Title 22 — Foreign Relations and Intercourse
Chapter 7 — International Bureaus, Congresses, Etc.
§ 286nn. Approval of contributions for debt reductions for the poorest countries
Statutory text
For the purpose of mobilizing the resources of the Fund in order to help reduce poverty and improve the lives of residents of poor countries and, in particular, to allow those poor countries with unsustainable debt burdens to receive deeper, broader, and faster debt relief, without allowing gold to reach the open market or otherwise adversely affecting the market price of gold, the Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote—
to approve an arrangement whereby the Fund—
sells a quantity of its gold at prevailing market prices to a member or members in nonpublic transactions sufficient to generate 2.226 billion Special Drawing Rights in profits on such sales;
immediately after, and in conjunction with each such sale, accepts payment by such member or members of such gold to satisfy existing repurchase obligations of such member or members so that the Fund retains ownership of the gold at the conclusion of such payment; and
uses the earnings on the investment of the profits of such sales through a separate subaccount, only for the purpose of providing debt relief from the Fund under the modified Heavily Indebted Poor Countries (HIPC) Initiative (as defined in section 262p–6 of this title); and
to support a decision that shall terminate the Special Contingency Account 2 (SCA–2) of the Fund so that the funds in the SCA–2 shall be made available to the poorest countries. Any funds attributable to the United States participation in SCA–2 shall be used only for debt relief from the Fund under the modified HIPC Initiative.
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.
District of Columbia Appropriations Act, 2000
Pub. L. 106–113 div. B § 1000(a)(5)(tV)(s503)(a) · 113 Stat. 1501
Enacted · 22 U.S.C. § 286nn
July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316
Source evidence
Code source credit
July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], Nov. 29, 1999, 113 Stat. 1536, 1501A–316Pub. L. 106–429 § 101(a)(tVIII)(s801)(a) · 114 Stat. 1900
Inserted · 22 U.S.C. § 286nn(1)(B); 22 U.S.C. § 286nn(1)(D)
Pub. L. 106–429 inserted “and” at end of subpar. (B)
Struck · 22 U.S.C. § 286nn(1)(B); 22 U.S.C. § 286nn(1)(D)
Pub. L. 106–429 struck out subpar. (D) which read as follows: “shall not use more than 9⁄14 of the earnings on the investment of the profits of such sales; and”
Source evidence
Code amendment note
Par. (1)(B), (D). Pub. L. 106–429 inserted “and” at end of subpar. (B) and struck out subpar. (D) which read as follows: “shall not use more than 9⁄14 of the earnings on the investment of the profits of such sales; and”.Enacted provision · exact public law section
(a) The provisions of H.R. 5526 of the 106th Congress, as introduced on October 24, 2000, are hereby enacted into law.
2 of 3 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments
2000—Par. (1)(B), (D). Pub. L. 106–429 inserted “and” at end of subpar. (B) and struck out subpar. (D) which read as follows: “shall not use more than 9⁄14 of the earnings on the investment of the profits of such sales; and”.
Statutory Notes and Related Subsidiaries
Certification to Congress Relating To Use of Profits To Augment International Monetary Fund
Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(b)], , 113 Stat. 1536, 1501A–316, provided that: “Within 15 days after the United States Executive Director casts the votes necessary to carry out the instruction described in section 62 of the Bretton Woods Agreements Act [22 U.S.C. 286nn], the Secretary of the Treasury shall certify to the Congress that neither the profits nor the earnings on the investment of profits from the gold sales made pursuant to the instruction or of the funds attributable to United States participation in SCA–2 will be used to augment the resources of any reserve account of the International Monetary Fund for the purpose of making loans.”
Credits
1945–2000 · 2 acts
- 1945July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], , 113 Stat. 1536, 1501A–316
- 2000amended Pub. L. 106–429, § 101(a) [title VIII, § 801(a)], , 114 Stat. 1900, 1900A–64.
Show as published
(July 31, 1945, ch. 339, § 62, as added Pub. L. 106–113, div. B, § 1000(a)(5) [title V, § 503(a)], , 113 Stat. 1536, 1501A–316; amended Pub. L. 106–429, § 101(a) [title VIII, § 801(a)], , 114 Stat. 1900, 1900A–64.)