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<title>Exchange Stabilization Fund</title>

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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Exchange Stabilization Fund</span></span>

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<p>The <b>Exchange Stabilization Fund</b> (ESF) is an emergency reserve fund of the <a href="United_States_Treasury_Department" class="mw-redirect" title="United States Treasury Department">United States Treasury Department</a>, normally used for <a href="Foreign_exchange_intervention" class="mw-redirect" title="Foreign exchange intervention">foreign exchange intervention</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> This arrangement (as opposed to having the <a href="Central_bank" title="Central bank">central bank</a> intervene directly) allows the US government to influence currency <a href="Exchange_rate" title="Exchange rate">exchange rates</a> without directly affecting domestic <a href="Money_supply" title="Money supply">money supply</a>.

</p><p>The fund's net position at the end of 2024 was $39<span class="nowrap"> </span>billion. Its total assets were $210<span class="nowrap"> </span>billion, the difference being largely attributable to $166<span class="nowrap"> </span>billion in <a href="Special_Drawing_Rights" class="mw-redirect" title="Special Drawing Rights">Special Drawing Rights</a> (SDRs) from the <a href="International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>.<sup id="cite_ref-tbulletin202503_2-0" class="reference"><a href="#cite_note-tbulletin202503-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading2"><h2 id="Background">Background</h2></div>

<p>The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the <a href="Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> of 1934.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> It was intended as a response to Britain's <a href="Exchange_Equalisation_Account" title="Exchange Equalisation Account">Exchange Equalisation Account</a>.<sup id="cite_ref-schwartz-2001_4-0" class="reference"><a href="#cite_note-schwartz-2001-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The fund began operations in April 1934, under director <a href="Archie_Lochhead" title="Archie Lochhead">Archie Lochhead</a> and financed by $2<span class="nowrap"> </span>billion of the $2.8<span class="nowrap"> </span>billion gold surplus the government had realized by devaluing the dollar. The act authorized the ESF to use its capital to deal in gold and foreign exchange to stabilize the exchange value of the dollar. The ESF as originally designed was part of the executive branch not subject to legislative oversight. The fund was originally authorized for two years, subject to extension by the President or Congress, and was made permanent under the <a href="Bretton_Woods_system" title="Bretton Woods system">Bretton Woods</a> Agreement Act of 1945.

</p><p>The Special Drawing Rights Act of 1968<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> made the ESF the recipient of IMF special drawing rights (SDRs) acquired by the US government. The ESF can convert SDRs into dollars on its account by issuing certificates against them and selling the certificates to the Federal Reserve,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and later repurchase them when it has surplus cash.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The Federal Reserve uses the certificates as a portion of the collateral for <a href="Federal_Reserve_Note" title="Federal Reserve Note">Federal Reserve Notes</a>.

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<p>The ESF was originally created to stabilize the international value of the dollar following the collapse of the <a href="Gold_standard" title="Gold standard">gold standard</a>. Under the <a href="Tripartite_Agreement_of_1936" title="Tripartite Agreement of 1936">Tripartite Agreement of 1936</a> the Treasury used the ESF to guarantee daily exchange rates under which it converted the dollar holdings of France and the United Kingdom to gold. Because the use of the fund was left at the broad discretion of the Secretary of the Treasury, it proved highly adaptable to changes in the international monetary situation. Over the course of decades, governments have repeatedly used it for urgent defense against dollar crises until long-term solutions could be found. The fund has also extended loans to foreign countries in the interests of the United States.<sup id="cite_ref-schwartz-1997_8-0" class="reference"><a href="#cite_note-schwartz-1997-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>

</p><p>With the establishment of the <a href="Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a>, the ESF contributed the initial US share of capital to the IMF and retreated to a secondary role.<sup id="cite_ref-schwartz-1997_8-1" class="reference"><a href="#cite_note-schwartz-1997-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> During the first <a href="United_States_debt_ceiling" title="United States debt ceiling">debt ceiling</a> crisis in late 1953, the ESF used part of its gold reserves to buy back debt from the Federal Reserve and create additional borrowing space for the government.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> International concerns about <a href="John_F._Kennedy" title="John F. Kennedy">John F. Kennedy</a>'s commitment to gold convertibility led to an outflow of gold from the United States in early 1961. In response the ESF returned to buying foreign currency long enough for the IMF to create a credit facility that allowed countries to settle payments through direct currency exchange instead of gold redemption. The new IMF facility did not fully resolve the problem of speculative attacks on the dollar. From 1962 onward the ESF intervened increasingly in currency markets, with the support of the Federal Reserve and special borrowings, to prevent drains on US gold. The termination of gold convertibility as part of the <a href="Nixon_shock" title="Nixon shock">Nixon shock</a> marked the ultimate failure of these efforts. Having no further need for gold, the ESF sold it at the statutory price to the Treasury, which then sold a portion at auction.<sup id="cite_ref-schwartz-1997_8-2" class="reference"><a href="#cite_note-schwartz-1997-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup>

</p><p>The U.S. government used the ESF to provide $20<span class="nowrap"> </span>billion in currency swaps and loan guarantees to Mexico following the <a href="1994_economic_crisis_in_Mexico" class="mw-redirect" title="1994 economic crisis in Mexico">1994 economic crisis in Mexico</a>. This was somewhat controversial at the time, because <a href="Bill_Clinton" title="Bill Clinton">President Clinton</a> had tried and failed to pass the Mexican Stabilization Act through <a href="Congress_of_the_United_States" class="mw-redirect" title="Congress of the United States">Congress</a>. Use of the ESF circumvented the need for approval of the legislative branch. In response, Congress passed and President Clinton signed the <a href="Mexican_Debt_Disclosure_Act_of_1995" title="Mexican Debt Disclosure Act of 1995">Mexican Debt Disclosure Act of 1995</a>, which implicitly accepted the use of the ESF, but required reports to Congress every six months on the status of the loans.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> At the end of the crisis, the U.S. made a $500<span class="nowrap"> </span>million profit on the loans.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup>

</p><p>After the <a href="Bankruptcy_of_Lehman_Brothers" title="Bankruptcy of Lehman Brothers">bankruptcy of Lehman Brothers</a> in September 2008 triggered a run on <a href="Money_market_fund" title="Money market fund">money market funds</a>, Treasury Secretary <a href="Henry_Paulson" title="Henry Paulson">Henry Paulson</a> offered to guarantee the funds using the ESF. Nearly all money market funds accepted the offer, helping to calm the market. The funds paid $1.2<span class="nowrap"> </span>billion in fees for use of the guarantee program and ultimately no guarantees were paid, but Congress prohibited the use of the fund to offer such guarantees in the future.<sup id="cite_ref-in-focus_12-0" class="reference"><a href="#cite_note-in-focus-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup>

</p><p>The <a href="CARES_Act" title="CARES Act">CARES Act</a> of 2020, which provided economic relief during the <a href="COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, temporarily removed the post-2008 restrictions on the ESF and made a spectacular appropriation of $500<span class="nowrap"> </span>billion. Of this amount up to $46<span class="nowrap"> </span>billion was available for loans or guarantees to air carriers and industries critical to national security, and the rest to support emergency credit facilities of the <a href="Federal_Reserve" title="Federal Reserve">Federal Reserve</a>. The ESF provided these facilities with contributions of <a href="Equity_(finance)" title="Equity (finance)">equity</a> to protect the Federal Reserve from losses on loans made under high-risk pandemic conditions. The CARES Act appropriation was temporary and accounted separately from the ESF's currency operation funds; the act required repayment of the appropriated funds by 2026, with any residual earnings paid to the <a href="Social_Security_Trust_Fund" title="Social Security Trust Fund">Social Security Trust Fund</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Outgoing Treasury secretary <a href="Steven_Mnuchin" title="Steven Mnuchin">Steven Mnuchin</a> withdrew equity from several facilities in November 2020, controversially and against the preference of Federal Reserve officials,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and the <a href="Consolidated_Appropriations_Act%2C_2021" title="Consolidated Appropriations Act, 2021">Consolidated Appropriations Act, 2021</a> rescinded $479<span class="nowrap"> </span>billion in unused appropriations.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> At the end of 2024 the ESF owed $4.2<span class="nowrap"> </span>billion related to the CARES Act transactions.<sup id="cite_ref-tbulletin202503_2-1" class="reference"><a href="#cite_note-tbulletin202503-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>

</p><p>Following the <a href="Collapse_of_Silicon_Valley_Bank" title="Collapse of Silicon Valley Bank">collapse of Silicon Valley Bank</a> in March 2023, the ESF contributed $25<span class="nowrap"> </span>billion as a backstop for the <a href="Bank_Term_Funding_Program" title="Bank Term Funding Program">Bank Term Funding Program</a>, an emergency Federal Reserve credit program allowing banks to borrow against bonds on special terms.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup>

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<ul><li><a href="Carter_bonds" title="Carter bonds">Carter bonds</a></li></ul>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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<li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><cite class="citation report cs1"><a rel="nofollow" class="external text" href="https://home.treasury.gov/system/files/206/ESF-Annual-Report-for-Fiscal-Year-2021.pdf">Audit of the Exchange Stabilization Fund’s Financial Statements for Fiscal Years 2021 and 2020</a> <span class="cs1-format">(PDF)</span> (Report). Audit Report. Office of Inspector General, Department of the Treasury. March 9, 2022. OIG-22-029<span class="reference-accessdate">. Retrieved <span class="nowrap">2023-02-07</span></span>.</cite></span>

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<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><a rel="nofollow" class="external text" href="http://www.treasury.gov/resource-center/international/ESF/Pages/esf-index.aspx">The ESF Website</a></li>

<li><a rel="nofollow" class="external text" href="http://classicalcapital.com/">History of ESF</a></li></ul>

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</style><div id="United_States_Department_of_the_Treasury874" style="font-size:114%;margin:0 4em"><a href="United_States_Department_of_the_Treasury" title="United States Department of the Treasury">United States Department of the Treasury</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="3"><div>

<ul><li>Headquarters: <b><a href="Treasury_Building_(Washington%2C_D.C.)" title="Treasury Building (Washington, D.C.)">Treasury Building</a></b> and <a href="Freedman's_Bank_Building" title="Freedman's Bank Building">Freedman's Bank Building</a></li></ul>

<ul><li><a href="Scott_Bessent" title="Scott Bessent">Scott Bessent</a>, <a href="United_States_Secretary_of_the_Treasury" title="United States Secretary of the Treasury">Secretary of the Treasury</a></li>

<li>Dan Katz, Acting <a href="United_States_Deputy_Secretary_of_the_Treasury" title="United States Deputy Secretary of the Treasury">Deputy Secretary of the Treasury</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="United_States_Deputy_Secretary_of_the_Treasury" title="United States Deputy Secretary of the Treasury">Deputy Secretary<br>of the Treasury</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Alcohol_and_Tobacco_Tax_and_Trade_Bureau" title="Alcohol and Tobacco Tax and Trade Bureau">Alcohol and Tobacco Tax and Trade Bureau</a></li>

<li><a href="Community_Development_Financial_Institutions_Fund" title="Community Development Financial Institutions Fund">Community Development Financial Institutions Fund</a></li>

<li><a href="Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a></li>

<li><a href="Treasury_Inspector_General_for_Tax_Administration" title="Treasury Inspector General for Tax Administration">Treasury Inspector General for Tax Administration</a></li>

<li><a href="U.S._Department_of_the_Treasury%2C_Office_of_Inspector_General" title="U.S. Department of the Treasury, Office of Inspector General">Office of Inspector General</a></li>

<li><a href="Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency">Office of the Comptroller of the Currency</a></li>

<li><a href="Office_of_Tax_Policy" title="Office of Tax Policy">Office of Tax Policy</a></li></ul>

</div></td><td class="noviewer navbox-image" rowspan="5" style="width:1px;padding:0 0 0 2px"><div><span typeof="mw:File"><span></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Under_Secretary_of_the_Treasury_for_International_Affairs" title="Under Secretary of the Treasury for International Affairs">Under Secretary<br>of the Treasury<br>for International Affairs</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li>Office of East Asia</li>

<li>Office of South and Southeast Asia Nations</li>

<li>Office of Europe & Eurasia</li>

<li>Office of the Western Hemisphere</li>

<li>Office of International Monetary Policy</li>

<li>Office of Banking and Securities</li>

<li>Office of International Debt Policy</li>

<li>Office of Development Policy</li>

<li>Office of Financing Operations</li>

<li>Office of African Nations</li>

<li>Office of the Middle East and North Africa</li>

<li>Office of International Trade</li>

<li>Office of International Investment</li>

<li>Office of Trade Finance</li>

<li>Office of Technical Assistance</li>

<li>Office of Risk and Research Analysis</li>

</ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Under_Secretary_of_the_Treasury_for_Domestic_Finance" title="Under Secretary of the Treasury for Domestic Finance">Under Secretary of<br>the Treasury for<br>Domestic Finance</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li>Advanced Counterfeit Deterrence</li>

<li><a href="Federal_Financing_Bank" title="Federal Financing Bank">Federal Financing Bank</a></li>

<li>Office of Debt Management</li>

<li><a href="Office_of_Financial_Institutions" title="Office of Financial Institutions">Office of Financial Institutions</a></li>

<li><a href="Office_of_Financial_Markets_(U.S.)" title="Office of Financial Markets (U.S.)">Office of Financial Markets</a></li>

<li><a href="Office_of_Financial_Stability" class="mw-redirect" title="Office of Financial Stability">Office of Financial Stability</a></li>

<li><a href="Office_of_Fiscal_Service" title="Office of Fiscal Service">Office of Fiscal Service</a></li>

<li><a href="Bureau_of_the_Fiscal_Service" title="Bureau of the Fiscal Service">Bureau of the Fiscal Service</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Under_Secretary_of_the_Treasury_for_Terrorism_and_Financial_Intelligence" title="Under Secretary of the Treasury for Terrorism and Financial Intelligence">Under Secretary of<br>the Treasury for Terrorism<br>and Financial Intelligence</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Office_of_Terrorism_and_Financial_Intelligence" title="Office of Terrorism and Financial Intelligence">Office of Terrorism and Financial Intelligence</a></li>

<li><a href="Office_of_Terrorist_Financing_and_Financial_Crimes" title="Office of Terrorist Financing and Financial Crimes">Office of Terrorist Financing and Financial Crimes</a></li>

<li><a href="Office_of_Intelligence_and_Analysis_(Treasury_Department)" title="Office of Intelligence and Analysis (Treasury Department)">Office of Intelligence and Analysis</a></li>

<li><a href="Office_of_Foreign_Assets_Control" title="Office of Foreign Assets Control">Office of Foreign Assets Control</a></li>

<li><a href="Financial_Crimes_Enforcement_Network" title="Financial Crimes Enforcement Network">Financial Crimes Enforcement Network</a></li>

<li><a href="Treasury_Executive_Office_for_Asset_Forfeiture" title="Treasury Executive Office for Asset Forfeiture">Treasury Executive Office for Asset Forfeiture</a></li></ul>

</div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="Treasurer_of_the_United_States" title="Treasurer of the United States">Treasurer of the United States</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em">

<ul><li><a href="Bureau_of_Engraving_and_Printing" title="Bureau of Engraving and Printing">Bureau of Engraving and Printing</a></li>

<li><a href="United_States_Mint" title="United States Mint">United States Mint</a></li></ul>

</div></td></tr></tbody></table></div></div><div><div class="zim-footer">

This article is issued from <a class="external text" title="Last edited on 2025-04-12" href="https://en.wikipedia.org/wiki/?title=Exchange_Stabilization_Fund&oldid=1285306087">Wikipedia</a>. The text is available under <a class="external text" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en">Creative Commons Attribution-Share Alike 4.0</a> unless otherwise noted. Additional terms may apply for the media files.

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