ROLE OF GOLD IN INTERNATIONAL MONETARY SYSTEMS

SEC. 10. (a) The Secretary of the Treasury shall establish and chair a commission consisting of—

(1) three members of the Board of Governors of the Federal Reserve System and two members of the Council of Economic Advisors, all of whom shall be designated by the Secretary of the Treasury;

(2) one majority and one minority member of each from (A) the Joint Economic Committee of the Congress, (B) the Committee on Banking, Housing, and Urban Affairs of the Senate, and (C) the Committee on Banking, Finance and Urban Affairs of the House of Representatives, who shall be designated by the Speaker of the House of Representatives and the President of the Senate, respectively, upon the recommendations of the majority and minority leaders of the respective Houses; and

(3) four distinguished private citizens with business, finance, or academic backgrounds who shall be designated by the Secretary.

(b) The commission shall conduct a study to assess and make recommendations with regard to the policy of the United States Government concerning the role of gold in domestic and international monetary systems, and shall transmit to the Congress a report containing its findings and recommendations not later than one year after the date of enactment of this Act.

(c) Sums appropriated pursuant to section 5 of Public Law 95-612 shall be available to the commission to carry out its functions.*

EFFECTIVE DATE

SEC. 12. This Act shall take effect on its date of enactment, except that funds may not be appropriated under any authorization contained in this Act for any period prior to October 1, 1980.

31 U.S.C. 5302 note.

*Sec. 5 of Public Law 95-612 (92 Stat. 3092) authorized "not to exceed $24,000,000 for fiscal year 1979, including sums for official functions and reception and representation expenses, to carry out the international affairs functions of the Department of the Treasury."

(C) Bretton Woods Agreements Act Amendments, 1978

Partial text of Public Law 95-435 [H.R. 9214], 92 Stat. 1051, approved October 10, 1978, as amended by Public Law 96-389 [S. 2271], 94 Stat. 1551 at 1553, approved October 7, 1980

AN ACT To amend the Bretton Woods Agreements Act to authorize the United States to participate in the Supplementary Financing Facility of the International Monetary fund.

NOTE.-Except for the provisions included below, Public Law 95-435 contained amendments to the Bretton Woods Agreements Act and the Export Administration Act of 1969. These are incorporated in the text at the appropriate locations.

SEC. 5. (a) 1 *

(b) It is the sense of the Congress that the Government of the United States should take steps to disassociate itself from any foreign government which engages in the international crime of genocide.

(c) (d)

SEC. 6.2 The Secretary of the Treasury shall instruct the Executive Director of the United States to the International Monetary Fund to work in opposition to any extension of financial or technical assistance by the Supplemental Financing Facility or by any other agency or facility of such Fund to any country the government of which

(1) permits entry into the territory of such country to any person who has committed an act of international terrorism, including any act of aircraft hijacking, or otherwise supports, encourages, or harbors such person; or

1 Subsecs. (a), (c), (d), and (e) of sec. 5, which provided for a prohibition on imports into the United States from Uganda, were repealed by sec. 2(a) of Public Law 96-67 (93 Stat. 415; Sept. 21, 1979). During 1979, prior to this repeal several actions were taken pursuant to this act. On Feb. 6, 1979, the President issued Executive Order 12117 (44 F.R. 7937) "in order to provide for the consistent implementation of import restrictions imposed against Uganda by Section 5(c)." Both sec. 5(c) and the Executive Order provided for the lifting of this prohibition if the President determined that Uganda was no longer committing a consistent pattern of gross violations of human rights and so certified to the Congress. Pursuant to this authority, the President determined on May 15, 1979, that the Government of Uganda was no longer violating human rights. This determination also has the effect of revoking Executive Order 12117 and immediately allowed for the resumption of imports from and exports to Uganda. Public Law 96-67, then, legislatively repealed the appropriate subsections of Public Law 95-435.

2 22 U.S.C. 286e-11.

(2) fails to take appropriate measures to prevent any such person from committing any such act outside the territory of such country.

SEC. 7.3 Congress reaffirms its commitment that the total budget outlays of the United States Government for a fiscal year may be not more than the receipts of the Government for that year.

31 U.S.C. 1103. Public Law 97-258 amended and recodified title 31, U.S.C. Under that Act, sec. 7 was amended and restated, and recodified from 31 U.S.C. 27 to 1103. As originally enacted, sec. 7 required a balanced budget for fiscal year 1981. Sec. 3 of Public Law 96-389 (94 Stat. 1553) amended the text to express congressional commitment to a balanced budget in fiscal year 1981.

(D) International Development Association Act, as amended

Public Law 86-565 [H.R. 11001], 74 Stat. 293, approved June 30, 1960, as amended by Public Law 88-310 [S. 2214], 78 Stat. 200, approved May 26, 1964; Public Law 91-14 [H.R. 33], 83 Stat. 10, approved May 23, 1969; Public Law 92-247 [S. 2010), 86 Stat. 60, approved March 10, 1972; Public Law 93-373 [S. 2665], 88 Stat. 445, approved August 14, 1974; Public Law 95-118 [H.R. 5262], 91 Stat. 1067 at 1068, approved October 3, 1977; Public Law 97-35 [H.R. 3982], 95 Stat. 357 at 740, approved August 13, 1981; Public Law 98-473 [Continuing Appropriations Act 1985; H.J. Res. 648], 98 Stat. 1837 at 1884, approved October 12, 1984; by Public Law 99-190 [Further Continuing Appropriations, 1986; H.J. Res. 465], 99 Stat. 1185, approved December 19, 1985; Public Law 100-202 [Continuing Appropriations, 1988; H.J. Res. 395], 101 Stat. 1329, approved December 22, 1987; and by Public Law 101-240 [International Development and Finance Act of 1989; H.R. 2494]. 103 Stat. 2492, approved December 19, 1989

AN ACT To provide for the participation of the United States in the International Development Association.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SHORT TITLE

SECTION 1. This Act may be cited as the "International Development Association Act".

ACCEPTANCE OF MEMBERSHIP

SEC. 2.1 The President is hereby authorized to accept membership for the United States in the International Development Association (hereinafter referred to as the "Association"), provided for by the Articles of Agreement (hereinafter referred to as the "Articles") of the Association deposited in the archives of the International Bank for Reconstruction and Development.

GOVERNOR, EXECUTIVE DIRECTOR, AND ALTERNATES

SEC. 3.2 The Governor and Executive Director of the International Bank for Reconstruction and Development, and the alternate for each of them, appointed under section 3 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286a), shall serve as Governor, Executive Director and alternates, respectively, of the Association.

NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS

SEC. 4.3 The provisions of section 4 of the Bretton Woods Agreements Act, as amended (22 U.S.C. 286b), shall apply with respect to

1 22 U.S.C. 284.

2 22 U.S.C. 284a.

3 22 U.S.C. 284b.

the Association to the same extent as with respect to the International Bank for Reconstruction and Development and the International Monetary Fund.4

CERTAIN ACTS NOT TO BE TAKEN WITHOUT AUTHORIZATION

SEC. 5.5 Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional funds under article III, section 1, of the articles; (b) accept any amendment under article IX of the articles; or (c) make a loan or provide other financing to the Association.

DEPOSITORIES

SEC. 6.6 Any Federal Reserve bank which is requested to do so by the Association shall act as its depository or as its fiscal agent, and the Board of Governors of the Federal Reserve System shall supervise and direct the carrying out of these functions by the Federal Reserve banks.

PAYMENT OF SUBSCRIPTIONS

SEC. 7.7 (a) There is hereby authorized to be appropriated, without fiscal year limitation, for the subscription of the United States to the Association, $320,290,000.8

(b) The United States Governor is hereby authorized (1) to vote for an increase in the resources of the Association and (2) to agree on behalf of the United States to contribute to the Association the sum of $312 million, both as recommended by the Executive Directors, in a report dated September 9, 1963, to the Board of Governors of the Association. There is hereby authorized to be appropriated out of funds supplied by the Nation's taxpayers or out of funds borrowed on their credit, without fiscal year limitation, $312 million to provide the United States share of the increase in the resources of the Association.

(c) 10 For the purpose of keeping to a minimum the cost to the United States of participation in the Association, the Secretary of the Treasury is authorized and directed to issue special notes of the United States from time to time, at par, and to deliver such notes

* Sec. 541 of the International Development and Finance Act of 1989 (Public Law 101-240; 103 Stat. 2518) consolidated several reporting requirements into new secs. 1701-1703 and titles XVIII and XIX of the International Financial Institutions Act (beginning at page 187) and repealed duplicative requirements in other legislation. Sec. 541(e)(4) struck out the last sentence of this section, which read as follows: "Reports with respect to the Association under paragraphs (5) and (6) of subsection (b) of section 4 of said Act, as amended, shall be included in the first report made thereunder after the establishment of the Association and in each succeeding report.".

22 U.S.C. 284c.

6 22 U.S.C. 284d.

722 U.S.C. 284e.

The United States subscription was payable in five annual installments (see art. II, sec. 2, IDA Articles of Agreement, Legislation on Foreign Relations, vol. V, sec. H), one of $73,666,700 and four of $61,656,000.

This subsection was added by sec. 1 of Public Law 88-310 (78 Stat. 200).

10 Sec. 2 of Public Law 88-310 redesignated this subsection as "(c)"; struck out the phrase after paying the requisite part of the subscription of the United States in the Association required to be made under the articles," which appeared after the word "treasury"; and struck out "of the subscription of the United States" which preceded the word "actually" in the last

sentence.