§286e–7 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Secretary of the Treasury may provide U.S. funds to join the Supplementary Financing Facility set up by decision 5508–(77/127) of the Executive Directors of the Fund, under the terms of decision 5509–(77/127). The total provided cannot exceed the equivalent of 1,450 million Special Drawing Rights. The Treasury must record any changes in value through the fund created by section 5302 of title 31. The Secretary can only commit money that Congress has already approved in appropriation Acts. Beginning October 1, 1978, Congress may appropriate, without fiscal year limit, whatever sums are needed up to the dollar equivalent of 1,450 million Special Drawing Rights.

Title 22, §286e–7

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)For the purpose of participation of the United States in the Supplementary Financing Facility (hereinafter referred to as the “facility”) established by the decision numbered 5508–(77/127) of the Executive Directors of the Fund, the Secretary of the Treasury is authorized to make resources available as provided in the decision numbered 5509–(77/127) of the Fund, in an amount not to exceed the equivalent of 1,450 million Special Drawing Rights.

(b)The Secretary of the Treasury shall account, through the fund established by section 5302 of title 31, for any adjustment in the value of monetary assets held by the United States in respect of United States participation in the facility.

(c)Notwithstanding any other provision of this section, the authority of the Secretary to enter into agreements making resources available under this section shall be limited to such amounts as are appropriated in advance in appropriation Acts. Effective October 1, 1978, there are hereby authorized to be appropriated to the Secretary of the Treasury, without fiscal year limitation, such sums as are necessary to carry out subsection (a) of this section, but not to exceed an amount of dollars equivalent to 1,450 million Special Drawing Rights.

Notes & Related Subsidiaries

Editorial Notes

Codification In subsec. (b), “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 section of which enacted Title 31, Money and Finance.

§286e–7 Supplementary Financing Facility

Summary

Title 22, §286e–7

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata