An Act to provide for amendment of the Bretton Woods Agreements Act, and for other purposes.
PL 94-564 (H.R.13955), enacted 10/19/1976

90 STAT. 2660 
PUBLIC LAW 94-564—OCT. 19, 1976 
Public Law 94-564 
94th Congress 
An Act 
Oct. 19, 1976 
[H.R. 13955] 
Bretton Woods 
Agreements Act, 
amendments. 
22 use 286e-5. 
60 Stat. 1401. 
22 use 286e-le. 
22 use 286e-6. 
To provide for amendment of the Bretton Woods Agreements Act, and for other 
purposes. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States 
of America 
in Congress assembled^ That 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. 24. The United States Governor of the Fund is authorized to 
accept the amendments to the Articles of Agreement of the Fund 
approved in resolution numbered 31-4 of the Board of Governors of 
the Fund. 
"SEC. 25. The United States Governor of the Fund is authorized to 
consent to an increase in the quota of the United States in the Fund 
equivalent to 1,705 million Special Drawing Rights. 
"SEC. 26. The United States Governor of the Fund is directed to 
vote against the establishment of a Council authorized under Article 
X I I , Section 1 of the Fund Articles of Agreement as amended, if 
under any circumstances the United States' vote in the Council would 
be less than its weighted vote in the Fund.". 
SEC. 2. Section 3 of the Bretton Woods Agreements Act (22 U.S.C. 
286a) shall be amended as follows,: 
(1) section 3(c) shall be amended to read as follows: 
"(c) Should the provisions of Schedule D of the Articles of Agree-
ment of the Fund apply, the Governor of the Fund shall also serve 
as councillor, shall designate an alternate for the councillor, and may 
designate associates."; 
(2) a new section 3(d) shall be added to read as follows: 
"(d) No person shall be entitled to receive any salary or other com-
pensation from the United States for services as a Governor, executive 
director, councillor, alternate, or associate.". 
SEC. 3. The first sentence of section 5 of the Bretton Woods Agree-
ments Act (22 U.S.C. 286c) is amended to read as follows: "Unless 
Congress by law authorizes such action, neither the President nor 
any person or agency shall on behalf of the United States (a) request 
or consent to any change in the quota of the United States under 
article I I I , section 2(a), of the Articles of Agreement of the Fund; 
(b) propose a par value for the United States dollar under paragraph 
2, paragraph 4, or paragraph 10 of schedule C of the Articles of Agree-
ment of the Fund; (c) propose any change in the par value of the 
United States dollar under paragraph 6 of schedule C of the Articles 
of Agreement of the Fund, or approve any general change in par 
values under paragraph 11 of schedule C; (d) subscribe to additional 
shares of stock under article II, section 3, of the Articles of Agree-
ment of the Bank; (e) accept any amendment under article X X V I I l 
of the Articles of Agreement of the Fund or article V I I I of the 
Articles of Agreement of the Bank; (f) make any loan to the Fund or 
the Bank; (g) approve the establishment of any additional trust fund, 
for the special benefit of a single member, or of a particular segment 
of the membership, of the Fund.". 
PUBLIC LAW 94-564—OCT. 19, 1976 
90 STAT. 2661 
SEC. 4. The first sentence of section l7(a) of the Bretton Woods 
Agreements Act (22 U.S.C. 286e-2(a)) is amended to read as fol-
lows : "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 1 (i), of the Articles of Agreement of the Fund.". 60 Stat. 1401. 
SEC. 5. The Special Drawing Eights Act (22 U.S.C. 286n-r) is 22 U
S
C 286o. 
amended by: 
(1) deleting "article XXIV" in section 3(a) and inserting in 
lieu thereof "article XVIII" • 
(2) deleting "article XXVI, article XXX, and article XXXI" 
in section 3(b), wherever it appears, and inserting in lieu thereof 
"article XX, article XXIV, and article XXV"; 
(3) deleting "article XXIV" in section 6 and inserting in lieu 22 USC 286q. 
thereof "article XVIII"; 
(4) deleting "article XXVII (b)" in section 7 and inserting in 22 USC 286r. 
lieu thereof "article XXI (b)". 
SEC. 6. Section 2 of the Par Value Modification Act (31 U.S.C. 449) Repeal. 
is hereby repealed. 
^1 USC 449. 
SEC. T. Section 10(a) of the Gold Keserve Act of 1934 (31 U.S.C. 
822a(a)) is amended to read as follows: 
"SEC. 10. (a) The Secretary of the Treasury, with the approval of 
the President, directly or through such agencies as he may designate, 
is authorized, for the account of the fund established in this section, 
to deal in gold and foreign exchange and such other instruments of 
credit and securities as he may deem necessary to and consistent with 
the United States obligations in the International Monetary Fund. 
The Secretary of the Treasury shall annually make a report on the 
operations of the fund to the President and to the Congress.". 
SEC. 8. Section 14(c) of the Gold Eeserve Act of 1934 (31 U.S.C. 
405b) is amended to read as follows: "The Secretary of the Treasury 
is authorized to issue gold certificates in such form and in such denom-
inations as he may determine, against any gold held by the United 
States Treasury. The amount of gold certificates issued and outstand-
ing shall at no time exceed the value, at the legal standard provided 
in section 2 of the Par Value Modification Act (31 U.S.C. 449) on the 
date of enactment of this amendment, of the gold so held against gold 
certificates.". 
SEC. 9. The amendments made by sections 2, 3, 4, 5, 6, and 7 of this 22 USC 286a 
Act shall become effective upon entry into force of the amendments »"te. 
to the Articles of Agreement of the International Monetary Fund 
approved in Eesolution Numbered 31-4 of the Board of Governors 
of the Fund. 
Approved October 19, 1976. 
LEGISLATIVE HISTORY: 
HOUSE REPORT No. 94-1284 (Comm. on Banking, Currency, and Housing). 
SENATE REPORTS: No. 94-1148 (Comm. on Foreign Relations) and No. 94-1295 
(Comm. on Banking, Housing and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 122 (1976): 
June 22, July 27, considered and passed House. 
Oct. 1, considered and passed Senate. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 12, No. 43: 
Oct. 21, Presidential statement.