< Back to H.R. 10162 (87th Congress, 1961–1962)

Text of the An Act to amend the Bretton Woods Agreements Act to authorize the United States to participate in loans to the ...

...loans to the International Monetary Fund to strengthen the international monetary system

This bill was enacted on June 19, 1962. The text of the bill below is as of Jun 19, 1962 (Passed Congress/Enrolled Bill).

76 STAT. ]       PUBLIC LAW 87-490-JUNE 19, 1962                                                     105

Public Law 87-490
                                   AN ACT                                          J u n e 19, 1962
To amend the Bretton Woods Agreements Act to authorize the United States to        [H. R. 10162]
  participate in loans to the International Monetary Fund to strengthen the
  international monetary system.

   Be it endcted hy the Senate and House of Representatives of the
United States of America in Congress assembled^ That the Bretton                  Bretton Woods
                                                                                Agreements Act,
Woods Agreements Act, as amended (22 U.S.C. 286—286k-l), is                     amendment.
amended by adding at the end thereof the following new sections:                  59 Stat. 512;
                                                                                73 Stat. 80.
   "SEC. 17. (a) I n order to carry out the purposes of the decision
of January 5, 1962, of the Executive Directors of the International
Monetary Fund, the Secretary of the Treasury is authorized to make
loans, not to exceed $2,000,000,000 outstanding at any one time, to the
F u n d under article V I I , section 2 ( i ) , of the Articles of Agreement
of the Fund. Any loan under the authority granted in this subsection
shall be made with due regard to the present and prospective balance
of payments and reserve position of the United States.
     (b) F o r the purpose of making loans to the International Mone-             Appropriation.
tary Fund pursuant to this section, there is hereby authorized to be
appropriated $2,000,000,000, to remain available until expended to
meet calls by the International Monetary Fund. Any payments made
to the United States by the International Monetary Fund as a repay-
ment on account of the principal of a loan made under this section
shall continue to be available for loans to the International Monetary
Fund.
   "(c) Payments of interest and charges to the United States on
account of any loan to the International Monetary Fund shall be
covered into the Treasury as miscellaneous receipts. I n addition to
the amount authorized in subsection ( b ) , there is hereby authorized
to be appropriated such amounts as may be necessary for the payment
of charges in connection w^ith any purchases of currencies or gold
by the United States from the International Monetary Fund.
   "SEC. 18. Any purchases of currencies or gold by the United States             Currencies or
from the International Monetary Fund may be transferred to and                  gold p u r c h a s e s ,
                                                                                transfer.
administered by the fund established by section 10 of the Gold Reserve
Act of 1934, as amended (31 U.S.C. 822a), for use in accordance with               48 Stat. 3 4 1 .
the provisions of that section. The Secretary of the Treasury is
authorized to utilize the resources of that fund for the purpose of any
repayments in connection with such transactions."
   SEC. 2. The last sentence of section 7(c) of the Bretton Woods                  Special n o t e s .
                                                                                   59 Stat. 514.
Agreements Act (22 U.S.C. 286e) is amended to read as follows: "The
face amount of special notes issued to the Fund under the authority
of this subsection and outstanding at any one time shall not exceed in
the aggregate the amount of the subscription of the United States
actually paid to the Fund and the dollar equivalent of currencies and
gold which the United States shall have purchased from the F u n d
in accordance with the Articles of Agreement, and the face amount
of such notes issued to the Bank and outstanding at any one time shall
not exceed in the aggregate the amount of the subscription of the
United States actually paid to the Bank under article I I , section 7 ( i ) ,
of the Articles of Agreement of the Bank."
   Approved June 19, 1962.