§ 286pp. Acceptance of amendments to Articles of Agreement of Fund approved on April 28 and May 5, 2008

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.

1. 2009

   Supplemental Appropriations Act, 2009

   Pub. L. 111–32 title XIV § 1402 · 123 Stat. 1859

   Enacted · 22 U.S.C. § 286pp

   (July 31, 1945, ch. 339, § 64, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1917.)

   Source evidence

   Code source credit
   (July 31, 1945, ch. 339, § 64, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1917.)

   Enacted provision · exact public law section
   Sec. 1402. The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at the end the following: “SEC. 64. ACCEPTANCE OF AMENDMENTS TO THE ARTICLES OF AGREEMENT OF THE FUND.   “The United States Governor of the Fund may agree to and accept the amendments to the Articles of Agreement of the Fund as proposed in the resolutions numbered 63–2 and 63–3 of the Board of Governors of the Fund which were approved by such Board on April 28, 2008 and May 5, 2008, respectively. “SEC. 65. QUOTA INCREASE. “(a) In General.— The United States Governor of the Fund may consent to an increase in the quota of the United States in the Fund equivalent to 4,973,100,000 Special Drawing Rights. “(b) Subject to Appropriations.— The authority provided by subsection (a) shall be effective only to such extent or in such amounts as are provided in advance in appropriations Acts. “SEC. 66. APPROVAL TO SELL A LIMITED AMOUNT OF THE FUND’S GOLD. “(a) The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the sale of up to 12,965,649 ounces of the Fund’s gold acquired since the second Amendment to the Fund’s Articles of Agreement, only if such sales are consistent with the guidelines agreed to by the Executive Board of the Fund described in the Report of the Managing Director to the International Monetary and Financial Committee on a New Income and Expenditure Framework for the International Monetary Fund (April 9, 2008) to prevent disruption to the world gold market: Provided, That Deadline. Consultation. at least 30 days prior to any such vote, the Secretary shall consult with the appropriate congressional committees regarding the use of proceeds from the sale of such gold: Provided further, That the Secretary of the Treasury shall seek to ensure that: “(1) the Fund will provide support to low-income countries that are eligible for the Poverty Reduction and Growth Facility or other low-income lending from the Fund by making available Fund resources of not less than $4,000,000,000; “(2) such Fund resources referenced above will be used to leverage additional support by a significant multiple to provide loans with substantial concessionality and debt service payment relief and/or grants, as appropriate to a country’s circumstances: “(3) support provided through forgiveness of interest on concessional loans will be provided for not less than two years; and “(4) the support provided to low-income countries occurs within six years, a substantial amount of which shall occur within the initial two years. “(b) In addition to agreeing to and accepting the amendments referred to in section 64 of this Act relating to the use of proceeds from the sale of such gold, the United States Governor is authorized, consistent with subsection (a), to take such actions as may be necessary, including those referred to in section 5(e) of this Act, to also use such proceeds for the purpose of assisting low-income countries. “SEC. 67. ACCEPTANCE OF AMENDMENT TO THE ARTICLES OF AGREEMENT OF THE FUND.   “The United States Governor of the Fund may agree to and accept the amendment to the Articles of Agreement of the Fund as proposed in the resolution numbered 54–4 of the Board of Governors of the Fund which was approved by such Board on October 22, 1997: Provided, That Deadline. Reports. not more than one year after the acceptance of such amendments to the Fund’s Articles of Agreement, the Secretary of the Treasury shall submit a report to the appropriate congressional committees analyzing Special Drawing Rights, to include a discussion of how those countries that significantly use or acquire Special Drawing Rights in accordance with Article XIX, Section 2(c), use or acquire them; the extent to which countries experiencing balance of payment difficulties exchange or use their Special Drawing Rights to acquire reserve currencies; and the manner in which those reserve currencies are acquired when utilizing Special Drawing Rights.” .

1 of 1 references resolved to an enrolled provision