Considers H.R. 16911, the Special Drawing Rights Act, to amend the Federal Reserve Act to authorize U.S. participation in the IMF's special drawing rights program to stabilize international financial relations by pooling international gold and currency reserves to serve as assets backing national currencies.

Considers S. 3423 and companion H.R. 16911, to establish a special drawing rights fund within IMF.

The adequacy of international liquidity became a problem of increasing concern to the international community during the 1960's. In response, the IMF proposed a new facility, based on Special Drawing Rights, which took effect on October 3, 1969. This new facility, referred to in this publication, was established within the Fund as its Special Drawing Account, through which the new supplement to reserve assets, in the form of special drawing rights, could be allocated.