(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, 2025.
(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; and March
27, 2020 (134 Stat. 595).]
