§ 286q TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 134

Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special

Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right

certificates shall be covered into the Exchange

Stabilization Fund.

(b) Special Drawing Right certificates owned

by the Federal Reserve banks shall be redeemed

from the resources of the Exchange Stabilization Fund at such times and in such amounts as

the Secretary of the Treasury may determine.

(Pub. L. 90–349, §4, June 19, 1968, 82 Stat. 188.)

CODIFICATION

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.

§ 286q. Limitation on allocations to the United

States

(a) Unless Congress by law authorizes such action, neither the President nor any person or

agency shall on behalf of the United States vote

to allocate in each basic period Special Drawing

Rights under article XVIII, sections 2 and 3, of

the Articles of Agreement of the Fund so that

allocations to the United States in that period

exceed an amount equal to the United States

quota in the Fund as authorized under the

Bretton Woods Agreements Act [22 U.S.C. 286 et

seq.].

(b)(1) Neither the President nor any person or

agency shall on behalf of the United States vote

to allocate Special Drawing Rights under article

XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the

Secretary of the Treasury at least 90 days prior

to any such vote, with the Chairman and ranking minority members of the Committee on Foreign Relations and the Committee on Banking,

Housing, and Urban Affairs of the Senate and

the Committee on Banking, Finance and Urban

Affairs of the House of Representatives, and the

appropriate subcommittees thereof.

(2) Such consultations shall include an explanation of the consistency of such proposal to allocate with the requirements of the Articles of

Agreement of the Fund, in particular the requirement that in all its decisions with respect

to allocation of Special Drawing Rights, the

Fund shall ‘‘seek to meet the long-term global

need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will

avoid economic stagnation and deflation as well

as excess demand and inflation in the world’’.

(Pub. L. 90–349, §6, June 19, 1968, 82 Stat. 189;

Pub. L. 91–599, ch. 1, §2, Dec. 30, 1970, 84 Stat.

1657; Pub. L. 94–564, §5(3), Oct. 19, 1976, 90 Stat.

2661; Pub. L. 98–181, title VIII, §803, Nov. 30, 1983,

97 Stat. 1270.)

REFERENCES IN TEXT

The Bretton Woods Agreements Act, referred to in

subsec. (a), is act July 31, 1945, ch. 339, 59 Stat. 512, as

amended, which is classified principally to this subchapter (§286 et seq.). For complete classification of

this Act to the Code, see Short Title note set out under

section 286 of this title and Tables.

CODIFICATION

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

1983—Pub. L. 98–181 designated existing provisions as

subsec. (a) and added subsec. (b).

1976—Pub. L. 94–564 substituted ‘‘article XVIII’’ for

‘‘article XXIV’’.

1970—Pub. L. 91–599 inserted ‘‘in each basic period’’

after ‘‘vote to allocate’’ and substituted ‘‘allocations to

the United States in that period exceed an amount

equal to the United States quota in the Fund as authorized under the Bretton Woods Agreements Act’’ for

‘‘net cumulative allocations to the United States exceed an amount equal to the United States quota in the

Fund as heretofore authorized under the Bretton Woods

Agreements Act of 1945, as amended’’.

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of

House of Representatives treated as referring to Committee on Banking and Financial Services of House of

Representatives by section 1(a) of Pub. L. 104–14, set

out as a note preceding section 21 of Title 2, The Congress.

EFFECTIVE DATE OF 1976 AMENDMENT

Amendment effective Apr. 1, 1978, see section 9 of

Pub. L. 94–564, set out as a note under section 286a of

this title.

§ 286r. United States participation in special

drawing account

The provisions of article XXI(b) of the Articles

of Agreement of the Fund shall have full force

and effect in the United States and its territories and possessions when the United States

becomes a participant in the special drawing account.

(Pub. L. 90–349, §7, June 19, 1968, 82 Stat. 189;

Pub. L. 94–564, §5(4), Oct. 19, 1976, 90 Stat. 2661.)

CODIFICATION

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—Pub. L. 94–564 substituted ‘‘article XXI(b)’’ for

‘‘article XXVII(b)’’.

EFFECTIVE DATE OF 1976 AMENDMENT

Amendment effective Apr. 1, 1978, see section 9 of

Pub. L. 94–564, set out as a note under section 286a of

this title.

§ 286s. Consideration of basic human needs in

economic adjustment programs supported by

Fund

(a) Formulation and design of programs

The President shall instruct the Secretary of

the Treasury, the Secretary of State, and other

appropriate Federal officials to use all appropriate means to encourage countries, in formulating economic adjustment programs to deal

with their balance of payments difficulties, to

design those programs so as to safeguard, to the

maximum feasible extent, jobs, investment, real

per capita income, policies to reduce the gap in

wealth between rich and poor, and social programs such as health, housing, and education.