The U.S. Treasury's 20billionloantoMexicoinJanuary1995fromtheExchangeStabilizationFund(ESF)broughttopublicnoticethefundthathadfunctionedinobscuritysinceitsauthorizationbytheGoldReserveActofJanuary31,1934.ThedesignoftheESF,assetforthinthestatute,contributedtoitsobscurity.Itsstatedmissionwastostabilizetheexchangevalueofthedollar,butithasalsoassumedarolethathadnomandate,thatoflendertofavoredcountries.ESF′sinterventionactivitiesandtheFederalReserve′swarehousingofESFforeigncurrencyassetsarequestionable.AstatisticalprofileoftheESFaccountsforthegrowthofitsworkingbalancefrom200 million in 1934 to $42.6 billion in assets in 1995.