22 U.S.C. § 286p — Issuance, purpose, and redemption of

Page 186 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 286o § 286o. Administration as part of the Exchange Stabilization Fund (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 pay- ments 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 re- turn for Special Drawing Rights, and payments of charges or assessments pursuant to article XX, article XXIV, and article XXV of the Arti- cles of Agreement of the Fund, shall be made from the resources of the Exchange Stabiliza- tion Fund. (Pub. L. 90–349, § 3, June 19, 1968, 82 Stat. 188; Pub. L. 94–564, § 5(1), (2), Oct. 19, 1976, 90 Stat. 2661.) Editorial Notes CODIFICATION In subsec. (a), ‘‘section 5302 of title 31’’ substituted for ‘‘section 10 of the Gold Reserve Act of 1934, as amended (31 U.S.C. 822a)’’ on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first sec- tion of which enacted Title 31, Money and Finance. Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ment Act, which comprises this subchapter. AMENDMENTS 1976—Subsec. (a). Pub. L. 94–564, § 5(1), substituted ‘‘article XVIII’’ for ‘‘article XXIV’’. Subsec. (b). Pub. L. 94–564, § 5(2), substituted ‘‘article XX, article XXIV, and XXV’’ for ‘‘article XXVI, article XXX, and article XXXI’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1976 AMENDMENT Amendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title. § 286p. Issuance, purpose, and redemption of Special Drawing Rights certificates (a) The Secretary of the Treasury is author- ized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such de- nominations 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 Spe- cial Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and out- standing shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds result- ing 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 Stabiliza- tion Fund at such times and in such amounts as the Secretary of the Treasury may determine. (Pub. L. 90–349, § 4, June 19, 1968, 82 Stat. 188.) Editorial Notes CODIFICATION Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agree- ment Act, which comprises this subchapter. § 286q. Limitation on allocations to the United States (a) Unless Congress by law authorizes such ac- tion, neither the President nor any person or agency shall on behalf of the United States vote to allocate in each basic period Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund so that allocations to the United States in that period exceed an amount equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act [22 U.S.C. 286 et seq.]. (b)(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agree- ment of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman and rank- ing minority members of the Committee on For- eign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees thereof. (2) Such consultations shall include an expla- nation of the consistency of such proposal to al- locate with the requirements of the Articles of Agreement of the Fund, in particular the re- quirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall ‘‘seek to meet the long-term global need, as and when it arises, to supplement exist- ing reserve assets in such manner as will pro- mote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world’’. (3) Unless Congress by law authorizes such ac- tion, neither the President nor any person or agency shall on behalf of the United States en- gage in any voluntary transaction involving the exchange of Special Drawing Rights that are held by a member country of the Fund, if the Secretary of State has found that the govern- ment of the member country— (A) has committed genocide at any time dur- ing the 1-year period ending with the date of the transaction; or (B) has repeatedly provided support for acts of international terrorism. (4) The Secretary of the Treasury shall direct the United States Executive Director at each