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U.S. Code as of:
01/19/04
Section 5302. Stabilizing exchange rates and arrangements
(a)(1) The Department of the Treasury has a stabilization fund.
The fund is available to carry out this section, section 18 of the
Bretton Woods Agreement Act (22 U.S.C. 286e-3), and section 3 of
the Special Drawing Rights Act (22 U.S.C. 286o), and for investing
in obligations of the United States Government those amounts in the
fund the Secretary of the Treasury, with the approval of the
President, decides are not required at the time to carry out this
section. Proceeds of sales and investments, earnings, and interest
shall be paid into the fund and are available to carry out this
section. However, the fund is not available to pay administrative
expenses.
(2) Subject to approval by the President, the fund is under the
exclusive control of the Secretary, and may not be used in a way
that direct control and custody pass from the President and the
Secretary. Decisions of the Secretary are final and may not be
reviewed by another officer or employee of the Government.
(b) Consistent with the obligations of the Government in the
International Monetary Fund on orderly exchange arrangements and a
stable system of exchange rates, the Secretary or an agency
designated by the Secretary, with the approval of the President,
may deal in gold, foreign exchange, and other instruments of credit
and securities the Secretary considers necessary. However, a loan
or credit to a foreign entity or government of a foreign country
may be made for more than 6 months in any 12-month period only if
the President gives Congress a written statement that unique or
emergency circumstances require the loan or credit be for more than
6 months.
(c)(1) By the 30th day after the end of each month, the Secretary
shall give the Committee on Banking, Finance and Urban Affairs of
the House of Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate a detailed financial statement on
the stabilization fund showing all agreements made or renewed, all
transactions occurring during the month, and all projected
liabilities.
(2) The Secretary shall report each year to the President and
Congress on the operation of the fund.
(d) A repayment of any part of the first subscription payment of
the Government to the International Monetary Fund, previously paid
from the stabilization fund, shall be deposited in the Treasury as
a miscellaneous receipt.
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