I HAVE approved H.R. 13955, an act "to provide for amendment of the Bretton Woods Agreements Act, and for other purposes." This legislation authorizes United States acceptance of amendments to the Articles of Agreement of the International Monetary Fund and United States consent to a proposed increase in its quota in the Fund.
The reforms of the international monetary system which the United States accepts through these amendments are the culmination of years of debate and negotiation following the breakdown of the Bretton Woods par value system in 1971. This new international monetary system recognizes that development of stable underlying economic and financial conditions is in essential prerequisite to the achievement of international monetary stability. At the same time, the new system will provide the increased flexibility, resilience, and reliance on market mechanisms which today's monetary relationships require, replacing the exchange rate rigidity and gold emphasis of the Bretton Woods system.
In the post-World War II era, we have increasingly recognized the importance of a smoothly functioning international monetary system to American jobs, production, and growth and to the maintenance of a prosperous and stable world economy. The attainment of the international economic as well as political and national security objectives of the United States depends in large measure on Our success in maintaining a strong and healthy world economy, and that, in turn, requires a sound, smoothly functioning, and equitable international monetary system.
For all these reasons, I am especially pleased to sign into law this act to provide for amendment of the Bretton Woods Agreements Act.