Page:United States Statutes at Large Volume 59 Part 1.djvu/530

 PUBLIC LAWS--C. 339-JULY 31, 1945 [CHAPTER 339] AN ACT Yuly 31,1945 [H. R. 3314] To provide for the participation of the United States in the International Mone- [Public Law 171] tary Fund and the International Bank for Reconstruction and Development. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE Bretton Woods SECTION 1. This Act may be cited as the "Bretton Woods Agree- Agreements Act. ments Act". ments Act". ACCEPTANCE OF MEMBERSHIP SEC. 2. The President is hereby authorized to accept membership for the United States in the International Monetary Fund (herein- "Fund." after referred to as the "Fund"), and in the International Bank for Reconstruction and Development (hereinafter referred to as the "Bank." "Bank"), provided for by the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State. APPOINTMENT OF GOVERNORS, EXECUTIVE DIRECTORS, AND ALTERNATES Dual functions of SEC. 3 . (a) The President, by and with the advice and consent of appointees. the Senate, shall appoint a governor of the Fund who shall also serve as a governor of the Bank, and an executive director of the Fund and an executive director of the Bank. The executive directors so appointed shall also serve as provisional executive directors of the Fund and the Bank for the purposes of the respective Articles of Terms of offce. Agreement. The term of office for the governor of the Fund and of the Bank shall be five years. The term of office for the executive directors shall be two years, but the executive directors shall remain in office until their successors have been appointed. Alternates. (b) The President, by and with the advice and consent of the Senate, shall appoint an alternate for the governor of the Fund who shall also serve as alternate for the governor of the Bank. The President, by and with the advice and consent of the Senate, shall appoint an alter- nate for each of the executive directors. The alternate for each execu- tive director shall be appointed from among individuals recommended Terms ofofice. to the President by the executive director. The terms of office for alternates for the governor and the executive directors shall be the same as the terms specified in subsection (a) for the governor and executive directors. Compensation. (c) No person shall be entitled to receive any salary or other com- pensation from the United States for services as a governor, executive director, or alternate. NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS Establishment. SEC. 4. (a) In order to coordinate the policies and operations of the representatives of the United States on the Fund and the Bank and of all agencies of the Government which make or participate in making foreign loans or which engage in foreign financial, exchange or monetary transactions, there is hereby established the National Advisory Council on International Monetary and Financial Problems Composition. (hereinafter referred to as the "Council"), consisting of the Secretary of the Treasury, as Chairman, the Secretary of State, the Secretary 512 [59 STAT.

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