22 U.S.C. § 286rr — Approval to sell a limited amount of the Fund’s gold

submitted 81 years ago by Pub. L. 111-32 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 335 words · no verdicts yet

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The Treasury Secretary can direct the U.S. IMF director to vote to approve selling up to 12,965,649 ounces of the IMF's gold, but only if the sale follows the Fund Board's guidelines meant to avoid disrupting the world gold market, and only after 30 days' notice to Congress. The Secretary must also work to ensure the IMF gives low-income countries at least $4 billion in support, leveraged into loans, grants, or debt relief, with interest forgiveness lasting at least two years and support spread mostly within the first two of six years. Separately, the U.S. Governor can take further steps to use these gold sale proceeds to help low-income countries.

(a) The Secretary of the Treasury is authorized to instruct the U.S. Executive Director of the IMF ("the Fund") to vote to approve selling up to 12,965,649 ounces of the Fund's gold — gold acquired since the Second Amendment to the Fund's Articles of Agreement. This is allowed only if the sales follow the guidelines the Fund's Executive Board agreed to in its April 9, 2008 report on a New Income and Expenditure Framework, meant to prevent disrupting the world gold market. At least 30 days before any such vote, the Secretary must consult the appropriate congressional committees about how the sale proceeds will be used. The Secretary must also try to make sure that: (1) the Fund provides support of at least $4,000,000,000 to low-income countries eligible for the Poverty Reduction and Growth Facility or other low-income Fund lending; (2) these Fund resources are used to leverage significantly more support — through loans with substantial concessional terms and debt-service relief, and/or grants, as fits each country's situation; (3) support given through forgiving interest on concessional loans lasts at least two years; and (4) support to low-income countries happens within six years, with a substantial share happening in the first two years. (b) In addition to accepting the amendments described in section 286pp about how the gold sale proceeds are used, the United States Governor is authorized — consistent with subsection (a) — to take other necessary actions, including those referenced in section 286c(e), to use these proceeds to help low-income countries.

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

(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 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: 1

(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 286pp of this title 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 286c(e) of this title, to also use such proceeds for the purpose of assisting low-income countries.

Source credit: (July 31, 1945, ch. 339, § 66, as added Pub. L. 111–32, title XIV, § 1402, June 24, 2009, 123 Stat. 1918.)

history & why it existsrecord from the source credit

1945Enacted · Pub. L. 111-32 · 123 Stat. 1918

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-32 on 1945-07-31.

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