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22 U.S.C. § 286p — Issuance, purpose, and redemption of Special Drawing Rights certificates

submitted 58 years ago by Pub. L. 90-349 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 160 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary can issue Special Drawing Right certificates to Federal Reserve banks, which must buy them, backed by SDRs credited to the Exchange Stabilization Fund. These certificates can exist only to help acquire SDRs or fund exchange stabilization work, and can never exceed the value of SDRs backing them. The Secretary decides when and how much of these certificates the Federal Reserve banks get repaid, using the Exchange Stabilization Fund's resources.

(a) The Secretary of the Treasury is authorized to issue Special Drawing Right certificates to the Federal Reserve banks, and those banks must buy them. The Secretary sets their form and denominations. These certificates are issued against Special Drawing Rights held by the Exchange Stabilization Fund. They can be issued and stay outstanding only to finance acquiring Special Drawing Rights or to finance exchange stabilization operations. The total value of certificates issued and outstanding can never exceed the value of the Special Drawing Rights backing them. Money raised from issuing these certificates goes into the Exchange Stabilization Fund. (b) The Federal Reserve banks' Special Drawing Right certificates must be redeemed using the Exchange Stabilization Fund's resources, at times and in amounts the Secretary of the Treasury decides.
the actual law source: uscode.house.gov ↗public domain
(a)

The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such denominations as he may determine, against any Special Drawing Rights held to the credit of the Exchange Stabilization Fund. Such certificates shall be issued and remain outstanding only for the purpose of financing the acquisition of Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.

(b)

Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.

Source credit: (Pub. L. 90–349, § 4, June 19, 1968, 82 Stat. 188.)

history & why it existsrecord from the source credit
  • 1968Enacted · Pub. L. 90-349 · 82 Stat. 188

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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