SUBTITLE IV—MONEY
CHAPTER 51 —COINS AND CURRENCY
SUBCHAPTER I—MONETARY SYSTEM
SUBCHAPTER II—GENERAL AUTHORITY
SUBCHAPTER III—UNITED STATES MINT
SUBCHAPTER IV—BUREAU OF ENGRAVING AND PRINTING
SUBCHAPTER V—MISCELLANEOUS
Amendments
1992—
Chapter Referred to in Other Sections
This chapter is referred to in title 2 section 802.
1 So in original. Does not conform to section catchline.
SUBCHAPTER I—MONETARY SYSTEM
§5101. Decimal system
United States money is expressed in dollars, dimes or tenths, cents or hundreths,1 and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5101 | 31:371. | R.S. §3563. |
The word "money" is substituted for "money of account" to eliminate unnecessary words. As far as can be determined, the phrase "money of account" has not been interpreted by any court or Government agency. The phrase was used by Alexander Hamilton in his "Report on the Establishment of the Mint" (1791). In that Report, Hamilton propounded 6 questions, including:
1st. What ought to be the nature of the money unit of the United States?
Thereafter, Hamilton uses the phrases "money unit of the United States" and "money of account" interchangeably and in the sense that the phrases are used to denote the monetary system for keeping financial accounts. In short, the phrases simply indicate that financial accounts are to be based on a decimal money system:
. . ., and it is certain that nothing can be more simple and convenient than the decimal subdivisions. There is every reason to expect that the method will speedily grow into general use, when it shall be seconded by corresponding coins. On this plan the unit in the money of account will continue to be, as established by that resolution [of August 8, 1786], a dollar, and its multiples, dimes, cents, and mills, or tenths, hundreths, [sic] and thousands.
Thus, the phrase "money of account" did not mean, by itself, that dollars or fractions of dollars must be equal to something having intrinsic or "substantive" value. This concept is supported by earlier writings of Thomas Jefferson in his "Notes on the Establishment of a Money Unit, and of a Coinage for the United States" (1784), and the 1782 report to the President of the Continental Congress on the coinage of the United States by the Superintendent of Finances, Robert Morris, which was apparently prepared by the Assistant Superintendent, Gouverneur Morris. See Paul L. Ford, The Writings of Thomas Jefferson, vol. III (G.P. Putnam's Sons, 1894) pp. 446–457; William G. Sumner, The Financier and the Finances of the American Revolution, vol. II (Burt Franklin, 1891, reprinted 1970) pp. 36–47; and George T. Curtis, History of the Constitution, vol. I (Harper and Brothers, 1859) p. 443, n2. The words "or units" and "and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation" are omitted as surplus.
Short Title of 1997 Amendment
Short Title of 1996 Amendment
Short Title of 1992 Amendment
Short Title of 1990 Amendment
1 So in original. Probably should be "hundredths,".
§5102. Standard weight
The standard troy pound of the National Institute of Standards and Technology of the Department of Commerce shall be the standard used to ensure that the weight of United States coins conforms to specifications in
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5102 | 31:364. | R.S. §3548; restated Mar. 4, 1911, ch. 268, §1, |
The words "National Bureau of Standards of the Department of Commerce" are substituted for "Bureau of Standards of the United States" because of 15:1511. The words "troy pound of the mint of the United States, conformably to which the coinage thereof shall be regulated" are omitted as unnecessary because of the restatement. The word "ensure" is substituted for "securing" as being more precise. The words "specifications in
Amendments
1988—
§5103. Legal tender
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5103 | 31:392. | July 23, 1965, |
31:456. | R.S. §3584. |
The words "All . . . regardless of when coined or issued" are omitted as unnecessary because of the restatement. The word "debts" is substituted for "debts, public and private" to eliminate unnecessary words. The words "public charges, taxes, duties, and dues" are omitted as included in "debts".
1983 Act
This restores to 31:5103 the reference to public charges, taxes, and dues because they are not considered to be debts. See, Hagar v. Reclamation District No. 108, 111 U.S. 701, 706 (1884).
Amendments
1983—
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
Section Referred to in Other Sections
This section is referred to in
SUBCHAPTER II—GENERAL AUTHORITY
§5111. Minting and issuing coins, medals, and numismatic items
(a) The Secretary of the Treasury—
(1) shall mint and issue coins described in
(2) may prepare national medal dies and strike national and other medals if it does not interfere with regular minting operations but may not prepare private medal dies;
(3) may prepare and distribute numismatic items; and
(4) may mint coins for a foreign country if the minting does not interfere with regular minting operations, and shall prescribe a charge for minting the foreign coins equal to the cost of the minting (including labor, materials, and the use of machinery).
(b) The Department of the Treasury has a coinage metal fund and a coinage profit fund. The Secretary may use the coinage metal fund to buy metal to mint coins. The Secretary shall credit the coinage profit fund with the amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal. The Secretary shall charge the coinage profit fund with waste incurred in minting coins and the cost of distributing the coins, including the cost of coin bags and pallets. The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund.
(c)
(1)
(2)
(B) Subparagraph (A) shall apply only in the case of a bid or offer from a supplier the principal place of business of which is in a foreign country which does not accord to United States companies the same competitive opportunities for procurements in connection with the production of coins as it accords to domestic companies.
(3)
(A)
(B)
(4) Nothing in paragraph (2) of this subsection in any way affects the procurement by the Secretary of gold and silver for the production of coins by the United States Mint.
(d)(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of
(
In subsection (a)(1), the words "coins described in" are substituted for "coins of the denominations set forth in" in 31:391(a) because of the restatement. The text of 31:253, 272, and 345(1st sentence) is omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:275, 322, 342, 345(last sentence), and 353 is omitted as unnecessary because of the restatement.
In subsection (a)(2), the words "Secretary of the Treasury" are substituted for "engraver" and "superintendent of coining department of the mint at Philadelphia" because of the source provisions restated in section 321(c) of the revised title. The words "under such regulations as the superintendent, with the approval of the Director of the Mint, may prescribe" are omitted as unnecessary because of section 321(b) of the revised title. The words "national medal dies" are substituted for "Dies of a national character" for clarity. The words "or the machinery or apparatus thereof be used for that purpose" are omitted as unnecessary because of the restatement.
In subsection (a)(3), the words "numismatic items" are retained and used throughout the revised title to apply to medals, proof coins, uncirculated coins, numismatic accessories, and other numismatic items to eliminate unnecessary words and for consistency. The words "In connection with the operations of the Bureau of the Mint" are omitted as unnecessary because of the restatement. The text of 31:324h(last sentence) is omitted as unnecessary because of the source provisions restated in section 5132(a) of the revised title.
In subsection (a)(4), the words "may mint" are substituted for "It shall be lawful for coinage to be executed" in 31:367, and the words "regular minting operations" are substituted for "required coinage of the United States", for consistency in the revised section. The words "at the mints of the United States" and "according to the legally prescribed standards and devices of such country" are omitted as unnecessary because of the restatement. The words "The Secretary of the Treasury . . . shall prescribe a charge" are substituted for "the charge . . . to be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The words "minting the foreign coins" are substituted for "the same", for clarity. The words "under such regulations as the Secretary of the Treasury may prescribe" are omitted as unnecessary because of section 321(b) of the revised title.
In subsection (b), the first sentence is added for clarity and because of the restatement. The words "amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal" are substituted for "gain arising from the coinage of metals purchased out of such fund into coin of a nominal value exceeding the cost of such metals" to eliminate unnecessary words. The words "The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund" are substituted for "such sums as shall from time to time be transferred therefrom to the general fund of the Treasury" for clarity and for consistency in the revised title.
In subsection (c), the words "metallic strip" are omitted as being included in "materials", and the word "terms" is omitted as being included in "conditions".
In subsection (d)(1), the words "prohibit or limit" are substituted for "prohibit, curtail, or regulate" because of the restatement and to eliminate unnecessary words. The words "prohibition or limitation" are substituted for "such action" because of the restatement. The words "under such rules and regulations as he may prescribe" are omitted as unnecessary because of section 321(b) of the revised title.
In subsection (d)(2), the word "person" is substituted for "Whoever" for consistency in the revised title.
In subsection (d)(3), the words "and his delegates" are omitted as unnecessary because of the power of the Secretary to delegate under section 321(b) of the revised title. The word "remedies" is substituted for "judicial and other remedies available to the United States" to eliminate unnecessary words. The words "of property subject to forfeiture pursuant to subsection (a) of this section" and "for the enforcement of forfeitures of property subject to forfeiture under any provision of title 26" are omitted as unnecessary because of the restatement.
References in Text
The Internal Revenue Code of 1954, referred to in subsec. (d)(3), was redesignated the Internal Revenue Code of 1986 by
Amendments
1992—Subsec. (b).
1988—Subsec. (c).
Termination of Coinage Profit Fund and Coinage Metal Fund
All assets and liabilities of Coinage Profit Fund and Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and both coinage funds to cease to exist as separate funds as their activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see
Award of Gold Medal to Father Theodore M. Hesburgh
Award of Gold Medal to Rosa Parks
Award of Gold Medal to Little Rock Nine
Award of Gold Medal to Gerald R. and Betty Ford
Award of Gold Medal to Nelson Mandela
Award of Gold Medal to Ecumenical Patriarch Bartholomew
Award of Gold Medal to Mother Teresa of Calcutta
Award of Gold Medal to Frank Sinatra
Congressional Medals for Civilian Participants in Defense of Pearl Harbor
Award of Gold Medal to Billy and Ruth Graham
Award of Gold Medal to Rabbi Menachem Mendel Schneerson
Thomas Jefferson Medals
Benjamin Franklin National Memorial Commemorative Medal and Fire Service Bill of Rights
Silver Congressional Commemorative Medal for Veterans of Persian Gulf Conflict
Award of Gold Medal to General Colin L. Powell
Award of Gold Medal to General H. Norman Schwarzkopf
Award of Gold Medal to General Matthew B. Ridgway
Congressional Medals for Veterans of Attack on Pearl Harbor
Yosemite National Park Centennial Medals
Designation of Medals Issued Under Sections 1491 to 1493 of Pub. L. 101–510 as National Medals
Award of Gold Medal to Laurance Spelman Rockefeller
United States Coast Guard Bicentennial Medals
Award of Gold Medal to Andrew Wyeth
Award of Gold Medal to Mrs. Jesse Owens
Award of Special Gold Medal to Mary Lasker
Award of Gold Medal to Aaron Copland
Award of Gold Medal to Family of Harry Chapin
Award of Gold Medals to Natan (Anatoly) and Avital Shcharansky
Young Astronaut Program Medals
American Arts Gold Medallions
Section Referred to in Other Sections
This section is referred to in
1 See References in Text note below.
§5112. Denominations, specifications, and design of coins
(a) The Secretary of the Treasury may mint and issue only the following coins:
(1) a dollar coin that is 1.043 inches in diameter.
(2) a half dollar coin that is 1.205 inches in diameter and weighs 11.34 grams.
(3) a quarter dollar coin that is 0.955 inch in diameter and weighs 5.67 grams.
(4) a dime coin that is 0.705 inch in diameter and weighs 2.268 grams.
(5) a 5-cent coin that is 0.835 inch in diameter and weighs 5 grams.
(6) except as provided under subsection (c) of this section, a one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams.
(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold.
(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.966 grams, and contains one-half troy ounce of fine gold.
(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold.
(b) The half dollar, quarter dollar, and dime coins are clad coins with 3 layers of metal. The 2 identical outer layers are an alloy of 75 percent copper and 25 percent nickel. The inner layer is copper. The outer layers are metallurgically bonded to the inner layer and weigh at least 30 percent of the weight of the coin. The dollar coin shall be golden in color, have a distinctive edge, have tactile and visual features that make the denomination of the coin readily discernible, be minted and fabricated in the United States, and have similar metallic, anti-counterfeiting properties as United States coinage in circulation on the date of enactment of the United States $1 Coin Act of 1997. The 5-cent coin is an alloy of 75 percent copper and 25 percent nickel. In minting 5-cent coins, the Secretary shall use bars that vary not more than 2.5 percent from the percent of nickel required. Except as provided under subsection (c) of this section, the one-cent coin is an alloy of 95 percent copper and 5 percent zinc. In minting gold coins, the Secretary shall use alloys that vary not more than 0.1 percent from the percent of gold required. The specifications for alloys are by weight.
(c) The Secretary may prescribe the weight and the composition of copper and zinc in the alloy of the one-cent coin that the Secretary decides are appropriate when the Secretary decides that a different weight and alloy of copper and zinc are necessary to ensure an adequate supply of one-cent coins to meet the needs of the United States.
(d)(1) United States coins shall have the inscription "In God We Trust". The obverse side of each coin shall have the inscription "Liberty". The reverse side of each coin shall have the inscriptions "United States of America" and "E Pluribus Unum" and a designation of the value of the coin. The design on the reverse side of the dollar, half dollar, and quarter dollar is an eagle. The Secretary of the Treasury, in consultation with the Congress, shall select appropriate designs for the obverse and reverse sides of the dollar coin. The coins have an inscription of the year of minting or issuance. However, to prevent or alleviate a shortage of a denomination, the Secretary may inscribe coins of the denomination with the year that was last inscribed on coins of the denomination.
(2) The Secretary shall prepare the devices, models, hubs, and dies for coins, emblems, devices, inscriptions, and designs authorized under this chapter. The Secretary may adopt and prepare new designs or models of emblems or devices that are authorized in the same way as when new coins or devices are authorized. The Secretary may change the design or die of a coin only once within 25 years of the first adoption of the design, model, hub, or die for that coin. The Secretary may procure services under
(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in quantities sufficient to meet public demand, coins which—
(1) are 40.6 millimeters in diameter and weigh 31.103 grams;
(2) contain .999 fine silver;
(3) have a design—
(A) symbolic of Liberty on the obverse side; and
(B) of an eagle on the reverse side;
(4) have inscriptions of the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", "1 Oz. Fine Silver", "E Pluribus Unum", and "One Dollar"; and
(5) have reeded edges.
(f)
(1)
(2)
(3)
(g) For purposes of
(h) The coins issued under this title shall be legal tender as provided in
(i)(1) Notwithstanding
(A) have a design determined by the Secretary, except that the fifty dollar gold coin shall have—
(i) on the obverse side, a design symbolic of Liberty; and
(ii) on the reverse side, a design representing a family of eagles, with the male carrying an olive branch and flying above a nest containing a female eagle and hatchlings;
(B) have inscriptions of the denomination, the weight of the fine gold content, the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", and "E Pluribus Unum"; and
(C) have reeded edges.
(2)(A) The Secretary shall sell the coins minted under this subsection to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
(B) The Secretary shall make bulk sales of the coins minted under this subsection at a reasonable discount.
(3) For purposes of
(4)(A) Notwithstanding any other provision of law and subject to subparagraph (B), the Secretary of the Treasury may change the diameter, weight, or design of any coin minted under this subsection or the fineness of the gold in the alloy of any such coin if the Secretary determines that the specific diameter, weight, design, or fineness of gold which differs from that otherwise required by law is appropriate for such coin.
(B) The Secretary may not mint any coin with respect to which a determination has been made by the Secretary under subparagraph (A) before the end of the 30-day period beginning on the date a notice of such determination is published in the Federal Register.
(C) The Secretary may continue to mint and issue coins in accordance with the specifications contained in paragraphs (7), (8), (9), and (10) of subsection (a) and paragraph (1)(A) of this subsection at the same time the Secretary in minting and issuing other bullion and proof gold coins under this subsection in accordance with such program procedures and coin specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.
(j)
(1)
(2)
(k) The Secretary may mint and issue bullion and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.
(l)
(1)
(A)
(B)
(C)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and
(ii) any inscription described in the third sentence of subsection (d)(1) or the designation of the value of the coin appears on the obverse side of any such quarter dollars.
(2)
(3)
(A)
(B)
(4)
(A)
(i) selected by the Secretary after consultation with—
(I) the Governor of the State being commemorated, or such other State officials or group as the State may designate for such purpose; and
(II) the Commission of Fine Arts; and
(ii) reviewed by the Citizens Commemorative Coin Advisory Committee.
(B)
(C)
(D)
(E)
(5)
(6)
(A)
(B)
(C)
(7)
(m)
(1)
(2)
(A)
(i) not more than 750,000 clad half-dollar coins;
(ii) not more than 500,000 silver one-dollar coins; and
(iii) not more than 100,000 gold five-dollar or ten-dollar coins.
(B)
(C)
(
In subsection (a), the words before clause (1) are added because of the restatement. In clause (5), the words "that is 0.835 inch in diameter" are added because the Secretary of the Treasury has prescribed the diameter and the diameter of a coin may not be changed under 31:276. The words "5 grams" are substituted for "seventy-seven and sixteen-hundredths grains troy" for consistency in the revised chapter. In clause (6), the words "that is 0.75 inch in diameter" are added because the Secretary has prescribed the diameter and the diameter of a coin may not be changed under 31:276. The words "except as provided under subsection (c) of this section" are added for clarity and because of the restatement. The words "3.11 grams" are substituted for "forty-eight grains" for consistency in the revised chapter.
In subsection (b), the words "In minting 5-cent coins" are substituted for "in minor-coinage alloys" in 31:346 because 5-cent coins are the minor coins composed of nickel. The words "Secretary shall use" are substituted for "shall be used" because of the source provisions restated in section 321 of the revised title. The word "bars" is substituted for "ingots" for consistency in the revised chapter. The words "2.5 percent" are substituted for "twenty-five thousandths" for consistency in the revised title and with other titles of the United States Code. The words "from the percent of nickel required" are substituted for "the legal standard . . . in the proportion of nickel" because of the restatement. The words "In silver ingots, six-thousandths" are omitted as superseded by the source provisions restated in the section. The words "In gold ingots, one-thousandth" in section 3533 of the Revised Statutes are omitted because gold coinage was discontinued by 31:315b. The words "Except as provided in subsection (c) of this section" are added for clarity and because of the restatement.
In subsection (c), the words "a different weight and alloy of copper and zinc" are substituted for "such action" for clarity.
In subsection (d)(1), the words "an impression emblematic of liberty" in 31:324 are omitted as obsolete. The words "The design on the reverse side of the dollar, half dollar, and quarter dollar is an eagle" are substituted for "and upon the reverse side shall be the figure or representation of an eagle . . . but on the dime, 5-, and 1-cent piece, the figure of the eagle shall be omitted", and the words "The emblem on the obverse side of the dollar is" are substituted for "The one-dollar coin authorized by
In subsection (d)(2), the word "Secretary" is substituted for "engraver", "Director of the Mint", and "Director of the Mint . . . with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The word "dies" is substituted for "from the original dies already authorized all the working dies required for use in the coinage of the several mints" and "original dies" to eliminate unnecessary words. The word "inscription" is substituted for "legend" for consistency in the section. The words "Provided, That no change be made in the diameter of any coin" are omitted as unnecessary because the diameters are prescribed by subsection (a) of the revised section. The words "procure services under
In subsection (e)(2), the words "80 percent" are substituted for "eight hundred parts" in 31:391(d), and the words "20 percent" are substituted for "two hundred parts", for consistency in the revised title and with other titles of the Code. The words "that are metallurgically bonded to" are added for clarity and consistency with subsection (b). In clause (4), the words "the late President of the United States" in 31:324b are omitted as unnecessary. Clause (6) is added because 31:324 applies to coins minted under this subsection.
In subsection (f)(1), before clause (A), the words "Notwithstanding this section and
In subsection (f)(2), the words "under such regulations as he may prescribe" are omitted as unnecessary because of section 321 of the revised title. The word "Treasury" is substituted for "general fund of the Treasury" to eliminate unnecessary words.
The text of 31:399(b)(3) is omitted as unnecessary because of section 5103 of the revised title.
1983 Act
This amends 31:5112(f)(1) to make technical and conforming changes.
References in Text
The date of enactment of the United States $1 Coin Act of 1997, referred to in subsec. (b), is the date of enactment of
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (l)(6)(C), is act June 7, 1939, ch. 190, as revised generally by
Amendments
1998—Subsec. (l)(1)(C).
1997—Subsec. (a)(1).
Subsec. (b).
Subsec. (d)(1).
Subsec. (l).
1996—Subsec. (i)(4)(C).
Subsec. (k).
Subsec. (m).
1994—Subsec. (h).
1992—Subsec. (d)(1).
Subsec. (i)(4).
Subsec. (j).
1988—Subsec. (b).
Subsec. (f).
1985—Subsec. (a)(7) to (10).
Subsec. (e).
Subsec. (f).
Subsecs. (g), (h).
Subsec. (i).
1983—Subsec. (f)(1).
Subsec. (f)(1)(C).
Effective Date of 1996 Amendment
Section 101(f) [title V, §529(e)] of
Effective Date of 1985 Amendments
Section 3 of
Section 205 of title II of
Short Title of 1985 Amendments
Section 1 of
Section 201 of title II of
Findings
"(1) it is appropriate and timely—
"(A) to honor the unique Federal republic of 50 States that comprise the United States; and
"(B) to promote the diffusion of knowledge among the youth of the United States about the individual States, their history and geography, and the rich diversity of the national heritage;
"(2) the circulating coinage of the United States has not been modernized during the 25-year period preceding the date of enactment of this Act [Dec. 1, 1997];
"(3) a circulating commemorative 25-cent coin program could produce earnings of $110,000,000 from the sale of silver proof coins and sets over the 10-year period of issuance, and would produce indirect earnings of an estimated $2,600,000,000 to $5,100,000,000 to the United States Treasury, money that will replace borrowing to fund the national debt to at least that extent; and
"(4) it is appropriate to launch a commemorative circulating coin program that encourages young people and their families to collect memorable tokens of all of the States for the face value of the coins."
Dollar Coins
"(e)
"(1)
"(2)
"(3)
"(f)
"(1)
"(2)
"(3)
Rule of Construction
Study and Report to Congress of 50 States Commemorative Coin Program
"(a)
"(b)
"(c) 50-
"(1)
"(2)
"(3)
"(4)
"(A) selected pursuant to a process, decided upon by the Secretary, on the basis of the study conducted pursuant to subsection (a), which process shall involve, among other things, consultation with appropriate officials of the State being commemorated with such design; and
"(B) reviewed by the Citizens Commemorative Coin Advisory Committee and the Commission of Fine Arts.
"(5)
"(6)
"(A)
"(B)
"(C)
"(d)
Deposit of Profits From Sale of Gold to Mint for Commemorative Coin Program
Section 101(f) [title V, §523] of
Use of Government Platinum Reserves Stockpiled at Mint
Section 101(f) [title V, §524] of
Reform of Commemorative Coin Programs
"SEC. 301. SENSE OF CONGRESS RESOLUTION.
"(a)
"(1) Congress has authorized 18 commemorative coin programs in the 9 years since 1984.
"(2) There are more meritorious causes, events, and people worthy of commemoration than can be honored with commemorative coinage.
"(3) Commemorative coin legislation has increased at a pace beyond that which the numismatic community can reasonably be expected to absorb.
"(4) It is in the interests of all Members of Congress that a policy be established to control the flow of commemorative coin legislation.
"(b)
"SEC. 302. REPORTS BY RECIPIENTS OF COMMEMORATIVE COIN SURCHARGES.
"(a)
"(1)
"(2)
"(3)
"(b)
Amount Equal to Profit From Sale of Gold Coins Deposited in General Fund of Treasury To Reduce National Debt
Section 2(f) of
Issuance of Gold Coins To Result in No Net Cost to United States
Section 2(g) of
Leif Ericson Millennium Commemorative Coins
United States Capitol Visitor Center Commemorative Coins
Lewis and Clark Expedition Bicentennial Commemorative Coins
Thomas Alva Edison Commemorative Coins
Library of Congress Bicentennial Commemorative Coins
First Flight Commemorative Coins
Establishment of Programs Pursuant to Recommendations of Citizens Commemorative Coin Advisory Committee; Definitions
Smithsonian Institution Sesquicentennial Commemorative Coins
Commemoration of 1995 Special Olympic World Games
National Community Service Commemorative Coins
Robert F. Kennedy Memorial Commemorative Coins
United States Military Academy Bicentennial Commemorative Coins
United States Botanic Garden Commemorative Coins
Thomas Jefferson Commemorative Coins
United States Veterans Commemorative Coins
Bicentennial of the United States Capitol Commemorative Coins
World War II 50th Anniversary Commemorative Coins
1996 Olympic Games Commemorative Coins
Civil War Battlefield Commemorative Coins
1992 White House Commemorative Coins
World Cup USA 1994 Commemorative Coins
Christopher Columbus Quincentenary Coins
James Madison—Bill of Rights Commemorative Coins
Korean War Veterans Memorial Thirty-Eighth Anniversary Commemorative Coins
1992 Olympic Commemorative Coins
United Services Organization 50th Anniversary Commemorative Coins
Mount Rushmore Commemorative Coins
Bicentennial of the United States Congress Commemorative Coins
Similar provisions were contained in
Dwight David Eisenhower Commemorative Coins
1988 Olympic Commemorative Coins
Bicentennial of United States Constitution Commemorative Coins
Statue of Liberty-Ellis Island Commemorative Coins
1984 Olympic Commemorative Coins
Possession of Gold Coins and Bullion
The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933. That prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, eff. Dec. 31, 1974. See notes set out under
Section Referred to in Other Sections
This section is referred to in
§5113. Tolerances and testing of coins
(a) The Secretary of the Treasury may prescribe reasonable manufacturing tolerances for specifications in
(b) The Secretary shall keep a record of the kind, number, and weight of each group of coins minted and test a number of the coins separately to determine if the coins conform to the weight specified in
(1) shall weigh each coin of the group separately and deface the coins that do not conform and cast them into bars for reminting; or
(2) may remelt the group of coins.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5113(a) | 31:350. | R.S. §3537; Sept. 26, 1890, ch. 945, §1, |
31:398(5). | July 23, 1965, |
|
5113(b) | 31:351. | R.S. §3538; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), |
In subsection (a), the words "for the dollar, half dollar, quarter dollar, and dime coins" are added because of the restatement. The words "0.194 gram" are substituted for "three grains", and the words "0.13 gram" are substituted for "two grains", for consistency in the revised chapter.
In subsection (b), before clause (1), the words "Secretary shall keep a record of the kind, number, and weight of each group of coins minted" are substituted for 31:351(1st sentence) because of the source provisions restated in section 321(c) of the revised title. In clause (1), the words "deface the coins that do not conform and cast them into bars for reminting" are substituted for "shall be defaced and delivered to the superintendent of melting and refining department as standard bullion, to be again formed into ingots and recoined" for consistency in the revised chapter and to eliminate unnecessary words. In clause (2), the words "if more convenient" are omitted as surplus.
Amendments
1988—Subsec. (a).
§5114. Engraving and printing currency and security documents
(a) The Secretary of the Treasury shall engrave and print United States currency and bonds of the United States Government and currency and bonds of United States territories and possessions from intaglio plates on plate printing presses the Secretary selects. However, other security documents and checks may be printed by any process the Secretary selects. Engraving and printing shall be carried out within the Department of the Treasury if the Secretary decides the engraving and printing can be carried out as cheaply, perfectly, and safely as outside the Department.
(b) United States currency has the inscription "In God We Trust" in a place the Secretary decides is appropriate. Only the portrait of a deceased individual may appear on United States currency and securities. The name of the individual shall be inscribed below the portrait.
(c) The Secretary may make a contract for a period of not more than 4 years to manufacture distinctive paper for United States currency and securities. To promote competition among manufacturers of the distinctive paper, the Secretary may split the award for the manufacture of the paper between the 2 bidders with the lowest prices a pound. When the Secretary decides that it is necessary to operate more than one mill to manufacture distinctive paper, the Secretary may—
(1) employ individuals temporarily at rates of pay equivalent to the rates of pay of regular employees; and
(2) charge the pay of the temporary employees to the appropriation available for manufacturing distinctive paper.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5114(a) | 31:177. | Aug. 24, 1912, ch. 355, §1(4th par. under heading "Engraving and Printing"), |
Jan. 3, 1923, ch. 22(2d par. under heading "Bureau of Engraving and Printing"), |
||
31:415. | Mar. 3, 1877, ch. 105(provisos in par. under heading "Bureau of Engraving and Printing"), |
|
31:416. | R.S. §3577. | |
5114(b) | 31:324a. | July 11, 1955, ch. 303, |
31:413. | R.S. §3576. | |
31:414. | Mar. 2, 1889, ch. 411, §1(5th proviso under heading "Engraving and Printing"), |
|
5114(c) | 31:418. | July 1, 1916, ch. 209, §1(2d par. on p. 277), |
31:418a. | Aug. 11, 1951, ch. 301, §101(proviso under heading "Bureau of Engraving and Printing"), |
|
31:419. | Apr. 4, 1924, ch. 84(1st par. on p. 69), |
In subsection (a), the words "The Secretary of the Treasury shall engrave and print" are substituted for "The work of engraving and printing . . . shall be performed at the Treasury Department" in 31:415 because of the source provisions restated in section 321(c) of the revised title. The words "United States currency and security documents of the United States Government and currency and bonds of the United States territories and possessions" are substituted for "the backs and tints of all United States bonds, the backs and tints of all United States paper money, and the backs and tints of bonds and paper money issued by any of the insular possessions of the United States" in 31:177 to eliminate unnecessary words and for clarity and consistency in the revised title. The words "other security documents and checks" are substituted for "checks" because only currency and bonds must be printed from intaglio plates. The text of 31:177(1st proviso) is omitted as unnecessary because of the authority of the Secretary to engrave and print restated in the subsection and the source provisions restated in section 303 of the revised title. The text of 31:177(last proviso) is omitted as executed. The text of the first and 2d provisos in the 4th paragraph under the heading "Engraving and Printing" in section 1 of the Act of August 24, 1912 (ch. 355,
In subsection (b), the words "United States currency has the inscription" are substituted for "the dies shall bear . . . the inscription" in 31:324a for clarity. The words "At such time as new dies for the printing of currency are adopted" are omitted as executed. The words "and thereafter this inscription shall appear on all United States currency and coins" are omitted as unnecessary because of the restatement of the source provisions in this subsection and section 5112(d) of the revised title. The words "in connection with the current program of the Treasury Department to increase the capacity of presses utilized by the Bureau of Engraving and Printing" in the Act of July 11, 1955 (ch. 303,
In subsection (c), before clause (1), the words "subject to applicable regulations under the Federal Property and Administrative Services Act of 1949, as amended" in 31:418 are omitted as unnecessary. The words "On and after August 11, 1951" in 31:418a are omitted as executed. The words "received after advertisement" are omitted as unnecessary because of 41:252. The words "the Secretary decides" are added for clarity. In clause (1), the words "as may be necessary" in 31:419 are omitted as surplus. In clause (2), the word "pay" is substituted for "compensation" for consistency in the revised subsection and with other titles of the United States Code.
Prohibition on Use of Funds for Manufacture of Distinctive Paper for Currency and Securities by Foreign Owned Corporations or Outside United States; Exception
Similar provisions were contained in the following prior appropriation act:
§5115. United States currency notes
(a) The Secretary of the Treasury may issue United States currency notes. The notes—
(1) are payable to bearer; and
(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.
(b) The amount of United States currency notes outstanding and in circulation—
(1) may not be more than $300,000,000; and
(2) may not be held or used for a reserve.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5115(a) | 31:401. | R.S. §3571. |
5115(b) | 31:402. | June 20, 1874, ch. 343, §6, |
In the section, the words "United States currency notes" are substituted for "United States notes" for clarity and consistency in the revised title.
In subsection (a), the first sentence is added for clarity and because of the restatement. The words "shall not bear interest" are omitted because of the source provisions restated in section 5118 of the revised title.
In subsection (b), before clause (1), the words "in circulation" are substituted for "to be used as a part of the circulation medium" to eliminate unnecessary words. In clause (1), the words "the sum of" are omitted as surplus. The words "which said sum shall appear in each monthly statement of the public debt" are omitted because of the source provisions restated in section 5118 of the revised title. In clause (2), the words "and no part thereof shall" are omitted because of the restatement. The text of section 3(less 2d sentence) of the Act of January 14, 1875 (ch. 15,
Section Referred to in Other Sections
This section is referred to in
§5116. Buying and selling gold and silver
(a)(1) With the approval of the President, the Secretary of the Treasury may—
(A) buy and sell gold in the way, in amounts, at rates, and on conditions the Secretary considers most advantageous to the public interest; and
(B) buy the gold with any direct obligations of the United States Government or United States coins and currency authorized by law, or with amounts in the Treasury not otherwise appropriated.
(2) Amounts received from the purchase of gold are an asset of the general fund of the Treasury. Amounts received from the sale of gold shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt.
(3) The Secretary shall acquire gold for the coins issued under
(b)(1) The Secretary may buy silver mined from natural deposits in the United States, or in a territory or possession of the United States, that is brought to a United States mint or assay office within one year after the month in which the ore from which it is derived was mined. The Secretary may use the coinage metal fund under
(2) The Secretary may sell or use Government silver to mint coins, except silver transferred to stockpiles established under the Strategic and Critical Materials Stock Piling Act (
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5116(a) | 31:733(words after semicolon). | R.S. §3699(words after semicolon); restated Jan. 30, 1934, ch. 6, §9, |
31:734. | R.S. §3700; restated Jan. 30, 1934, ch. 6, §8, |
|
5116(b)(1) | 31:335. | R.S. §3526; restated May 10, 1950, ch. 173, |
31:394. | July 23, 1965, |
|
5116(b)(2) | 31:405a–1. | June 4, 1963, |
In subsection (a)(1), the words "With the approval of the President" are applied to 31:733(words after semicolon) because of 31:822b. The words "at home or abroad" in 31:733(words after semicolon) and 734 are omitted as surplus. The words "terms and" are omitted as included in "conditions". The text of 31:733(proviso) is omitted as superseded by the Bretton Woods Agreement Act (
In subsection (b)(1), the words "coinage metal fund" are substituted for "bullion fund" in 31:335 as being more precise and because of section 5111 of the revised title. The words "after July 23, 1965" in 31:394 are omitted as executed. The words "to procure bullion for coinage" and 31:335(2d–last sentences) are omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 91–1084 (1970).
In subsection (b)(2), the word "terms" is omitted as being included in "conditions". The words "for at least" are substituted for "at a price not less than the monetary value of" to eliminate unnecessary words.
References in Text
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (b)(2), is act June 7, 1939, ch. 190, as revised generally by
Amendments
1988—Subsec. (a)(2).
1985—Subsec. (a)(3).
Subsec. (b)(1).
Subsec. (b)(2).
Effective Date of 1985 Amendments
Amendment by
Amendment by
Termination of Coinage Metal Fund
All assets and liabilities of Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and such coinage fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see
§5117. Transferring gold and gold certificates
(a) All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is transferred to and vests in the United States Government to be held in the Treasury. Payment for the transferred gold is made by crediting equivalent amounts in dollars in accounts established in the Treasury under the 15th paragraph of section 16 of the Federal Reserve Act (
(b) The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934.
(c) With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5117(a) | 31:441(1st, last sentences). | Jan. 30, 1934, ch. 6, §§2(a), 11, |
5117(b) | 31:405b. | Jan. 30, 1934, ch. 6, §14(c), |
31:408a(last proviso). | Jan. 30, 1934, ch. 6, §6(last proviso), |
|
31:441(2d sentence). | ||
5117(c) | 31:822b. |
In subsection (a), the words "On January 30, 1934" are omitted as executed. The word "gold" is substituted for "gold coin and gold bullion" for consistency and to omit unnecessary words. The word "transferred" is substituted for "pass" for consistency in the subsection. The words "to be held in the Treasury" are added for consistency with the source provisions restated in subsection (b) of the revised section.
In subsection (b), the first sentence is substituted for 31:441(2d sentence) for consistency. The word "issued" in 31:405b is omitted as being included in "outstanding". The words "of 42 and two-ninths dollars a fine troy ounce)" are substituted for "at the legal standard provided in
In subsection (c), the word "regulations" is substituted for "rules and regulations", and the word "necessary" is substituted for "necessary or proper", to eliminate unnecessary words.
§5118. Gold clauses and consent to sue
(a) In this section—
(1) "gold clause" means a provision in or related to an obligation alleging to give the obligee a right to require payment in—
(A) gold;
(B) a particular United States coin or currency; or
(C) United States money measured in gold or a particular United States coin or currency.
(2) "public debt obligation" means a domestic obligation issued or guaranteed by the United States Government to repay money or interest.
(b) The United States Government may not pay out any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency (other than gold and silver coins) that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary.
(c)(1) The Government withdraws its consent given to anyone to assert against the Government, its agencies, or its officers, employees, or agents, a claim—
(A) on a gold clause public debt obligation or interest on the obligation;
(B) for United States coins or currency; or
(C) arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money.
(2) Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or currency involved in the proceeding.
(3) Except when consent is not withdrawn under this subsection, an amount appropriated for payment on public debt obligations and for United States coins and currency may be expended only dollar for dollar.
(d)(1) In this subsection, "obligation" means any obligation (except United States currency) payable in United States money.
(2) An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment. This paragraph does not apply to an obligation issued after October 27, 1977.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5118(a) | 31:773d. | Aug. 27, 1935, ch. 780, |
5118(b) | 31:315b. | Jan. 30, 1934, ch. 6, §5, |
31:773a. | ||
5118(c)(1), (2) | 31:773b. | |
5118(c)(3) | 31:773c. | |
5118(d) | 31:463. | June 5, 1933, ch. 48, §1, |
31:463(note). | Oct. 28, 1977, |
In subsection (a), before clause (1), the words "the phrase" are omitted as surplus. In clause (1), the words "declared to be against public policy by
In subsection (b), the words "after January 30, 1934" in 31:315b are omitted as executed. The words "that may be lawfully held" are substituted for "which may be lawfully acquired and are legal tender for public and private debts" in 31:773a for consistency in the subsection and to eliminate unnecessary words. The words "and that the owners of the gold clause securities of the United States shall be, at their election, entitled to receive immediate payment of the stated dollar amount thereof with interest to the date of payment or to prior maturity or to prior redemption date, whichever is earlier" in section 1 of the Act of August 27, 1935 (ch. 780,
In subsection (c)(1), before clause (A), the word "Government" is substituted for "United States" for consistency in the revised title and with other titles of the United States Code. The words "to anyone" are added for clarity. The words "whether by way of suit, counterclaim, set-off, recoupment, or other affirmative action or defense in its own name or in the name of" are omitted as surplus. The word "employees" is added for consistency in the revised title and with other titles of the Code. The word "instrumentalities" is omitted as unnecessary because of section 101 of the revised title. The word "claim" is substituted for "right, privilege, or power" to eliminate unnecessary words and for consistency in the revised title and with other titles of the Code. The words "in any proceeding of any nature whatsoever" are omitted as surplus. In clause (C), the words "or demand" are omitted as surplus.
In subsection (c)(2), the words "any suit commenced prior to August 27, 1935, or which may be commenced by January 1, 1936" are omitted as executed. The words "referred to in this section" are omitted as surplus.
In subsection (c)(3), the words "may be expended" are substituted for "an amount appropriated or authorized to be expended" and "shall be available for or expended in", and the words "dollar for dollar" are substituted for "on an equal and uniform dollar for dollar basis", to eliminate unnecessary words.
In subsection (d)(1), the words "including every obligation of and to the United States" are omitted as surplus. The text of 31:463(b)(words after semicolon) is omitted as unnecessary because of the restatement.
Amendments
1997—Subsec. (d)(2).
1996—Subsec. (d)(2).
1985—Subsec.(b).
Effective Date of 1985 Amendment
Amendment by
§5119. Redemption and cancellation of currency
(a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When redemption in gold is authorized, the redemption may be made only in gold bullion bearing the stamp of a United States mint or assay office in an amount equal at the time of redemption to the currency presented for redemption.
(b)(1) Except as provided in subsection (c)(1) of this section, the following are public debts bearing no interest:
(A) gold certificates issued before January 30, 1934.
(B) silver certificates.
(C) notes issued under the Act of July 14, 1890 (ch. 708,
(D) Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act.
(E) United States currency notes, including those issued under section 1 of the Act of February 25, 1862 (ch. 33,
(2)
(A) redeem any currency described in paragraph (1) from the general fund of the Treasury upon presentment to the Secretary; and
(B) cancel and destroy such currency upon redemption.
The Secretary shall not be required to reissue United States currency notes upon redemption.
(c)(1) The Secretary may determine the amount of the following United States currency that will not be presented for redemption because the currency has been destroyed or irretrievably lost:
(A) circulating notes of Federal reserve banks and national banks issued before July 1, 1929, for which the United States Government has assumed liability.
(B) outstanding currency referred to in subsection (b)(1) of this section.
(2) When the Secretary makes a determination under this subsection, the Secretary shall reduce the amount of that currency outstanding by the amount the Secretary determines will not be redeemed and credit the appropriate receipt account.
(d) To provide a historical collection of United States currency, the Secretary may withhold from cancellation and destruction and transfer to a special account one piece of each design, issue, or series of each denomination of each kind of currency (including circulating notes of Federal reserve banks and national banks) after redemption. The Secretary may make appropriate entries in Treasury accounts because of the transfers.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5119(a) | 31:408a(less last proviso). | Jan. 30, 1934, ch. 6, §§6(less last proviso), 11, 15(1st sentence words between 2d and 3d semicolons), |
31:444(1st sentence words between 2d and 3d semicolons). | ||
31:822b. | ||
5119(b)(1) | 31:405a–3. | June 24, 1967, |
31:911. | June 30, 1961, |
|
31:915(a), (b). | ||
5119(b)(2) | 31:404. | May 31, 1878, ch. 146, |
31:420. | R.S. §3580. | |
31:914. | ||
31:916. | ||
5119(c)(1) | 31:915(c)(words before last comma). | |
5119(c)(2) | 31:405a–2. | |
31:915(c)(words after last comma). | ||
5119(d) | 31:917. |
In subsection (a), the words "Secretary may not redeem" are substituted for "no . . . shall be redeemed" in 31:408a(less last proviso) because of the source provisions restated in section 321 of the revised title. The words "United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)" are substituted for "currency of the United States" and the text of 31:444(1st sentence words between 2d and 3d semicolons) for consistency with
In subsection (b)(1), before clause (A), the words "upon completion of the transfers and credits authorized and directed by
In subsection (b)(2), the words "cancel and destroy" are substituted for "retired" in 31:914 for consistency in the revised section. The words "paragraph (1) of this subsection" are substituted for "Any currency the funds for the redemption or security of which have been transferred pursuant to the provisions of
In subsection (c)(2), the words "When the Secretary makes a determination under this subsection" are added because of the restatement. The words "on the books of the Treasury" are omitted as surplus. The text of 31:405(e)(2)(1st sentence) is omitted as superseded by the source provisions restated in subsection (b).
In subsection (d), the word "paper" is omitted as surplus. The words "(including circulating notes of Federal Reserve banks and national banks)" are substituted for "including bank notes" for consistency in the section. The words "heretofore or hereafter issued" are omitted as surplus.
References in Text
Act of July 14, 1890, ch. 708,
Section 4 of the Old Series Currency Adjustment Act, referred to in subsec. (b)(1)(D), is section 4 of
Acts February 25, 1862, July 11, 1862, and March 3, 1863, and resolution January 17, 1863, referred to in subsec. (b)(1)(E), are acts Feb. 25, 1862, ch. 33,
Amendments
1994—Subsec. (b)(2).
1992—Subsec. (b)(2).
§5120. Obsolete, mutilated, and worn coins and currency
(a)(1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under
(A) obsolete and worn coins and the metal from melting the coins.
(B) proceeds from the sale of the metal.
(C) losses incurred in the sale of the metal.
(D) losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal.
(2) The Secretary shall reimburse the coinage metal fund for losses under paragraph (1)(C) and (D) of this subsection out of amounts in the coinage profit fund under
(b) The Secretary shall—
(1) cancel and destroy (by a secure process) obsolete, mutilated, and worn United States currency withdrawn from circulation; and
(2) dispose of the residue of the currency and notes.
(c) The Comptroller General shall audit the cancellation and destruction of United States currency and the accounting of the cancellation and destruction. Records the Comptroller General considers necessary to make an effective audit easier shall be made available to the Comptroller General.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5120(a) | 31:317c. | Dec. 18, 1942, ch. 767, §3, |
5120(b) | 31:421. | R.S. §3581. |
31:422. | June 23, 1874, ch. 455, §1(3d par. under heading "National Currency"), |
|
5120(c) | 31:49a. | May 20, 1966, |
In subsection (a)(1), before clause (A), the word "obsolete" is substituted for "uncurrent" as being more precise. The words "withdrawn from circulation" are substituted for "received in the Treasury" for clarity. The words "heretofore or hereafter issued" are omitted as surplus. The words "metal from melting the coins" are substituted for "the resulting metal" because of the restatement. The word "reminting" is substituted for "coinage" for consistency in the revised title. The word "material" is omitted as being included in "metal". The words "The Secretary shall account" are substituted for "shall be accounted for by entries" because of the source provisions restated in section 321 of the revised title. In clause (D), the word "face" is substituted for "nominal or face" to eliminate unnecessary words. The words "coins minted from the metal" are substituted for "the amount the same will produce in new coin" for clarity.
In subsection (a)(2), the words "The Secretary shall reimburse" are substituted for "fund shall be reimbursed" because of the source provisions restated in section 321 of the revised title. The text of 31:317c(proviso) is omitted as obsolete because the statutory limit on the coinage metal fund was removed by the restatement of section 3528 of the Revised Statutes by section 206(a) of the Coinage Act of 1965 (
In subsection (b), before clause (1), the words "The Secretary shall" are substituted for "shall be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe" in 31:421 because of the source provisions restated in section 321 of the revised title. In clause (1), the words "cancel and destroy" are substituted for "shall be destroyed" to conform to subsection (c) and section 5118(c) and (e) of the revised title. The words "(by a secure process)" are substituted for "may be destroyed by maceration instead of burning to ashes" in 31:422 to eliminate unnecessary words and because of the source provisions restated in section 321 of the revised title. The words "obsolete, mutilated, and worn . . . withdrawn from circulation" are substituted for "which by law are required to be taken up, and not reissued, when taken up" in 31:421 for consistency with subsection (a) and 12:124. The words "United States currency" are substituted for "all other notes" in 31:421 and "All national bank notes . . . and other obligations of the United States" for consistency in the revised title. The words "Mutilated United States notes, when replaced according to law" are omitted as superseded by the source provisions restated in section 5119(b) of the revised title. The text of the 3d paragraph(words before the first semicolon and between the 2d and last semicolons) under the heading "National Currency" in section 1 of the Act of June 23, 1874 (ch. 455,
In subsection (c), the word "currency" is substituted for "currency . . . unfit for circulation" to eliminate unnecessary words. The words "regardless of who is responsible for, and regardless of who performs, such cancellation, destruction, or accounting" are omitted as unnecessary because of the restatement. The word "record" is substituted for "books, documents, papers, and records", and the words "make . . . easier" are substituted for "facilitate", for consistency in the revised title and with other titles of the United States Code.
Termination of Coinage Profit Fund and Coinage Metal Fund
All assets and liabilities of Coinage Profit Fund and Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and both coinage funds to cease to exist as separate funds as their activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see
§5121. Refining, assaying, and valuation of bullion
(a) The Secretary of the Treasury shall—
(1) melt and refine bullion;
(2) as required, assay coins, metal, and bullion;
(3) cast gold and silver bullion deposits into bars; and
(4) cast alloys into bars for minting coins.
(b) A person owning gold or silver bullion may deposit the bullion with the Secretary to be cast into fine, standard fineness, or unrefined bars weighing at least 5 troy ounces. When practicable, the Secretary shall weigh the bullion in front of the depositor. The Secretary shall give the depositor a receipt for the bullion stating the description and weight of the bullion. When the Secretary has to melt the bullion or remove base metals before the value of the bullion can be determined, the weight is the weight after the melting or removal of the metals. The Secretary may refuse a deposit of gold bullion if the deposit is less than $100 in value or the bullion is so base that it is unsuitable for the operations of the Bureau of the Mint.
(c) When the gold and silver are combined in bullion that is deposited and either the gold or silver is so little that it cannot be separated economically, the Secretary may not pay the depositor for the gold or silver that cannot be separated.
(d)(1) Under conditions prescribed by the Secretary, a person may exchange unrefined bullion for fine bars when—
(A) gold and silver are combined in the bullion in proportions that cannot be economically refined; or
(B) necessary supplies of acids cannot be procured at reasonable rates.
(2) The charge for refining in an exchange under this subsection may be not more than the charge imposed in an exchange of unrefined bullion for refined bullion.
(e) The Secretary shall prepare bars for payment of deposits. The Secretary shall stamp each bar with a designation of the weight and fineness of the bar and a symbol the Secretary considers suitable to prevent fraudulent imitation of the bar.
(
In the section, the word "Secretary" is substituted for "superintendent", "superintendent of melting and refining department", "assayer", "Director of the Mint", and "Director of the Mint, with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title.
In subsection (a), clause (1) is added to provide a complete list of the duties and powers of the Secretary and for consistency with section 5131 of the revised title. In clause (2), the words "as required" are substituted for "required by the operations of the Bureau of the Mint" and "whenever required by the superintendent" in 31:277 to eliminate unnecessary words. The text of 31:330 is omitted as superseded by the source provisions restated in section 321(c) of the revised title. In clause (3), the word "bars" is substituted for "bars conformable in all respects to the law" in 31:274 to eliminate unnecessary words. In clause (4), the word "alloys" is substituted for "standard silver or gold, and alloys for minor" in 31:274, and the text of 31:343(last sentence) is omitted, because coins issued by the Secretary under this chapter are composed of alloys. The words "minting coins" are substituted for "coinage" for consistency in the revised chapter. The words "suitable for the superintendent of coining department, from the metals legally delivered to him for that purpose" in 31:274 and the text of 31:274(last sentence) and 31:343(1st, 2d sentences) are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:344(last sentence) is omitted as unnecessary because of the restatement of the source provisions in sections 5112 and 5113 of the revised title.
In subsections (b) and (d), the word "unrefined" is substituted for "unparted" for consistency in the revised chapter.
In subsection (b), the words "At the option of the owner" and "as he may prefer" in 31:325 and "for his benefit" in 31:327 are omitted as unnecessary because of the restatement. The words "weighing at least" are substituted for "and no such bars shall be issued of a less weight than" in 31:325 to eliminate unnecessary words. The word "troy" is added for clarity. The words "into coin" in section 3519 of the Revised Statutes are omitted because the coinage of gold was discontinued by 31:315b. The text of 31:329(last sentence) is omitted because of the source provisions restated in section 321(c) of the revised title. The words "and no deposit of silver for other coinage shall be received" in 31:328(1st sentence) are omitted as unnecessary because of the restatement.
In subsection (c), the word "economically" is substituted for "advantageously" in 31:327(last sentence) for consistency in the section. The text of 31:328(last sentence) is omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
In subsection (d)(1), before clause (A), the words "at any of the mints" in 31:360(1st sentence) are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:360(2d sentence) is omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
In subsection (d)(2), the words "in an exchange under this subsection" are added for clarity. The word "refining" is substituted for "refining or parting" for consistency in the revised chapter.
In subsection (e), the word "suitable" is substituted for "expedient" in 31:325(words between 4th and last commas) for clarity. The words "but the fineness thereof shall be ascertained and" in 31:347 are omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
Possession of Gold Coins and Bullion
The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933. That prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, eff. Dec. 31, 1974. See notes set out under
Section Referred to in Other Sections
This section is referred to in
§5122. Payment to depositors
(a) The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under
(b) The Secretary shall impose a charge equal to the average cost of material, labor, waste, and use of machinery of a United States mint or assay office for—
(1) melting and refining bullion;
(2) using copper as an alloy when bullion deposited is above standard;
(3) separating gold and silver combined in the bullion; and
(4) preparing bars.
(c) The Secretary shall pay to the depositor or to a person designated by the depositor money or bars equivalent to the bullion deposited as soon as practicable after the value of the deposit is determined. If demanded, the Secretary shall pay depositors in the order in which the bullion is deposited with the Secretary. However, when there is an unavoidable delay in determining the value of a deposit, the Secretary shall pay subsequent depositors. When practicable and convenient, the Secretary shall pay depositors in the denominations requested by the depositor. After the depositor is paid, the bullion is the property of the United States Government.
(d) To allow the Secretary to pay depositors with as little delay as possible, the Secretary shall keep in the mints and assay offices, when possible, money and bullion the Secretary decides are convenient and necessary.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5122(a) | 31:273(last sentence). | R.S. §3506(last sentence). |
31:331. | R.S. §3523. | |
31:334. | R.S. §3525. | |
5122(b) | 31:332. | R.S. §3524; Jan. 14, 1875, ch. 15, §2(words before comma), |
5122(c) | 31:357. | R.S. §3544. |
31:358(2d sentence). | R.S. §3545; June 19, 1878, ch. 329, §1(last par. 1st sentence words before 1st semicolon under heading "Mint at Denver, Colorado"), |
|
5122(d) | 31:358(1st, last sentences). |
In subsection (a), the words "Secretary of the Treasury" are substituted for "he" in 31:273(last sentence) because of the source provisions restated in section 321 of the revised title. The words "fineness, weight, and value of each deposit and bar" and "The value and the amount of charges . . . shall be based on the fineness and weight of the bullion" are substituted for "From the report of the assayer and the weight of the bullion" for clarity and because of the restatement. The words "or deductions, if any" are omitted as being included in "charges". The word "money" is substituted for "in coins" for clarity. The text of 31:331 and 334 is omitted as unnecessary because of the restatement. The text of 31:273(last sentence words after 7th comma) is omitted because of the source provisions restated in section 321 of the revised title.
In subsection (b), the words "Secretary shall impose a charge" are substituted for "shall be fixed, from time to time, by the director, with the concurrence of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The words "for toughening when metals are contained in it which render it unfit for coinage" are omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 91–1084 (1970).
In subsection (c), the words "person designated by the depositor" are substituted for "his order" for clarity. The words "an unavoidable delay in determining the value of a deposit" are substituted for "delay in manipulating a refractory deposit, or for any other unavoidable cause" in 31:357 for clarity.
In subsection (d), the words "the Secretary to pay depositors" are substituted for "the several mints and assay offices of the United States to make returns to depositors" because of the source provisions restated in section 321(c) of the revised title. The words "when the state of the Treasury will admit thereof" are omitted as surplus. The words "under such rules and regulations as may be prescribed by the said Secretary" are omitted as unnecessary because of section 321(b) of the revised title. The text of 31:358(last sentence) is omitted as surplus.
Section Referred to in Other Sections
This section is referred to in
SUBCHAPTER III—UNITED STATES MINT
Amendments
1992—
§5131. Organization
(a) The United States Mint has—
(1) a United States mint at Philadelphia, Pennsylvania.
(2) a United States mint at Denver, Colorado.
(3) a United States mint at West Point, New York.
(4) a United States mint at San Francisco, California.
(b) The Secretary of the Treasury shall carry out duties and powers related to refining and assaying bullion, minting coins, striking medals, and numismatic items at the mints. However, until the Secretary decides that the mints are adequate for minting and striking an ample supply of coins and medals, the Secretary may use any facility of the United States Mint to mint coins and strike medals and to store coins and medals.
(c) Laws on mints, officers and employees of mints, and punishment of offenses related to mints and minting coins apply to assay offices, as applicable.
(
In subsection (a), the words "The Bureau of the Mint has" are substituted for "embracing in its organization and under its control all mints . . . and all assay offices" in 31:251(1st sentence words after 1st comma) because of the restatement and to eliminate unnecessary words. The words "for the manufacture of coin . . . for the stamping of bars, which have been, or which may be, authorized by law" are omitted as superseded by the source provisions restated in subsection (b).
In subsection (b), the words "The Secretary of the Treasury shall carry out duties and powers" are added because of the source provisions restated in section 321 of the revised title. The words "related to refining and assaying bullion, minting coins, striking medals, and numismatic items at the mints and assay offices" are substituted for 31:278(1st sentence words before comma), 283(1st–26th words), and 361(1st sentence words before 1st comma) to eliminate unnecessary words and for consistency with the source provisions restated in sections 5111(a)(1)–(3) and 5120(a) of the revised title. The words "and not coin" in 31:278 are omitted as unnecessary because of the restatement. The words "and no metals shall be purchased for minor coinage" are omitted as superseded by section 5111(b) of the revised title. The text of 31:278(2d, last sentences) is omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 91–1084 (1970). The words "except that until the Secretary of the Treasury determines that the mints of the United States are adequate for the production of ample supplies of coins, its facilities may be used for the production of coins" in 31:283(1st sentence) are omitted as superseded by the source provisions restated in the subsection. The words "striking" and "strike" are added for consistency with section 5111 of the revised title.
In subsection (c), the text of 31:281(words before semicolon) is omitted as superseded by the source provisions restated in section 321 of the revised title, and 31:281(words after semicolon) is omitted as superseded by the source provisions restated in subsection (d) and by 5:ch. 35, subch. II.
In subsection (e), the words "the mint at Philadelphia" are substituted for "any building constructed pursuant to this subchapter" because that is the building that was constructed under the subchapter.
Amendments
1996—Subsecs. (c), (d).
1992—Subsec. (a).
Subsec. (b).
Subsec. (e).
1988—Subsec. (a)(3).
Subsec. (a)(4).
Subsec. (b).
Subsec. (c).
Authority of Special Police Officers
For authority of special police officers of United States Mint over buildings and land under control and in vicinity of the Mint and to protection in transit of bullion, coins, dies, and other property and assets of the Mint, see section 101(f) [title V, §517(2), (3)] of
§5132. Administrative
(a)(1) Except as provided in this chapter, the Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts amounts the Secretary receives from the operations of the United States Mint. Expenditures made from appropriated funds which are subsequently determined to be properly chargeable to the Numismatic Public Enterprise Fund established by section 5134 shall be reimbursed by such Fund to the appropriation. The Secretary shall annually sell to the public, directly and by mail, sets of uncirculated and proof coins minted under paragraphs (1) through (6) of
(2)(A) In addition to the coins described in paragraph (1), the Secretary shall sell annually to the public directly and by mail, sets of proof coins minted under paragraphs (1) through (6) of section 5112(a).
(B) Notwithstanding any other provision of law, for purposes of this paragraph—
(i) the coins described in paragraphs (1) through (4) of section 5112(a) shall be made of an alloy of 90 percent silver and 10 percent copper; and
(ii) all coins minted under this paragraph shall have a mint mark indicating the place of manufacture.
(C) All coins minted under this paragraph shall be considered to be—
(i) numismatic items for purposes of paragraph (1) and section 5111(a)(3); and
(ii) legal tender, as provided in section 5103.
(D) The Secretary shall obtain silver for coins minted under this paragraph by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act (
(3) Not more than $54,208,000 may be appropriated to the Secretary for the fiscal year ending on September 30, 1993, to pay costs of the mints. Not more than $965,000 of amounts appropriated pursuant to the preceding sentence shall remain available until expended for research and development.
(b) To the extent the Secretary decides is necessary, the Secretary may use amounts received from depositors for refining bullion and the proceeds from the sale of byproducts (including spent acids from surplus bullion recovered in refining processes) to pay the costs of refining the bullion (including labor, material, waste, and loss on the sale of sweeps). The Secretary may not use amounts appropriated for the mints to pay those costs.
(c) The Secretary shall make an annual report at the end of each fiscal year on the operation of the United States Mint.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5132(a) | 31:273(1st, 2d sentences). | R.S. §3506(1st, 2d sentences). |
31:369. | R.S. §3552; restated May 10, 1950, ch. 172, |
|
5132(b) | 31:361(1st sentence words after 1st comma, last sentence). | June 19, 1878, ch. 329, §1(2d sentence words before last semicolon on p. 191), |
July 7, 1898, ch. 571(7th par. 1st sentence words after 1st comma, last sentence under heading "Mints and Assay Offices"), |
||
5132(c) | 31:253. | R.S. §345. |
In subsection (a)(1), the words "Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts" are substituted for "shall . . . be covered into the Treasury" in 31:369 because of the source provisions restated in section 321(c) of the revised title. The words "amounts the Secretary receives from the operations of the Bureau of the Mint" are substituted for "The money arising from all charges and deductions on and from gold and silver bullion and from all other sources" for clarity and to eliminate unnecessary words. The words "amounts from" are substituted for "money arising from the manufacture and sale of" to eliminate unnecessary words. The words "numismatic items" are substituted for "medals, proof coins, and uncirculated coins" for consistency with section 5111(a)(3) of the revised title. The words "minting coins" are substituted for "silver or minor coinage" for consistency with section 5112 of the revised title. The words "made by law" are omitted as surplus. The words "on estimates furnished by the Secretary of the Treasury" are omitted because of section 1108 of the revised title. The text of 31:273(1st, 2d sentences) is omitted because of section 321 of the revised title and the other source provisions restated in this chapter.
In subsection (a)(2), the words "ending September 30" are added for clarity and consistency in the revised title. The words "to pay costs" are substituted for "for all expenditures (salaries and expenses)" for consistency in the revised title and to eliminate unnecessary words. The words "not herein otherwise provided for" are omitted as surplus.
In subsection (b), the word "refining" is substituted for "parting and refining" for consistency in the revised chapter. The words "mints and assay offices" are substituted for "coinage mints and assay office at New York" because of the source provisions restated in section 5131(b) of the revised title. The words "pursuant to law" are omitted as surplus.
In subsection (c), the text of 31:253(less 18th–38th words) is omitted as superseded by the source provisions restated in section 321(c) of the revised title.
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5132(a)(2) | 31 App.:369. | Sept. 8, 1982, |
1984 Act
This is necessary because the language was restated by section 382(h)(1) of the Omnibus Budget Reconciliation Act of 1981 (
References in Text
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (a)(2)(D), is act June 7, 1939, ch. 190, as revised generally by
Amendments
1992—Subsec. (a)(1).
Subsec. (a)(3) to (5).
Subsec. (c).
1990—Subsec. (a)(2) to (5).
1988—Subsec. (a)(2) to (4).
Subsec. (b).
1985—Subsec. (a)(1).
1984—Subsec. (a)(1).
1983—Subsec. (a)(1).
Subsec. (a)(2).
Effective Date of 1992 Amendment
Section 221(e) of
Effective Date of 1985 Amendments
Amendment by
Amendment by
Effective Date of 1984 Amendment
Amendment by
Termination of Numismatic Public Enterprise Fund
All assets and liabilities of Numismatic Public Enterprise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see
Section Referred to in Other Sections
This section is referred to in
§5133. Settlement of accounts
(a) The Secretary of the Treasury shall—
(1) charge the superintendent of each mint with the amount in weight of standard metal of bullion the superintendent receives from the Secretary;
(2) credit each superintendent with the amount in weight of coins, clippings, and other bullion the superintendent returns to the Secretary; and
(3) charge separately to each superintendent, who shall account for, copper to be used in the alloy of gold and silver bullion.
(b)
(1)
(2)
(A) return to the Secretary any coin, clipping, or other bullion in the possession of the superintendent; and
(B) present the Secretary with a statement of bullion received and returned since the last settlement (including any bullion returned for settlement).
(3)
(A) audit the accounts of each superintendent; and
(B) allow each superintendent the waste of precious metals that the Secretary determines is necessary—
(i) for refining and minting (within the limitations which the Secretary shall prescribe); and
(ii) for casting fine gold and silver bars (within the limit prescribed for refining), except that any waste allowance under this clause may not apply to deposit operations.
(c) After settlement, the Secretary shall compare the amount of gold and silver bullion and coins on hand with the total liabilities of the mints. The Secretary also shall make a statement of the ordinary expense account.
(d) The Secretary shall procure for each mint a series of standard weights corresponding to the standard troy pound of the National Institute of Standards and Technology of the Department of Commerce. The series shall include a one pound weight and multiples and subdivisions of one pound from .01 grain to 25 pounds. At least once a year, the Secretary shall test the weights normally used in transactions at the mints against the standard weights.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5133(a) | 31:354(1st sentence). | R.S. §3541; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), |
31:355(last sentence). | R.S. §3542; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), |
|
5133(b) | 31:283(2d, last sentences). | R.S. §3558(2d, last sentences); restated July 11, 1962, |
31:354(last sentence). | ||
31:355(1st, 2d sentences). | ||
5133(c) | 31:356. | R.S. §3543. |
5133(d) | 31:365. | R.S. §3549; restated Mar. 4, 1911, ch. 268, §2, |
In the section, the word "Secretary" is substituted for "superintendent" and "Director of the Mint" in 31:354, 356, 365, and the word "Superintendent" is substituted for "superintendent of coining department" in 31:354 and 355 and "superintendent of melting and refining", because of the source provisions restated in section 321(c) of the revised title.
In subsection (a), the words "superintendent of each mint and the assay office at New York and the officer in charge of the assay office at San Francisco" are added because of the source provisions restated in section 5131(b) and (c) of the revised title.
In subsection (b), before clause (1), the words "shall settle" are substituted for "and at such time as the . . . shall appoint, there shall be an accurate and full settlement" in 31:354(last sentence) to eliminate unnecessary words. In clause (1), the words "The Secretary shall audit" are substituted for "When all the coins, clippings, and other bullion have been delivered to the superintendent, it shall be his duty to examine" in 31:355(1st, 2d sentences) to eliminate unnecessary words. In clause (2), the words "the waste of precious metals . . . decides is necessary for refining and minting" are substituted for "The difference between the amount charged and credited to each officer . . . as necessary wastage, if . . . shall be satisfied that there has been a bona fide waste of the precious metals" for consistency in the subsection and to eliminate unnecessary words. In clause (3), the words "limitations prescribed for refining" are substituted for "that provided for the melter and refiner" in 31:283(2d, last sentences) for consistency in the subsection. The word "bona fide" is omitted as being included in "necessary".
In subsection (c), the words "It shall also be the duty of the superintendent to forward a correct statement of his balance sheet" are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words "mints and assay offices" are substituted for "mint" for consistency in the section.
In subsection (d), the words "National Bureau of Standards of the Department of Commerce" are substituted for "Bureau of Standards of the United States" because of 15:1511. The words "from .01 grain" are substituted for "from the hundredths part of a grain" for consistency. The words "under the inspection of the superintendent and assayer" are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words "and the accuracy of those used at the mint at Philadelphia shall be tested annually in the presence of the assay commissioners, at the time of the annual examination and test of coins" are omitted because the position of assay commissioner was abolished by section 201 of the Act of March 14, 1980 (
Amendments
1988—Subsec. (a)(1).
Subsec. (a)(2).
Subsec. (a)(3).
Subsec. (b).
"(1) audit the accounts and statements of each superintendent and the officer;
"(2) allow each superintendent the waste of precious metals, within limitations prescribed by the Secretary, that the Secretary decides is necessary for refining and minting; and
"(3) allow the officer the waste, within the limitations prescribed for refining, that the Secretary decides is necessary in casting fine gold and silver bars, except that the waste allowance may not apply to deposit operations."
Subsec. (c).
Subsec. (d).
§5134. Numismatic Public Enterprise Fund
(a)
(1)
(2)
(3)
(4)
(A) means the activities concerning, and assets utilized in, the production, administration, sale, and management of numismatic items and the Numismatic Public Enterprise Fund; and
(B) includes capital, personnel salaries, functions relating to operations, marketing, distribution, promotion, advertising, and official reception and representation, the acquisition or replacement of equipment, and the renovation or modernization of facilities (other than the construction or acquisition of new buildings).
(5)
(b)
(c)
(1)
(2)
(3)
(4)
(5)
(A)
(B)
(i) a statement of the total amount transferred to the Treasury pursuant to subparagraph (A) during the period covered by the report;
(ii) a statement of the amount by which the amount on deposit in the Fund at the end of the period covered by the report exceeds the estimated operating costs of the Fund for the 1-year period beginning at the end of such period; and
(iii) an explanation of the specific purposes for which such excess amounts are being retained in the Fund.
(d)
(1)
(2)
(3)
(e)
(1)
(2)
(A) the overall financial position (including assets and liabilities) of the Fund as of the end of the fiscal year;
(B) the results of the numismatic operations and programs of the Fund during the fiscal year;
(C) the cash flows or the changes in financial position of the Fund; and
(D) a reconciliation of the financial statement to the budget reports of the Fund.
(3)
(A)
(i) by—
(I) an independent external auditor; or
(II) the Inspector General of the Department of the Treasury,
as designated by the Secretary; and
(ii) in accordance with the generally accepted Government auditing standards issued by the Comptroller General of the United States.
(B)
(i) to the Secretary by March 31 of the year beginning after the end of the fiscal year covered by such financial statement; and
(ii) containing the auditor's opinion on—
(I) the financial statement of the Fund;
(II) the internal accounting and administrative controls and accounting systems of the Fund; and
(III) the Fund's compliance with applicable laws and regulations.
(4)
(A)
(B)
(i) the financial statement prepared under paragraph (1) for such fiscal year;
(ii) the audit report submitted to the Secretary pursuant to paragraph (3)(B) for such fiscal year;
(iii) a description of activities carried out during such fiscal year;
(iv) a summary of information relating to numismatic operations and programs contained in the reports on systems on internal accounting and administrative controls and accounting systems submitted to the President and the Congress under section 3512(c);
(v) a summary of the corrective actions taken with respect to material weaknesses relating to numismatic operations and programs identified in the reports prepared under section 3512(c);
(vi) any other information the Secretary considers appropriate to fully inform the Congress concerning the financial management of the Fund; and
(vii) a statement of the total amount of excess funds transferred to the Treasury.
(5)
(A)
(B)
(i) the sources of income including surcharges; and
(ii) expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping.
(f)
(1)
(A) all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and
(B) the designated recipient organization submits an audited financial statement that demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the maximum amount the organization may receive from the proceeds of such surcharge.
(2)
(A)
(B)
(i) the amount of payments received by the designated recipient organization from the fund 2 during the fiscal year of the organization for which the audit is conducted that are derived from the proceeds of any surcharge imposed on the sale of any numismatic item;
(ii) the amount expended by the designated recipient organization from the proceeds of such surcharges during the fiscal year of the organization for which the audit is conducted; and
(iii) whether all expenditures by the designated recipient organization during the fiscal year of the organization for which the audit is conducted from the proceeds of such surcharges were for authorized purposes.
(C)
(D)
(i) submit a copy of the report to the Secretary of the Treasury; and
(ii) make a copy of the report available to the public.
(E)
(F)
(G)
(H)
(3)
(4)
(g)
(1)
(2)
(A) a detailed financial statement, prepared in accordance with generally accepted accounting principles, that includes financial information specific to that quarter, as well as cumulative financial information relating to the entire program;
(B) a detailed accounting of—
(i) all costs relating to marketing efforts;
(ii) all funds projected for marketing use;
(iii) all costs for employee travel relating to the promotion of commemorative coin programs;
(iv) all numismatic items minted, sold, not sold, and rejected during the production process; and
(v) the costs of melting down all rejected and unsold products;
(C) adequate market-based research for all commemorative coin programs; and
(D) a description of the efforts of the Mint in keeping the sale price of numismatic items as low as practicable.
(Added
References in Text
Section 221(b) of the United States Mint Reauthorization and Reform Act of 1992, referred to in subsec. (b), is section 221(b) of
The date of enactment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, referred to in subsec. (g)(1), is the date of enactment of section 101(f) of title I of div. A of
Amendments
1996—Subsec. (c)(2).
Subsec. (f).
Subsec. (g).
Effective Date of 1996 Amendment
Section 101(f) [title V, §529(b)(3)] of
Effective Date
Section applicable with respect to fiscal years beginning after fiscal year 1992, see section 221(e) of
Termination of Numismatic Public Enterprise Fund
All assets and liabilities of Numismatic Public Enterprise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see
Initial Funding of Fund From Existing Numismatic Operations
Section 221(b) of
"(1)
"(A) from the Mint's numismatic profits for such fiscal year, an amount which the Secretary determines to be necessary—
"(i) to meet existing numismatic liabilities and obligations; and
"(ii) to provide working capital for Mint numismatic operations and programs; and
"(B) all numismatic receivables, and the numismatic operations and programs (including liabilities and other obligations) of the United States Mint, and the land and buildings of the San Francisco Mint, the Old San Francisco Mint, and the West Point Mint, capitalized at current book value as carried in the Mint combined statement of financial condition.
"(2)
"(3)
"(A)
"(B)
"(C)
Section Referred to in Other Sections
This section is referred to in
1 So in original. Probably should be capitalized.
2 So in original. Probably should be capitalized.
§5135. Citizens Commemorative Coin Advisory Committee
(a)
(1)
(2)
(3)
(A)
(i) 3 of whom shall be appointed from among individuals specially qualified to serve on the committee by reason of their education, training, or experience in art, art history, museum or numismatic collection curation, or numismatics;
(ii) 1 of whom shall be appointed from among officers or employees of the United States Mint who will represent the interests of the Mint; and
(iii) 3 of whom shall be appointed from among individuals who will represent the interest of the general public.
(B)
(4)
(A)
(B)
(C)
(5)
(A)
(B)
(6)
(7)
(A)
(B)
(b)
(1)
(A) designate annually the events, persons, or places that the Advisory Committee recommends be commemorated by the issuance of commemorative coins in each of the 5 calendar years succeeding the year in which such designation is made;
(B) make recommendations with respect to the mintage level for any commemorative coin recommended under subparagraph (A); and
(C) submit a report to the Congress containing a description of the events, persons, or places which the Committee recommends be commemorated by a coin, the mintage level recommended for any such commemorative coin, and the committee's reasons for such recommendations.
(2)
(c)
(Added
References in Text
The Federal Advisory Committee Act, referred to in subsec. (c), is
Amendments
1996—Subsec. (a)(4).
Subsec. (a)(7).
Staggered Terms for Members of Citizens Commemorative Coin Advisory Committee
Section 303(b) of
"(1) 1 member appointed under clause (i) and 1 member appointed under clause (iii), as designated by the Secretary, shall be deemed to have been appointed to a term which ends on December 31, 1997;
"(2) 1 member appointed under clause (i) and 1 member appointed under clause (iii), as designated by the Secretary, shall be deemed to have been appointed to a term which ends on December 31, 1998; and
"(3) 1 member appointed under clause (i) and 1 member appointed under clause (iii), as designated by the Secretary, shall be deemed to have been appointed to a term which ends on December 31, 1999."
Status of Members of Citizens Commemorative Coin Advisory Committee
Section 303(c) of
Section Referred to in Other Sections
This section is referred to in
§5136. United States Mint Public Enterprise Fund
There shall be established in the Treasury of the United States, a United States Mint Public Enterprise Fund (the "Fund") for fiscal year 1996 and hereafter: Provided, That all receipts from Mint operations and programs, including the production and sale of numismatic items, the production and sale of circulating coinage, the protection of Government assets, and gifts and bequests of property, real or personal shall be deposited into the Fund and shall be available without fiscal year limitations: Provided further, That all expenses incurred by the Secretary of the Treasury for operations and programs of the United States Mint that the Secretary of the Treasury determines, in the Secretary's sole discretion, to be ordinary and reasonable incidents of Mint operations and programs, and any expense incurred pursuant to any obligation or other commitment of Mint operations and programs that was entered into before the establishment of the Fund, shall be paid out of the Fund: Provided further, That not to exceed 6.2415 percent of the nominal value of the coins minted, shall be paid out of the Fund for the circulating coin operations and programs in fiscal year 1996 for those operations and programs previously provided for by appropriation: Provided further, That the Secretary of the Treasury may borrow such funds from the General Fund as may be necessary to meet existing liabilities and obligations incurred prior to the receipt of revenues into the Fund: Provided further, That the General Fund shall be reimbursed for such funds by the Fund within one year of the date of the loan: Provided further, That the Fund may retain receipts from the Federal Reserve System from the sale of circulating coins at face value for deposit into the Fund (retention of receipts is for the circulating operations and programs): Provided further, That the Secretary of the Treasury shall transfer to the Fund all assets and liabilities of the Mint operations and programs, including all Numismatic Public Enterprise Fund assets and liabilities, all receivables, unpaid obligations and unobligated balances from the Mint's appropriation, the Coinage Profit Fund, and the Coinage Metal Fund, and the land and buildings of the Philadelphia Mint, Denver Mint, and the Fort Knox Bullion Depository: Provided further, That the Numismatic Public Enterprise Fund, the Coinage Profit Fund and the Coinage Metal Fund shall cease to exist as separate funds as their activites 1 and functions are subsumed under and subject to the Fund, and the requirements of
(Added
Codification
Section 522 of
Section Referred to in Other Sections
This section is referred to in
1 So in original. Probably should be "activities".
SUBCHAPTER IV—BUREAU OF ENGRAVING AND PRINTING
§5141. Operation of the Bureau
(a) The Secretary of the Treasury shall prepare and submit to the President an annual business-type budget for the Bureau of Engraving and Printing.
(b)(1) The Secretary shall maintain in the Bureau an integrated accounting system with internal controls that—
(A) ensures adequate control over assets and liabilities of the Bureau of Engraving and Printing Fund described in
(B) develops accurate production costs to enable the Bureau to recover those costs on the basis of the work requisitioned;
(C) provides for replacement of capitalized equipment and other fixed assets by maintaining adequate depreciation reserves based on original cost or appraised values;
(D) discloses the financial condition and operations of the Fund on an accrual basis of accounting; and
(E) provides information for the prior fiscal year on the annual budget of the Bureau.
(2) The accounting system shall conform to principles and standards prescribed by the Comptroller General to carry out this subsection. The Comptroller General may review the system to ensure conformity to the principles and standards and its effectiveness of operation.
(c) An officer or employee in the clerical-mechanical service of the Bureau assigned to an established shift or tour of duty at least half of which occurs between 6 p.m. and 6 a.m. is entitled to pay for the regular 40-hour week (except when on leave) at a rate of pay 15 percent higher than the day rate for the same work.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5141(a) | 31:181b. | Aug. 4, 1950, ch. 558, §§4, 5, |
5141(b) | 31:181c. | |
5141(c) | 31:180. | July 1, 1944, ch. 357, |
In subsection (a), the word "budget" is substituted for "budget program" to eliminate unnecessary words. The words "to the President" are added because of
In subsection (b)(1), before clause (A), the words "Secretary shall maintain" are substituted for "There shall be installed and maintained" because of sections 301 and 303 of the revised title and to eliminate executed words. The words "internal controls" are substituted for "including proper features of internal control" to eliminate unnecessary words. In clause (B), the word "costs" is substituted for "direct and indirect costs" to eliminate unnecessary words. In clause (D), the word "basis" is substituted for "method" for clarity. In clause (E), the words "provides information" are substituted for "supply on the basis of accounting results the data" to eliminate unnecessary words. The word "prior" is substituted for "last completed" for consistency in the revised title.
In subsection (c), the words "An officer or employee" are substituted for "employees" for consistency in the revised title and with other titles of the United States Code. The words "assigned to an established shift or tour of duty at least half of which occurs between the hours of 6 p.m. and 6 a.m." are substituted for "assigned to perform their work at night" and 31:180(proviso) to eliminate unnecessary words.
Authority of Special Police Officers
"(1) The authority of the special police officers of the Bureau of Engraving and Printing, in the Washington, DC Metropolitan area, extends to buildings and land under the custody and control of the Bureau; to buildings and land acquired by or for the Bureau through lease, unless otherwise provided by the acquisition agency; to the streets, sidewalks and open areas immediately adjacent to the Bureau along Wallenberg Place (15th Street) and 14th Street between Independence and Maine Avenues and C and D Streets between 12th and 14th Streets; to areas which include surrounding parking facilities used by Bureau employees, including the lots at 12th and C Streets, SW, Maine Avenue and Water Streets, SW, Maiden Lane, the Tidal Basin and East Potomac Park; to the protection in transit of United States securities, plates and dies used in the production of United States securities, or other products or implements of the Bureau of Engraving and Printing which the Director of that agency so designates.
"(2) The authority of the special police officers of the United States Mint extends to the buildings and land under the custody and control of the Mint; to the streets, sidewalks and open areas in the vicinity to such facilities; to surrounding parking facilities used by Mint employees; and to the protection in transit of bullion, coins, dies, and other property and assets of, or in the custody of, the Mint.
"(3) The exercise of police authority by Bureau or Mint officers, with the exception of the exercise of authority upon property under the custody and control of the Bureau or the Mint, respectively, shall be deemed supplementary to the Federal police force with primary jurisdictional responsibility. This authority shall be in addition to any other law enforcement authority which has been provided to these officers under other provisions of law or regulations."
Similar provisions were contained in the following prior appropriation acts:
Section Referred to in Other Sections
This section is referred to in title 5 sections 5349, 5545.
§5142. Bureau of Engraving and Printing Fund
(a) The Department of the Treasury has a Bureau of Engraving and Printing Fund. Amounts—
(1) in the Fund are available to operate the Bureau of Engraving and Printing;
(2) in the Fund remain available until expended; and
(3) may be appropriated to the Fund.
(b) The Fund consists of—
(1) property and physical assets (except buildings and land) acquired by the Bureau;
(2) all amounts received by the Bureau; and
(3) proceeds from the disposition of property and assets acquired by the Fund.
(c) The capital of the Fund consists of—
(1) amounts appropriated to the Fund;
(2) physical assets of the Bureau (except buildings and land) as of the close of business June 30, 1951; and
(3) all payments made after June 30, 1974, under
(d) The Secretary shall deposit each fiscal year, in the Treasury as miscellaneous receipts, amounts accruing to the Fund in the prior fiscal year that the Secretary decides are in excess of the needs of the Fund. However, the Secretary may use the excess amounts to restore capital of the Fund reduced by the difference between the charges for services of the Bureau and the cost of providing those services.
(e) The Secretary shall maintain a special deposit account in the Treasury for the Fund. The Secretary shall credit the account with amounts appropriated to the Fund and receipts of the Bureau without depositing the receipts in the Treasury as miscellaneous receipts.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5142(a) | 31:181a(a)(1st sentence), (d). | Aug. 4, 1950, ch. 558, §2, |
5142(b) | 31:181a(c). | |
5142(c) | 31:181a(a)(last sentence), (b). | |
31:181(note). | July 31, 1977, |
|
5142(d) | 31:181a(e). | |
5142(e) | 31:181a(f). |
In subsection (a), before clause (1), the words "as of July 1, 1951" are omitted as executed. In clause (1), the words "subsequent to June 30, 1951" are omitted as executed. In clause (2), the words "remain available until expended" are substituted for "shall be available without fiscal year limitation" for consistency in the revised title and with other titles of the United States Code.
In subsection (b)(2), the words "amounts received by the Bureau" are substituted for "all amounts recoverable as provided in
In subsection (c)(1), the words "amounts appropriated to the Fund" are substituted for "an initial appropriation by the Congress to the fund of not to exceed $5,000,000 and such additional amounts as from time to time may be appropriated for the purposes of the fund" to eliminate unnecessary words.
In subsection (c)(2), the words "such inventories and other physical assets to be capitalized at fair and reasonable values to be determined by the Secretary" are omitted as executed. The words "receivables and the inventories" are omitted as covered by "physical assets". The words "unexpended balances of appropriations" are omitted as unnecessary because of clause (1).
In subsection (c)(3), the words "$5,000,000, to remain available until expended" are omitted as unnecessary because of the source provision restated in subsection (a)(2) of this section. The text of 31:181a(a)(3) and (b) is omitted as executed.
In subsection (d), the words "each fiscal year" are substituted for "ensuing fiscal year", and the words "prior fiscal year" are added, because of the restatement. The word "Secretary" is added because of sections 301 and 303 of the revised title. The words "decides are in excess of the needs of the Fund" are substituted for "surplus" for consistency in the chapter. The words "may use" are substituted for "may be applied first" to eliminate unnecessary words. The word "reduced" is substituted for "impairment" for clarity.
In subsection (e), the words "Secretary shall maintain" are substituted for "shall be established" because of sections 301 and 303 of the revised title and to eliminate executed words. The words "in the Treasury" are substituted for "with the Treasurer of the United States" because of Department of the Treasury Order 229 of January 14, 1974 (39 F.R. 2280). The text of 31:181a(f)(last sentence) is omitted as unnecessary because of the source provisions restated in section 3325 of the revised title.
Section Referred to in Other Sections
This section is referred to in
§5143. Payment for services
The Secretary of the Treasury shall impose charges for Bureau of Engraving and Printing services the Secretary provides to an agency. The charges shall be in amounts the Secretary considers adequate to cover the costs of the services (including administrative costs related to providing the services). The agency shall pay promptly bills submitted by the Secretary.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5143 | 31:181. | Aug. 4, 1950, ch. 558, §1, |
The word "costs" is substituted for "direct and indirect costs" to eliminate unnecessary words. The words "shall make payment therefor" are omitted as unnecessary because of the restatement. The words "from funds available to it for such purposes" are omitted as surplus.
Section Referred to in Other Sections
This section is referred to in
§5144. Providing impressions of portraits and vignettes
The Secretary of the Treasury may provide impressions from an engraved portrait or vignette in the possession of the Bureau of Engraving and Printing. An impression shall be provided—
(1) at the request of—
(A) a member of Congress;
(B) a head of an agency;
(C) an art association; or
(D) a library; and
(2) for a charge and under conditions the Secretary decides are necessary to protect the public interest.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5144 | 31:174. | Dec. 22, 1879, ch. 2, |
In the section, before clause (1), the word "engraved" is added before "portrait" because of the restatement. The words "in the possession" are substituted for "which is now, or may be a part of the engraved stock" to eliminate unnecessary words. The words "An impression shall be provided" are added because of the restatement. In clause (1)(A), the words "member of Congress" are substituted for "Senator, Representative, or Delegate in Congress" for consistency. In clause (1)(B), the word "agency" is substituted for "department or bureau" because of section 101 of the revised title and for consistency in the revised title. In clause (2), the words "for a charge and under conditions the Secretary decides are" are substituted for "at such rates and under such conditions as he may deem" for consistency.
SUBCHAPTER V—MISCELLANEOUS
§5151. Conversion of currency of foreign countries
(a) In this section—
(1) "buying rate" means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted.
(2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported.
(b) The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year.
(c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported.
(d) If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value—
(1) equal to the buying rate at noon on the day the merchandise is exported; or
(2) prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the merchandise is exported varies less than 5 percent from the buying rate first certified.
(e) The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Secretary considers necessary. In deciding the buying rate, the Bank may—
(1) consider the last ascertainable transactions and quotations (direct or through exchange of other currencies); and
(2) if there is no buying rate, calculate the rate from—
(A) actual transactions and quotations in demand or time bills of exchange; or
(B) the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or foreign currency.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5151(a) | 31:372(c)(2)(1st sentence), (3). | June 17, 1930, ch. 497, §522(c), |
5151(b) | 31:372(a). | Aug. 27, 1894, ch. 349, §25, |
5151(c) | 31:372(b). | June 17, 1930, ch. 497, §522(b), |
5151(d) | 31:372(c)(1). | |
5151(e) | 31:372(c)(2)(2d, last sentences). |
In subsection (b), the words "United States money" are substituted for "money of account" for consistency in the chapter. The words "standard coins of the country" are substituted for "values of standard coins in circulation of the various nations of the world" to eliminate unnecessary words. The words "Secretary of the Treasury" are substituted for "Director of the Mint" because of the source provisions restated in section 321(c) of the revised title.
In subsection (c), the words "on or after June 17, 1930" are omitted as executed.
In subsection (d)(1), the words "buying rate at noon on the day the merchandise is exported" are substituted for "such buying rate" for clarity.
In subsection (d)(2), the words "that is equal to" are substituted for "at a value measured by" because of the restatement.
In subsection (e)(2), the words "buying rate" are substituted for "market buying rate for such cable transfers" to eliminate unnecessary words.
Section Referred to in Other Sections
This section is referred to in
§5152. Value of United States money holdings in international institutions
The Secretary of the Treasury shall maintain the value in terms of gold of the holdings of United States money of the International Bank for Reconstruction and Development, the Inter-American Development Bank, the International Development Association, and the Asian Development Bank to the extent provided in the articles of agreement of those institutions. Amounts necessary to maintain the value may be appropriated. Amounts appropriated under this section remain available until expended.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5152 | 31:449a. | Mar. 31, 1972, |
The word "money" is substituted for "dollars" for consistency in the revised title. The words "the International Monetary Fund" are omitted as obsolete because of section 9 of the Act of October 19, 1976 (
§5153. Counterfeit currency
Disbursing officials of the United States Government and officers of national banks shall stamp or mark the word "counterfeit", "altered", or "worthless" on counterfeit notes intended to circulate as currency that are presented to them. An official or officer wrongfully stamping or marking an item of genuine United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks) shall redeem the currency at face value when presented.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5153 | 31:424. | June 30, 1876, ch. 156, §5, |
The words "Disbursing officials" are substituted for "officers charged with the receipt or disbursement of public moneys" for consistency in the revised title and other titles of the United States Code. The word "mark" is substituted for "write in plain letters" to eliminate unnecessary words. The words "counterfeit notes intended to circulate as currency" are substituted for "all fraudulent notes issued in the form of, and intended to circulate as money" for consistency in the revised title and with other titles of the Code. The last sentence is substituted for the words following the semicolon in 31:424 for clarity and to reflect the legislative history of the derivative source. See 4 Cong. Rec. 2225–2228, 3148. In that sentence, the words "United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks)" are substituted for "any genuine note of the United States, or of the national banks" for consistency with section 5103 of the revised title.
§5154. State taxation
A State or a territory or possession of the United States may tax United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) as money on hand or on deposit in the same way and at the same rate that the State, territory, or possession taxes other forms of money. This section does not affect a law taxing national banks.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5154 | 31:425, 426. | Aug. 13, 1894, ch. 281, |
The words "United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)" are substituted for "Circulating notes of national banking associations and United States legal tender notes and other notes and certificates of the United States payable on demand and circulating or intended to circulate as currency and gold, silver, or other coin" in 31:425 to eliminate unnecessary words and for consistency with section 5103 of the revised title.
1983 Act
This restates 31:5154 to clarify the intent of the section. See 26 Cong. Rec. 7152, 7170 (1894).
Amendments
1983—
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
§5155. Providing engraved plates of portraits of deceased members of Congress
On conditions the Secretary of the Treasury decides, the Secretary may send an engraved plate of a portrait of a deceased Senator or Representative to an heir or legal representative of such a Senator or Representative.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5155 | 31:175. | July 1, 1916, ch. 209, §1(3d par. on p. 275), |
The words "terms and" are omitted as being included in "conditions". The words "that have been or may be made" are omitted as unnecessary.
CHAPTER 53 —MONETARY TRANSACTIONS
SUBCHAPTER I—CREDIT AND MONETARY EXPANSION
SUBCHAPTER II—RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
SUBCHAPTER III—MONEY LAUNDERING AND RELATED FINANCIAL CRIMES
Part 1—National Money Laundering and Related Financial Crimes Strategy
Part 2—Financial Crime-Free Communities Support Program
Amendments
1998—
1996—
1994—
1992—
1988—
1986—
1984—
Chapter Referred to in Other Sections
This chapter is referred to in
SUBCHAPTER I—CREDIT AND MONETARY EXPANSION
§5301. Buying obligations of the United States Government
(a) The President may direct the Secretary of the Treasury to make an agreement with the Federal reserve banks and the Board of Governors of the Federal Reserve System when the President decides that the foreign commerce of the United States is affected adversely because—
(1) the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating;
(2) action is necessary to regulate and maintain the parity of United States coins and currency;
(3) an economic emergency requires an expansion of credit; or
(4) an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country.
(b) Under an agreement under subsection (a) of this section, the Board shall permit the banks (and the Board is authorized to permit the banks notwithstanding another law) to agree that the banks will—
(1) conduct through each entire specified period open market operations in obligations of the United States Government or corporations in which the Government is the majority stockholder; and
(2) buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period.
(c) With the approval of the Secretary, the Board may require Federal reserve banks to take action the Secretary and Board consider necessary to prevent unreasonable credit expansion.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5301(a), (b) | 31:821(less (a)(last sentence)). | May 12, 1933, ch. 25, §43(less (b)(1)(last sentence)), |
5301(c) | 31:821(a)(last sentence). |
In subsection (a), before clause (1), the text of 31:821(b)(matter before (1)) is omitted as obsolete because clause (1) is omitted as executed, and clause (2) is omitted as expired. The text of 31:821(b)(matter after (2)) is omitted as obsolete because silver is no longer coined. The words "in his discretion" and "several" are omitted as surplus. The words "Board of Governors of the Federal Reserve System" are substituted for "Federal Reserve Board" because of 12:241. The words "upon investigation" are omitted as surplus. In clause (1), the word "foreign" is substituted for "of any other government or governments" to eliminate unnecessary words. The words "coins and" are added for consistency. In clause (2), the words "United States coins and currency" are substituted for "currency issues of the United States" for consistency. In clause (4), the words "so that the United States Government and the governments of other countries can stabilize" are substituted for "to secure by international agreement a stabilization" for clarity. The words "at proper levels" are omitted as surplus.
In subsection (b), before clause (1), the words "(and the Board is authorized to permit the banks notwithstanding another law)" are substituted for "notwithstanding any provisions of law or rules and regulations to the contrary" for clarity. In clause (1), the words "pursuant to existing law" are omitted as surplus. The words "through each entire" are substituted for "throughout" for clarity. In clause (2), the words "in portfolio", "or periods of time Treasury bills or other" and "in an aggregate sum of" are omitted as surplus.
Short Title of 1998 Amendment
Short Title of 1994 Amendment
Section Referred to in Other Sections
This section is referred to in
§5302. Stabilizing exchange rates and arrangements
(a)(1) The Department of the Treasury has a stabilization fund. The fund is available to carry out this section, section 18 of the Bretton Woods Agreement Act (
(2) Subject to approval by the President, the fund is under the exclusive control of the Secretary, and may not be used in a way that direct control and custody pass from the President and the Secretary. Decisions of the Secretary are final and may not be reviewed by another officer or employee of the Government.
(b) Consistent with the obligations of the Government in the International Monetary Fund on orderly exchange arrangements and a stable system of exchange rates, the Secretary or an agency designated by the Secretary, with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary. However, a loan or credit to a foreign entity or government of a foreign country may be made for more than 6 months in any 12-month period only if the President gives Congress a written statement that unique or emergency circumstances require the loan or credit be for more than 6 months.
(c)(1) By the 30th day after the end of each month, the Secretary shall give the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a detailed financial statement on the stabilization fund showing all agreements made or renewed, all transactions occurring during the month, and all projected liabilities.
(2) The Secretary shall report each year to the President and Congress on the operation of the fund.
(d) A repayment of any part of the first subscription payment of the Government to the International Monetary Fund, previously paid from the stabilization fund, shall be deposited in the Treasury as a miscellaneous receipt.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5302(a) | 31:822a(b)(1). | Jan. 30, 1934, ch. 6, §10(a), (b)(1), (c), |
5302(b) | 31:822a(a)(1st sentence). | |
5302(c)(1) | 31:822a(b)(2). | Jan. 30, 1934, ch. 6, |
5302(c)(2) | 31:822a(a)(last sentence). | |
5302(d) | 31:822a(c). |
In subsection (a)(1), the words "The Department of the Treasury has a stabilization fund" are substituted for "there is appropriated, out of the receipts which are directed to be covered into the Treasury under
In subsection (b), the words "directly . . . through" and "for the account of the fund established in this section" are omitted as surplus. The words "government of a foreign country" are substituted for "foreign government" for consistency in the revised title and with other titles of the United States Code. The words "by or through such fund" are omitted as surplus.
In subsection (c)(1), the word "calendar" is omitted as surplus. The words "beginning after the effective date of this paragraph" are omitted as executed. The words "to occur" are omitted as surplus.
In subsection (d), the words "any part of the first subscription payment of the Government to the International Monetary Fund, previously paid from the stabilization fund" are substituted for 31:822a(c)(words before semicolon) and "thereof" for clarity because the payment has been made.
Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of
Mexican Debt Disclosure
"SEC. 401. SHORT TITLE.
"This title may be cited as the 'Mexican Debt Disclosure Act of 1995'.
"SEC. 402. FINDINGS.
"The Congress finds that—
"(1) Mexico is an important neighbor and trading partner of the United States;
"(2) on January 31, 1995, the President approved a program of assistance to Mexico, in the form of swap facilities and securities guarantees in the amount of $20,000,000,000, using the exchange stabilization fund;
"(3) the program of assistance involves the participation of the Board of Governors of the Federal Reserve System, the International Monetary Fund, the Bank for International Settlements, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Bank of Canada, and several Latin American countries;
"(4) the involvement of the exchange stabilization fund and the Board of Governors of the Federal Reserve System means that United States taxpayer funds will be used in the assistance effort to Mexico;
"(5) assistance provided by the International Monetary Fund, the International Bank for Reconstruction and Development, and the Inter-American Development Bank may require additional United States contributions of taxpayer funds to those entities;
"(6) the immediate use of taxpayer funds and the potential requirement for additional future United States contributions of taxpayer funds necessitates congressional oversight of the disbursement of funds; and
"(7) the efficacy of the assistance to Mexico is contingent on the pursuit of sound economic policy by the Government of Mexico.
"SEC. 403. PRESIDENTIAL REPORTS.
"(a)
"(b)
"(1) Changes in wage, price, and credit controls in the Mexican economy.
"(2) Changes in taxation policy of the Government of Mexico.
"(3) Specific actions taken by the Government of Mexico to further privatize the economy of Mexico.
"(4) Actions taken by the Government of Mexico in the development of regulatory policy that significantly affected the performance of the Mexican economy.
"(5) Consultations concerning the program approved by the President, including advice on economic, monetary, and fiscal policy, held between the Government of Mexico and the Secretary of the Treasury (including any designee of the Secretary) and the conclusions resulting from any periodic reviews undertaken by the International Monetary Fund pursuant to the Fund's loan agreements with Mexico.
"(6) All outstanding loans, credits, and guarantees provided to the Government of Mexico, by the United States Government, including the Board of Governors of the Federal Reserve System, set forth by category of financing.
"(7) The progress the Government of Mexico has made in stabilizing the peso and establishing an independent central bank or currency board.
"(c)
"SEC. 404. REPORTS BY THE SECRETARY OF THE TREASURY.
"(a)
"(b)
"(1) The current condition of the Mexican economy.
"(2) The reserve positions of the central bank of Mexico and data relating to the functioning of Mexican monetary policy.
"(3) The amount of any funds disbursed from the exchange stabilization fund pursuant to the program of assistance to the Government of Mexico approved by the President on January 31, 1995.
"(4) The amount of any funds disbursed by the Board of Governors of the Federal Reserve System pursuant to the program of assistance referred to in paragraph (3).
"(5) Financial transactions, both inside and outside of Mexico, made during the reporting period involving funds disbursed to Mexico from the exchange stabilization fund or proceeds of Mexican Government securities guaranteed by the exchange stabilization fund.
"(6) All outstanding guarantees issued to, and short-term and medium-term currency swaps with, the Government of Mexico by the Secretary of the Treasury, set forth by category of financing.
"(7) All outstanding currency swaps with the central bank of Mexico by the Board of Governors of the Federal Reserve System and the rationale for, and any expected costs of, such transactions.
"(8) The amount of payments made by customers of Mexican petroleum companies that have been deposited in the account at the Federal Reserve Bank of New York established to ensure repayment of any payment by the United States Government, including the Board of Governors of the Federal Reserve System, in connection with any guarantee issued to, or any swap with, the Government of Mexico.
"(9) Any setoff by the Federal Reserve Bank of New York against funds in the account described in paragraph (8).
"(10) To the extent such information is available, once there has been a setoff by the Federal Reserve Bank of New York, any interruption in deliveries of petroleum products to existing customers whose payments were setoff.
"(11) The interest rates and fees charged to compensate the Secretary of the Treasury for the risk of providing financing.
"SEC. 405. TERMINATION OF REPORTING REQUIREMENTS.
"The requirements of sections 403 and 404 shall terminate on the date that the Government of Mexico has paid all obligations with respect to swap facilities and guarantees of securities made available under the program approved by the President on January 31, 1995.
"SEC. 406. PRESIDENTIAL CERTIFICATION REGARDING SWAP OF CURRENCIES TO MEXICO THROUGH EXCHANGE STABILIZATION FUND OR FEDERAL RESERVE.
"(a)
"(1) there is no projected cost (as defined in the Credit Reform Act of 1990 [probably means the Federal Credit Reform Act of 1990,
"(2) all loans, credits, guarantees, and currency swaps are adequately backed to ensure that all United States funds are repaid;
"(3) the Government of Mexico is making progress in ensuring an independent central bank or an independent currency control mechanism;
"(4) Mexico has in effect a significant economic reform effort; and
"(5) the President has provided the documents described in paragraphs (1) through (28) of House Resolution 80, adopted March 1, 1995.
"(b)
"SEC. 407. DEFINITIONS.
"For purposes of this title, the following definitions shall apply:
"(1)
"(2)
Certification Regarding Use of Exchange Stabilization Fund and Federal Reserve in Relation to Economic Crisis in Mexico
Memorandum of President of the United States, June 29, 1995, 60 F.R. 35113, provided:
Memorandum for the Secretary of the Treasury
On January 31, 1995, I approved a program of assistance to Mexico, in the form of swap facilities and securities guarantees in an amount not to exceed $20 billion, using the Exchange Stabilization Fund (the "ESF program").
By virtue of the authority vested in me by the Constitution and the laws of the United States, including
(1) There is no projected cost (as defined in the Federal Credit Reform Act of 1990 [
(2) All loans, credits, guarantees, and currency swaps to Mexico from the Exchange Stabilization Fund or the Federal Reserve System are adequately backed to ensure that all United States funds are repaid.
(3) The Government of Mexico is making progress in ensuring an independent central bank.
(4) Mexico has in effect a significant economic reform effort.
(5) The Executive Branch has provided the documents requested by House Resolution 80 adopted March 1, 1995, and described in paragraphs (1) through (28) of that Resolution. All documents identified as responsive to the Resolution have been provided to the entire House of Representatives. Pursuant to the terms of the Resolution, the Executive Branch has not provided those documents as to which the Executive Branch has informed the House that it would be inconsistent with the public interest to provide the documents to the House. Pursuant to arrangements for safekeeping of classified materials in House facilities, classified documents have been provided to the House by making them available either at designated, secure House facilities or at Executive Branch facilities. Each agency, including the Federal Reserve Board, has advised the House of the procedures employed by that agency to provide the documents requested by House Resolution 80.
I have been informed that the Board of Governors of the Federal Reserve System has provided the documents requested by House Resolution 80 and described in paragraphs (1) through (28) of that Resolution.
I hereby delegate to you the reporting requirement contained in section 406 of
I also hereby delegate to you the reporting requirement contained in section 403 of
You are authorized and directed to publish this memorandum in the Federal Register.
William J. Clinton.
Prior certifications were contained in the following:
Memorandum of President of the United States, May 17, 1995, 60 F.R. 27395.
Memorandum of President of the United States, Apr. 14, 1995, 60 F.R. 19485.
Section Referred to in Other Sections
This section is referred to in
§5303. Reserved coins and currencies of foreign countries
An agency may use coins and currencies of a foreign country the United States Government holds that are or may be reserved for a specific program or activity of an agency. The agency shall reimburse the Treasury from appropriations and shall replace the coins and currencies when they are needed for the program or activity for which they were reserved originally.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5303 | 31:938. | Oct. 15, 1966, |
The word "Federal" is omitted as unnecessary because of the definition of "agency" in section 101 of the revised title. The words "coins and" and "Government" are added for consistency. The words "or set aside" and "of the Government" are omitted as surplus. The words "The agency shall reimburse . . . shall replace" are substituted for "except (1) that reimbursement shall be made . . . (2) . . . shall be replaced" for clarity. The words "applicable . . . of the agency concerned" are omitted as surplus. The words "program or activity" are substituted for "purpose" for clarity and consistency.
§5304. Regulations
With the approval of the President, the Secretary of the Treasury may prescribe regulations—
(1) to carry out
(2) the Secretary considers necessary to carry out
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5304 | 31:822. | May 12, 1933, ch. 25, §44, |
31:822b. | Jan. 30, 1934, ch. 6, §11, |
Before clause (1), the words "prescribe regulations" are substituted for "make and promulgate rules and regulations" in 31:822 and "issue . . . such rules and regulations" in 31:822b for consistency. In clause (1), the words "to carry out" are substituted for "covering any action taken or to be taken by the President under" in 31:822 to eliminate unnecessary words. In clause (2), the words "or proper" in 31:822b and "the purposes of" are omitted as surplus. Reference to 31:821 is omitted as obsolete because silver is no longer coined. Reference to 31:824 is omitted as obsolete because 31:824 is executed and is not part of the revised title.
SUBCHAPTER II—RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
Subchapter Referred to in Other Sections
This subchapter is referred to in title 12 sections 1464, 1786, 1817, 1818, 1829b, 3401, 3413; title 15 sections 78q, 6802; title 18 sections 1952, 1956, 1961; title 22 section 2714.
§5311. Declaration of purpose
It is the purpose of this subchapter (except section 5315) to require certain reports or records where they have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5311 | 31:1051. | Oct. 26, 1970, |
Uniform State Licensing and Regulation of Check Cashing, Currency Exchange, and Money Transmitting Businesses
"(a)
"(1) establish uniform laws for licensing and regulating businesses which—
"(A) provide check cashing, currency exchange, or money transmitting or remittance services, or issue or redeem money orders, travelers' checks, and other similar instruments; and
"(B) are not depository institutions (as defined in
"(2) provide sufficient resources to the appropriate State agency to enforce such laws and regulations prescribed pursuant to such laws.
"(b)
"(1)
"(2)
"(A) in order for any business described in subsection (a)(1) to be licensed in the State, the appropriate State agency shall review and approve—
"(i) the business record and the capital adequacy of the business seeking the license; and
"(ii) the competence, experience, integrity, and financial ability of any individual who—
"(I) is a director, officer, or supervisory employee of such business; or
"(II) owns or controls such business; and
"(B) any record, on the part of any business seeking the license or any person referred to in subparagraph (A)(ii), of—
"(i) any criminal activity;
"(ii) any fraud or other act of personal dishonesty;
"(iii) any act, omission, or practice which constitutes a breach of a fiduciary duty; or
"(iv) any suspension or removal, by any agency or department of the United States or any State, from participation in the conduct of any federally or State licensed or regulated business,
may be grounds for the denial of any such license by the appropriate State agency.
"(3)
"(A) disclose to the appropriate State agency the fees charged to consumers for services described in subsection (a)(1)(A); and
"(B) conspicuously disclose to the public, at each location of such business, the fees charged to consumers for such services.
"(4)
"(5)
"(c)
"(1) the progress made by the several States in developing and enacting a model statute which—
"(A) meets the requirements of subsection (b); and
"(B) furthers the goals of—
"(i) preventing money laundering by businesses which are required to be licensed under any such statute; and
"(ii) protecting the payment system, including the receipt, payment, collection, and clearing of checks, from fraud and abuse by such businesses; and
"(2) the adequacy of—
"(A) the activity of the several States in enforcing the requirements of such statute; and
"(B) the resources made available to the appropriate State agencies for such enforcement activity.
"(d)
"(e)
"(1) enact a statute which meets the requirements described in subsection (b);
"(2) undertake adequate activity to enforce such statute; or
"(3) make adequate resources available to the appropriate State agency for such enforcement activity,
the report submitted pursuant to subsection (d) shall contain recommendations of the Secretary which are designed to facilitate the enactment and enforcement by the State of such a statute.
"(f)
"(1)
"(2)
Anti-Money Laundering Training Team
Advisory Group on Reporting Requirements
"(a)
"(b)
"(1) informs private sector representatives, on a regular basis, of the ways in which the reports submitted pursuant to the requirements referred to in subsection (a) have been used;
"(2) informs private sector representatives, on a regular basis, of how information regarding suspicious financial transactions provided voluntarily by financial institutions has been used; and
"(3) receives advice on the manner in which the reporting requirements referred to in subsection (a) should be modified to enhance the ability of law enforcement agencies to use the information provided for law enforcement purposes.
"(c)
GAO Feasibility Study of Financial Crimes Enforcement Network
"(a)
"(b)
"(1) the extent to which Federal, State, and local governmental and nongovernmental organizations are voluntarily providing information which is necessary for the system to be useful for law enforcement purposes;
"(2) the extent to which the operational guidelines established for the system provide for the coordinated and efficient entry of information into, and withdrawal of information from, the system;
"(3) the extent to which the operating procedures established for the system provide appropriate standards or guidelines for determining—
"(A) who is to be given access to the information in the system;
"(B) what limits are to be imposed on the use of such information; and
"(C) how information about activities or relationships which involve or are closely associated with the exercise of constitutional rights is to be screened out of the system; and
"(4) the extent to which the operating procedures established for the system provide for the prompt verification of the accuracy and completeness of information entered into the system and the prompt deletion or correction of inaccurate or incomplete information.
"(c)
Reports on Uses Made of Currency Transaction Reports
"(1) the number of each type of report filed pursuant to subchapter II of
"(2) the number of reports filed pursuant to section 6050I of the Internal Revenue Code of 1986 [
"(3) an estimate of the rate of compliance with the reporting requirements by persons required to file the reports referred to in paragraphs (1) and (2);
"(4) the manner in which the Department of the Treasury and other agencies of the United States collect, organize, analyze and use the reports referred to in paragraphs (1) and (2) to support investigations and prosecutions of (A) violations of the criminal laws of the United States, (B) violations of the laws of foreign countries, and (C) civil enforcement of the laws of the United States including the provisions regarding asset forfeiture;
"(5) a summary of sanctions imposed in the previous fiscal year against persons who failed to comply with the reporting requirements referred to in paragraphs (1) and (2), and other steps taken to ensure maximum compliance;
"(6) a summary of criminal indictments filed in the previous fiscal year which resulted, in large part, from investigations initiated by analysis of the reports referred to in paragraphs (1) and (2); and
"(7) a summary of criminal indictments filed in the previous fiscal year which resulted, in large part, from investigations initiated by information regarding suspicious financial transactions provided voluntarily by financial institutions."
International Currency Transaction Reporting
Restrictions on Laundering of United States Currency
"(a)
"(b)
"(c)
"(2) The purposes of negotiations under this subsection are—
"(A) to reach one or more international agreements to ensure that foreign banks and other financial institutions maintain adequate records of large United States currency transactions, and
"(B) to establish a mechanism whereby such records may be made available to United States law enforcement officials.
In carrying out such negotiations, the Secretary should seek to enter into and further cooperative efforts, voluntary information exchanges, the use of letters rogatory, and mutual legal assistance treaties.
"(d)
"(1) with respect to which the Secretary determines there is evidence that the financial institutions in such countries are engaging in currency transactions involving the proceeds of international narcotics trafficking; and
"(2) which have not reached agreement with United States authorities on a mechanism for exchanging adequate records on international currency transactions in connection with narcotics investigations and proceedings.
"(e)
"(1) has jurisdiction over financial institutions that are substantially engaging in currency transactions that effect [affect] the United States involving the proceeds of international narcotics trafficking;
"(2) such country has not reached agreement on a mechanism for exchanging adequate records on international currency transactions in connection with narcotics investigations and proceedings; and
"(3) such country is not negotiating in good faith to reach such an agreement,
the President shall impose appropriate penalties and sanctions, including temporarily or permanently—
"(1) prohibiting such persons, institutions or other entities in such countries from participating in any United States dollar clearing or wire transfer system; and
"(2) prohibiting such persons, institutions or entities in such countries from maintaining an account with any bank or other financial institution chartered under the laws of the United States or any State.
Any penalties or sanctions so imposed may be delayed or waived upon certification of the President to the Congress that it is in the national interest to do so. Financial institutions in such countries that maintain adequate records shall be exempt from such penalties and sanctions.
"(f)
"(1) The term 'United States currency' means Federal Reserve Notes and United States coins.
"(2) The term 'adequate records' means records of United States' currency transactions in excess of $10,000 including the identification of the person initiating the transaction, the person's business or occupation, and the account or accounts affected by the transaction, or other records of comparable effect."
International Information Exchange System; Study of Foreign Branches of Domestic Institutions
§5312. Definitions and application
(a) In this subchapter—
(1) "financial agency" means a person acting for a person (except for a country, a monetary or financial authority acting as a monetary or financial authority, or an international financial institution of which the United States Government is a member) as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, or a transaction in money, credit, securities, or gold.
(2) "financial institution" means—
(A) an insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act (
(B) a commercial bank or trust company;
(C) a private banker;
(D) an agency or branch of a foreign bank in the United States;
(E) an insured institution (as defined in section 401(a) 1 of the National Housing Act (
(F) a thrift institution;
(G) a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (
(H) a broker or dealer in securities or commodities;
(I) an investment banker or investment company;
(J) a currency exchange;
(K) an issuer, redeemer, or cashier of travelers' checks, checks, money orders, or similar instruments;
(L) an operator of a credit card system;
(M) an insurance company;
(N) a dealer in precious metals, stones, or jewels;
(O) a pawnbroker;
(P) a loan or finance company;
(Q) a travel agency;
(R) a licensed sender of money;
(S) a telegraph company;
(T) a business engaged in vehicle sales, including automobile, airplane, and boat sales;
(U) persons involved in real estate closings and settlements;
(V) the United States Postal Service;
(W) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this paragraph;
(X) a casino, gambling casino, or gaming establishment with an annual gaming revenue of more than $1,000,000 which—
(i) is licensed as a casino, gambling casino, or gaming establishment under the laws of any State or any political subdivision of any State; or
(ii) is an Indian gaming operation conducted under or pursuant to the Indian Gaming Regulatory Act other than an operation which is limited to class I gaming (as defined in section 4(6) of such Act);
(Y) any business or agency which engages in any activity which the Secretary of the Treasury determines, by regulation, to be an activity which is similar to, related to, or a substitute for any activity in which any business described in this paragraph is authorized to engage; or
(Z) any other business designated by the Secretary whose cash transactions have a high degree of usefulness in criminal, tax, or regulatory matters.
(3) "monetary instruments" means—
(A) United States coins and currency;
(B) as the Secretary may prescribe by regulation, coins and currency of a foreign country, travelers' checks, bearer negotiable instruments, bearer investment securities, bearer securities, stock on which title is passed on delivery, and similar material; and
(C) as the Secretary of the Treasury shall provide by regulation for purposes of section 5316, checks, drafts, notes, money orders, and other similar instruments which are drawn on or by a foreign financial institution and are not in bearer form.
(4) "person", in addition to its meaning under
(5) "United States" means the States of the United States, the District of Columbia, and, when the Secretary prescribes by regulation, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands, a territory or possession of the United States, or a military or diplomatic establishment.
(b) In this subchapter—
(1) "domestic financial agency" and "domestic financial institution" apply to an action in the United States of a financial agency or institution.
(2) "foreign financial agency" and "foreign financial institution" apply to an action outside the United States of a financial agency or institution.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5312(a)(1) | 31:1052(a), (b), (g), (i). | Oct. 26, 1970, |
5312(a)(2) | 31:1052(e). | |
5312(a)(3) | 31:1052(l). | |
5312(a)(4) | 31:1052(c). | |
5312(a)(5) | 31:1052(d). | |
5312(b) | 31:1052(f), (h). |
In subsection (a)(1), the text of 31:1052(a) is omitted as unnecessary. The text of 31:1052(b) is omitted because of the restatement. The text of 31:1052(i) is omitted as unnecessary because the source provision is restated where necessary in the revised subchapter.
In subsection (a)(2), (3), (4), and (5), the words "the Secretary . . . prescribes" are substituted for "specified by the Secretary by regulation", "as the Secretary may by regulation specify", "specified by the Secretary", and "the Secretary shall by regulation specify" for consistency.
In subsection (a)(2) and (3), the words "for the purposes of the provision of this chapter to which the regulation relates" are omitted as surplus.
In subsection (a)(2), before subclause (A), the words "any person which does business in any one or more of the following capacities" are omitted as surplus. In subclause (F), the words "savings bank, building and loan association, credit union, industrial bank, or other" are omitted as surplus. In subclause (T), the words "agency of the United States Government or of a State or local government" are substituted for "Federal, State, or local government institution" for consistency. In subclause (U), the words "type of" are omitted as surplus. The word "agency" is substituted for "institution" for consistency.
In subsection (a)(3)(B)–(5), the word "prescribe" is substituted for "specify" for consistency in the revised title and with other titles of the United States Code.
In subsection (a)(3)(B), the words "in addition", and "and such types of" are omitted as surplus. The words "similar material" are substituted for "the equivalent thereof" for clarity.
In subsection (a)(4), the words "in addition to its meaning under
In subsection (a)(5), the words "used in a geographic sense" are omitted because of the restatement. The words "either for the purposes of this chapter generally or any particular requirement thereunder" are omitted as surplus. The words "territory or" are added for consistency.
Subsection (b) is substituted for 31:1052(f) and (h) to eliminate unnecessary words and for consistency.
References in Text
Section 401 of the National Housing Act, referred to in subsec. (a)(2)(E), which was classified to
The Securities Exchange Act of 1934, referred to in subsec. (a)(2)(G), is act June 6, 1934, ch. 404,
The Indian Gaming Regulatory Act, referred to in subsec. (a)(2)(X)(ii), is
Amendments
1994—Subsec. (a)(2)(X) to (Z).
Subsec. (a)(3)(C).
1988—Subsec. (a)(2)(T) to (Y).
"(T) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this clause (2), including the United States Postal Service; or
"(U) another business or agency carrying out a similar, related, or substitute duty or power the Secretary of the Treasury prescribes."
Subsec. (a)(5).
1986—Subsec. (a)(2)(T).
Subsec. (a)(5).
Termination of Trust Territory of the Pacific Islands
For termination of Trust Territory of the Pacific Islands, see note set out preceding
Section Referred to in Other Sections
This section is referred to in
1 See References in Text note below.
§5313. Reports on domestic coins and currency transactions
(a) When a domestic financial institution is involved in a transaction for the payment, receipt, or transfer of United States coins or currency (or other monetary instruments the Secretary of the Treasury prescribes), in an amount, denomination, or amount and denomination, or under circumstances the Secretary prescribes by regulation, the institution and any other participant in the transaction the Secretary may prescribe shall file a report on the transaction at the time and in the way the Secretary prescribes. A participant acting for another person shall make the report as the agent or bailee of the person and identify the person for whom the transaction is being made.
(b) The Secretary may designate a domestic financial institution as an agent of the United States Government to receive a report under this section. However, the Secretary may designate a domestic financial institution that is not insured, chartered, examined, or registered as a domestic financial institution only if the institution consents. The Secretary may suspend or revoke a designation for a violation of this subchapter or a regulation under this subchapter (except a violation of
(c)(1) A person (except a domestic financial institution designated under subsection (b) of this section) required to file a report under this section shall file the report—
(A) with the institution involved in the transaction if the institution was designated;
(B) in the way the Secretary prescribes when the institution was not designated; or
(C) with the Secretary.
(2) The Secretary shall prescribe—
(A) the filing procedure for a domestic financial institution designated under subsection (b) of this section; and
(B) the way the institution shall submit reports filed with it.
(d)
(1)
(A) Another depository institution.
(B) A department or agency of the United States, any State, or any political subdivision of any State.
(C) Any entity established under the laws of the United States, any State, or any political subdivision of any State, or under an interstate compact between 2 or more States, which exercises governmental authority on behalf of the United States or any such State or political subdivision.
(D) Any business or category of business the reports on which have little or no value for law enforcement purposes.
(2)
(e)
(1)
(2)
(A) maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act) at the depository institution;
(B) frequently engages in transactions with the depository institution which are subject to the reporting requirements of subsection (a); and
(C) meets criteria which the Secretary determines are sufficient to ensure that the purposes of this subchapter are carried out without requiring a report with respect to such transactions.
(3)
(4)
(A)
(B)
(5)
(A) review, at least once each year, the qualified business customers of such institution with respect to whom an exemption has been granted under this subsection; and
(B) upon the completion of such review, resubmit information about such customers, with such modifications as the institution determines to be appropriate, to the Secretary for the Secretary's approval.
(6) 2-
(f)
(1)
(A) knowingly files false or incomplete information to the Secretary with respect to the transaction or the customer engaging in the transaction; or
(B) has reason to believe at the time the exemption is granted or the transaction is entered into that the customer or the transaction does not meet the criteria established for granting such exemption.
(2)
(A) the authority of the Secretary, under section 5318(a)(6), to revoke such exemption at any time; and
(B) any requirement to report, or any authority to require a report on, any possible violation of any law or regulation or any suspected criminal activity.
(g)
(1) has the meaning given to such term in section 19(b)(1)(A) of the Federal Reserve Act; and
(2) includes—
(A) any branch, agency, or commercial lending company (as such terms are defined in section 1(b) of the International Banking Act of 1978);
(B) any corporation chartered under section 25A of the Federal Reserve Act; and
(C) any corporation having an agreement or undertaking with the Board of Governors of the Federal Reserve System under section 25 of the Federal Reserve Act.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5313(a) | 31:1081. | Oct. 26, 1970, |
31:1082. | ||
5313(b) | 31:1083(a). | |
5313(c) | 31:1083(b). |
In subsection (a), the words "coins or" are added, and the words "prescribe" and "prescribes" are substituted for "specify" in 31:1081, and "require", for consistency. The words "other parties thereto or" in 31:1082 are omitted as surplus. The words "to the Secretary" in 31:1081 are omitted as unnecessary and for clarity. The words "in such detail" are omitted as surplus. The words "A participant acting for another person shall make the report as the agent or bailee of the person and identify the person for whom the transaction is being made" are substituted for 31:1082(last sentence) for clarity and to eliminate unnecessary words.
In subsection (b), the words "in his discretion" and "individually or by class" are omitted as surplus. The word "Government" is added for consistency. The words "or a regulation under this subchapter", are added because of the restatement. The words "(except a violation of
In subsection (c)(1), clause (A) is substituted for "with respect to a domestic financial institution . . . with that institution" for clarity. Clause (C) is substituted for "any such person may, at his election and in lieu of filing the report in the manner hereinabove prescribed, file the report with the Secretary" to eliminate unnecessary words.
References in Text
Section 411 of the National Housing Act, referred to in subsec. (b), which was classified to
Section 19(b)(1)(A) and (C) of the Federal Reserve Act, referred to in subsecs. (e)(2)(A) and (g)(1), is classified to section 461(b)(1)(A) and (C) of Title 12.
The date of enactment of the Money Laundering Suppression Act of 1994, referred to in subsec. (e)(6), is the date of enactment of title IV of
Section 1(b) of the International Banking Act of 1978, referred to in subsec. (g)(2)(A), is classified to
Sections 25 and 25A of the Federal Reserve Act, referred to in subsec. (g)(2)(B), (C), are classified to subchapters I (§§601 et seq.) and II (§§611 et seq.), respectively, of
Amendments
1994—Subsecs. (d) to (g).
Report Reduction Goal; Streamlined Currency Transaction Reports
Section 402(b), (c) of
"(b)
"(1)
"(2)
"(3)
"(c)
"(1) redesign the format of reports required to be filed under
"(2) reduce the time and effort required to prepare such report for filing by any such financial institution under such section."
Section Referred to in Other Sections
This section is referred to in
1 See References in Text note below.
§5314. Records and reports on foreign financial agency transactions
(a) Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes:
(1) the identity and address of participants in a transaction or relationship.
(2) the legal capacity in which a participant is acting.
(3) the identity of real parties in interest.
(4) a description of the transaction.
(b) The Secretary may prescribe—
(1) a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;
(2) a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable;
(3) the magnitude of transactions subject to a requirement or a regulation under this section;
(4) the kind of transaction subject to or exempt from a requirement or a regulation under this section; and
(5) other matters the Secretary considers necessary to carry out this section or a regulation under this section.
(c) A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5314(a) | 31:1121(a). | Oct. 26, 1970, |
5314(b) | 31:1122. | |
5314(c) | 31:1121(b). |
In subsection (a), before clause (1), the words "currency or other", "legitimately", "by regulation", and "directly or indirectly" are omitted as surplus. The words "for any person" are substituted for "on behalf of himself or another" to eliminate unnecessary words. The words "and to the extent" are substituted for "and in such detail" for clarity. In clauses (1) and (2), the words "participants" and "participant" are substituted for "parties" for consistency. In clause (2), the words "to the transaction or relationship" are omitted as surplus. In clause (3), the words "if one or more of the parties are not acting solely as principals" are omitted as surplus. In clause (4), the words "including the amounts of money, credit, or other property involved" are omitted as surplus.
In subsection (b), the words "or a regulation under this section" are added because of the restatement. The words "or does not apply" and "uniform" in clause (2) are omitted as surplus. In clause (5), the words "carry out" are substituted for "the application of" for consistency.
In subsection (c), the words "produce or otherwise . . . the contents of" and "in compliance with a subpena or summons duly authorized and issued or . . . may otherwise be" are omitted as surplus. The words "under a regulation" are added because of the restatement.
Section Referred to in Other Sections
This section is referred to in
§5315. Reports on foreign currency transactions
(a) Congress finds that—
(1) moving mobile capital can have a significant impact on the proper functioning of the international monetary system;
(2) it is important to have the most feasible current and complete information on the kind and source of capital flows, including transactions by large United States businesses and their foreign affiliates; and
(3) additional authority should be provided to collect information on capital flows under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) and section 8 of the Bretton Woods Agreement Act (
(b) In this section, "United States person" and "foreign person controlled by a United States person" have the same meanings given those terms in section 7(f)(2)(A) and (C), respectively, of the Securities and Exchange Act of 1934 (
(c) The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person. The regulations shall require that a report contain information and be submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this section.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5315(a) | 31:1141. | Sept. 21, 1973, |
5315(b), (c) | 31:1142. |
In subsection (a)(3), the words "it is desirable to emphasize this objective . . . existing legal" are omitted as unnecessary.
In subsection (c), the words "(hereafter referred to as the 'Secretary')" are omitted because of the restatement. The words "under the authority of this subchapter and any other authority conferred by law" are omitted as surplus. The word "prescribe" is substituted for "supplement" for clarity. The words "the statement of findings under" and "the submission of" are omitted as surplus. The words "Reports required under this subchapter shall cover foreign currency transactions" are omitted because of the restatement. The words "such terms are" and "the policy of" are omitted as surplus.
References in Text
Section 5(b) of the Trading With the Enemy Act, referred to in subsec. (a)(3), is also classified to
Section Referred to in Other Sections
This section is referred to in
§5316. Reports on exporting and importing monetary instruments
(a) Except as provided in subsection (c) of this section, a person or an agent or bailee of the person shall file a report under subsection (b) of this section when the person, agent, or bailee knowingly—
(1) transports, is about to transport, or has transported, monetary instruments of more than $10,000 at one time—
(A) from a place in the United States to or through a place outside the United States; or
(B) to a place in the United States from or through a place outside the United States; or
(2) receives monetary instruments of more than $10,000 at one time transported into the United States from or through a place outside the United States.
(b) A report under this section shall be filed at the time and place the Secretary of the Treasury prescribes. The report shall contain the following information to the extent the Secretary prescribes:
(1) the legal capacity in which the person filing the report is acting.
(2) the origin, destination, and route of the monetary instruments.
(3) when the monetary instruments are not legally and beneficially owned by the person transporting the instruments, or if the person transporting the instruments personally is not going to use them, the identity of the person that gave the instruments to the person transporting them, the identity of the person who is to receive them, or both.
(4) the amount and kind of monetary instruments transported.
(5) additional information.
(c) This section or a regulation under this section does not apply to a common carrier of passengers when a passenger possesses a monetary instrument, or to a common carrier of goods if the shipper does not declare the instrument.
(d)
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5316(a) | 31:1101(a). | Oct. 26, 1970, |
5316(b) | 31:1101(b). | |
5316(c) | 31:1101(c). |
In subsection (a), before clause (1), the words "a person or an agent or bailee of the person shall" are substituted for "whoever, whether as principal, agent, or bailee, or by an agent or bailee" for consistency. The words "or reports" are omitted as unnecessary because of 1:1. In clause (2), the words "transported into the United States" are substituted for "at the termination of their transportation to the United States" for consistency and to eliminate unnecessary words.
In subsection (b), before clause (1), the word "required" is omitted as surplus. The word "prescribes" is substituted for "require" for consistency in the revised title and with other titles of the United States Code. The words "to the extent" are substituted for "in such detail" for clarity. In clause (1), the words "with respect to the monetary instruments transported" are omitted as surplus. In clause (3), the words "or if the person transporting the instruments personally is not going to use them" are substituted for "or are transported for any purpose other than the use in his own behalf of the person transporting the same" for clarity.
In subsection (c), the words "or a regulation under this section" are added because of the restatement.
Amendments
1986—Subsec. (a)(1).
Subsec. (a)(2).
Subsec. (d).
1984—Subsec. (a)(1).
Effective Date of Regulations Prescribed Under 1986 Amendment
Section 1364(d) of
Section Referred to in Other Sections
This section is referred to in
§5317. Search and forfeiture of monetary instruments
(a) The Secretary of the Treasury may apply to a court of competent jurisdiction for a search warrant when the Secretary reasonably believes a monetary instrument is being transported and a report on the instrument under
(b)
(c) If a report required under section 5316 with respect to any monetary instrument is not filed (or if filed, contains a material omission or misstatement of fact), the instrument and any interest in property, including a deposit in a financial institution, traceable to such instrument may be seized and forfeited to the United States Government. Any property, real or personal, involved in a transaction or attempted transaction in violation of section 5324(b), or any property traceable to such property, may be seized and forfeited to the United States Government. A monetary instrument transported by mail or a common carrier, messenger, or bailee is being transported under this subsection from the time the instrument is delivered to the United States Postal Service, common carrier, messenger, or bailee through the time it is delivered to the addressee, intended recipient, or agent of the addressee or intended recipient without being transported further in, or taken out of, the United States.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5317(a) | 31:1105. | Oct. 26, 1970, |
5317(b) | 31:1102. |
In subsection (a), the words "The Secretary shall include a statement of information in support of the warrant" are substituted for 31:1105(a)(last sentence) to eliminate unnecessary words and for consistency. The word "for" is substituted for "authorizing the search of . . . all of the following" to eliminate unnecessary words. The words "or more" are omitted as unnecessary because the singular includes the plural under 1:1. The words "or premises", "letters, parcels, packages, or other", and "vehicles" are omitted as surplus.
In subsection (b), the words "either" and "the possession of" are omitted as surplus. The words "United States Postal Service" are substituted for "postal service" for consistency with title 39. The words "or retained in" are omitted as surplus.
Amendments
1992—Subsec. (c).
1986—Subsec. (b).
Subsec. (c).
1984—Subsecs. (b), (c).
Effective Date of 1986 Amendment
Section 1364(b) of
Section Referred to in Other Sections
This section is referred to in
§5318. Compliance, exemptions, and summons authority
(a)
(1) except as provided in subsection (b)(2), delegate duties and powers under this subchapter to an appropriate supervising agency and the United States Postal Service;
(2) require a class of domestic financial institutions to maintain appropriate procedures to ensure compliance with this subchapter and regulations prescribed under this subchapter or to guard against money laundering;
(3) examine any books, papers, records, or other data of domestic financial institutions relevant to the recordkeeping or reporting requirements of this subchapter;
(4) summon a financial institution, an officer or employee of a financial institution (including a former officer or employee), or any person having possession, custody, or care of the reports and records required under this subchapter, to appear before the Secretary of the Treasury or his delegate at a time and place named in the summons and to produce such books, papers, records, or other data, and to give testimony, under oath, as may be relevant or material to an investigation described in subsection (b);
(5) exempt from the requirements of this subchapter any class of transactions within any State if the Secretary determines that—
(A) under the laws of such State, that class of transactions is subject to requirements substantially similar to those imposed under this subchapter; and
(B) there is adequate provision for the enforcement of such requirements; and
(6) prescribe an appropriate exemption from a requirement under this subchapter and regulations prescribed under this subchapter. The Secretary may revoke an exemption under this paragraph or paragraph (5) by actually or constructively notifying the parties affected. A revocation is effective during judicial review.
(b)
(1)
(2)
(c)
(1)
(2)
(3)
(d)
(e)
(1)
(2)
(A) the investigation which gave rise to the summons is being or has been carried on;
(B) the person summoned is an inhabitant; or
(C) the person summoned carries on business or may be found,
to compel compliance with the summons.
(3)
(4)
(5)
(f)
(1) describes in detail the reasons why such person is qualified for such exemption; and
(2) contains the signature of such person.
(g)
(1)
(2)
(3)
(4)
(A)
(B)
(C)
(h)
(1)
(A) the development of internal policies, procedures, and controls,
(B) the designation of a compliance officer,
(C) an ongoing employee training program, and
(D) an independent audit function to test programs.
(2)
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5318 | 31:1054(a), (b)(1st sentence). | Oct. 26, 1970, |
31:1055. |
In the section, before clause (1), the words "have the responsibility to assure compliance with the requirements of this chapter" in 31:1054(a) are omitted as unnecessary because of section 321 of the revised title. The words "(except under
References in Text
Section 21 of the Federal Deposit Insurance Act, referred to in subsec. (b)(1), is classified to
Section 411 of the National Housing Act, referred to in subsec. (b)(1), which was classified to
Subsection (a)(5), referred to in subsec. (f), was redesignated subsection (a)(6) by section 410(a)(2) of
Amendments
1994—Subsec. (a)(5).
Subsec. (a)(6).
Subsec. (g).
Subsec. (g)(4).
Subsec. (h).
1992—Subsec. (a)(1).
Subsec. (a)(2).
Subsecs. (g), (h).
1988—Subsec. (a)(1).
1986—
Subsec. (a).
Subsecs. (b) to (e).
Subsec. (f).
Effective Date of 1994 Amendment
Section 330017(b)(1) of
Reports
Section 403(b) of
"(1)
"(2)
Designation Required To Be Made Expeditiously
Section 403(c) of
Improvement of Identification of Money Laundering Schemes
Section 404 of
"(a)
"(1) review and enhance training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and
"(2) review and enhance procedures for referring cases to any appropriate law enforcement agency.
"(b)
"(c)
"(d)
Section Referred to in Other Sections
This section is referred to in
1 See References in Text note below.
2 See References in Text note below.
3 So in original. Probably should be followed by a dash.
§5319. Availability of reports
The Secretary of the Treasury shall make information in a report filed under
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5319 | 31:1052(j). | Oct. 26, 1970, |
31:1061. |
The words "upon such conditions and pursuant to such procedures as he may by regulation prescribe" and "set forth" in 31:1061, and the word "specifically" in 31:1052(j), are omitted as surplus.
Amendments
1992—
§5320. Injunctions
When the Secretary of the Treasury believes a person has violated, is violating, or will violate this subchapter or a regulation prescribed or order issued under this subchapter, the Secretary may bring a civil action in the appropriate district court of the United States or appropriate United States court of a territory or possession of the United States to enjoin the violation or to enforce compliance with the subchapter, regulation, or order. An injunction or temporary restraining order shall be issued without bond.
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5320 | 31:1057. | Oct. 26, 1970, |
31:1143(b)(words before last comma). | Sept. 21, 1973, |
The words "has violated, is violating, or will violate this subchapter" are substituted for "has engaged, is engaged, or is about to engage in any acts or practices constituting a violation of the provisions of this chapter" in 31:1057 and "failed to submit a report required under any rule or regulation issued under this subchapter or has violated any rule or regulation issued hereunder" in 31:1143(b)(words before last comma) to eliminate unnecessary words. The words "or a regulation prescribed" are added because of the restatement. The words "in his discretion" are omitted as surplus. The word "civil" is added because of rule 2 of the Federal Rules of Civil Procedure (28 App. U.S.C.). The word "possession" is substituted for "other place subject to the jurisdiction" for consistency in the revised title and with other titles of the United States Code. The words "or to enforce compliance with the subchapter, regulation, or order" are substituted for 31:1057(last sentence) and the words "a mandatory injunction commanding such person to comply with such rule or regulation" in 31:1143(b)(words before last comma) to eliminate unnecessary words. The words "and upon a proper showing . . . permanent or" are omitted as surplus.
Section Referred to in Other Sections
This section is referred to in
§5321. Civil penalties
(a)(1) A domestic financial institution, and a partner, director, officer, or employee of a domestic financial institution, willfully violating this subchapter or a regulation prescribed under this subchapter (except
(2) The Secretary of the Treasury may impose an additional civil penalty on a person not filing a report, or filing a report containing a material omission or misstatement, under
(3) A person not filing a report under a regulation prescribed under
(4)
(A)
(B)
(C)
(5)
(A)
(B)
(i) in the case of violation of such section involving a transaction, the greater of—
(I) the amount (not to exceed $100,000) of the transaction; or
(II) $25,000; and
(ii) in the case of violation of such section involving a failure to report the existence of an account or any identifying information required to be provided with respect to such account, the greater of—
(I) an amount (not to exceed $100,000) equal to the balance in the account at the time of the violation; or
(II) $25,000.
(6)
(A)
(B)
(b)
(1)
(2)
(A) the date the penalty was assessed; or
(B) the date any judgment becomes final in any criminal action under section 5322 in connection with the same transaction with respect to which the penalty is assessed.
(c) The Secretary may remit any part of a forfeiture under subsection (c) or (d) 1 of
(d)
(e)
(1)
(2)
(3)
(A)
(B)
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5321(a)(1) | 31:1054(b)(last sentence related to civil penalties). | Oct. 26, 1970, |
31:1056(a). | ||
5321(a)(2) | 31:1103. | |
5321(a)(3) | 31:1143(a), (b)(words after last comma). | Sept. 21, 1973, |
5321(b) | 31:1056(b). | |
5321(c) | 31:1104. |
In subsection (a)(1), the words "or a regulation prescribed under this subchapter" are added because of the restatement. The words "(except
In subsection (a)(2), the word "impose" is substituted for "assess" for consistency in the revised title and with other titles of the Code. The word "additional" is substituted for 31:1103(last sentence words before last comma) to eliminate unnecessary words. The words "or a regulation prescribed under section 5316" are added because of the restatement. The words "amount of this", "to be filed", and "actually" are omitted as surplus.
Subsection (a)(3) is substituted for 31:1143(a) and (b)(words after last comma) for clarity and consistency and because of the restatement.
In subsection (b), the words "in the discretion of", "in the name of the United States", and "of any person" are omitted as surplus.
In subsection (c), the words "in his discretion" and "upon such terms and conditions as he deems reasonable and just" are omitted as surplus. The word "civil" is added for clarity.
References in Text
Section 3 of the Federal Deposit Insurance Act, referred to in subsec. (e)(1), is classified to
Amendments
1996—Subsec. (a)(7).
"(7)
"(A)
"(B)
1994—Subsec. (a)(4)(A).
Subsec. (a)(5)(A).
Subsec. (e).
1992—Subsec. (a)(4)(C).
Subsec. (a)(5)(A).
Subsec. (a)(6).
Subsec. (a)(7).
1988—Subsec. (a)(1).
1986—Subsec. (a)(1).
Subsec. (a)(4).
Subsec. (a)(5).
Subsec. (a)(6).
Subsec. (b).
Subsec. (c).
Subsec. (d).
1984—Subsec. (a)(1).
Effective Date of 1992 Amendment
Section 1561(b) of
Effective Date of 1986 Amendment
Amendment by section 1357(a) of
Section 1364(c) of
Section Referred to in Other Sections
This section is referred to in
1 So in original. Section 5317 does not contain a subsec. (d).
§5322. Criminal penalties
(a) A person willfully violating this subchapter or a regulation prescribed under this subchapter (except
(b) A person willfully violating this subchapter or a regulation prescribed under this subchapter (except
(c) For a violation of
(
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
---|---|---|
5322(a) | 31:1058. | Oct. 26, 1970, |
5322(b) | 31:1059. | |
5322(c) | 31:1054(b)(last sentence related to criminal penalties). |
In subsections (a) and (b), the words "(except
In subsection (a), the word "prescribed" is added for consistency.
In subsection (b), the words "or a regulation prescribed under this subchapter" are added because of the restatement. The words "committed" and "the commission of" are omitted as surplus. The words "United States" are substituted for "Federal" for consistency in the revised title and with other titles of the United States Code.
In subsection (c), the words "the purposes of both civil and criminal penalties for" are omitted because of the restatement. The word "separate" before "office" is omitted as surplus.
Amendments
1994—Subsecs. (a), (b).
1992—Subsec. (a).
1986—Subsec. (b).
Subsec. (c).
1984—Subsec. (a).
Effective Date of 1986 Amendment
Amendment by section 1357(g) of
Section Referred to in Other Sections
This section is referred to in
§5323. Rewards for informants
(a) The Secretary may pay a reward to an individual who provides original information which leads to a recovery of a criminal fine, civil penalty, or forfeiture, which exceeds $50,000, for a violation of this chapter.
(b) The Secretary shall determine the amount of a reward under this section. The Secretary may not award more than 25 per centum of the net amount of the fine, penalty, or forfeiture collected or $150,000, whichever is less.
(c) An officer or employee of the United States, a State, or a local government who provides information described in subsection (a) in the performance of official duties is not eligible for a reward under this section.
(d) There are authorized to be appropriated such sums as may be necessary to carry out the provisions of this section.
(Added
§5324. Structuring transactions to evade reporting requirement prohibited
(a)
(1) cause or attempt to cause a domestic financial institution to fail to file a report required under section 5313(a) or 5325 or any regulation prescribed under any such section;
(2) cause or attempt to cause a domestic financial institution to file a report required under section 5313(a) or 5325 or any regulation prescribed under any such section that contains a material omission or misstatement of fact; or
(3) structure or assist in structuring, or attempt to structure or assist in structuring, any transaction with one or more domestic financial institutions.
(b)
(1) fail to file a report required by section 5316, or cause or attempt to cause a person to fail to file such a report;
(2) file or cause or attempt to cause a person to file a report required under section 5316 that contains a material omission or misstatement of fact; or
(3) structure or assist in structuring, or attempt to structure or assist in structuring, any importation or exportation of monetary instruments.
(c)
(1)
(2)
(Added
Amendments
1994—Subsec. (a).
Subsec. (a)(1), (2).
Subsec. (c).
1992—
Effective Date
Section 1364(a) of
Section Referred to in Other Sections
This section is referred to in
§5325. Identification required to purchase certain monetary instruments
(a)
(1) the individual has a transaction account with such financial institution and the financial institution—
(A) verifies that fact through a signature card or other information maintained by such institution in connection with the account of such individual; and
(B) records the method of verification in accordance with regulations which the Secretary of the Treasury shall prescribe; or
(2) the individual furnishes the financial institution with such forms of identification as the Secretary of the Treasury may require in regulations which the Secretary shall prescribe and the financial institution verifies and records such information in accordance with regulations which such Secretary shall prescribe.
(b)
(c)
(Added
References in Text
Section 19(b)(1)(C) of the Federal Reserve Act, referred to in subsec. (c), is classified to
Section Referred to in Other Sections
This section is referred to in
§5326. Records of certain domestic coin and currency transactions
(a)
(1) to obtain such information as the Secretary may describe in such order concerning—
(A) any transaction in which such financial institution is involved for the payment, receipt, or transfer of United States coins or currency (or such other monetary instruments as the Secretary may describe in such order) the total amounts or denominations of which are equal to or greater than an amount which the Secretary may prescribe; and
(B) any other person participating in such transaction;
(2) to maintain a record of such information for such period of time as the Secretary may require; and
(3) to file a report with respect to any transaction described in paragraph (1)(A) in the manner and to the extent specified in the order.
(b)
(1)
(A) to request any financial institution (other than a depository institution) which engages in any reportable transaction with the depository institution to provide the depository institution with a copy of any report filed by the financial institution under this subtitle with respect to any prior transaction (between such financial institution and any other person) which involved any portion of the coins or currency (or monetary instruments) which are involved in the reportable transaction with the depository institution; and
(B) if no copy of any report described in subparagraph (A) is received by the depository institution in connection with any reportable transaction to which such subparagraph applies, to submit (in addition to any report required under this subtitle with respect to the reportable transaction) a written notice to the Secretary that the financial institution failed to provide any copy of such report.
(2)
(c)
(d)
(Added
References in Text
Section 3(c) of the Federal Deposit Insurance Act, referred to in subsec. (b)(1), is classified to
Amendments
1992—Subsecs. (b) to (d).
[§5327. Repealed. Pub. L. 104–208, div. A, title II, §2223(1), Sept. 30, 1996, 110 Stat. 3009–415 ]
Section, added
§5328. Whistleblower protections
(a)
(b)
(c)
(1) reinstate the employee to the employee's former position;
(2) pay compensatory damages; or
(3) take other appropriate actions to remedy any past discrimination.
(d)
(1) deliberately causes or participates in the alleged violation of law or regulation; or
(2) knowingly or recklessly provides substantially false information to the Secretary, the Attorney General, or any Federal supervisory agency.
(e)
(Added
References in Text
Section 33 of the Federal Deposit Insurance Act, referred to in subsec. (e), is classified to
Section 213 of the Federal Credit Union Act, referred to in subsec. (e), is classified to
Section 21A(q) of the Home Owners' Loan Act, referred to in subsec. (e), probably means section 21A(q) of the Federal Home Loan Bank Act, which is classified to
1 See References in Text note below.
§5329. Staff commentaries
The Secretary shall—
(1) publish all written rulings interpreting this subchapter; and
(2) annually issue a staff commentary on the regulations issued under this subchapter.
(Added
§5330. Registration of money transmitting businesses
(a)
(1)
(A) the date of enactment of the Money Laundering Suppression Act of 1994; or
(B) the date on which the business is established.
(2)
(3)
(4)
(b)
(1) The name and location of the business.
(2) The name and address of each person who—
(A) owns or controls the business;
(B) is a director or officer of the business; or
(C) otherwise participates in the conduct of the affairs of the business.
(3) The name and address of any depository institution at which the business maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act).
(4) An estimate of the volume of business in the coming year (which shall be reported annually to the Secretary).
(5) Such other information as the Secretary of the Treasury may require.
(c)
(1)
(A) maintain a list containing the names and addresses of all persons authorized to act as an agent for such business in connection with activities described in subsection (d)(1)(A) and such other information about such agents as the Secretary may require; and
(B) make the list and other information available on request to any appropriate law enforcement agency.
(2)
(d)
(1)
(A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers' checks, and other similar instruments;
(B) is required to file reports under section 5313; and
(C) is not a depository institution (as defined in section 5313(g)).
(2)
(e)
(1)
(2)
(3)
(Added
References in Text
The date of enactment of the Money Laundering Suppression Act of 1994, referred to in subsec. (a)(1)(A), is the date of enactment of title IV of
Section 19(b)(1)(C) of the Federal Reserve Act, referred to in subsec. (b)(3), is classified to
Findings and Purposes
Section 408(a) of
"(1)
"(A) Money transmitting businesses are subject to the recordkeeping and reporting requirements of subchapter II of
"(B) Money transmitting businesses are largely unregulated businesses and are frequently used in sophisticated schemes to—
"(i) transfer large amounts of money which are the proceeds of unlawful enterprises; and
"(ii) evade the requirements of such subchapter II, the Internal Revenue Code of 1986 [
"(C) Information on the identity of money transmitting businesses and the names of the persons who own or control, or are officers or employees of, a money transmitting business would have a high degree of usefulness in criminal, tax, or regulatory investigations and proceedings.
"(2)
Section Referred to in Other Sections
This section is referred to in title 18 section 1960.
SUBCHAPTER III—MONEY LAUNDERING AND RELATED FINANCIAL CRIMES
§5340. Definitions
For purposes of this subchapter, the following definitions shall apply:
(1)
(2)
(A) means the movement of illicit cash or cash equivalent proceeds into, out of, or through the United States, or into, out of, or through United States financial institutions, as defined in
(B) has the meaning given that term (or the term used for an equivalent offense) under State and local criminal statutes pertaining to the movement of illicit cash or cash equivalent proceeds.
(3)
(4)
(Added
Part 1—National Money Laundering and Related Financial Crimes Strategy
§5341. National money laundering and related financial crimes strategy
(a)
(1)
(2)
(3)
(b)
(1)
(2)
(A) regularly review enforcement efforts under this subchapter and other provisions of law and, when appropriate, modify existing regulations or prescribe new regulations for purposes of preventing such criminal activity; and
(B) coordinate prevention efforts and other enforcement action with the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Federal Trade Commission, other Federal banking agencies, the National Credit Union Administration Board, and such other Federal agencies as the Secretary, in consultation with the Attorney General, determines to be appropriate.
(3)
(4)
(5)
(A) cooperative efforts between the Federal Government and State and local officials, including State and local prosecutors and other law enforcement officials; and
(B) cooperative efforts among the several States and between State and local officials, including State and local prosecutors and other law enforcement officials,
for financial crimes control which could be utilized or should be encouraged.
(6)
(7)
(8)
(9)
(10)
(11)
(c)
(d)
(1) the Board of Governors of the Federal Reserve System and other Federal banking agencies and the National Credit Union Administration Board;
(2) State and local officials, including State and local prosecutors;
(3) the Securities and Exchange Commission;
(4) the Commodities and Futures Trading Commission;
(5) the Director of the Office of National Drug Control Policy, with respect to money laundering and related financial crimes involving the proceeds of drug trafficking;
(6) the Chief of the United States Postal Inspection Service;
(7) to the extent appropriate, State and local officials responsible for financial institution and financial market regulation;
(8) any other State or local government authority, to the extent appropriate;
(9) any other Federal Government authority or instrumentality, to the extent appropriate; and
(10) representatives of the private financial services sector, to the extent appropriate.
(Added
Section Referred to in Other Sections
This section is referred to in
§5342. High-risk money laundering and related financial crime areas
(a)
(1)
(A) Money laundering and related financial crimes frequently appear to be concentrated in particular geographic areas, financial systems, industry sectors, or financial institutions.
(B) While the Secretary has the responsibility to act with regard to Federal offenses which are being committed in a particular locality or are directed at a single institution, because modern financial systems and institutions are interconnected to a degree which was not possible until recently, money laundering and other related financial crimes are likely to have local, State, national, and international effects wherever they are committed.
(2)
(A) a comprehensive approach to the problem of such crime in such area can be developed, in cooperation with State and local law enforcement agencies, which utilizes the authority of the Secretary to prevent such activity; or
(B) such area can be targeted for law enforcement action.
(b)
(c)
(1)
(2)
(3)
(A) a written request for the designation of any area as a high-risk money laundering and related financial crimes area; or
(B) a written request for funding under section 5351 for a specific prevention or enforcement initiative, or to determine the extent of financial criminal activity, in an area.
(d)
(1) The population of the area.
(2) The number of bank and nonbank financial institution transactions which originate in such area or involve institutions located in such area.
(3) The number of stock or commodities transactions which originate in such area or involve institutions located in such area.
(4) Whether the area is a key transportation hub with any international ports or airports or an extensive highway system.
(5) Whether the area is an international center for banking or commerce.
(6) The extent to which financial crimes and financial crime-related activities in such area are having a harmful impact in other areas of the country.
(7) The number or nature of requests for information or analytical assistance which—
(A) are made to the analytical component of the Department of the Treasury; and
(B) originate from law enforcement or regulatory authorities located in such area or involve institutions or businesses located in such area or residents of such area.
(8) The volume or nature of suspicious activity reports originating in the area.
(9) The volume or nature of currency transaction reports or reports of cross-border movements of currency or monetary instruments originating in, or transported through, the area.
(10) Whether, and how often, the area has been the subject of a geographical targeting order.
(11) Observed changes in trends and patterns of money laundering activity.
(12) Unusual patterns, anomalies, growth, or other changes in the volume or nature of core economic statistics or indicators.
(13) Statistics or indicators of unusual or unexplained volumes of cash transactions.
(14) Unusual patterns, anomalies, or changes in the volume or nature of transactions conducted through financial institutions operating within or outside the United States.
(15) The extent to which State and local governments and State and local law enforcement agencies have committed resources to respond to the financial crime problem in the area and the degree to which the commitment of such resources reflects a determination by such government and agencies to address the problem aggressively.
(16) The extent to which a significant increase in the allocation of Federal resources to combat financial crimes in such area is necessary to provide an adequate State and local response to financial crimes and financial crime-related activities in such area.
(Added
Report and Recommendations
Section Referred to in Other Sections
This section is referred to in
Part 2—Financial Crime-Free Communities Support Program
§5351. Establishment of financial crime-free communities support program
(a)
(b)
(1) make and track grants to grant recipients;
(2) provide for technical assistance and training, data collection, and dissemination of information on state-of-the-art practices that the Secretary determines to be effective in detecting, preventing, and suppressing money laundering and related financial crimes; and
(3) provide for the general administration of the program.
(c)
(d)
(Added
Section Referred to in Other Sections
This section is referred to in
§5352. Program authorization
(a)
(1)
(2)
(A) establish a system to measure and report outcomes—
(i) consistent with common indicators and evaluation protocols established by the Secretary, in consultation with the Attorney General; and
(ii) approved by the Secretary;
(B) conduct biennial surveys (or incorporate local surveys in existence at the time of the evaluation) to measure the progress and effectiveness of the coalition; and
(C) provide assurances that the entity conducting an evaluation under this paragraph, or from which the applicant receives information, has experience in gathering data related to money laundering and related financial crimes.
(b)
(1)
(A)
(B)
(C)
(D)
(2)
(A)
(B)
(i) the eligible coalitions demonstrate that the coalitions are collaborating with one another; and
(ii) each of the coalitions has independently met the requirements set forth in subsection (a).
(c)
(1)
(2)
(d)
(1) applications for grants under this part may be filed at any time during a fiscal year; and
(2) some portion of the funds appropriated under this part for any such fiscal year will remain available for grant applications filed later in the fiscal year.
(Added
Section Referred to in Other Sections
This section is referred to in
1 So in original. Probably should be "represents".
§5353. Information collection and dissemination with respect to grant recipients
(a)
(1)
(2)
(b)
(1) evaluate the utility of specific initiatives relating to the purposes of the program;
(2) conduct an evaluation of the program; and
(3) disseminate information described in this subsection to—
(A) eligible State local law enforcement agencies or prosecutors; and
(B) the general public.
(Added
Section Referred to in Other Sections
This section is referred to in
§5354. Grants for fighting money laundering and related financial crimes
(a)
(b)
(Added
§5355. Authorization of appropriations
There are authorized to be appropriated the following amounts for the following fiscal years to carry out the purposes of this subchapter:
For fiscal year: | The amount authorized is: |
---|---|
1999 | $5,000,000. |
2000 | $7,500,000. |
2001 | $10,000,000. |
2002 | $12,500,000. |
2003 | $15,000,000. |
(Added