Title 22 — Foreign Relations and IntercourseRelease 119-73

§286p Issuance, purpose, and redemption of Special Drawing Rights certificates

Title 22 › Chapter CHAPTER 7— - INTERNATIONAL BUREAUS, CONGRESSES, ETC. › Subchapter SUBCHAPTER XV— - INTERNATIONAL MONETARY FUND AND BANK FOR RECONSTRUCTION AND DEVELOPMENT › § 286p

Last updated Apr 6, 2026|Official source

Summary

The Treasury Secretary can issue Special Drawing Rights (SDR) certificates to the Federal Reserve banks, and those banks must buy them. These certificates can only be used to finance buying SDRs or to support exchange-stabilization operations. The total value of certificates cannot be more than the SDRs backing them, and the money from issuing them goes into the Exchange Stabilization Fund. The Secretary decides when and how much the Fund will use to redeem the certificates held by the Federal Reserve banks.

Full Legal Text

Title 22, §286p

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such denominations 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 Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting 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 Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section was not enacted as part of act July 31, 1945, ch. 339, 59 Stat. 512, known as the Bretton Woods Agreement Act, which comprises this subchapter.

Reference

Citations & Metadata

Citation

22 U.S.C. § 286p

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73