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.

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1 official file

• Introduced in Senate

  summary · EN · 31 July 1985

  Open at official source

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