Page:United States Statutes at Large Volume 92 Part 1.djvu/1105

 PUBLIC LAW 95-435—OCT. 10, 1978

92 STAT. 1051

Public Law 95-435 95th Congress An Act To amend the Bretton Woods Agreements Act to authorize the United States to participate in the Supplementary Financing Facility of the International Monetary Fund.

Oct. 10. 1978 [H.R. 9214]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Bretton Bretton Woods Woods Agreements Act (22 U.S.C. 286—286k-2) is amended by add- Agreements Act, amendments. ing at the end thereof the following new section: "SEC. 28. (a) For the purpose of participation of the United States 22 USC 286e-7. in the Supplementary Financing Facility (hereinafter referred to as the 'facility') established by the decision numbered 5508-(77/127) of the Executive Directors of the Fund, the Secretary of the Treasury is authorized to make resources available as provided in the decision numbered 5509-(77/127) of the Fund, in an amount not to exceed the equivalent of 1,450 million Special Drawing Rights. "(b) The Secretary of the Treasury shall account, through the fund established by section 10 of the Gold Reserve Act of 1934 (31 U.S.C. 822a), for any adjustment in the value of monetary assets held by the United States in respect of United States participation in the facility. "(c) Notwithstanding any other provision of this section, the authority of the Secretary to enter into agreements making resources available under this section shall be limited to such amounts as are appropriated in advance in appropriation Acts. Effective October 1, Appropriation 1978, there are hereby authorized to be appropriated to the Secretary authorization. of the Treasury, without fiscal year limitation, such sums as are necessary to carry out subsection (a) of this section, but not to exceed an amount of dollars equivalent to 1,450 million Special Drawing Rights.". SEC. 2. Section 3(d) of the Bretton Woods Agreements Act (22 U.S.C. 286a(d)) is redesignated as section 3(d)(1) and amended by adding at the end thereof the following new paragraphs: "(2) The United States executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an mdividual occupying a position at level IV of the Executive Schedule under section 5315 of title 5, United States Code. The United States alternate executive director of the Fund shall not be compensated by the Fund at a rate in excess of the rate provided for an individual occupying a position at level V of the Executive Schedule under section 5316 of title 5, United States Code. "(3) The Secretary of the Treasury shall instruct the United States executive director of the Fund to present to the Fund's Executive Board a comprehensive set of proposals, consistent with maintaining high levels of competence of Fund personnel and consistent with the Articles of Agreement, with the objective of assuring that salaries and other compensation accorded Fund employees do not exceed those received by persons filling similar levels of responsibility within national government service or private industry. The Secretary shall Report to report these proposals together with any measures adopted by the Gjngress. Fund's Executive Board to the Congress prior to February 1, 1979.".

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