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

February 15, 2005

Mr. SAXTON introduced the following bill; which was referred to the Committee on Financial Services

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 2005'.

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.

END