PUBLIC LAW 94-564—OCT. 19, 1976 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 follows: "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.". SEC. 5. The Special Drawing Eights Act (22 U.S.C. 286n-r) is amended by: (1) deleting "article X X IV " in section 3(a) and inserting in lieu thereof "article X VIII " • (2) deleting "article X X VI, article X X X, and article X X X I " in section 3(b), wherever it appears, and inserting in lieu thereof "article XX, article XXIV, and article X X V "; (3) deleting "article X X IV " in section 6 and inserting in lieu thereof "article X VIII "; (4) deleting "article X X VII (b)" in section 7 and inserting in lieu thereof "article X X I (b)". SEC. 6. Section 2 of the Par Value Modification Act (31 U.S.C. 449) is hereby repealed. 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 denominations as he may determine, against any gold held by the United States Treasury. The amount of gold certificates issued and outstanding 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 Act shall become effective upon entry into force of the amendments 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.
90 STAT. 2661
60 Stat. 1401. 22 USC 286o.
22 USC 286q. 22 USC 286r. Repeal. ^1 USC 449.
22 USC 286a »"te.
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