Sec. 409. Authorization to participate in the New Arrangements to Borrow of the International Monetary Fund

202 words·~1 min read·/bill/116/hr/6321/ih/section-409

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Section 17 of the Bretton Woods Agreements Act ( 22 U.S.C. 286e–2 ) is amended— in subsection (a)— by redesignating paragraphs

(3)through

(5)as paragraphs

(4)through

(6)and inserting after paragraph

(2)the following: 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, 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 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. ; and in paragraph

(6)(as so redesignated by subparagraph

(A)of this paragraph), by striking December 16, 2022 and inserting December 31, 2025 ; and in subsection (e)(1), by inserting (a)(3), after (a)(2), .

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22 USC 286e–2

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Sec. 409

Authorization to participate in the New Arrangements to Borrow of the International Monetary Fund

Cite22 USC 286e–2

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