Sec. 501. Findings
158 words·~1 min read·
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The Congress finds as follows: The Board of Governors of the Federal Reserve System and the Federal Open Market Committee exercise control over the supply of U.S. dollars, which is a major factor affecting the foreign exchange rate value of the United States dollar. Therefore, the Board of Governors and Federal Open Market Committee should report to Congress on the impact of monetary policy on the foreign exchange rate value of the United States dollar. Over the last several decades, Secretaries of the Treasury have repeatedly used the Exchange Stabilization Fund for purposes that were not envisioned by Congress.
To prevent further abuses, the Exchange Stabilization Fund should be renamed as the Special Drawing Rights Fund. The Special Drawing Rights Fund should hold the Special Drawing Rights that the International Monetary Fund provided to the United States. Any other assets currently in the Exchange Stabilization Fund should be liquidated, and the proceeds used to reduce the public debt.