{
  "id": "96-810",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "96-810",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 103973,
      "date": "1996-10-04",
      "retrieved": "2016-05-24T21:01:18.105941",
      "title": "International Monetary Fund (IMF) Gold Auctions: Current Proposal, History, and Congressional Role",
      "summary": "The International Monetary Fund (IMF) is proposing to sell 5 million ounces of gold, equal to\na little\nless than 5% of its total gold holdings and, at current market prices, worth about $1.9 billion. Profits\nfrom the gold sale would be used to provide debt relief to poor countries. Although the IMF now\nhas sufficient votes to adopt the proposal, the opposition of Germany, Switzerland, and Italy has\nresulted in an indefinite delay. Gold sales held by the IMF between 1976 and 1980 provided\nsubstantial profits -- $5.7 billion -- which were used to establish the IMF's Trust Fund, which was also\nused to assist poor countries. Gold sales then, as now, required an 85% voting majority of IMF\nmembers. Because legal title to the gold resides with the IMF, IMF gold sales do not have any\nbudgetary implication for the United States, and no appropriation is, therefore, required. Under the\nBretton Woods Agreement Act, however, the current proposal to sell 5 million ounces of IMF gold\npresumably would require congressional authorization.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
      "formats": [
        {
          "format": "PDF",
          "encoding": null,
          "url": "http://www.crs.gov/Reports/pdf/96-810",
          "sha1": "8760d8b5cb6f86b3acddd92df72cd8885efff7e8",
          "filename": "files/19961004_96-810_8760d8b5cb6f86b3acddd92df72cd8885efff7e8.pdf",
          "images": null
        },
        {
          "format": "HTML",
          "filename": "files/19961004_96-810_8760d8b5cb6f86b3acddd92df72cd8885efff7e8.html"
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Foreign Affairs",
    "Industry and Trade"
  ]
}