Title 22 — Foreign Relations and IntercourseRelease 119-73

§286rr Approval to sell a limited amount of the Fund’s gold

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

Last updated Apr 6, 2026|Official source

Summary

Allows the Secretary of the Treasury to tell the U.S. representative at the IMF to vote to approve selling up to 12,965,649 ounces of IMF gold that was acquired after the Fund’s second Amendment. Any sale must follow the IMF’s April 9, 2008 guidelines so it does not disrupt the world gold market. At least 30 days before any vote, the Secretary must consult the proper congressional committees about how the sale money will be used. The Secretary must try to make sure the IMF makes at least $4,000,000,000 available to help low-income countries eligible for the Poverty Reduction and Growth Facility or similar lending. That funding should be used to attract much more support from others, provide low-cost loans, debt relief and/or grants as needed, include interest forgiveness on concessional loans for at least two years, and be delivered within six years with a large share in the first two years. The U.S. IMF Governor can also accept related rule changes and take needed steps to use the proceeds to assist low-income countries.

Full Legal Text

Title 22, §286rr

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(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: 11 So in original. The colon probably should be a semicolon.

(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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 286rr

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73