(7) Special Drawing Rights Act, as amended

Public Law 90–349 [H.R. 16911], 82 Stat. 188, approved June 19, 1968; as amended by Public Law 91-599 [H.R. 18306], 84 Stat, 1657, approved December 30, 1970; Public Law 94-564 [H.R. 13955], 90 Stat. 2660, approved October 18, 1976; and by Public Law 98-181 [Supplemental Appropriations Act, 1984; H.R. 3959], 97 Stat. 1153 at 1270, approved November 30, 1983

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.

Be it enacted by 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. 2.1 The President is hereby authorized (a) to accept the amendment 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 modifications in the present rules and practices of the Fund, and (b) to participate in the special drawing account established by the amendment.

SEC. 3.2 (a) Special Drawing Rights allocated to the United States pursuant to article XVIII of the 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 1934, as amended (31 U.S.C. 822a). (b) The proceeds resulting from the use of Special Drawing Rights by the United States, and payments of interest to the United States 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 XX, article XXIV, and article XXV 3 of the Articles of Agreement of the Fund, shall be made from the resources of the Exchange Stabilization Fund.

SEC. 4.4 (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 fi

122 U.S.C. 286n.

2 22 U.S.C. 2860.

Upon entry into force on Apr. 1, 1978, of the amendments to the Articles of Agreement of the IMF, certain technical changes regarding references to articles in secs. 3, 6, and 7 became effective, as provided for by sec. 5 of Public Law 94-564.

* 22 U.S.C. 286p.

nancing exchange stabilization operations. The amount of special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.

(b) Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.

SEC. 5.5 *

SEC. 6.6 (a) 7 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 XVIII, 3 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. (b)(1) Neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund without consultations by the Secretary of the Treasury at least 90 days prior to any such vote, with the Chairman and ranking minority members of the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, and the appropriate subcommittees thereof.

(2) Such consultations shall include an explanation of the consistency of such proposal to allocate with the requirements of the Articles of Agreement of the Fund, in particular the requirement that in all its decisions with respect to allocation of Special Drawing Rights, the Fund shall "seek to meet the long-term global need, as and when it arises, to supplement existing reserve assets in such manner as will promote the attainment of its purposes and will avoid economic stagnation and deflation as well as excess demand and inflation in the world".

SEC. 7.8 The provisions of article XXI(b) 3 of the Articles of Agreement 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.

5 Sec. 5 made conforming amendments at 12 U.S.C. 412, 12 U.S.C. 415, 12 U.S.C. 417, and 12 U.S.C. 467.

622 U.S.C. 286q, as amended and restated by sec. 2 of Public Law 91-599 (84 Stat. 1657).

7 Sec. 803 of Public Law 98-181 (97 Stat. 1270) added the subsec. designation "(a)" and a new subsec. (b).

8 22 U.S.C. 286r.

(8) Convention on the Settlement of Investment Disputes Act of

1966

Public Law 89-532 [S. 3498], 80 Stat. 344, approved August 11, 1966

AN ACT To facilitate the carrying out of the obligations of the United States under the Convention of the Settlement of Investment Disputes Between States and Nationals of Other States, signed on August 27, 1965, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Convention on the Settlement of Investment Disputes Act of 1966".

SEC. 2.1 The President may make such appointments of representatives and panel members as may be provided for under the convention.

SEC. 3.2 (a) An award of an arbitral tribunal rendered pursuant to chapter IV of the convention shall create a right arising under a treaty of the United States. The pecuniary obligations imposed by 1. such an award shall be enforced and shall be given the same full faith and credit as if the award were a final judgment of a court of general jurisdiction of one of the several States. The Federal Arbitration Act (9 U.S.C. 1 et seq.) shall not apply to enforcement of awards rendered pursuant to the convention.

(b) The district courts of the United States (including the courts enumerated in title 28, United States Code, section 460) shall have exclusive jurisdiction over actions and proceedings under paragraph (a) of this section, regardless of the amount in controversy.

(9) National Advisory Council on International Monetary and Financial Policies

Executive Order 11269, February 14, 1966, 31 F.R. 2813, 3 CFR, 1966-70 Comp., p 534; as amended by Executive Order 11334, March 7, 1967, 32 F.R. 3933, 3 CFR 1966-70 Comp., p. 627; Executive Order 11808, September 30, 1974, 39 F.R. 35563 Executive Order 11977, March 14, 1977, 42 F.R. 14671; Executive Order 12164. September 29, 1979, 44 F.R. 56681; Executive Order 12188, January 2, 1980, 45 F.R. 989; Executive Order 12403, February 8, 1983, 48 F.R. 6087; and by Execu tive Order 12567, October 2, 1986, 51 F.R. 35495

By virtue of the authority vested in me by Reorganization Plan No. 4 of 1965 (30 F.R. 9353), and as President of the United States it is ordered as follows:

Section 1. Establishment of Council. (a) There is hereby estab lished the National Advisory Council on International Monetary and Financial Policies, hereinafter referred to as the council.

(b) The Council shall be composed of the following members: the Secretary of the Treasury, who shall be the Chairman of the Council, the Assistant to the President for Economic Affairs, who shall be Deputy Chairman of the Council,1 the Secretary of State, the United States Trade Representative,2 the Secretary of Commerce, the Chairman of the Board of Governors of the Federal Reserve System, the Director of the International Development Cooperation Agency, and the President of the Export-Import Bank of the United States.4

(c) Whenever matters within the jurisdiction of the Council may be of interest to Federal agencies not represented on the Council under Section 1(b) of this order, the Chairman of the Council may consult with such agencies and may invite them to designate representatives to participate in meetings and deliberations of the Council.

Sec. 2. Functions of the Council. (a) Exclusive of the functions delegated by the provisions of Section 3, below, and subject to the limitations contained in subsection (b) of this Section, all of the functions which are now vested in the President in consequence of their transfer to him effected by the provisions of Section 1(b) of Reorganization Plan No. 4 of 1965 are hereby delegated to the Council.

(b) The functions under Sections 4(a) and 4(b)(3) 5 of the Bretton Woods Agreements Act, including those made applicable to the

The Assistant to the President was added as a member by sec. 6(c) of Executive Order 1180 (Sept. 30, 1974; 39 F.R. 35563).

2 The reference to the United States Trade Representative was added by sec. 1-105(a) of Exec utive Order 12188.

3 The reference to the Director of the International Development Cooperation Agency was added by Executive Order 12164.

The name of the Bank, "Export-Import Bank of Washington", was changed to "ExportImport Bank of the United States" by Public Law 90-267 (82 Stat. 47).

For text see page 54.

International Finance Corporation, the Inter-American Development Bank, and the International Development Association (22 U.S.C. 286b (a) and (b)(3); 282b; 283b; 284b), to the extent that such functions consist of coordination of policies, are hereby delegated to the Council. The functions so delegated shall be deemed to include the authority to review proposed individual loan, financial, exchange, or monetary transactions to the extent necessary or desirable to effectuate the coordination of policies.

(c) The Council shall perform with respect to the Asian Development Bank, African Development Fund, African Development Bank, Inter-American Investment Corporation, and Multilateral Investment Guarantee Agency 7 the same functions as those delegated to it by subsections (a) and (b) of this section with respect to other international financial institutions.

Sec. 3. Functions of the Secretary of the Treasury. (a) Functions which are now vested in the President in consequence of their transfer to him effected by the provisions of Section 1(b) of Reorganization Plan No. 4 of 1965 are hereby delegated to the Secretary of the Treasury to the extent of the following:

(1) Authority, subject to the provisions of Section 7 of this Order, to instruct representatives of the United States to international financial organizations.

(2) Authority provided for in Section 4(b)(4) of the Bretton Woods Agreements Act (22 U.S.C. 286b(b)(4)). Such authority, insofar as it relates to the development aspects of the policies, programs, or projects of the International Bank for Reconstruction and Development shall be exercised subject to the provisions of Section 7 of this Order. 10

(b) In carrying out the functions delegated to him by subsection (a) of this Section the Secretary shall consult with the Council.

(c) Nothing in this order shall be deemed to derogate from the responsibilities of the Secretary of State with respect to the foreign policy of the United States.

6

(d) The Secretary of the Treasury shall perform, with respect to the Asian Development Bank, African Development Fund, African Development Bank, Inter-American Investment Corporation, and Multilateral Investment Guarantee Agency 7 the same functions as those delegated to him by subsections (a) and (b) of this section with respect to other international financial institutions.

(e) 11 The Secretary of the Treasury is hereby delegated the functions conferred upon the President by Section 203(b) and Section 207 of the Act of May 31, 1976 (90 Stat. 593 and 594, 22 U.S.C. 290g-1 and 290g-5), subject to the provisions of Section 7 of this Order. 8

• Sec. 2(c) and sec. 3(d), were added by Executive Order 11334 (Mar. 7, 1967; 32 F.R. 3933). 7 The reference to the African Development Fund was added by Executive Order 11977 (Mar. 14, 1977; 42 F.R. 14671). The reference to the African Development Bank was added by sec. 2 of Executive Order 12403 (Feb. 8, 1983; 48 F.R. 6087). The reference to the Inter-American Investment Corporation was added by sec. 5 of Executive Order 12567 (Oct. 2, 1986; 51 F.R. 35495). The reference to the Multilateral Investment Guarantee Agency was added by sec. 2 of Executive Order 12647 (Aug. 2, 1988; 53 F.R. 29323).

• The reference to sec. 7 was added by Executive Order 12164.

For text, see page 55.

10 This sentence was added by Executive Order 12164, effective Oct. 1, 1979.

11 Subsection (e) was added by sec. 4 of Executive Order 11977 (Mar. 14, 1977; 42 F.R. 14671).

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