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

Summary

The Secretary of the Treasury can tell the U.S. Executive Director at the International Monetary Fund to vote to sell up to 12,965,649 ounces of the Fund’s gold. The sale can only happen if it follows the IMF Executive Board guidelines in the Managing Director’s April 9, 2008 report and is done so it does not upset the world gold market. At least 30 days before any vote, the Secretary must talk with the relevant congressional committees about how the sale money will be used. The Secretary must try to make sure the Fund provides at least $4,000,000,000 to help low-income countries, that this money leverages much more support as loans or grants with big debt relief when needed, that interest forgiveness lasts at least two years, and that the help is given within six years with much of it in the first two years. The U.S. Governor at the IMF is also allowed, while following the rules above and accepting related amendments, to take needed actions (including those mentioned in section 286c(e)) to use the sale proceeds to assist low-income countries.