (22 U.S.C. 262c et seq.) is amended by redesignating section 1617 as section 1619 and by inserting after section 1616 the following: 104 STAT. 2033 “SEC. 1617. IMPROVEMENT OF INTERACTION BETWEEN INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT AND NONGOVERNMENTAL ORGANIZATIONS. “(a) In General.—The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to propose, and urge the Executive Board and the management of the bank to develop and implement specific mechanisms designed to— “(1) substantially improve the ability of the staff of the bank to interact with nongovernmental organizations and other local groups that are affected by loans made by the bank to borrower countries; and “(2) delegate to the field offices of the bank in borrowing countries greater responsibility for decisions with respect to proposals for projects in such countries that are to be financed by the bank. “(b) Certain Mechanisms Urged.—The mechanisms described in subsection (a) shall include, at a minimum, the following measures: “(1) An instruction to the management of the bank to under-take efforts to appropriately train and significantly increase the number of bank professional staff (based in Washington, District of Columbia, as of the date of the enactment of this section) assigned, on a rotating basis, to field offices of the bank in borrower countries. “(2) The assignment to at least 1 professional in each field office of the bank in a borrower country of responsibility for relations with local nongovernmental organizations, and for the preparation and submission to appropriate staff of the bank of a report on the impact of project loans to be made by the bank to the country, based on views solicited from local people who will be affected by such loans, which shall be included as part of the project appraisal report. “(3) The establishment of the Grassroots Collaboration Pro-gram described in section 1602(a). “(4) Before a project loan is made to a borrower country, the country is to be required to hold open hearings on the proposed project during project identification and project preparation. “(5) The establishment of assessment procedures which allow affected parties and nongovernmental organizations to review information describing a prospective project or policy loan design, in a timely manner, before the loan is submitted to the Executive Board for approval. “SEC. 1618. POPULATION, HEALTH. AND NUTRITION PROGRAMS. “The Secretary of the Treasury shall instruct the United States Executive Director of the International Bank for Reconstruction and Development to urge the bank to support an increase in the amount the bank lends annually to support population, health, and nutrition programs of the borrower countries.”. (b) International Financial Institutions Provisions.— (1) Policy provisions.—The International Financial Institutions Act (22 U.S.C. 262c et seq.), as amended by subsection (a)(2) of this section, is amended by redesignating section 1619 as section 1620 and by inserting after section 1618 the following: 104 STAT. 2034 “SEC. 1619. EQUAL EMPLOYMENT OPPORTUNITIES. “The Secretary of the Treasury shall instruct the United States Executive Directors of the multilateral development banks and of the International Monetary Fund to use the voices and votes of the Executive Directors to urge their respective banks and the Fund to adopt a policy which provides, and implement procedures which ensure, that such banks and the Fund, and the affiliates of such banks and of the Fund, shall not discriminate against any person on the basis of race, ethnicity, gender, color, or religious affiliation in any determination related to employment.”. (2) Miscellaneous technical corrections relating to the international development and finance act of 1989.—Section 701(g) of the International Financial Institutions Act (22 U.S.C. 262d(g)) is amended— (A) by striking “(2)”; and (B) by striking “specified in paragraph (1)” and inserting “of the Committee on Banking, Finance and Urban Affairs of the House of Representatives and of the Committee on Foreign Relations of the Senate”. (3) Comparable status for the united states executive director of the african development bank.—Section 1333(a) of the African Development Bank Act (22 U.S.C. 290i-l(a)) is amended by striking “Governor and an Alternate Governor” and inserting “Governor, an Alternate Governor, and a Director”. (c) European Bank for Reconstruction and Development.— (1) Short title.—This subsection may be cited as the “European Bank for Reconstruction and Development Act”. (2) Acceptance of membership.—The President is hereby authorized to accept membership for the United States in the European Bank for Reconstruction and Development (in this subsection referred to as the “Bank”) provided for by the agreement establishing the Bank (in this subsection referred to as the “Agreement”), signed on May 29, 1990. (3) Governor and alternate governor.— (A) Appointment.—The President, by and with the advice and consent of the Senate, shall appoint a Governor of the Bank, an alternate for the Governor, and a Director of the Bank. (B) Compensation.—Any person who serves as a Governor of the Bank or as an alternate for the Governor may not receive any salary or other compensation from the United States by reason of such service. (4) Applicability of certain provisions of the bretton woods agreements act.—Section 4 of the Bretton Woods Agreements Act shall apply to the Bank in the same manner in which such section applies to the International Bank for Reconstruction and Development and the International Monetary Fund. (5) Federal reserve banks as depositories.—Any Federal Reserve Bank which is requested to do so by the Bank may act as its depository, or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall exercise general supervision over the carrying out of these functions. (6) Subscription of stock.— (A) Subscription authority.— 104 STAT. 2035 (i) In general.—The Secretary of the Treasury may subscribe on behalf of the United States to 100,000 shares of the capital stock of the Bank. (ii) Effectiveness of subscription commitment.—Any commitment to make such subscription shall be effective only to such extent or in such amounts as are provided for in advance by appropriations Acts. (B) Limitations on authorization of appropriations.—For payment by the Secretary of the Treasury of the subscription of the United States for shares described in subparagraph (A), there are authorized to be appropriated $1,167,010,000 without fiscal year limitation. (C) Disposition of net income distributions by the bank.—Any payment made to the United States by the Bank as a distribution of net income shall be covered into the Treasury as a miscellaneous receipt. (7) Jurisdiction and venue of civil actions by or against the bank.— (A) Jurisdiction.—The United States district courts shall have original and exclusive jurisdiction of any civil action brought in the United States by or against the Bank. (B) Venue.—For purposes of section 1391(b) of title 28, United States Code, the Bank shall be deemed to be a resident of the judicial district in which the principal office of the Bank in the United States, or its agent appointed for the purpose of accepting service or notice of service, is located. (8) Effectiveness of agreement.—The Agreement shall have full force and effect in the United States, its territories and possessions, and the Commonwealth of Puerto Rico, upon acceptance of membership by the United States in the Bank and the entry into force of the Agreement. (9) Exemption from securities laws for certain securities issued by the bank; reports required.— (A) Exemption from securities laws; reports to securities and exchange commission.—Any securities issued by the Bank (including any guaranty by the Bank, whether or not limited in scope) in connection with the raising of funds for inclusion in the Bank’s ordinary capital resources as defined in article 7 of the Agreement and any securities guaranteed by the Bank as to both principal and interest to which the commitment in article 6, paragraph 4, of the Agreement is expressly applicable, shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934. The Bank shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Bank and its operations and necessary in the public interest or for the protection of investors. (B) Authority of securities and exchange commission to suspend exemption; reports to the congress.—The Securities and Exchange Commission, acting in consultation with such agency or officer as the President shall designate, may suspend the provisions of subparagraph (A) at any time as to any or all securities issued or guaranteed 104 STAT. 2036by the Bank during the period of such suspension. The Commission shall include in its annual reports to the Congress such information as it shall deem advisable with regard to the operations and effect of this paragraph. (10) Technical amendments.— (A) Annual report required on participation op the united states in the bank.—Section 1701(c)(2) of the International Financial Institutions Act (22 U.S.C. 262r(c)(2)) is amended by inserting “European Bank for Reconstruction and Development,” before “International Development Association,”. (B) Exemption from limitations and restrictions on power of national banking associations to deal in and underwrite investment securities of the bank.—The 7th sentence of paragraph 7 of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended by inserting “the European Bank for Reconstruction and Development,” before “the Inter-American Development Bank,”. (C) Benefits for united states citizen-representatives to the bank.—Section 51 of the Act entitled “An Act to authorize United States participation in increases in the resources of certain international financial institutions, to provide for an annual audit of the Exchange Stabilization Fund by the General Accounting Office, and for other purposes.” (Public Law 91–599; 22 U.S.C. 276c-2) is amend-ed by inserting “the European Bank for Reconstruction and Development,” before “the Inter-American Development Bank,”. (11) Congressional consultations.—During negotiations on the establishment of operational guidelines for the Bank, the Secretary of the Treasury shall— (A) consult on a regular and timely basis with the Committee on Banking, Finance and Urban Affairs and the Committee on Appropriations of the House of Representatives, and the Committee on Foreign Relations and the Committee on Appropriations of the Senate; (B) seek to ensure that procedures and mechanisms are established, including the creation of specific departments or staffs within the Bank, which will allow the Bank to assess the impact of any loans, guarantees, or other activities on the environment and on internationally recognized human rights in borrower countries; and (C) report, through consultation within 90 days after the date of the enactment of this Act, to the Committees specified in subparagraph (A) on the progress of efforts to create such procedures and mechanisms. (d) Export-Import Bank Provisions.— (1) Increase in amounts authorized to be appropriated for the tied aid credit fund; extension of authorization.—Section 15(e)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 635i-3(e)(1)) is amended by striking “and for fiscal years 1990 and 1991, $300,000,000” and inserting “for fiscal year 1990, $300,000,000, and for each of fiscal years 1991 and 1992, $500,000,000”. 104 STAT. 2037 (2) Conforming amendment.—Section 15(c)(2) of such Act (12 U.S.C. 635i-3(c)(2)) is amended by striking “1991” and inserting “1992”. (e) International Finance Corporation Provisions.— (1) Exemption From Securities Laws for Certain Securities Issued by the International Finance Corporation.— (A) Exemption from securities laws; reports required.—The International Finance Corporation Act (22 U.S.C. 282 et seq.) is amended by adding at the end the following: “SEC. 13. SECURITIES ISSUED BY THE CORPORATION. “(a) Exemption From Securities Laws; Reports to Securities and Exchange Commission.—Any securities issued by the Corporation (including any guaranty by the Corporation, whether or not limited in scope) and any securities guaranteed by the Corporation as to both principal and interest shall be deemed to be exempted securities within the meaning of section 3(a)(2) of the Securities Act of 1933 and section 3(a)(12) of the Securities Exchange Act of 1934. The Corporation shall file with the Securities and Exchange Commission such annual and other reports with regard to such securities as the Commission shall determine to be appropriate in view of the special character of the Corporation and its operations and necessary in the public interest or for the protection of investors. “(b) Authority of Securities and Exchange Commission to Suspend Exemption: Reports to the Congress.—The Securities and Exchange Commission, acting in consultation with the National Advisory Council on International Monetary and Financial Problems, is authorized to suspend the provisions of subsection (a) at any time as to any or all securities issued or guaranteed by the Corporation during the period of such suspension. The Commission shall include in its annual reports to the Congress such information as it shall deem advisable with regard to the operations and effect of this section.”. (B) Exemption from limitations and restrictions on power of national banking associations to deal in and underwrite investment securities of the international finance corporation.—The 7th sentence of paragraph 7 of section 5136 of the Revised Statutes of the United States (12 U.S.C. 24) is amended by striking “the African Development Bank or the Inter-American Investment Corporation,”, and inserting “the African Development Bank, the Inter-American Investment Corporation, or the International Finance Corporation,”.