22 USC 6034 – United States opposition to Cuban membership in international financial institutions
(a) Continued opposition to Cuban membership in international financial institutions
(1) 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.
(2) 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—
(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) “International financial institution” defined
Terms Used In 22 USC 6034
- association: when used in reference to a corporation, shall be deemed to embrace the words "successors and assigns of such company or association" in like manner as if these last-named words, or words of similar import, were expressed. See 1 USC 5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Cuban Government: includes the government of any political subdivision of Cuba, and any agency or instrumentality of the Government of Cuba. See 22 USC 6023
- democratically elected government in Cuba: means a government determined by the President to have met the requirements of section 6066 of this title. See 22 USC 6023
- transition government in Cuba: means a government that the President determines is a transition government consistent with the requirements and factors set forth in section 6065 of this title. See 22 USC 6023
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.