Summary: H.R.13955 — 94th Congress (1975-1976)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed Senate amended (10/01/1976)

(Measure passed Senate)

Amends the Bretton Woods Agreement Act to authorize the United States Governor of the International Monetary Fund to accept specified amendments to the Articles of Agreement of the Fund and to consent to an increase in the United States quota in the Fund.

Directs the U.S. Governor of the Fund to vote against the establishment of a Council authorized under Article XII of the Fund Articles of Agreement if the U.S. vote in the Council would be less than its weighted-vote in the Fund.

Permits the Governor of the Fund to serve as councillor, under circumstances specified in the Articles. Redefines certain actions by the President or other person or agency with respect to the International Monetary Fund and the International Bank for Reconstruction and Development which require Congressional approval. Authorizes loans, not exceeding $2,000,000,000 at any one time, to carry out the decision of January 5, 1962 of the Executive Directors of the International Monetary Fund.

Amends the Special Drawing Rights Act to conform to the amendments to the Articles of Agreement of the Fund.

Amends the Par Value Modification Act to repeal the authority of the Secretary of the Treasury to establish a new par value of the dollar.

Amends the Gold Reserve Act of 1934 to: (1) authorize the Secretary of the Treasury to deal in gold and foreign exchange and other instruments of credit and securities, under specified circumstances, as he may deem necessary to the United States obligations in the International Monetary Fund; and (2) set the legal standard for the value of gold held against gold certificates.