Title 22, Foreign Relations and IntercourseRelease 119-110

§286rr Approval to Sell a Limited Amount of the Fund’s Gold

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

Last updated Sep 23, 2026|Official source

Summary

Allows the Treasury Secretary to tell the U.S. Executive Director at the IMF to vote to sell up to 12,965,649 ounces of IMF gold bought after the Fund’s second Articles amendment. The sale can only happen if it follows the Fund’s April 9, 2008 guidelines to avoid upsetting the world gold market. At least 30 days before any vote, the Secretary must talk with the right congressional committees about how the sale money will be used. The Secretary must try to make sure the IMF provides at least $4,000,000,000 to help low-income countries, uses that money to attract much more help, offers interest-forgiveness for at least two years, and delivers most help within six years with a large part in the first two years. If the Fund accepts the related amendments in section 286pp, the U.S. Governor may also take actions, including those in section 286c(e), to use the sale 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:

(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

Sep 23, 2026

Release point: 119-110