Strategic Foreign Currency Reserve Act of 1985

Summary

Strategic Foreign Currency Reserve Act of 1985 - Requires the Secretary of the Treasury and the Chairman of the Federal Reserve Board to establish a Strategic Foreign Currency Reserve consisting of the currencies of the Group of Ten. Requires the Secretary and the Chairman to exchange not less than $30 billion for the currencies of the Group of Ten within three years from the date of enactment of this Act. Provides that the Secretary and the Chairman: (1) shall purchase foreign currencies at those times that such action would be most effective in resisting and moderating increases in the dollar's price or in assisting its gradual decline; (2) shall coordinate such purchases whenever possible with the central banks of the Group of Ten; and (3) may take action to offset any effect of such purchases on the domestic money supply. Provides that the Secretary and the Chairman: (1) shall use foreign currencies in the Strategic Foreign Currency Reserve to purchase dollars in order to prevent sudden drops in the price of the dollar; (2) shall coordinate such purchases whenever possible with the central banks of the Group of Ten; and (3) may take action to offset any effect of such purchases on the domestic money supply.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 31 July 1985

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 31 July 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 23 October 1985

   Committee

   Subcommittee on International Finance (Banking). Hearings held.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 31 July 1985

  Open at official source

Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• · ssbk00 · Standing

Related records

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