22 U.S.C. § 286o: Administration as part of…

Summary

Put all Special Drawing Rights (SDRs) the United States gets under Article XVIII of the Fund’s Articles, and any other SDRs it acquires, into the Exchange Stabilization Fund. Those SDRs are managed as part of that Fund (set up under section 5302 of title 31). Money the U.S. receives from using SDRs, and interest paid to the U.S. under Articles XX, XXIV, and XXV, must be deposited into the Exchange Stabilization Fund. If the U.S. pays currency to buy SDRs, or pays charges or assessments under Articles XX, XXIV, and XXV, those payments must come from the Fund.

Title 22, §286o

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Special Drawing Rights

Special Drawing Rights allocated to the United States pursuant to article XVIII of the Articles of Agreement of the Fund, and Special Drawing Rights otherwise acquired by the United States, shall be credited to the account of, and administered as part of, the Exchange Stabilization Fund established by section 5302 of title 31.

(b)Deposit in and withdrawal from Fund

The proceeds resulting from the use of Special Drawing Rights by the United States, and payments of interest to the United States pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be deposited in the Exchange Stabilization Fund. Currency payments by the United States in return for Special Drawing Rights, and payments of charges or assessments pursuant to article XX, article XXIV, and article XXV of the Articles of Agreement of the Fund, shall be made from the resources of the Exchange Stabilization Fund.

Notes & Related Subsidiaries

Editorial Notes

Codification In subsec. (a), “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. 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.

Amendments

1976—Subsec. (a). Pub. L. 94–564, § 5(1), substituted “article XVIII” for “article XXIV”. Subsec. (b). Pub. L. 94–564, § 5(2), substituted “article XX, article XXIV, and XXV” for “article XXVI, article XXX, and article XXXI” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 1976 AmendmentAmendment effective Apr. 1, 1978, see section 9 of Pub. L. 94–564, set out as a note under section 286a of this title.

§286o Administration as Part of the Exchange Stabilization Fund