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9 0 S T A T . 2 6 6 0 P U B L IC L A W 9 4 - 5 6 4 O C T . 1 9 , 1 9 7 6Public Law 94-56494th Congress An Act

Oct. 19, 1976[H.R. 13955]

Bretton WoodsAgreements Act,amendments.22 use 286e-5.60 Stat. 1401.

22 use 286e- le .

22 use 286e-6.

To provide for amendment of the Bretton Woods Agreements Act, and for otherpurposes.Be it enacted hy the Senate and Hou se of Representatives of theUnited States of Am erica in Cong ress assembled^ T h a t t h e B r e t t o nW o o d s A g r e e m e n t s A c t ( 2 2 U . S . C . 2 8 6 - 2 8 6 k - 2 ) i s a m e n d e d b y a d d i n ga t t he e nd t he r e o f t he following n e w s e c t i o n s :" S E C . 2 4 . T h e U n i t e d S t a t e s G o v e r n o r o f t h e F u n d i s a u t h o r i z e d t oa c c e p t t h e a m e n d m e n t s t o t h e A r t i c l e s o f A g r e e m e n t of t h e F u n da p p r o v e d i n re s o l u t i o n n u m b e r e d 3 1 - 4 o f t h e B o a r d o f G o v e r n o r s oft h e F u n d ." S E C . 2 5 . T h e U n i t e d S t a t e s G o v e r n o r o f t h e F u n d i s a u t h o r i z e d t oc ons e n t t o a n i nc r e a s e i n t he quo t a o f t he U n i t e d S t a t e s i n t he F unde qu i va l e n t t o 1 , 705 m i l l i on S pe c i a l D r a w i ng R i gh t s ." S E C . 2 6 . T h e U n i t e d S t a t e s G o v e r n o r of t h e F u n d i s d i r e c t e d t ov o t e a g a i n s t t h e e s t a b l i s h m e n t o f a C o u n c i l a u t h o r i z e d u n d e r A r t i c l eX I I , S e c t io n 1 o f t h e F u n d A r t i c l e s of A g r e e m e n t a s a m e n d e d , ifu n d e r a n y c i r c u m s t a n c e s t h e U n i t e d S t a t e s ' v o t e i n t h e C o u n c i l w o u l db e l es s t h a n i t s w e i g h t e d v o t e i n t h e F u n d . " .S E C . 2 . S e c t i o n 3 o f t h e B r e t t o n W o o d s A g r e e m e n t s A c t ( 2 2 U . S . C .286a) sha l l be amended as fo l lows , :( 1 ) s e c t i on 3 ( c ) s h a l l be a m e nd e d t o r e a d a s f o l l ow s :" ( c ) S h ou l d t he p r ov i s i ons o f S c he du l e D o f t he A r t i c l e s o f A gr e e m e n t o f t h e F u n d a p p l y , t h e G o v e r n o r o f t h e F u n d s h a l l a l s o s e r v ea s c ounc i l l o r , s ha l l de s i gna t e a n a l t e r na t e f o r t he c ounc i l l o r , a nd m a yd e s i g n a t e a s s o c i a t e s . " ;( 2 ) a ne w s e c ti on 3 ( d ) s ha l l be a dd e d t o r e a d a s f o l l o w s :" ( d ) N o pe r s on s ha l l be e n t i t l e d t o r e c e ive a ny s a l a r y o r o t h e r c om pe n s a t i on f r om t h e U n i t e d S t a t e s fo r s e rv i c e s a s a G o ve r n o r , e xe c u t i ved i r e c t o r , c ounc i l l o r , a l t e r na t e , o r a s s oc i a t e . " .S E C . 3 . T h e fi rs t s e n t e nc e o f se c t i on 5 o f t he B r e t t on W oo ds A gr e e m e n t s A c t ( 2 2 U . S . C . 2 8 6 c) i s a m e n d e d t o r e a d a s f o l l o w s : " U n l e s sC o n g r e s s b y l a w a u t h o r i z e s s u c h a c t i o n , n e i t h e r t h e P r e s i d e n t n o ra ny pe r s on o r a ge nc y s ha l l on be ha l f o f t he U n i t e d S t a t e s ( a ) r e que s to r c ons e n t t o a ny c ha nge i n t he quo t a o f t he U n i t e d S t a t e s unde ra r t i c l e I I I , s e c t i o n 2 ( a ) , o f t h e A r t i c l e s o f A g r e e m e n t o f t h e F u n d ;( b ) p r o p o s e a p a r v a l u e f o r t h e U n i t e d S t a t e s d o l l a r u n d e r p a r a g r a p h2, p a r a g r a p h 4 , o r p a r a g r a p h 1 0 o f s c h e d u l e C of t h e A r t i c l e s o f A g r e e m e n t o f t h e F u n d ; ( c ) p r o p o s e a n y c h a n g e i n t h e p a r v a l u e o f t h eU n i t e d S t a t e s d o l l a r u n d e r p a r a g r a p h 6 o f s c h e d u l e C o f t h e A r t i c l e so f A g r e e m e n t o f t h e F u n d , o r a p p r o v e a n y g e n e r a l c h a n g e i n p a rv a l u e s u n d e r p a r a g r a p h 1 1 o f s c h e d u l e C ; ( d ) s u b s c r ib e t o a d d i t i o n a ls ha r e s of s t oc k und e r a r t i c l e I I , s e c t ion 3 , o f t he A r t i c l e s o f A gr e e m e n t o f t h e B a n k ; ( e ) a c c e p t a n y a m e n d m e n t u n d e r a r t i c l e X X V I I lo f t h e A r t i c l e s o f A g r e e m e n t o f t h e F u n d o r a r t i c l e V I I I o f t h eA r t i c l e s o f A g r e e m e n t o f t h e B a n k ; (f) m a k e a n y l o a n t o t h e F u n d o rt h e B a n k ; ( g ) a p p r o v e t h e e s t a b l i s h m e n t o f a n y a d d i t i o n a l t r u s t f u n d ,f o r t he s pe c i a l be ne f i t o f a s i ng l e m e m be r , o r o f a pa r t i c u l a r s e gm e n to f t h e m e m b e r s h i p , o f t h e F u n d . " .

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PUBLIC LAW 94-564 OC T. 19, 1976 90 STAT. 2661SEC. 4. The first sentence of section l7(a) of the Bretton WoodsAgreements Act (22 U.S.C. 286e-2(a)) is amended to read as follows : "In order to carry out the purposes of the decision of January 5,1962, of the E xecut ive Directors of the Inte rna t iona l Mo netary F un d,the Secretary of the Treasury is authorized to make loans, not toexceed $2,000,000,000 outstanding at any one time, to the Fund under

art icle VII, sect ion 1 ( i) , of the A rticle s of A gre em ent of th e F un d. " . 60 Stat. 1401.SEC. 5. The Specia l D raw ing E igh ts Act (22 U.S.C. 286n-r) i s 22 USC 286o.amended by:(1) delet ing " art icle X X I V " in sect ion 3(a ) and insert ing inl ieu thereof " a r t ic le X V I I I " (2 ) de le ti ng " a r ti c le X X V I , a r ti c le X X X , and a r ti cl e X X X I "in section 3(b), wherever i t appears, and inserting in lieu thereof" a r ti c le X X , a r ti cl e X X IV , and a r ti c le X X V " ;(3) delet ing " art icle X X I V " in sect ion 6 and insert ing in l ieu 22 USC 286q.t he re of " a r t ic le X V I I I " ;(4) deleting "article XXVII (b)" in sect ion 7 and inse rting in 22 USC 286r.l ieu thereof " a r t ic le X X I (b)" .SEC. 6. Section 2 of the P a r V alue Modification A ct (31 U .S .C . 449) Repeal.is hereby repealed. ^1 USC 449.SEC. T. Section 10( a) of the Gold Keserve Act of 1934 (31 U.S.C.822a(a)) is amended to read as follows:" S E C . 10. (a) The Secretary of the Treasury, with the approval ofthe President, directly or through such agencies as he may designate,is authorized, for the account of the fund established in this section,to deal in gold and foreign exchange and such other instruments ofcredit and securities as he may deem necessary to and consistent withthe United States obl igat ions in the Internat ional Monetary Fund.The Secretary of the Treasury shal l annual ly make a report on theoperations of the fund to the President and to the Congress." .SEC. 8. Section 14(c ) of the Gold E eserve Ac t of 1934 (31 U .S.C .405b) is amended to read as follows: "The Secretary of the Treasuryis authorized to issue gold certificates in such form and in such denominations as he may determine, against any gold held by the UnitedStates Treasury. The amount of gold certificates issued and outstanding shall at no time exceed the value, at the legal standard providedin section 2 of the P ar Va lue Modification A ct (31 U .S.C . 449) on thedate of enactment of this amendment, of the gold so held against goldcertificates.".SEC. 9. T he am end m ents m ade by sections 2, 3, 4, 5, 6, and 7 of this 22 USC 286aAct shall become effective upon entry into force of the amendments "te.to the Art icles of Agreement of the Internat ional Monetary Fund

approved in E esolution Num bered 31-4 of the Boa rd of G overnorsof the Fund.Approved October 19, 1976.

LEGISLATIVE HISTORY:HOUSE RE PORT N o. 94 -1 28 4 (Comm. on Banking, Currency, and Housing).SE NATE RE PORTS: No. 94 -11 48 (Comm. on Foreign Relations) and No. 9 4-1 29 5(Comm. on Banking, Housing and Urban Affairs).CONGRE SSIONAL RE CORD, Vol. 122 (1976):June 22, July 27, considered and passed House.

Oct. 1, considered and passed Senate.WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol . 12, No. 43:Oct. 2 1 , Presidential statement.