An Act to authorize U.S. participation in increases in the resources of certain international financial institutions, to provide for an annual audit of the Exchange Stabilization Fund by the General Accounting Office, and for other purposes
PL 91-599 (H.R.18306), enacted 12/30/1970

84 STAT. ] 
PUBLIC LAW 91-599-DEC. 30,1970 
1657 
(2) 
FINANCIAL RESPONSIBILTY RULES.—The term "financial 
responsibility rules" means the rules and regulations pertaining 
to financial responsibility and related practices which are appli-
cable to a broker or dealer, as prescribed by the Commission under 
subsection (c)(3) of section 15 of the 1934 Act or prescribed by a 
national securities exchange. 
(3) EXAMINING AUTHORITY.—The term "examining authority" 
means, with respect to any member of SIPC, the self-regulatory 
organization which inspects or examines such member of SIPC 
or the Commission if such member of SIPC is not a member of 
any self-regulatory organization. 
Approved December 30, 1970. 
Ante, p. 1653. 
Public Law 91-599 
AN ACT 
To authorize United States participation in increases in tlie resources of certain 
international financial institutions, to provide for an annual audit of the 
Exchange Stabilization Fund by the General Accounting OflEice, and for other 
purposes. 
Be it enacted iy the Senate and House of Representatives 
of the 
United States of America in Congress assen^hled^ 
Chapter 1.—INTERNATIONAL MONETARY FUND 
Sec. 
1. Amendment of Bretton Woods Agreements Act. 
2. Amendment of Special Drawing Rights Act. 
§ 1. Amendment of Bretton Woods Agreements Act 
The Bretton Woods Agreements Act (22 U.S.C. 286-286k-2) is 
amended by adding at the end thereof the following new sections: 
"SEC. 22. (a) The United States Governor of the Fund is autlior-
ized to consent to an increase of $1,540,000,000 in the quota of the 
United States in the Fund. 
"(b) In order to j)ay the increase in the United States quota in the 
Fund provided for in this section, there is hereby authorized to be 
appropriated $1,540,000,000, to remain available until expended. 
"SEC. 23. (a) The United States Governor of the Bank is authorized 
(1) to vote for an increase of $3,000,000,000 in the authorized capital 
stock of the Bank, and (2) if such increase becomes effective, to sub-
scribe on behalf of the United States to two thousand four hundred 
and sixty-one additional shares of the capital stock of the Bank. 
"(b) In order to pay for the increase in the United States subscrip-
tion to the Bank provided for in this section, there is hereby authorized 
to be appropriated $246,100,000 to remain available until expended." 
§ 2. Amendments of Special Drawing Rights Act 
Section 6 of the Special Drawing Rights Act (22 U.S.C. 286q) is 
amended to read as follows: 
"SEC. 6. 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 XXIV, 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." 
December 30, 1970 
[H. R. 18306] 
International fi-
nancial institu-
tions. 
U.S. subscrip-
tions and quotas, 
increase. 
59 Stat. 512; 
79 Stat. 519. 
Appropriation. 
Appropriation. 
82 Stat. 189. 
1658 
PUBLIC LAW 91-599-DEC. 30, 1970 
[84 STAT. 
Chapter 2.—INTER-AMERICAN DEVELOPMENT BANK 
Sec. 
21. Amendment of Inter-American Development Bank Act. 
§ 21. Amendment of Inter-American Development Bank Act 
(a) The Inter-American Development Bank Act (22 U.S.C. 283-
82^staTri68!^' 283n) is amended by adding at the end thereof the following new 
section: 
"SEC. 18. (a) The United States Governor of the Bank is hereby 
authorized to vote in favor of the two resolutions proposed by the 
Governors at their annual meeting in April 1970 and now pending 
before the Board of Gt)vernors of the Bank, which provide for (1) 
an increase in the authorized capital stock to the Bank and additional 
subscriptions of members thereto and (2) an increase in the resources 
of the Fund for Special Operations and contributions thereto. Upon 
adoption of such resolutions the United States Governor is authorized 
to agree on behalf of the L'nited States (1) to subscribe to eighty-two 
thousand three hundred and fifty-two shares of $10,000 par value of 
the increase in the authorized capital stock of the Bank of which 
sixty-seven thousand three hundred and fifty-two shall be callable 
shares and fifteen thousand shall be paid in and (2) to pay to 
the Fund for Special Operations an initial annual installment of 
$100,000,000 and, upon further authorization by the Congress, two 
subsequent annual installments of $450,000,000 each, in accordance 
with and subject to the terms and conditions of such resolutions. 
Appropriation. 
"(b) There are hereby authorized to be appropriaited, without fiscal 
year limitation, the amounts necessary for payment by the Secretary 
of the Treasury of (1) three annual nistallments of $50,000,000 each 
for the United States subscription to paid-in capital stock of the Bank; 
(2) two installments of $336,760,000 each for the United States sub-
scription to the callable capital stock of the Bank; and (3) one install-
ment of $100,000,000 for the United States share of the increase in 
the resources of the Fund for Special Operations of the Bank." 
(b) The first sentence of section 3(b) of the Inter-American Devel-
opment Bank Act (22 U.S.C. 283a(b)) is amended by inserting im-
mediately before the peiiod at the end thereof the following: "and an 
alternate Executive Director". 
Chapter 3.—ANNUAL REPORT OF NATIONAL 
ADVISORY COUNCIL 
§31. Annual report 
The National Advisory Council on International Monetary and 
Financial Policies shall include in its annual report to the Congress 
(1) a statement with respect to each loan approved and outstanding, 
made by the International Bank for Reconstruction and Development, 
the International Development Association, the Inter-American 
Development Bank, and the Asian Development Bank, including an 
evaluation of new loans made by said organization and a progress 
report of the project covered by each loan, and a discussion of how 
each loan will benefit the people of the recipient country, and (2) a 
statement on steps taken jointly and individually by member countries 
of the Inter-American Development Bank to restrain their military 
expenditures, and to preserve and strengthen free and democratic 
institutions. 
84 STAT. ] 
PUBLIC LAW 91-599-DEC. 30, 1970 
1659 
Chapter 4.—AUDIT OF EXCHANGE STABILIZATION 
FUND 
Sec. 
41. Annual report. 
42. Audit by General Accounting Office. 
§ 41. Annual report 
The last sentence of section 10(a) of the Gold Reserve Act of 1934 
(31 U.S.C. 822a(a)) is amended to read: "The Secretary of the 
48^stau^34i. 
Treasury shall annually make a report on the operations of the fund ^^ ^*^'' 
to the President and to the Congress." 
§ 42. Audit by General Accounting Office 
Section 10(b) of the Gold Reserve Act of 1934 (31 U.S.C. 822a(b)) 
is amended by inserting after the first sentence thereof the following: 
"Subject to the foregoing provisions the administrative expenses of 
the fund shall be audited by the General Accounting Office at such 
times and in such manner as the Comptroller General of the United 
States may by regulation prescribe for the purpose of ascertaining that 
administrative funds are properly accounted for and that fully ade-
quate accounting procedures and systems for control of such funds 
have been established. Except for information determined by the Sec-
retary to be of an internationally significant nature, there shall be 
furnished to the Comptroller General such information on the adminis-
trative expenses of the fund as is necessary to conduct the audit, and 
the Comptroller General or any of his representatives shall, for the 
purpose of securing this information, have access to all books, accounts, 
records, reports, files, and all other papers, things, or property belong-
ing to or in use by the United States Government (other than records, 
reports, files, or other papers or things containing or revealing infor-
mation determined by the Secretary of the Treasury to be of an 
internationally significant nature)." 
Chapter 5.—EMPLOYEE BENEFITS FOR UNITED STATES 
REPRESENTATIVES 
§51. Employee benefits 
Notwithstanding the provisions of any other law, the Executive 
Directors and Directors and their alternates, representing the United 
States in the International Monetary Fund, the International Bank 
for Reconstruction and Development, the Inter-American Develop-
ment Bank, and the Asian Development Bank^ shall, in the discretion 
of the Secretary of the Treasury, each be eligible on the basis of such 
service and the total compensation received therefor, for all employee 
benefits afforded employees in the civil service of the United States. The 
Treasury Department shall serve as the employing office for collect-
ing, accounting for, and depositing in the Civil Service Retirement 
and Disability Fund, Employees Life Insurance Fund, and Employees 
Health Benefits Fund, all retirement and health insurance benefits 
payments made by these employees, and shall make any necessary 
agency contributions from the fund established pursuant to section 
10(a) of the Gold Reserve Act of 1934 (31 U.S.C. 822a(a)). This 
Effective date. 
section shall be effective as of December 14,1966. 
Approved December 30, 1970.