Sec. 504. Conversion to all-SDR Fund
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The Secretary of the Treasury shall liquidate all property in the Special Drawing Rights Fund (as so renamed under section 503), other than Special Drawing Rights, and use all such amounts to reduce the public debt. Section 5302 of title 31, United States Code, is amended— in subsection (a)(1)— by striking is available to carry out and inserting is only available to carry out ; and by striking , 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 ; and by striking subsection
(b)and inserting the following: Notwithstanding any other provision of law, only Special Drawing Rights may be deposited into the Special Drawing Rights Fund. . Section 18 of the Bretton Woods Agreements Act ( 22 U.S.C. 286e–3 ) is hereby repealed. The Support for East European Democracy
(SEED)Act of 1989 ( 22 U.S.C. 5401 et seq. ) is amended— in section 101(b)(1), by striking such as— and all that follows through the end of the paragraph and inserting such as the authority provided in section 102(c) of this Act. ; and in section 102(a), by striking section 101(b)— and all that follows through the end of the subsection and inserting section 101(b), should work closely with the European Community and international financial institutions to determine the extent of emergency assistance required by Poland for the fourth quarter of 1989. . Funds that would otherwise have been deposited into the Special Drawing Rights Fund (as so renamed under subsection (a)), but for the amendments made by this section, shall instead be paid to the Secretary of the Treasury, and the Secretary of the Treasury shall use such funds to reduce the public debt. Notwithstanding any other provision of this section, during the 3-year period beginning on the date of the enactment of this Act, property other than Special Drawing Rights may be deposited, and maintained, in the Special Drawing Rights Fund as needed to fulfill any outstanding obligations on the Fund.
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- 22 USC 286e–3
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