(a) (1) In order to carry out
the purposes of the decisions of January 5, 1962, February 24, 1983,
and January 27, 1997, as amended in accordance with their terms, of
the Executive Directors of the International Monetary Fund, the Secretary
of the Treasury is authorized to make loans, in an amount not to exceed
the equivalent of 6,712,000,000 Special Drawing Rights, limited to
such amounts as are provided in advance in appropriations Acts, except
that prior to activation, the Secretary of the Treasury shall certify
that supplementary resources are needed to forestall or cope with
an impairment of the international monetary system and that the Fund
has fully explored other means of funding, to the Fund under article
VII, section 1(i), of the Articles of Agreement of the Fund. Any loan
under the authority granted in this subsection shall be made with
due regard to the present and prospective balance of payments and
reserve position of the United States.
(2) In order to carry out the purposes
of a one-time decision of the Executive Directors of the International
Monetary Fund (the Fund) to expand the resources of the New Arrangements
to Borrow, established pursuant to the decision of January 27, 1997
referred to in paragraph (1) above, and to make other amendments to
the New Arrangements to Borrow to achieve an expanded and more flexible
New Arrangements to Borrow as contemplated by paragraph 17 of the
G-20 Leaders’ Statement of April 2, 2009 in London, the Secretary
of the Treasury is authorized to instruct the United States Executive
Director to consent to such amendments notwithstanding subsection
(d) of this section, and to make loans, in an amount not to exceed
the dollar equivalent of 75,000,000,000 Special Drawing Rights, in
addition to any amounts previously authorized under this section and
limited to such amounts as are provided in advance in appropriations
Acts, except that prior to activation, the Secretary of the Treasury
shall report to Congress on whether supplementary resources are needed to forestall
or cope with an impairment of the international monetary system and
whether the Fund has fully explored other means of funding, to the
Fund under article VII, section 1(i), of the Articles of Agreement
of the Fund: Provided, That prior to instructing the United
States Executive Director to provide consent to such amendments, the
Secretary of the Treasury shall consult with the appropriate congressional
committees on the amendments to be made to the New Arrangements to
Borrow, including guidelines and criteria governing the use of its
resources; the countries that have made commitments to contribute
to the New Arrangements to Borrow and the amount of such commitments;
and the steps taken by the United States to expand the number of countries
so the United States share of the expanded New Arrangements to Borrow
remains not greater than 20 percent, which approximates the United
States share as of the date of the enactment of the Supplemental Appropriations
Act, 2009 Public Law 111-32: Provided further, That any loan
under the authority granted in this subsection shall be made with
due regard to the present and prospective balance of payments and
reserve position of the United States.
(3) In order to carry out the purposes
of a one-time decision of the Executive Directors of the International
Monetary Fund (the Fund) to expand the resources of the New Arrangements
to Borrow, established pursuant to the decision of January 27, 1997,
referred to in paragraph (1), the Secretary of the Treasury is authorized
to make loans, in an amount not to exceed the dollar equivalent of
28,202,470,000 of Special Drawing Rights, in addition to any amounts
previously authorized under this section, except that prior to activation
of the New Arrangements to Borrow, the Secretary of the Treasury shall
report to Congress whether supplementary resources are needed to forestall
or cope with an impairment of the international monetary system and
whether the Fund has fully explored other means of funding to the
Fund.
(4) The authority
to make loans under this section shall expire on the date that is
5 years after the date of the enactment of this paragraph unless the
Secretary of the Treasury, not later than 60 days before such expiration
date or 60 days prior to the renewal of the decision governing the
New Arrangements to Borrow (NAB), whichever occurs first, certifies
to the appropriate congressional committees, that—
(A) no amendments
made, or anticipated to be made, to the NAB to achieve an expanded
and more flexible NAB, as described in paragraph 17 of the G20 Leaders’
Statement at the 2009 London Summit, will impair the ability of the
Secretary of the Treasury to consider a renewal of the NAB decision
at intervals no greater than 5 years and to withdraw the adherence
of the United States to the NAB decision as is currently provided
under paragraph 19 of the New Arrangement to Borrow, adopted by the
Executive Board of the International Monetary Fund (IMF) on January
27, 1997; and
(B) (i) the IMF will borrow resources
from members under the NAB only when quota resources need to be supplemented
in order to forestall or cope with an impairment of the international
monetary system or to deal with an exceptional situation that poses
a threat to the stability of that system;
(ii) the IMF has, prior to any activation
of the NAB, fully explored other means of funding to supplement any
potential shortfall in quota resources necessary to forestall or cope
with an impairment of the international monetary system or to deal
with an exceptional situation that poses a threat to the stability
of that system; or
(iii)
it is in the United States’ strategic economic interest to maintain
the relative size or lower of the United States contribution to the
NAB as in effect on the date of the certification.
(5) Not later
than 15 days before submitting the certification under paragraph (4),
the Secretary of the Treasury shall consult with the appropriate congressional
committees regarding such certification.
(6) The authority to make loans under this
section shall expire on December 31, 2030.
(b) (1) For the purpose of
making loans to the International Monetary Fund pursuant to subsection
(a)(1) of this section, there is hereby authorized to be appropriated
6,712,000,000 Special Drawing Rights, except that prior to activation,
the Secretary of the Treasury shall certify whether supplementary
resources are needed to forestall or cope with an impairment of the
international monetary system and that the Fund has fully explored
other means of funding, to remain available until expended to meet
calls by the International Monetary Fund. Any payments made to the
United States by the International Monetary Fund as a repayment on
account of the principal of a loan made under this section shall continue
to be available for loans to the International Monetary Fund, only
to the extent that amounts available for such loans are not rescinded
by an Act of Congress.
(2) For the purpose of making loans to the International Monetary
Fund pursuant to subsection (a)(2) of this section, there is hereby
authorized to be appropriated not to exceed the dollar equivalent
of 75,000,000,000 Special Drawing Rights, in addition to any amounts
previously authorized under this section, except that prior to activation,
the Secretary of the Treasury shall report to Congress on whether
supplementary resources are needed to forestall or cope with an impairment
of the international monetary system and whether the Fund has fully
explored other means of funding, to remain available until expended
to meet calls by the Fund. Any payments made to the United States
by the Fund as a repayment on account of the principal of a loan made
under this section shall continue to be available for loans to the
Fund, only to the extent that amounts available for such loans are
not rescinded by an Act of Congress.
(c) Payments of interest and charges to the United States on account
of any loan to the International Monetary Fund shall be covered into
the Treasury as miscellaneous receipts. In addition to the amount
authorized in subsection (b), there is hereby authorized to be appropriated
such amounts as may be necessary for the payment of charges in connection
with any purchases of currencies or gold by the United States from
the International Monetary Fund.
(d) Unless the
Congress by law so authorizes, neither the President, the Secretary
of the Treasury, nor any other person acting on behalf of the United
States, may instruct the United States Executive Director to the Fund
to consent to any amendment to the Decision of February 24, 1983,
or the Decision of January 27, 1997, of the Executive Directors of
the Fund, if the adoption of such amendment would significantly alter
the amount, terms, or conditions of participation by the United States
in the General Arrangements to Borrow or the New Arrangements to Borrow,
as applicable.
(e) New
requirement for activation of the new arrangements to borrow.
(1) The Secretary of the Treasury
shall include in the certification and report required by paragraphs
(a)(1), (a)(2), (a)(3), (b)(1), and (b)(2) of this section prior to
activation an additional certification and report that—
(A) the
one-year forward commitment capacity of the IMF (excluding borrowed
resources) is expected to fall below 100,000,000,000 Special Drawing
Rights during the period of the NAB activation; and
(B) activation of the NAB is in the
United States strategic economic interest with the reasons and analysis
for that determination.
(2) Prior to submitting any certification
and report required by paragraphs (a)(1), (a)(2), (b)(1), and (b)(2)
of this section, the Secretary of the Treasury shall consult with
the appropriate congressional committees.
(f) In this section, the term “appropriate congressional committees”
means the Committees on Appropriations and Foreign Relations of the
Senate and the Committees on Appropriations and Financial Services
of the House of Representatives.
[22 USC 286e-2. As
added by act of June 19, 1962 (76 Stat. 105) and amended by acts of
Oct. 19, 1976 (90 Stat. 2661); Nov. 30, 1983 (97 Stat. 1268); Oct.
21, 1998 (112 Stat. 2681-224); June 24, 2009 (123 Stat. 1916); Dec.
16, 2009 (123 Stat. 3406); Dec. 18, 2015 (129 Stat. 2829-30); Mar.
27, 2020 (134 Stat. 595); and Mar. 23, 2024 (138 Stat. 852).]
