2021 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 7 - International Bureaus, Congresses, Etc.
Subchapter XV - International Monetary Fund and Bank for Reconstruction and Development
Sec. 286rr - Approval to sell a limited amount of the Fund's gold
| 22 U.S.C. § 286rr (2021) |
| §286rr. Approval to sell a limited amount of the Fund's gold |
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(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. |
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(July 31, 1945, ch. 339, §66, as added Pub. L. 111–32, title XIV, §1402, June 24, 2009, 123 Stat. 1918.) |
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1 So in original. The colon probably should be a semicolon. |
| United States Code, 2018 Edition, Supplement 3, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 7 - INTERNATIONAL BUREAUS, CONGRESSES, ETC. SUBCHAPTER XV - INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT Sec. 286rr - Approval to sell a limited amount of the Fund's gold |
| section 286rr |
| 2021 |
| January 3, 2022 |
| No |
| standard |
| 123 Stat. 1918 |
| Public Law 111-32 |
