§5332 Actions to Facilitate Creation of Authority

Summary

No U.S. government money, guarantees, or other financial promises can be used to set up, run, or support the International Debt Management Authority unless Congress later approves it. Also, no expenses from the Authority can be charged to any U.S. person without that person’s consent. Except for those limits, the Treasury must check what resources multilateral lenders might offer to back the Authority. The Treasury will ask the U.S. Executive Director at the IMF to find how much IMF gold could be pledged and how, and ask the U.S. Executive Director at the World Bank to find uncommitted liquid assets that could be pledged, if their Boards agree. This does not change IMF or World Bank rules or agreements.