Page:United States Statutes at Large Volume 82.djvu/230

 188

"The a r t s. "

PUBLIC LAW 90-349-JUNE 19, 1968

[82 STAT.

methods; and the study and application of the humanities to the human environment. " (b) The term 'the arts' includes, but is not limited to, music (instrumental and vocal), dance, drama, folk art, creative writing, architecture and allied fields, painting, sculpture, photography, graphic and craft arts, industrial design, costume and fashion design, motion pictures, television, radio, tape and sound recording, the arts related to the presentation, performance, execution, and exhibition of such major art forms, and the study and application of the arts to the human environment." Approved June 18, 1968.

Public Law 90-349 June 19, 1968 [H.R. 16911]

Special Drawing Rights Act.

48 Stat. 341.

Special Drawing Right certificates, issuance and purpose.

Limitation.

Proceeds.

AN ACT To provide for United States participation in the facility based on Special Drawing Rights in the International Monetary Fund, and for other purposes.

Be It enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Special Drawing Rights Act." SEC. 2. The President is hereby authorized (a) to accept the amendment to the articles of agreement of the International Monetary Fund (hereinafter referred to as the " F u n d "), attached to the April 1968 report by the Executive Directors to the Board of Governors of the Fund, for the purpose of (i) establishing a facility based on Special Drawing Rights in the Fund and (ii) giving effect to certain modifications in the present rules and practices of the Fund, and (b) to participate in the special drawing account established by the amendment. SEC. 3. (a) Special Drawing Rights allocated to the United States pursuant to article X X IV of the Articles of Agreement of the Fund, and Special Drawing Rights otherwise acquired by the United States, shall be credited to the account of, and administered as part of, the Exchange Stabilization Fund established by section 10 of the Gold Reserve Act of 1984, as amended (31 U.S.C. 822a). (b) The proceeds resulting from the use of Special Drawing Rights by the United States, and payments of interest to the United States pursuant to article X X VI, article X X X, and article X X X I of the Articles of Agreement of the Fund, shall be deposited in the Exchange Stabilization Fund. Currency payments by the United States in return for Special Drawing Rights, and payments of charges or assessments pursuant to article X X VI, article X X X, and article X X X I of the Articles of Agreement of the Fund, shall be made from the resources of the Exchange Stabilization Fund. SEC. 4. (a) The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase. Special Drawing Right certificates in such form and in such denominations as he may determine, against any Special Drawing Rights held to the credit of the Exchange Stabilization Fund. Such certificates shall be issued and remain outstanding only for the purpose of financing the acquisition of Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held, against the Special Drawing Rights certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.

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