Volume 60
Public Law 79–577
To implement further the purposes of the Bretton Woods Agreements Act by authorizing the Secretary of the Treasury to carry out an agreement with the United Kingdom, and for other purposes.
Approved July 15, 1946
Statutory text
JOINT RESOLUTION
To implement further the purposes of the Bretton Woods Agreements Act by authorizing the Secretary of the Treasury to carry out an agreement with the United Kingdom, and for other purposes.
Whereas in the Bretton Woods Agreements Act the Congress has
Implementation of financial agreement between U. S. and United Kingdom.
declared it to be the policy of the United States “to seek to bring about further agreement and cooperation among nations and international bodies, as soon as possible, on ways and means which will best reduce obstacles to and restrictions upon international trade, eliminate unfair trade practices, promote mutually advantageous commercial relations, and otherwise facilitate the expansion and balanced growth of international trade and promote the stability of international economic relations”; and
Whereas in further implementation of the purposes of the Bretton Woods Agreements, the Governments of the United States and the United Kingdom have negotiated an agreement dated December 6, 1945, designed to expedite the achievement of stable and orderly exchange arrangements, the prompt elimination of exchange restrictions and discriminations, and other objectives of the above-mentioned policy declared by the Congress: Therefore be it
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Secretary
Authority to carry out agreement.
of the Treasury, in consultation with the National Advisory Council on International Monetary and Financial Problems, is hereby authorized to carry out the agreement dated December 6, 1945, between the United States and the United Kingdom which was transmitted by the President to the Congress on January 30, 1946.
Sec. 2.
For the purpose of carrying out the agreement dated
Public-debt transaction.
December 6, 1945, between the United States and the United Kingdom, the Secretary of the Treasury is authorized to use as a public-debt transaction not to exceed $3,750,000,000 of the proceeds of any securities hereafter issued under the Second Liberty Bond Act, as
31 U. S. C. § 774 (2); Supp. V, § 754aet seq.
Ante,p. 316.
amended, and the purposes for which securities may be issued under that Act are extended to include such purpose. Payments to the United Kingdom under this joint resolution and pursuant to the agreement and repayments thereof shall be treated as public-debt transactions of the United States. Payments of interest to the
Interest.
United States under the agreement shall be covered into the Treasury as miscellaneous receipts.
Approved July 15, 1946.