< Back to H.R. 13955 (94th Congress, 1975–1976)

Text of the An Act to provide for amendment of the Bretton Woods Agreements Act, and for other purposes.

This bill was enacted after being signed by the President on October 19, 1976. The text of the bill below is as of Oct 19, 1976 (Passed Congress/Enrolled Bill).

90 STAT. 2660                         PUBLIC LAW 94-564—OCT. 19, 1976

                   Public Law 94-564
                   94th Congress
                                                        An Act
 Oct. 19, 1976     To provide for amendment of the Bretton Woods Agreements Act, and for other
 [H.R. 13955]                                       purposes.
                    Be it enacted hy the Senate and House of Representatives                       of the
Bretton Woods     United States of America in Congress assembled^ T h a t the Bretton
Agreements Act,   Woods Agreements Act (22 U.S.C. 286-286k-2) is amended by adding
amendments.      at the end thereof the following new sections:
22 u s e 286e-5.    " S E C . 24. T h e United States Governor of the F u n d is authorized to
60 Stat. 1401.    accept the amendments to the Articles of Agreement of t h e F u n d
                 approved in resolution numbered 31-4 of the Board of Governors of
                 the F u n d .
22 use 286e-le.     " S E C . 25. The United States Governor of the F u n d is authorized to
                 consent to an increase in the quota of the United States in the F u n d
                 equivalent to 1,705 million Special D r a w i n g Rights.
22 u s e 286e-6.    " S E C . 26. The United States Governor of the F u n d is directed to
                 vote against the establishment of a Council authorized under Article
                 X I I , Section 1 of the F u n d Articles of Agreement as amended, if
                 under any circumstances the United States' vote in the Council would
                 be less than its weighted vote in the F u n d . " .
                    SEC. 2. Section 3 of the Bretton Woods Agreements Act (22 U.S.C.
                 286a) shall be amended as follows,:
                            (1) section 3(c) shall be amended to read as follows:
                    " ( c ) Should the provisions of Schedule D of the Articles of Agree-
                 ment of the F u n d apply, the Governor of the F u n d shall also serve
                 as councillor, shall designate an alternate for the councillor, and may
                 designate associates.";
                             (2) a new section 3 ( d ) shall be added to read as follows:
                    " ( d ) No person shall be entitled to receive any salary or other com-
                 pensation from the United States for services as a Governor, executive
                 director, councillor, alternate, or associate.".
                    SEC. 3. The first sentence of section 5 of the Bretton Woods Agree-
                 ments Act (22 U.S.C. 286c) is amended to read as follows: "Unless
                 Congress by law authorizes such action, neither the President nor
                 any person or agency shall on behalf of the United States (a) request
                 or consent to any change in the quota of the United States under
                 article I I I , section 2 ( a ) , of the Articles of Agreement of the F u n d ;
                 (b) propose a p a r value for the United States dollar under p a r a g r a p h
                 2, p a r a g r a p h 4, or p a r a g r a p h 10 of schedule C of the Articles of Agree-
                 ment of the F u n d ; (c) propose any change in the p a r value of the
                 United States dollar under p a r a g r a p h 6 of schedule C of the Articles
                 of Agreement of the F u n d , or approve any general change in p a r
                 values under p a r a g r a p h 11 of schedule C ; (d) subscribe to additional
                 shares of stock under article I I , section 3, of the Articles of Agree-
                 ment of the B a n k ; (e) accept any amendment under article X X V I I l
                 of the Articles of Agreement of t h e F u n d or article V I I I of the
                 Articles of Agreement of the B a n k ; (f) make any loan to the F u n d or
                 the B a n k ; (g) approve the establishment of any additional t r u s t fund,
                 for the special benefit of a single member, or of a particular segment
                 of the membership, of the Fund.".

PUBLIC LAW 94-564—OCT. 19, 1976 90 STAT. 2661 SEC. 4. The first sentence of section l7(a) of the Bretton Woods Agreements Act (22 U.S.C. 286e-2(a)) is amended to read as fol- lows : "In 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 Fund under article VII, section 1 (i), of the Articles of Agreement of the Fund.". 60 Stat. 1401. SEC. 5. The Special Drawing Eights Act (22 U.S.C. 286n-r) is 22 USC 286o. amended by: (1) deleting "article X X I V " in section 3(a) and inserting in lieu thereof "article X V I I I " • (2) deleting "article X X V I , article X X X , and article X X X I " in section 3(b), wherever it appears, and inserting in lieu thereof "article XX, article XXIV, and article X X V " ; (3) deleting "article X X I V " in section 6 and inserting in lieu 22 USC 286q. thereof "article X V I I I " ; (4) deleting "article X X V I I (b)" in section 7 and inserting in 22 USC 286r. lieu thereof "article X X I (b)". SEC. 6. Section 2 of the Par Value Modification Act (31 U.S.C. 449) Repeal. is hereby repealed. ^1 USC 449. SEC. T. Section 10(a) of the Gold Keserve Act of 1934 (31 U.S.C. 822a(a)) is amended to read as follows: "SEC. 10. (a) The Secretary of the Treasury, with the approval of the President, directly or through such agencies as he may designate, is authorized, for the account of the fund established in this section, to deal in gold and foreign exchange and such other instruments of credit and securities as he may deem necessary to and consistent with the United States obligations in the International Monetary Fund. The Secretary of the Treasury shall annually make a report on the operations of the fund to the President and to the Congress.". SEC. 8. Section 14(c) of the Gold Eeserve Act of 1934 (31 U.S.C. 405b) is amended to read as follows: "The Secretary of the Treasury is authorized to issue gold certificates in such form and in such denom- inations as he may determine, against any gold held by the United States Treasury. The amount of gold certificates issued and outstand- ing shall at no time exceed the value, at the legal standard provided in section 2 of the Par Value Modification Act (31 U.S.C. 449) on the date of enactment of this amendment, of the gold so held against gold certificates.". SEC. 9. The amendments made by sections 2, 3, 4, 5, 6, and 7 of this 22 USC 286a Act shall become effective upon entry into force of the amendments »"te. to the Articles of Agreement of the International Monetary Fund approved in Eesolution Numbered 31-4 of the Board of Governors of the Fund. Approved October 19, 1976. LEGISLATIVE HISTORY: HOUSE REPORT No. 94-1284 (Comm. on Banking, Currency, and Housing). SENATE REPORTS: No. 94-1148 (Comm. on Foreign Relations) and No. 94-1295 (Comm. on Banking, Housing and Urban Affairs). CONGRESSIONAL RECORD, Vol. 122 (1976): June 22, July 27, considered and passed House. Oct. 1, considered and passed Senate. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 12, No. 43: Oct. 21, Presidential statement.