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22 U.S.C. § 286e–13 — Approval of fund pledge to sell gold to provide resources for Reserve Account of Enhanced Structural Adjustment Facility Trust

submitted 81 years ago by Pub. L. 102-511 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 97 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law lets the Treasury Secretary instruct the U.S. director to approve an IMF gold sale. The Fund could sell up to 3 million ounces of gold if needed. The money would restore a reserve account that backs loans to countries once behind on IMF payments.

The Secretary of the Treasury may instruct the United States Executive Director of the Fund to vote yes on the Fund's pledge to sell, if it becomes necessary, up to 3,000,000 ounces of the Fund's gold. The purpose is to restore the Reserve Account of the Enhanced Structural Adjustment Facility Trust to a level big enough to cover the Trust's obligations. Those obligations are owed to lenders who made loans to the Trust's Loan Account — loans that were used to fund programs helping Fund members who had previously fallen behind on their payments to the Fund.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury is authorized to instruct the United States Executive Director of the Fund to vote to approve the Fund’s pledge to sell, if needed, up to 3,000,000 ounces of the Fund’s gold, to restore the resources of the Reserve Account of the Enhanced Structural Adjustment Facility Trust to a level that would be sufficient to meet obligations of the Trust payable to lenders which have made loans to the Loan Account of the Trust that have been used for the purpose of financing programs to Fund members previously in arrears to the Fund.

Source credit: (July 31, 1945, ch. 339, § 58, as added Pub. L. 102–511, title X, § 1001, Oct. 24, 1992, 106 Stat. 3357.)

history & why it existsrecord from the source credit
  • 1945Enacted · Pub. L. 102-511 · 106 Stat. 3357

A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-511 on 1945-07-31.

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