SECTION 5302
(a) (1) The Department of the
Treasury has a stabilization fund. The fund is available to carry
out this section, section 18 of the Bretton Woods Agreement Act (22
U.S.C. 286e-3), section 3 of the Special Drawing Rights Act (22 U.S.C.
286o), and the Coronavirus Economic Stabilization Act of 2020,
and for investing in obligations of the United States Government those
amounts in the fund the Secretary of the Treasury, with the approval
of the President, decides are not required at the time to carry out
this section. Proceeds of sales and investments, earnings, and interest
shall be paid into the fund and are available to carry out this section.
However, the fund is not available to pay administrative expenses.
(2) Subject
to approval by the President, the fund is under the exclusive control
of the Secretary, and may not be used in a way that direct control
and custody pass from the President and the Secretary. Decisions of
the Secretary are final and may not be reviewed by another officer
or employee of the Government.
(b) Consistent
with the obligations of the Government in the International Monetary
Fund on orderly exchange arrangements and a stable system of exchange
rates, the Secretary or an agency designated by the Secretary, with
the approval of the President, may deal in gold, foreign exchange,
and other instruments of credit and securities the Secretary considers
necessary. However, a loan or credit to a foreign entity or government
of a foreign country may be made for more than 6 months in any 12-month
period only if the President gives Congress a written statement that
unique or emergency circumstances require the loan or credit be for
more than 6 months.
(c) (1) By the 30th day after
the end of each month, the Secretary shall give the Committee on Banking,
Finance and Urban Affairs of the House of Representatives and the
Committee on Banking, Housing, and Urban Affairs of the Senate a detailed
financial statement on the stabilization fund showing all agreements
made or renewed, all transactions occurring during the month, and
all projected liabilities.
(2) The Secretary shall report each year to the President and Congress
on the operation of the fund.
(d) A
repayment of any part of the first subscription payment of the Government
to the International Monetary Fund, previously paid from the
stabilization fund, shall be deposited in the Treasury as a miscellaneous
receipt.
[31 USC 5302. Previously 31 USC 822a (Gold Reserve Act of 1934 §
10 (48 Stat. 341)). Restated and recodified by act of Sept. 13, 1982
(96 Stat. 994). Amended by act of March 27, 2020 (134 Stat. 496).]
