22 U.S.C. § 286o — Administration as part of the Exchange Stabilization Fund

submitted 58 years ago by Pub. L. 90-349 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 158 words · no verdicts yet

in plain englishAI-generated · not legal advice

Special Drawing Rights the U.S. receives are credited to, and managed as part of, the Exchange Stabilization Fund. Proceeds from using SDRs, and interest the U.S. earns on them, go into that Fund. Payments the U.S. makes for SDRs, and any charges or assessments owed, come out of that Fund.

(a) Special Drawing Rights Special Drawing Rights allocated to the United States under Article XVIII of the IMF's Articles of Agreement — and any Special Drawing Rights the United States otherwise acquires — are credited to the account of, and managed as part of, the Exchange Stabilization Fund (established under 31 U.S.C. § 5302). (b) Deposit in and withdrawal from Fund Money the United States receives from using Special Drawing Rights, plus interest payments to the United States under Articles XX, XXIV, and XXV of the Fund's Articles of Agreement, must be deposited into the Exchange Stabilization Fund. Currency the United States pays in exchange for Special Drawing Rights, and any charges or assessments owed under Articles XX, XXIV, and XXV, must be paid out of the Exchange Stabilization Fund's resources.

the actual law source: uscode.house.gov ↗public domain

(a) Special Drawing Rights

Special Drawing Rights allocated to the United States pursuant to article XVIII of the Articles of Agreement of the Fund, and Special Drawing Rights otherwise acquired by the United States, shall be credited to the account of, and administered as part of, the Exchange Stabilization Fund established by section 5302 of title 31.

(b) Deposit in and withdrawal from Fund

The proceeds resulting from the use of Special Drawing Rights by the United States, and payments of interest to the United States pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be deposited in the Exchange Stabilization Fund. Currency payments by the United States in return for Special Drawing Rights, and payments of charges or assessments pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be made from the resources of the Exchange Stabilization Fund.

Source credit: (Pub. L. 90–349, § 3, June 19, 1968, 82 Stat. 188; Pub. L. 94–564, § 5(1), (2), Oct. 19, 1976, 90 Stat. 2661.)

history & why it existsrecord from the source credit

1968Enacted · Pub. L. 90-349 · 82 Stat. 188
1976Amended · Pub. L. 94-564 · 90 Stat. 2661

A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-349 on 1968-06-19.

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