An Act to provide for United States participation in the facility based on Special Drawing Rights in the International Monetary Fund, and for other purposes
PL 90-349 (H.R.16911), enacted 06/19/1968

188 
PUBLIC LAW 90-349-JUNE 19, 1968 
[82 STAT. 
"The arts." 
methods; and the study and application of the humanities to the 
human environment. 
"(b) The term 'the arts' includes, but is not limited to, music (in-
strumental and vocal), dance, drama, folk art, creative writing, archi-
tecture and allied fields, painting, sculpture, photography, graphic 
and craft arts, industrial design, costume and fashion design, motion 
pictures, television, radio, tape and sound recording, the arts related 
to the presentation, performance, execution, and exhibition of such 
major art forms, and the study and application of the arts to the 
human environment." 
Approved June 18, 1968. 
June 19, 
1968 
[H.R. 
16911] 
Public Law 90-349 
AN ACT 
To provide for United States participation in the facility based on Special Draw-
ing Rights in the International Monetary Fund, and for other purposes. 
Special Draw-
ing Rights Act. 
48 Stat. 341. 
Special Draw-
ing Right certifi-
cates, issuance 
and purpose. 
Limitation. 
Proceeds. 
Be It enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may be 
cited as the "Special Drawing Rights Act." 
SEC. 2. The President is hereby authorized (a) to accept the amend-
ment to the articles of agreement of the International Monetary Fund 
(hereinafter referred to as the "Fund"), attached to the April 1968 
report by the Executive Directors to the Board of Governors of the 
Fund, for the purpose of (i) establishing a facility based on Special 
Drawing Rights in the Fund and (ii) giving effect to certain modifi-
cations in the present rules and practices of the Fund, and (b) to par-
ticipate in the special drawing account established by the amendment. 
SEC. 3. (a) Special Drawing Rights allocated to the LTnited States 
pursuant to article X X I V of tne Articles of Agreement of the Fund, 
and Special Drawing Rights otherwise acquired by the United States, 
shall be credited to the account of, and administered as part of, the 
Exchange Stabilization Fund established by section 10 of the Gold 
Reserve Act of 1984, as amended (31 U.S.C. 822a). 
(b) The proceeds resulting from the use of Special Drawing Rights 
by the LTnited States, and payments of interest to the United States 
pursuant to article XXVI, article X X X , and article X X X I of the 
Articles of Agreement of the Fund, shall be deposited in the Exchange 
Stabilization Fund. Currency payments by the United States in return 
for Special Drawing Rights, and payments of charges or assessments 
pursuant to article XXVI, article X X X , and article X X X I of the 
Articles of Agreement of the Fund, shall be made from the resources 
of the Exchange Stabilization Fund. 
SEC. 4. (a) The Secretary of the Treasury is authorized to issue to 
the Federal Reserve banks, and such banks shall purchase. Special 
Drawing Right certificates in such form and in such denominations 
as he may determine, against any Special Drawing Rights held to the 
credit of the Exchange Stabilization Fund. Such certificates shall be 
issued and remain outstanding only for the purpose of financing the 
acquisition of Special Drawing Rights or for financing exchange 
stabilization operations. The amount of Special Drawing Right cer-
tificates issued and outstanding shall at no time exceed the value of the 
Special Drawing Rights held, against the Special Drawing Rights 
certificates. The proceeds resulting from the issuance of Special Draw-
ing Right certificates shall be covered into the Exchange Stabilization 
Fund. 
82 STAT.] 
PUBLIC LAW 90-349-JUNE 19, 1968 
189 
(b) Special Drawing Right certificates owned by the Federal Re-
serve banks shall be redeemed from the resources of the Exchange 
Stabilization Fund at such times and in such amounts as the Secre-
tary of the Treasury may determine. 
SEC. 5. (a) The third sentence of the second paragraph of section 
16 of the Federal Reserve Act, as amended (12 U.S.C. 412), is amend-
ed by inserting "or Special Drawing Right certificates," after "gold 
certificates,". 
(b) The first sentence of the fifth paragraph of section 16 of the 
Federal Reserve Act, as amended (12 U.S.C. 415), is amended by 
inserting 
"Special 
Drawing 
Right 
certificates," 
after 
"gold 
certificates,". 
(c) The seventh paragraph of section 16 of the Federal Reserve 
Act, as amended (12 U.S.C. 417), is amended by (i) inserting ", Spe-
cial Drawing Right certificates," after "gold certificates" in the first 
sentence; (ii) inserting "Special Drawing Right certificates," after 
"gold certificates," in the second sentence; and (iii) inserting "and 
Special Drawing Right certificates" after "gold certificates" in the 
third sentence. 
(d) The fifteenth paragraph of section 16 of the Federal Reserve 
Act, as amended (12 U.S.C. 467), is amended by inserting (i) "or 
of Special Drawing Right certificates" after "gold certificates" in the 
first sentence, and (ii) by striking the third sentence and inserting in 
lieu thereof "Deposits so made shall be held subject to the orders of 
the Board of Governors of the Federal Reserve System and deposits 
of gold or gold certificates shall be payable in gold certificates, and 
deposits of Special Drawing Right certificates shall be payable in 
Special Drawing Right certificates, on the order of the Board of Gov-
ernors of the Federal Reserve System to any Federal Reserve bank or 
Federal Reserve agent at the Treasury or at the subtreasury of the 
Laiited States nearest the place of business of such Federal Reserve 
bank or such Federal Reserve agent." 
SEC. 6. T^nless Congress by law authorizes such action, neither the 
President nor any pei*son or agency shall on behalf of the United 
States vote to allocate Special Drawing Rights under article XXIV, 
sections 2 and 3, of the Articles of Agreement of the Fund so that net 
cumulative allocations to the United States exceed an amount equal to 
the L^nited States quota, in the Fund as heretofore authorized under the 
Bretton Woods Agreements Act of 1945, as amended (e31 U.S.C. 822a 
(c), 22 U.S.C. 286e, 286e-l(a), 286e-lb). 
SEC. 7. The provisions of article X X V I I (b) of the Articles of Agree-
ment 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. 
Approved June 19, 1968. 
Redemption. 
59 Stat. 237. 
40 Stat. 237. 
Deposit provi-
sions. 
40 Stat. 238. 
59 Stat. 514; 
73 Stat. 80; 
79 Stat. 119.