Exchange Stabilization Fund Amendments Act
PL 95-612 (S.2093), enacted 11/08/1978

PUBLIC LAW 95-612—NOV. 8, 1978 
92 STAT. 3091 
Public Law 95-612 
95th Congress 
An Act 
To provide that the Exchange Stabilization Fund shall not be available for 
Nov. 8, 1978 
payment of administrative expenses; and for other purposes. 
[S. 2093] 
Be it enacted J)y the Senate and House of Representatives of the 
United States of America in Congress assembled, That section 10(b) Exchange 
of the Gold Reserve Act of 1934 (31 U.S.C. 822a(b)) is amended by— Stabilization 
(1) striking out "with the Treasurer of the United States" in the Fund, 
first sentence and inserting in lieu thereof "in the United States 
Treasury"; 
(2^ striking out the second and third sentences; and 
(3) amending the fourth sentence to read as follows: "The fund 
shall be available for expenditure, under the direction of the Sec-
retary of the Treasury and in his discretion, for any purpose in 
connection with carrying out the provisions of this section, includ-
ing the investment and reinvestment in direct obligations of the 
United States of any portions of the fund which the Secretary of 
the Treasury, with the approval of the President, may from time 
to time determine are not currently required for the purposes 
prescribed by this section: Provided, That the fund shall not be 
available for the payment of administrative expenses.". 
SEC. 2. Section 10 of the Gold Reserve Act of 1934 is amended by 31 USC 822a. 
adding at the end thereof the following new subsection: 
"(d) The Secretary of the Treasury may, under such rules and 
regulations as he may prescribe, provide to personnel performing the 
international affairs functions of the Department of the Treasury 
allowances and benefits comparable to those provided by title IX of 
the Foreign Service Act of 1946, as amended.". 
22 USC 1131. 
SEC. 3. (a)(1) Subject to the provisions of chapter 51 of title 5, 5 USC 5108 note. 
United States Code, but notwithstanding the last two sentences of 5 USC 5101 et seq. 
section 5108(a) of such title, the Secretary may place at GS-16, GS-17, 
and GS-18, no more than 61 positions of the positions subject to the 
limitation of the first sentence of section 5108(a) of such title. 
(2) A person may be appointed to a position placed at GS-16, 
GS-17, or GS-18 under the authority of paragraph (1) only if such 
person, immediately before the effective date of this Act, held a position 
or has reemployment rights to a position— 
(A) the duties oi which were comparable to those of the position 
to which he is to be appointed; and 
(B) for which the compensation derived from the stabilization 
fund established under section 10 of the Gold Reserve Act of 1934 
(31 U.S.C. 822a). 
Appointments made under this paragraph may be made without regard 
to the provisions of section 3324 of title 5, United States Code, relating 
to the approval by the Civil Service Commission of appointments to 
GS-16, GS-17, and GS-18. 
(3) The Secretary's authority under this subsection with respect to 
any position shall cease when the person first appointed to such position 
under paragraph (2) leaves such position. 
(b) The first sentence of section 5108(a) of title 5, United States 
Code, is amended by striking out "3301" and inserting in lieu thereof 
oo\i2i 
, 
92 STAT. 3092 
PUBLIC LAW 95-612—NOV. 8, 1978 
Appropriation 
authorization. 
Financial 
statement, 
submittal to 
congressional 
committees. 
Effective date. 
31 u s e 822a 
note. 
(c) For purposes of determining the aggregate number of positions 
which may be placed in GS-16, GS-lT, or GS-18 under sections 
5108(a) of title 5, United States Code, a position established under 
subsection (a) shall be deemed a GS-16 position. 
SEC. 4. Section 51 of the Act of December 30, 1970 (84 Stat. 1659; 
22 U.S.C. 276C-2), is amended by— 
(1) amending the first sentence to read: 
"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, the Asian Development Bank, and the African Develop-
ment Fund, shall, if they are citizens of the United States, 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."; 
(2) striking from the second sentence the words "the fund 
established pursuant to section 10(a) of the Gold Reserve Act of 
1934 (31 U.S.C. 822a(a))" and inserting in lieu thereof "funds 
appropriated to the Department of the Treasury"; and 
(3) striking out the last sentence of the section. 
SEC. 5. There are authorized to be appropriated not to exceed 
$24,000,000 for fiscal year 1979, including sums for official functions 
and reception and representation expenses, to carry out the interna-
tional affairs functions of the Department of the Treasury. 
SEC. 6. Section 10(b) of the Gold Reserve Act of 1934 (31 U.S.C. 
822a(b)) is amended by inserting "(1)" immediately after "(b)" and 
by adding at the end thereof the f 
oUowmg: 
" (2) Within 30 days after the close of each calendar month beginning 
after the effective date of this paragraph, the Secretary of the Treasury 
shall provide to the Committee on Banking, Finance, and Urban 
Affairs of the House of Representatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate, a detailed financial 
statement of the fund respecting all agreements entered into or 
renewed, all transactions occurring during such month, and all liabili-
ties projected to occur.". 
SEC. 7. This Act shall take effect on October 1,1978, or on such later 
date as funds are made available pursuant to appropriations Acts 
authorized by section 5 of this Act. 
Approved November 8, 1978. 
LEGISLATIVE HISTORY: 
HOUSE REPORT No. 95-1126 (Comm. on Banking, Finance, and Urban Affairs). 
SENATE REPORT No. 95-661 (Comm. on Banking, Housing, and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 124 (1978): 
Mar. 8, considered and passed Senate. 
May 16, considered and passed House, amended. 
i 
June 23, Senate agreed to House amendment with amendments. 
Oct. 10, House concurred in Senate amendments with an amendment. 
Oct. 11, House vacated proceedings of Oct. 10; concurred in certain Senate 
amendments; in No. 1 with an amendment. 
Oct. 13, Senate concurred in House amendments.