§5332 Actions to facilitate creation of Authority

Summary

The United States must not use any money, guarantees, or other financial help to create, run, or support the International Debt Management Authority unless Congress approves it later by law. No costs tied to the authority may be charged to any U.S. person without that person’s permission. The Treasury Secretary must look into what resources multilateral financial institutions might offer to support creating the authority. The Secretary must ask the U.S. Executive Director at the IMF to identify how much IMF gold, if the Fund’s Board agrees, could be used as collateral to raise money for the authority. The Secretary must also ask the U.S. Executive Director at the World Bank (IBRD) to identify how much uncommitted liquid assets, if the Bank’s Board agrees, could be used as collateral. These steps do not change the IMF’s or World Bank’s governing agreements.