An Act to amend the Bretton Woods Agreements Act to authorize the United States to participate in loans to the International Monetary Fund to strengthen the international monetary system
PL 87-490 (H.R.10162), enacted 06/19/1962

76 STAT. ] 
PUBLIC LAW 87-490-JUNE 19, 1962 
105 
Public Law 87-490 
AN ACT 
To amend the Bretton Woods Agreements Act to authorize the United States to 
participate in loans to the International Monetary Fund to strengthen the 
international monetary system. 
June 19, 1962 
[H. R. 10162] 
Be it endcted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Bretton 
Woods Agreements Act, as amended (22 U.S.C. 286—286k-l), is 
amended by adding at the end thereof the following new sections: 
"SEC. 17. (a) In order to carry out the purposes of the decision 
of January 5, 1962, of the Executive Directors of the International 
Monetary Fund, the Secretary of the Treasury is authorized to make 
loans, not to exceed $2,000,000,000 outstanding at any one time, to the 
Fund under article VII, section 2(i), of the Articles of Agreement 
of the Fund. Any loan under the authority granted in this subsection 
shall be made with due regard to the present and prospective balance 
of payments and reserve position of the United States. 
(b) For the purpose of making loans to the International Mone-
tary Fund pursuant to this section, there is hereby authorized to be 
appropriated $2,000,000,000, to remain available until expended to 
meet calls by the International Monetary Fund. Any payments made 
to the United States by the International Monetary Fund as a repay-
ment on account of the principal of a loan made under this section 
shall continue to be available for loans to the International Monetary 
Fund. 
"(c) Payments of interest and charges to the United States on 
account of any loan to the International Monetary Fund shall be 
covered into the Treasury as miscellaneous receipts. In addition to 
the amount authorized in subsection (b), there is hereby authorized 
to be appropriated such amounts as may be necessary for the payment 
of charges in connection w^ith any purchases of currencies or gold 
by the United States from the International Monetary Fund. 
"SEC. 18. Any purchases of currencies or gold by the United States 
from the International Monetary Fund may be transferred to and 
administered by the fund established by section 10 of the Gold Reserve 
Act of 1934, as amended (31 U.S.C. 822a), for use in accordance with 
the provisions of that section. The Secretary of the Treasury is 
authorized to utilize the resources of that fund for the purpose of any 
repayments in connection with such transactions." 
SEC. 2. The last sentence of section 7(c) of the Bretton Woods 
Agreements Act (22 U.S.C. 286e) is amended to read as follows: "The 
face amount of special notes issued to the Fund under the authority 
of this subsection and outstanding at any one time shall not exceed in 
the aggregate the amount of the subscription of the United States 
actually paid to the Fund and the dollar equivalent of currencies and 
gold which the United States shall have purchased from the Fund 
in accordance with the Articles of Agreement, and the face amount 
of such notes issued to the Bank and outstanding at any one time shall 
not exceed in the aggregate the amount of the subscription of the 
United States actually paid to the Bank under article II, section 7(i), 
of the Articles of Agreement of the Bank." 
Approved June 19, 1962. 
Bretton Woods 
Agreements Act, 
amendment. 
59 Stat. 512; 
73 Stat. 80. 
Appropriation. 
Currencies or 
gold purchases, 
transfer. 
48 Stat. 341. 
Special notes. 
59 Stat. 514.