[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2453 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2453

   To require certain conditions to be met before the International 
                      Monetary Fund may sell gold.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 1, 1999

 Mr. Saxton (for himself and Mr. Armey) introduced the following bill; 
 which was referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
   To require certain conditions to be met before the International 
                      Monetary Fund may sell gold.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gold Restitution Act of 1999''.

SEC. 2. CONDITIONS OF APPROVING GOLD SALES BY THE INTERNATIONAL 
              MONETARY FUND.

    (a) In General.--Section 5 of the Bretton Woods Agreements Act (22 
U.S.C. 286c) is amended by adding at the end the following: ``No 
director appointed to represent the United States at the Fund shall 
vote for any proposal to sell or otherwise convert or liquidate gold, 
unless the proposal is to--
            ``(1) sell any gold held by the Fund on the effective date 
        of the Second Amendment to the Articles of Agreement of the 
        Fund;
            ``(2) only to the member countries that were member 
        countries on August 31, 1975, and Papua New Guinea, and that 
        agree to purchase the gold;
            ``(3) in proportion to the quotas of such countries in the 
        Fund on August 31, 1975;
            ``(4) in exchange for the currencies of such countries; and
            ``(5) at a price of SDR 35 per fine ounce.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect 60 days after the date of the enactment of this Act.
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