CHAPTER 3 —DEPARTMENT OF THE TREASURY
SUBCHAPTER I—ORGANIZATION
SUBCHAPTER II—ADMINISTRATIVE
Editorial Notes
Amendments
2021—
2010—
2003—
2001—
1994—
1989—
1984—
1 So in original. Does not conform to section catchline.
SUBCHAPTER I—ORGANIZATION
§301. Department of the Treasury
(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.
(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate.
(c) The Department has a Deputy Secretary of the Treasury appointed by the President, by and with the advice and consent of the Senate. The Deputy Secretary shall carry out—
(1) duties and powers prescribed by the Secretary; and
(2) the duties and powers of the Secretary when the Secretary is absent or unable to serve or when the office of Secretary is vacant.
(d) The Department has 2 Under Secretaries, an Under Secretary for Enforcement, and 2 Deputy Under Secretaries, appointed by the President, by and with the advice and consent of the Senate. The Department also has a Fiscal Assistant Secretary appointed by the Secretary and a Treasurer of the United States appointed by the President. They shall carry out duties and powers prescribed by the Secretary. The President may designate one Under Secretary as Counselor. When appointing each Deputy Under Secretary, the President may designate the Deputy Under Secretary as an Assistant Secretary.
(e) The Department has 8 Assistant Secretaries appointed by the President, by and with the advice and consent of the Senate. The Department shall have 2 Assistant Secretaries not subject to the advice and consent of the Senate who shall be the Assistant Secretary for Public Affairs, and the Assistant Secretary for Management. The Assistant Secretaries shall carry out duties and powers prescribed by the Secretary. The Assistant Secretaries appointed under this subsection are in addition to the Assistant Secretaries appointed under subsection (d) of this section.
(f)(1) The Department has a General Counsel appointed by the President, by and with the advice and consent of the Senate. The General Counsel is the chief law officer of the Department. Without regard to those provisions of title 5 governing appointment in the competitive service, the Secretary may appoint not more than 5 Assistant General Counsels. The Secretary may designate one of the Assistant General Counsels to act as the General Counsel when the General Counsel is absent or unable to serve or when the office of General Counsel is vacant. The General Counsel and Assistant General Counsels shall carry out duties and powers prescribed by the Secretary.
(2) The President may appoint, by and with the advice and consent of the Senate, an Assistant General Counsel who shall be the Chief Counsel for the Internal Revenue Service. The Chief Counsel is the chief law officer for the Service and shall carry out duties and powers prescribed by the Secretary.
(g) The Department shall have a seal.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 301(a) | 31:1001(words before 1st comma). | R.S. §233. |
| 301(b) | 31:1001(words after 1st comma). | |
| 301(c) | 31:1004(related to Deputy Secretary). | Feb. 17, 1922, ch. 55(related to appointment and duties of Deputy and Under Secretaries), |
| Jan. 3, 1923, ch. 22(related to appointment and duties of Deputy and Under Secretaries), |
||
| Apr. 4, 1924, ch. 84(related to appointment and duties of Deputy and Under Secretaries), |
||
| 31:1005. | Feb. 17, 1922, ch. 55(related to vacancy in office of Secretary of the Treasury), |
|
| Jan. 3, 1923, ch. 22(related to vacancy in office of Secretary of the Treasury), |
||
| Apr. 4, 1924, ch. 84(related to vacancy in office of Secretary of the Treasury), |
||
| 301(d) | 31:141. | R.S. §301. |
| 31:1004(related to Under Secretaries). | ||
| 31:1005a(1st–3d sentences). | May 18, 1972, |
|
| 5 App. | Reorg. Plan No. 3 of 1940, eff. June 30, 1940, §1(a)(7)(1st sentence), |
|
| 301(e) | 31:1005a(last sentence). | |
| 31:1006. | R.S. §234; July 11, 1890, ch. 667, §1(1st par. under heading "Treasury Department"), |
|
| 31:1007. | R.S. §245. | |
| 301(f)(1) | 26:7801(b)(1), (2)(last sentence), (3). | Aug. 16, 1954, ch. 736, §7801(b), |
| 31:1009. | May 10, 1934, ch. 277, §512(a), (c), |
|
| 301(f)(2) | 26:7801(b)(2)(1st, 2d sentences). | |
| 301(g) | 31:1010(related to seal). | R.S. §372(related to seal); May 10, 1934, ch. 277, §512(b), |
In subsection (a), the words "of the United States Government" are added for clarity.
In subsection (b), the words "The Secretary is appointed by the President, by and with the advice and consent of the Senate" are added to conform with clause 2, section 2, of article II of the Constitution.
In subsection (c), the words "carry out" and "duties and powers" are substituted for "perform" and "duties", respectively, for consistency in the revised title and with other titles of the United States Code. In clause (1), the words "in the Office of the Secretary" in 31:1004 are omitted as unnecessary because of the restatement and for consistency. Clause (2) is substituted for 31:1005 to eliminate unnecessary words and for consistency with other titles of the Code.
In subsection (d), the words "in accordance with the civil-service laws" in section 1(a)(7)(1st sentence) of Reorganization Plan No. 3 of 1940 (eff. June 30, 1940,
In subsection (e), the words "of the Treasury" in 31:1006 and 1007 are omitted for consistency with other titles of the Code and as being unnecessary. The words "examine letters, contracts, and warrants prepared for the signature of the Secretary of the Treasury" and "by law" in 31:1007 are omitted as superseded by the source provisions restated in section 321 of the revised title. The words "carry out" and "duties and powers" are substituted for "perform" and "duties", respectively, for consistency in the revised title and with other titles of the Code.
In subsection (f), the words "carry out" and "duties and powers" are substituted for "perform" and "duties", respectively, for consistency in the revised title and with other titles of the Code. The text of 26:7801(b)(3) is omitted as unnecessary because of 5:3101. The words "is absent or unable to serve or when the office of General Counsel is vacant" are substituted for "during the absence of" for clarity and consistency. The text of 31:1009(less (a)(6th sentence)) is omitted as superseded by 26:7801(b) as restated in this subsection.
In subsection (f)(1), the words "governing appointment in the competitive service" are substituted for "civil service laws" to conform to 5:2102.
In subsection (g), the words "The General Counsel . . . shall have charge" are omitted as superseded by the source provisions restated in subsection (b) of this section and section 321(c) of the revised title.
Editorial Notes
References in Text
The provisions of title 5 governing appointment in the competitive service, referred to in subsec. (f)(1), are classified generally to
Amendments
2012—Subsec. (d).
Subsec. (e).
2008—Subsec. (e).
2007—Subsec. (e).
2003—Subsec. (e).
1994—Subsec. (d).
1985—Subsec. (d).
1984—Subsec. (e).
Statutory Notes and Related Subsidiaries
Effective Date of 2012 Amendment
Amendment by
Effective Date of 2007 Amendment
Amendment by
Short Title of 2010 Amendment
Office of Secretary of the Treasury; Compensation
"(a)(1) Effective beginning on the date determined under paragraph (2), the compensation and other emoluments attached to the Office of Secretary of the Treasury shall be those that would then apply if
"(2) Paragraph (1) shall become effective on the later of—
"(A) the day after the date on which the individual holding the Office of Secretary of the Treasury on January 1, 1997, ceases to hold that office; or
"(B) the date of the enactment of this Act [Oct. 10, 1997].
"(3) Nothing in this subsection shall be considered to affect the compensation or emoluments due to any individual in connection with any period preceding the date determined under paragraph (2).
"(b) Subsection (b) of the first section of the public law referred to in subsection (a)(1) of this section shall not apply in the case of any appointment the consent of the Senate to which occurs on or after the date of the enactment of this Act.
"(c) This section shall not be limited (for purposes of determining whether a provision of this section applies or continues to apply) to fiscal year 1998."
Office of the Undersecretary for Enforcement
Compensation and Emoluments of Secretary of the Treasury at Level in Effect on January 1, 1989; Actions Challenging Appointment on Constitutional Grounds
"(1) the Ethics Reform Act of 1989 (
"(2) any other provision of law, or provision which has the force and effect of law, that is enacted or becomes effective during the period beginning at noon of January 3, 1989, and ending at noon of January 3, 1995.
"(b)(1) Any person aggrieved by an action of the Secretary of the Treasury may bring a civil action in the United States District Court for the District of Columbia to contest the constitutionality of the appointment and continuance in office of the Secretary of the Treasury on the ground that such appointment and continuance in office is in violation of article I, section 6, clause 2, of the Constitution. The United States District Court for the District of Columbia shall have exclusive jurisdiction over such a civil action, without regard to the sum or value of the matter in controversy.
"(2) Any claim challenging the constitutionality of the appointment and continuance in office of the Secretary of the Treasury on the ground that such appointment and continuance in office is in violation of article I, section 6, clause 2, of the Constitution, in an action brought under paragraph (1) shall be heard and determined by a panel of three judges in accordance with
"(3)(A) An appeal may be taken directly to the Supreme Court of the United States from any interlocutory or final judgment, decree, or order upon the validity of the appointment and continuance in office of the Secretary of the Treasury under article I, section 6, clause 2, of the Constitution, entered in any action brought under this subsection. Any such appeal shall be taken by a notice of appeal filed within 20 days after such judgment, decree, or order is entered.
"(B) The Supreme Court shall, if it has not previously ruled on the question presented by an appeal taken pursuant to subparagraph (A), accept jurisdiction over the appeal, advance the appeal on the docket, and expedite the appeal.
"(c) This joint resolution shall become effective at 12:00 p.m., January 20, 1993."
Duties and Functions of Department of the Treasury
Nothing in
Executive Documents
Order of Succession
For order of succession during any period when both Secretary and Deputy Secretary of the Treasury are unable to perform functions and duties of office of Secretary, see Ex. Ord. No. 13246, Dec. 18, 2001, 66 F.R. 66270, listed in a table under
§302. Treasury of the United States
The United States Government has a Treasury of the United States. The Treasury is in the Department of the Treasury.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 302 | 31:472. | R.S. §3591. |
The section is substituted for the source provisions to eliminate unnecessary words and because of subsequent laws and the restatement in the revised title about the authority of the Secretary of the Treasury and coins, currency, accounts, depositaries, and public debt of the United States Government.
§303. Bureau of Engraving and Printing
(a) The Bureau of Engraving and Printing is a bureau in the Department of the Treasury.
(b) The head of the Bureau is the Director of the Bureau of Engraving and Printing appointed by the Secretary of the Treasury. The Director—
(1) shall carry out duties and powers prescribed by the Secretary; and
(2) reports directly to the Secretary.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 303 | 31:171. | June 4, 1897, ch. 2, §1(4th proviso on p. 18), |
In subsection (a), the words "a bureau in the Department of the Treasury" are added for clarity and consistency in
In subsection (b), the first sentence is substituted for the words before the first comma because of the source provisions restated in section 321(c) of the revised title. Clause (1) is substituted for "subject to the direction of the Secretary of the Treasury" for consistency in the revised title and with other titles of the United States Code. The words "and be responsible" are omitted as being included in "reports directly to" and because of section 301 of the revised title.
§304. United States Mint
(a) The United States Mint is a bureau in the Department of the Treasury.
(b)(1) The head of the Mint is the Director of the Mint. The Director is appointed by the President, by and with the advice and consent of the Senate. The term of the Director is 5 years. The President may remove the Director from office. On removal, the President shall send a message to the Senate giving the reasons for removal.
(2) The Director shall carry out duties and powers prescribed by the Secretary of the Treasury.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 304(a) | 31:251(1st sentence less words after 1st comma). | R.S. §343(less 1st sentence words after 1st comma). |
| 304(b)(1) | 31:251(2d sentence words before comma, last sentence). | |
| 304(b)(2) | 31:251(2d sentence words after comma). |
In subsection (b)(1), the word "head" is substituted for "chief officer" in 31:251 for clarity and consistency in the revised title and with other titles of the United States Code. The word "is" is substituted for "shall be denominated" to eliminate unnecessary words.
In subsection (b)(2), the words "The Director shall carry out duties and powers prescribed by the Secretary of the Treasury" are substituted for "and shall be under the general direction of the Secretary of the Treasury" for clarity and consistency in the revised title.
Editorial Notes
Amendments
1992—
Subsec. (a).
Subsec. (b)(1).
§305. Federal Financing Bank
The Federal Financing Bank, established under section 4 of the Federal Financing Bank Act of 1973 (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 305 | (no source). |
The section is included to provide in subchapter I of
§306. Fiscal Service
(a) The Fiscal Service is a service in the Department of the Treasury.
(b) The head of the Fiscal Service is the Fiscal Assistant Secretary appointed under
(c) The Fiscal Service has a—
(1) Bureau of Government Financial Operations, having as its head a Commissioner of Government Financial Operations; and
(2) Bureau of the Public Debt, having as its head a Commissioner of the Public Debt.
(d) The Secretary of the Treasury may designate another officer or employee of the Department to act as the Fiscal Assistant Secretary when the Fiscal Assistant Secretary is absent or unable to serve or when the office of Fiscal Assistant Secretary is vacant.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 306 | 5 App. | Reorg. Plan No. 3 of 1940, eff. June 30, 1940, §1(less (a)(7)(1st sentence), (d)), |
In subsection (a), the word "service" is substituted for "agency" in section 1(a)(1)(words before last comma) of Reorganization Plan No. 3 of 1940 (eff. June 30, 1940,
In subsection (b), the text of section 1(a)(7)(2d sentence) of Reorganization Plan No. 3 of 1940 is omitted because of the source provisions restated in section 301(d) of the revised title.
In subsection (c), the words "Office of the Fiscal Assistant Secretary" in section 1(a)(2) of Reorganization Plan No. 3 of 1940 are omitted as unnecessary and for consistency in
Subsection (d) is substituted for the text of section 1(a)(7)(last sentence) of Reorganization Plan No. 3 of 1940 for consistency in the revised title. The text of section 1(a)(5) and (6), (b), and (c) is omitted as superseded by the source provisions restated in section 321 of the revised title.
Editorial Notes
References in Text
The Bureau of Government Financial Operations, referred to in subsec. (c)(1), is now known as the Financial Management Service and has as its head a Commissioner of the Financial Management Service.
Amendments
2004—Subsec. (d).
Statutory Notes and Related Subsidiaries
Reimbursement of Financial Management Service and Bureau of the Public Debt
Similar provisions were contained in
§307. Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency, established under section 324 of the Revised Statutes (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 307 | (no source). |
The section is included to provide in subchapter I of
§308. United States Customs Service
The United States Customs Service, established under section 1 of the Act of March 3, 1927 (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 308 | (no source). |
The section is included to provide in subchapter I of
Statutory Notes and Related Subsidiaries
Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the United States Customs Service of the Department of the Treasury, including functions of the Secretary of the Treasury relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see
Executive Documents
Change of Name
Bureau of Customs redesignated United States Customs Service by Treasury Department Order 165–23, Apr. 4, 1973, eff. Aug. 1, 1973, 38 F.R. 13037.
§309. Office of Thrift Supervision
The Office of Thrift Supervision established under section 3(a) 1 of the Home Owners' Loan Act shall be an office in the Department of the Treasury.
(Added
Editorial Notes
References in Text
Section 3(a) of the Home Owners' Loan Act, referred to in text, which established the Office of Thrift Supervision, was classified to
Prior Provisions
A prior section 309 was renumbered
Amendments
1994—
Statutory Notes and Related Subsidiaries
Transfer of Functions
Office of Thrift Supervision abolished and functions transferred to the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Comptroller of the Currency, and the Federal Deposit Insurance Corporation by
1 See References in Text note below.
§310. Financial Crimes Enforcement Network
(a)
(b)
(1)
(2)
(A) Advise and make recommendations on matters relating to financial intelligence, financial criminal activities, and other financial activities to the Under Secretary of the Treasury for Enforcement.
(B) Maintain a government-wide data access service, with access, in accordance with applicable legal requirements, to the following:
(i) Information collected by the Department of the Treasury, including report information filed under subchapter II of
(ii) Information regarding national and international currency flows.
(iii) Other records and data maintained by other Federal, State, local, and foreign agencies, including financial and other records developed in specific cases.
(iv) Other privately and publicly available information.
(C) Analyze and disseminate the available data in accordance with applicable legal requirements and policies and guidelines established by the Secretary of the Treasury and the Under Secretary of the Treasury for Enforcement to—
(i) identify possible criminal activity to appropriate Federal, State, local, Tribal, and foreign law enforcement agencies;
(ii) support ongoing criminal financial investigations and prosecutions and related proceedings, including civil and criminal tax and forfeiture proceedings;
(iii) identify possible instances of noncompliance with subchapter II of
(iv) evaluate and recommend possible uses of special currency reporting requirements under section 5326;
(v) determine emerging trends and methods in money laundering and other financial crimes;
(vi) support the conduct of intelligence or counterintelligence activities, including analysis, to protect against terrorism; and
(vii) support government initiatives against money laundering.
(D) Establish and maintain a financial crimes communications center to furnish law enforcement authorities with intelligence information related to emerging or ongoing investigations and undercover operations.
(E) Furnish research, analytical, and informational services to financial institutions, appropriate Federal regulatory agencies with regard to financial institutions, and appropriate Federal, State, local, Tribal, and foreign law enforcement authorities, in accordance with policies and guidelines established by the Secretary of the Treasury or the Under Secretary of the Treasury for Enforcement, in the interest of detection, prevention, and prosecution of terrorism, organized crime, money laundering, and other financial crimes.
(F) Assist Federal, State, local, Tribal, and foreign law enforcement and regulatory authorities in combatting the use of informal, nonbank networks and payment and barter system mechanisms that permit the transfer of funds or the equivalent of funds without records and without compliance with criminal and tax laws.
(G) Provide computer and data support and data analysis to the Secretary of the Treasury for tracking and controlling foreign assets.
(H) Coordinate with financial intelligence units in other countries on anti-terrorism and anti-money laundering initiatives, and similar efforts.
(I) Administer the requirements of subchapter II of
(J) Promulgate regulations under section 5318(h)(4)(D), as appropriate, to implement the government-wide anti-money laundering and countering the financing of terrorism priorities established by the Secretary of the Treasury under section 5318(h)(4)(A).
(K) Communicate regularly with financial institutions and Federal functional regulators that examine financial institutions for compliance with subchapter II of
(L) Give and receive feedback to and from financial institutions, State bank supervisors, and State credit union supervisors (as those terms are defined in section 6003 of the Anti-Money Laundering Act of 2020) regarding the matters addressed in subchapter II of
(M) Maintain money laundering and terrorist financing investigation financial experts capable of identifying, tracking, and analyzing financial crime networks and identifying emerging threats to support Federal civil and criminal investigations.
(N) Maintain emerging technology experts to encourage the development of and identify emerging technologies that can assist the United States Government or financial institutions in countering money laundering and the financing of terrorism.
(O) Such other duties and powers as the Secretary of the Treasury may delegate or prescribe.
(c)
(1) for the coordinated and efficient transmittal of information to, entry of information into, and withdrawal of information from, the data maintenance system maintained by FinCEN, including—
(A) the submission of reports through the Internet or other secure network, whenever possible;
(B) the cataloguing of information in a manner that facilitates rapid retrieval by law enforcement personnel of meaningful data; and
(C) a procedure that provides for a prompt initial review of suspicious activity reports and other reports, or such other means as the Secretary may provide, to identify information that warrants immediate action; and
(2) in accordance with
(A) who is to be given access to the information maintained by FinCEN;
(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 data maintenance system.
(d)
(1)
(2)
(A) effectively and efficiently combat money laundering, terrorism financing, organized crime, and other financial crimes, including by promoting innovation and technical advances in reporting—
(i) under subchapter II of
(ii) with respect to other anti-money laundering requirements;
(B) protect the financial system from illicit use; and
(C) promote national security.
(3)
(A)
(i) an analysis of the efforts undertaken by the FinCEN Exchange, which shall include an analysis of—
(I) the results of those efforts; and
(II) the extent and effectiveness of those efforts, including any benefits realized by law enforcement agencies from partnering with financial institutions and other relevant private sector entities, which shall be consistent with standards protecting sensitive information; and
(ii) any legislative, administrative, or other recommendations the Secretary may have to strengthen the efforts of the FinCEN Exchange.
(B)
(4)
(A) in compliance with all other applicable Federal laws and regulations;
(B) in such a manner as to ensure the appropriate confidentiality of personal information; and
(C) at the discretion of the Director, with the appropriate Federal functional regulator, as defined in section 6003 of the Anti-Money Laundering Act of 2020.
(5)
(A)
(B)
(i)
(ii)
(6)
(e)
(1)
(2)
(f)
(1)
(2)
(g)
(1)
(A) report directly to the Director; and
(B) be appointed by the Director, from among individuals with experience or familiarity with anti-money laundering program examinations, supervision, and enforcement.
(2)
(3)
(4)
(A) report to the Chief Domestic Liaison;
(B) each be assigned to focus on a specific region of the United States; and
(C) be located at an office in such region or co-located at an office of the Board of Governors of the Federal Reserve System in such region.
(5)
(A)
(i) in coordination with relevant Federal functional regulators, perform outreach to BSA officers at financial institutions, including nonbank financial institutions, and persons that are not financial institutions, especially with respect to actions taken by FinCEN that require specific actions by, or have specific effects on, such institutions or persons, as determined by the Director;
(ii) in accordance with applicable agreements, receive feedback from financial institutions and examiners of Federal functional regulators regarding their examinations under the Bank Secrecy Act and communicate that feedback to FinCEN, the Federal functional regulators, and State bank supervisors;
(iii) promote coordination and consistency of supervisory guidance from FinCEN, the Federal functional regulators, State bank supervisors, and State credit union supervisors regarding the Bank Secrecy Act;
(iv) act as a liaison between financial institutions and their Federal functional regulators, State bank supervisors, and State credit union supervisors with respect to information sharing matters involving the Bank Secrecy Act and regulations promulgated thereunder;
(v) establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Office of Domestic Liaison;
(vi) to the extent practicable, periodically propose to the Director changes in the regulations, guidance, or orders of FinCEN, including any legislative or administrative changes that may be appropriate to ensure improved coordination and expand information sharing under this paragraph; and
(vii) perform such other duties as the Director determines to be appropriate.
(B)
(6)
(7)
(A)
(B)
(i) appropriate statistical information and full and substantive analysis;
(ii) information on steps that the Office of Domestic Liaison has taken during the reporting period to address feedback received by financial institutions and examiners of Federal functional regulators relating to examinations under the Bank Secrecy Act;
(iii) recommendations to the Director for such administrative and legislative actions as may be appropriate to address information sharing and coordination issues encountered by financial institutions or examiners of Federal functional regulators; and
(iv) any other information, as determined appropriate by the Director.
(C)
(D)
(i)
(ii)
(I) sensitive information obtained by a law enforcement agency; and
(II) classified information.
(E)
(8)
(h)
(1)
(A) be knowledgeable about domestic or international anti-money laundering or countering the financing of terrorism laws and regulations;
(B) possess a technical understanding of the Bank Secrecy Act, the protocols of the Egmont Group of Financial Intelligence Units, and the Financial Action Task Force and the recommendations issued by that Task Force;
(C) be co-located in a United States embassy, a similar United States Government facility, or a foreign government facility, as appropriate;
(D) facilitate capacity building and perform outreach with respect to anti-money laundering and countering the financing of terrorism regulatory and analytical frameworks;
(E) establish and maintain relationships with officials from foreign intelligence units, regulatory authorities, ministries of finance, central banks, law enforcement agencies, and other competent authorities;
(F) participate in industry outreach engagements with foreign financial institutions and other commercial actors on anti-money laundering and countering the financing of terrorism issues;
(G) coordinate with representatives of the Department of Justice at United States Embassies who perform similar functions on behalf of the United States Government; and
(H) perform such other duties as the Director determines to be appropriate.
(2)
(A) the rate of compensation paid to a Foreign Service officer at a comparable career level serving at the same embassy or facility, as applicable; or
(B) the rate of compensation that the Liaison would have otherwise received.
(i)
(1)
(A)
(B)
(i) receipt and analysis of suspicious transaction reports and other information relevant to money laundering, associated predicate offenses, and the financing of terrorism; and
(ii) the dissemination of the results of the analysis described in clause (i).
(C)
(2)
(A)
(B)
(i)
(ii)
(C)
(i)
(ii)
(3)
(j)
(1)
(2)
(k)
(1)
(2)
(3)
(4)
(5)
(l)
(1)
(A) $136,000,000 for fiscal year 2021;
(B) $60,000,000 for fiscal year 2022; and
(C) $35,000,000 for each of fiscal years 2023 through 2026.
(2)
(A) BSA
(B)
(C)
(D)
(E)
(Added
Editorial Notes
References in Text
Section 21 of the Federal Deposit Insurance Act, referred to in subsec. (b)(2)(B)(i), (C)(iii), (I), is classified to
Section 6003 of the Anti-Money Laundering Act of 2020, referred to in subsecs. (b)(2)(L), (d)(4)(C), (g)(8), and (k)(1), is section 6003 of
The Right to Financial Privacy Act of 1978, referred to in subsec. (c)(2), is title XI of
Section 362 of
The date of enactment of this subsection, referred to in subsecs. (d)(3)(A) and (g)(7)(A), is the date of enactment of
Prior Provisions
A prior section 310 was renumbered
Amendments
2021—Subsec. (b)(2)(C)(i).
Subsec. (b)(2)(C)(iv).
Subsec. (b)(2)(E), (F).
Subsec. (b)(2)(J) to (O).
Subsec. (d).
Subsec. (d)(2).
Subsec. (d)(3)(A)(i)(II).
Subsec. (d)(5)(A).
Subsec. (d)(5)(B).
Subsec. (e).
Subsecs. (f), (g).
Subsec. (h).
Subsec. (i).
Subsecs. (j), (k).
Subsec. (l).
Subsec. (l)(1).
2010—Subsec. (d)(1).
2004—Subsec. (c)(1), (2)(A).
Subsec. (d).
Statutory Notes and Related Subsidiaries
Effective Date of 2004 Amendment
Amendment by section 6203(a) of
Assessment of Bank Secrecy Act No-Action Letters
"(a)
"(1)
"(2)
"(A) a timeline for the process used to reach a final determination by FinCEN, in consultation with the relevant Federal functional regulators, in response to a request by a person for a no-action letter;
"(B) whether improvements in current processes are necessary;
"(C) whether a formal no-action letter process would help to mitigate or accentuate illicit finance risks in the United States; and
"(D) any other matter the Secretary determines is appropriate.
"(b)
"(1) submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that contains all findings and determinations made in carrying out the assessment required under subsection (a); and
"(2) propose rulemakings, if appropriate, to implement the findings and determinations described in paragraph (1)."
[For definition of "Federal functional regulator" as used in section 6305 of
Establishment of Highly Secure Network
"(a)
"(1) allows financial institutions to file reports required under subchapter II of
"(2) provides financial institutions with alerts and other information regarding suspicious activities that warrant immediate and enhanced scrutiny.
"(b)
§311. Office of Intelligence and Analysis
(a)
(1) be within the Office of Terrorism and Financial Intelligence;
(2) be responsible for the receipt, analysis, collation, and dissemination of foreign intelligence and foreign counterintelligence information (within the meaning of section 3 of the National Security Act of 1947 (
(3) have such other related duties and authorities as may be assigned to it by the Secretary, subject to the authority, direction, and control of the Secretary.
(b)
(Added
Editorial Notes
References in Text
The National Security Act of 1947, referred to in subsec. (a)(2), is act July 26, 1947, ch. 343,
Prior Provisions
A prior section 311 was renumbered
Amendments
2004—Subsec. (a).
Subsec. (b).
Statutory Notes and Related Subsidiaries
Construction
Pilot Program on Recruitment and Retention in Office of Intelligence and Analysis of the Department of the Treasury
"(a)
"(b)
"(c)
"(1) not greater than 130 percent of the maximum basic rate of pay and locality pay for which such positions would otherwise be eligible; and
"(2) not greater than the rate of basic pay payable for level II of the Executive Schedule under
"(d)
"(1)
"(2)
"(e)
"(f)
"(g)
"(1) which, if any, other elements of the intelligence community would benefit from a program similar to the pilot program required by subsection (a); and
"(2) what, if any, modifications the Director would recommend for such elements.
"(h)
"(i)
"(1) the congressional intelligence committees; and
"(2) the Subcommittees on Financial Services and General Government of the Committees on Appropriations of the House of Representatives and the Senate."
[For definitions of "congressional intelligence committees" and "intelligence community" as used in section 416 of div. X of
1 See References in Text note below.
§312. Terrorism and financial intelligence
(a)
(1)
(2)
(A)
(B)
(3)
(A)
(B)
(C)
(4)
(A) implementation of titles I and II of the Bank Secrecy Act;
(B) United States economic sanctions programs;
(C) combating terrorist financing;
(D) combating financial crimes, including money laundering, counterfeiting, and other offenses threatening the integrity of the banking and financial systems;
(E) combating illicit financing relating to human trafficking;
(F) other enforcement matters;
(G) those intelligence analysis and coordination functions described in subsection (b); and
(H) the security functions and programs of the Department of the Treasury.
(5)
(6)
(A) The Office of the Assistant Secretary for Intelligence and Analysis, which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(B) The Office of the Assistant Secretary for Terrorist Financing, which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(C) The Office of Foreign Assets Control (in this section referred to as the "OFAC"), which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(D) The Executive Office for Asset Forfeiture, which shall report to the Undersecretary for Terrorism and Financial Crimes.
(E) The Office of Intelligence and Analysis (in this section referred to as the "OIA"), which shall report to the Assistant Secretary for Intelligence and Analysis.
(F) The Office of Terrorist Financing, which shall report to the Assistant Secretary for Terrorist Financing.
(7)
(A)
(B)
(8)
(A) other offices of the Department of the Treasury;
(B) other Federal agencies, including—
(i) the Office to Monitor and Combat Trafficking in Persons of the Department of State; and
(ii) the Interagency Task Force to Monitor and Combat Trafficking;
(C) State and local law enforcement agencies; and
(D) foreign governments.
(b)
(1)
(2)
(3)
(A) to build a robust analytical capability on terrorist finance by coordinating and overseeing work involving intelligence analysts in all components of the Department of the Treasury, focusing on the highest priorities of the Department, as well as ensuring that the existing intelligence needs of the OFAC and FinCEN are met; and
(B) to provide intelligence support to senior officials of the Department on a wide range of international economic and other relevant issues.
(4)
(A) carry out the intelligence support functions that are assigned, to the Office of Intelligence Support under section 311 (pursuant to section 105 of the Intelligence Authorization Act for Fiscal Year 2004);
(B) serve in a liaison capacity with the intelligence community; and
(C) represent the Department in various intelligence related activities.
(5)
(c)
(d)
(e)
(f)
(g)
(1)
(2)
(h)
(Added
Editorial Notes
References in Text
The date of enactment of this section, referred to in subsecs. (a)(1) and (e), is the date of the enactment of
For the Bank Secrecy Act, referred to in subsec. (a)(4)(A), see Short Title note set out under
Section 105 of the Intelligence Authorization Act for Fiscal Year 2004, referred to in subsec. (b)(4)(A), is section 105 of
Prior Provisions
A prior section 312 was renumbered
Amendments
2021—Subsecs. (g), (h).
2019—Subsec. (a)(4)(E) to (H).
Subsec. (a)(8).
2015—Subsec. (d).
2010—
Statutory Notes and Related Subsidiaries
Change of Name
Reference to Community Management Staff deemed to be a reference to the staff of the Office of the Director of National Intelligence, see section 1081(c) of
Effective Date of 2010 Amendment
Amendment by
§313. Federal Insurance Office
(a)
(b)
(c)
(1)
(A) to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system;
(B) to monitor the extent to which traditionally underserved communities and consumers, minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (
(C) to recommend to the Financial Stability Oversight Council that it designate an insurer, including the affiliates of such insurer, as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors pursuant to title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
(D) to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 (
(E) to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (r));
(F) to determine, in accordance with subsection (f), whether State insurance measures are preempted by covered agreements;
(G) to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance; and
(H) to perform such other related duties and authorities as may be assigned to the Office by the Secretary.
(2)
(3)
(d)
(1) health insurance, as determined by the Secretary in coordination with the Secretary of Health and Human Services based on section 2791 of the Public Health Service Act (
(2) long-term care insurance, except long-term care insurance that is included with life or annuity insurance components, as determined by the Secretary in coordination with the Secretary of Health and Human Services, and in the case of long-term care insurance that is included with such components, the Secretary shall coordinate with the Secretary of Health and Human Services in performing the functions of the Office; and
(3) crop insurance, as established by the Federal Crop Insurance Act (
(e)
(1)
(A) receive and collect data and information on and from the insurance industry and insurers;
(B) enter into information-sharing agreements;
(C) analyze and disseminate data and information; and
(D) issue reports regarding all lines of insurance except health insurance.
(2)
(A)
(B)
(3)
(4)
(5)
(A)
(B)
(C)
(i) shall comply with applicable Federal law; and
(ii) shall not constitute a waiver of, or otherwise affect, any privilege under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject.
(D)
(6)
(f)
(1)
(A) results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and
(B) is inconsistent with a covered agreement.
(2)
(A)
(i) notify and consult with the appropriate State regarding any potential inconsistency or preemption;
(ii) notify and consult with the United States Trade Representative regarding any potential inconsistency or preemption;
(iii) cause to be published in the Federal Register notice of the issue regarding the potential inconsistency or preemption, including a description of each State insurance measure at issue and any applicable covered agreement;
(iv) provide interested parties a reasonable opportunity to submit written comments to the Office; and
(v) consider any comments received.
(B)
(C)
(i) notify the appropriate State of the determination and the extent of the inconsistency;
(ii) establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and
(iii) notify the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate.
(3)
(A) cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and
(B) notify the appropriate State.
(4)
(g)
(h)
(i)
(j)
(1) preempt—
(A) any State insurance measure that governs any insurer's rates, premiums, underwriting, or sales practices;
(B) any State coverage requirements for insurance;
(C) the application of the antitrust laws of any State to the business of insurance; or
(D) any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State 1 insurer than a United States insurer;
(2) be construed to alter, amend, or limit any provision of the Consumer Financial Protection Agency Act of 2010; or
(3) affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.
(k)
(l)
(m)
(n)
(1)
(2)
(o)
(1) a report received not later than September 30, 2012, describing the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States; and
(2) a report received not later than January 1, 2013, and updated not later than January 1, 2015, describing the impact of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions.
(p)
(1)
(2)
(A) Systemic risk regulation with respect to insurance.
(B) Capital standards and the relationship between capital allocation and liabilities, including standards relating to liquidity and duration risk.
(C) Consumer protection for insurance products and practices, including gaps in State regulation.
(D) The degree of national uniformity of State insurance regulation.
(E) The regulation of insurance companies and affiliates on a consolidated basis.
(F) International coordination of insurance regulation.
(3)
(A) The costs and benefits of potential Federal regulation of insurance across various lines of insurance (except health insurance).
(B) The feasibility of regulating only certain lines of insurance at the Federal level, while leaving other lines of insurance to be regulated at the State level.
(C) The ability of any potential Federal regulation or Federal regulators to eliminate or minimize regulatory arbitrage.
(D) The impact that developments in the regulation of insurance in foreign jurisdictions might have on the potential Federal regulation of insurance.
(E) The ability of any potential Federal regulation or Federal regulator to provide robust consumer protection for policyholders.
(F) The potential consequences of subjecting insurance companies to a Federal resolution authority, including the effects of any Federal resolution authority—
(i) on the operation of State insurance guaranty fund systems, including the loss of guaranty fund coverage if an insurance company is subject to a Federal resolution authority;
(ii) on policyholder protection, including the loss of the priority status of policyholder claims over other unsecured general creditor claims;
(iii) in the case of life insurance companies, on the loss of the special status of separate account assets and separate account liabilities; and
(iv) on the international competitiveness of insurance companies.
(G) Such other factors as the Director determines necessary or appropriate, consistent with the principles set forth in paragraph (2).
(4)
(5)
(q)
(r)
(1)
(2)
(A) is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and
(B) relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(A) an insurer that is organized under the laws of a State; or
(B) a United States branch of a non-United States insurer.
(s)
(Added
Editorial Notes
References in Text
Section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (c)(1)(B), is section 1204(c) of
The Dodd-Frank Wall Street Reform and Consumer Protection Act, referred to in subsec. (c)(1)(C), is
The Terrorism Risk Insurance Act of 2002, referred to in subsec. (c)(1)(D), is
The Financial Stability Act of 2010, referred to in subsec. (c)(3), is title I of
The Federal Crop Insurance Act, referred to in subsec. (d)(3), is subtitle A of title V of act Feb. 16, 1938, ch. 30,
The Consumer Financial Protection Act of 2010, referred to in subsec. (j)(2), is title X of
The Nonadmitted and Reinsurance Reform Act of 2010, referred to in subsec. (o)(2), is subtitle B (§§511–542) of title V of
The date of enactment of this section, referred to subsec. (p)(1), is the date of enactment of
Prior Provisions
A prior section 313 was renumbered
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of
International Insurance Capital Standards Accountability
"(a)
"(1) the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Office shall support increasing transparency at any global insurance or international standard-setting regulatory or supervisory forum in which they participate, including supporting and advocating for greater public observer access to working groups and committee meetings of the International Association of Insurance Supervisors; and
"(2) to the extent that the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office take a position or reasonably intend to take a position with respect to an insurance proposal by a global insurance regulatory or supervisory forum, the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office shall achieve consensus positions with State insurance regulators through the National Association of Insurance Commissioners, when they are United States participants in negotiations on insurance issues before the International Association of Insurance Supervisors, Financial Stability Board, or any other international forum of financial regulators or supervisors that considers such issues.
"(b)
"(1)
"(2)
"(c)
"(1)
"(A)
"(i) a description of the insurance regulatory or supervisory standard-setting issues under discussion at international standard-setting bodies, including the Financial Stability Board and the International Association of Insurance Supervisors;
"(ii) a description of the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer and insurance markets in the United States;
"(iii) a description of any position taken by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office in international insurance discussions; and
"(iv) a description of the efforts by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office to increase transparency at the Financial Stability Board with respect to insurance proposals and the International Association of Insurance Supervisors, including efforts to provide additional public access to working groups and committees of the International Association of Insurance Supervisors.
"(B)
"(2)
"(3)
"(A)
"(B)
"(i)
"(ii)
"(C)
"(4)
1 So in original. Probably should be "States".
§314. Covered agreements
(a)
(b)
(1)
(2)
(A) the nature of the agreement;
(B) how and to what extent the agreement will achieve the applicable purposes, policies, priorities, and objectives of section 313 and this section; and
(C) the implementation of the agreement, including the general effect of the agreement on existing State laws.
(c)
(1) the Secretary and the United States Trade Representative jointly submit to the congressional committees specified in subsection (b)(1), on a day on which both Houses of Congress are in session, a copy of the final legal text of the agreement; and
(2) a period of 90 calendar days beginning on the date on which the copy of the final legal text of the agreement is submitted to the congressional committees under paragraph (1) has expired.
(Added
Statutory Notes and Related Subsidiaries
Effective Date
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of
§315. Continuing in office
When the term of office of an officer of the Department of the Treasury ends, the officer may continue to serve until a successor is appointed and qualified.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 309 | 31:1016. | Mar. 2, 1895, ch. 187 (1st par. under heading "Treasury Department"), |
In the section, the words "When the term of office . . . ends" are substituted for "whose terms of office have expired or shall expire" for consistency and to eliminate unnecessary words. The words "may continue to serve" are substituted for "The Secretary of the Treasury is authorized and directed to pay", "and who have been performing or shall perform the duties of their respective offices after the date of such expiration", and "the salary, compensation, fees, or emoluments authorized or provided by law in each case for the respective incumbents of the offices" because of 25 Op. Atty. Gen. 636 (1906) and for consistency with other titles of the United States Code. The words "until a successor is appointed and qualified" are substituted for "before the appointment and qualification of their successors" and 31:1016 (last sentence) for consistency with other titles of the Code.
Editorial Notes
Amendments
2010—
2003—
2001—
1989—
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by
§316. Treasury Attaché Program
(a)
(1) further the work of the Department of the Treasury in developing and executing the financial and economic policy of the United States Government and the international fight against terrorism, money laundering, and other illicit finance;
(2) be co-located in a United States Embassy, a similar United States Government facility, or a foreign government facility, as the Secretary determines is appropriate;
(3) establish and maintain relationships with foreign counterparts, including employees of ministries of finance, central banks, international financial institutions, and other relevant official entities;
(4) conduct outreach to local and foreign financial institutions and other commercial actors;
(5) coordinate with representatives of the Department of Justice at United States Embassies who perform similar functions on behalf of the United States Government; and
(6) perform such other actions as the Secretary determines are appropriate.
(b)
(1)
(2)
(c)
(1)
(A) the rate of compensation, including allowances, provided to a Foreign Service officer serving at the same embassy; and
(B) the rate of compensation, including allowances, the Treasury Financial Attaché would otherwise have received, absent the application of this subsection.
(2)
(Added
Editorial Notes
References in Text
The date of enactment of this section, referred to in subsecs. (b)(1), is the date of enactment of
SUBCHAPTER II—ADMINISTRATIVE
§321. General authority of the Secretary
(a) The Secretary of the Treasury shall—
(1) prepare plans for improving and managing receipts of the United States Government and managing the public debt;
(2) carry out services related to finances that the Secretary is required to perform;
(3) issue warrants for money drawn on the Treasury consistent with appropriations;
(4) mint coins, engrave and print currency and security documents, and refine and assay bullion, and may strike medals;
(5) prescribe regulations that the Secretary considers best calculated to promote the public convenience and security, and to protect the Government and individuals from fraud and loss, that apply to anyone who may—
(A) receive for the Government, Treasury notes, United States notes, or other Government securities; or
(B) be engaged or employed in preparing and issuing those notes or securities;
(6) collect receipts;
(7) with a view to prosecuting persons, take steps to discover fraud and attempted fraud involving receipts and decide on ways to prevent and detect fraud;
(8) maintain separate accounts of taxes received in each State, territory, and possession of the United States, and collection district, with each account listing—
(A) each kind of tax;
(B) the amount of each tax; and
(C) the money paid as pay and allowances to officers and employees of the Department collecting taxes in that State, territory, possession, or district; and
(9) advise the President on major domestic and international prudential policy issues in connection with all lines of insurance except health insurance.
(b) The Secretary may—
(1) prescribe regulations to carry out the duties and powers of the Secretary;
(2) delegate duties and powers of the Secretary to another officer or employee of the Department of the Treasury;
(3) transfer within the Department the records, property, officers, employees, and unexpended balances of appropriations, allocations, and amounts of the Department that the Secretary considers necessary to carry out a delegation made under clause (2) of this subsection;
(4) detail, in addition to details authorized under another law, not more than 6 officers and employees of the Department at any one time to enforce the laws related to the Department, except that of those 6 officers and employees not more than 4 officers and employees—
(A) paid from the appropriations for the collection of customs may be so detailed;
(B) paid from the appropriations for internal revenue may be so detailed; and
(C) paid from the appropriations for suppressing counterfeiting and other crimes may be so detailed;
(5) authorize, at rates and under conditions prescribed by the Secretary, the private use of telephone lines controlled by the Department when the use does not interfere with Department business;
(6) buy arms and ammunition required by officers and employees of the Department in carrying out their duties and powers; and
(7) notwithstanding any other provision of law, fulfill any requirement to issue a report on the financial condition of any fund on the books of the Treasury by including the required information in a consolidated report, except that information with respect to a specific fund shall be separately reported if the Secretary determines that the consolidation of such information would result in an unwarranted delay in the availability of such information.
(c) Duties and powers of officers and employees of the Department are vested in the Secretary except duties and powers—
(1) vested by subchapter II of
(2) of the Comptroller of the Currency.
(d)(1) The Secretary of the Treasury may accept, hold, administer, and use gifts and bequests of property, both real and personal, for the purpose of aiding or facilitating the work of the Department of the Treasury. Gifts and bequests of money and the proceeds from sales of other property received as gifts or bequests shall be deposited in the Treasury in a separate fund and shall be disbursed on order of the Secretary of the Treasury. Property accepted under this paragraph, and the proceeds thereof, shall be used as nearly as possible in accordance with the terms of the gift or bequest.
(2) For purposes of the Federal income, estate, and gift taxes, property accepted under paragraph (1) shall be considered as a gift or bequest to or for the use of the United States.
(3) The Secretary of the Treasury may invest and reinvest the fund in public debt securities with maturities suitable for the needs of the fund and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities. Income accruing from the securities, and from any other property accepted under paragraph (1), shall be deposited to the credit of the fund, and shall be disbursed on order of the Secretary of the Treasury for purposes as nearly as possible in accordance with the terms of the gifts or bequests.
(4) The Secretary of the Treasury shall, not less frequently than annually, make a public disclosure of the amount (and sources) of the gifts and bequests received under this subsection, and the purposes for which amounts in the separate fund established under this subsection are expended.
(
In subsection (a)(1)–(3), the words between the 2d and 3d semicolons are omitted as superseded by section 3512 of the revised title.
In subsection (a)(1), the word "digest" is omitted as being included in "prepare". The word "receipts" is substituted for "revenue", and the words "managing the public debt" are substituted for "for the support of the public credit", for consistency in the revised title.
In subsection (a)(2), the words "carry out" are substituted for "generally shall perform" for consistency in the revised title and with other titles of the United States Code. The words "that the Secretary is required" are substituted for "as he shall be directed" because of the restatement.
In subsection (a)(3), the word "issue" is substituted for "shall grant" for consistency. The words "under limitations herein established or to be provided" are omitted as unnecessary. The word "consistent" is substituted for "in pursuance of", and the words "by law" are omitted, for consistency.
Subsection (a)(4) is included to reflect all the major duties of the Secretary of the Treasury. See
In subsection (a)(5), before subclause (A), the words "prescribe regulations" are substituted for "make and issue from time to time such instructions and regulations" for consistency in the revised title and to eliminate unnecessary words. The words "applicable to anyone" are substituted for "to the several collectors, receivers, depositaries, officers, and others" for clarity and to eliminate unnecessary words. In subclause (A), the words "for the Government" are inserted because section 8 of the Act of June 30, 1864 (ch. 172,
In subsection (a)(6), the word "collect" is substituted for "superintend the collection" because of the source provisions restated in section 321(c) of the revised title. The word "receipts" is substituted for "revenue" for consistency in the revised title.
In subsection (a)(7), the words "Secretary of the Treasury" are substituted for "General Counsel of the Department of the Treasury, under the direction of the Secretary of the Treasury" because of the source provisions restated in subsection (c) of this section. The words "with a view to prosecuting persons" are substituted for "for the prosecution of persons charged with the commission thereof" for clarity. The words "take steps to discover fraud and attempted fraud" are substituted for "take cognizance of all frauds or attempted frauds" for clarity. The words "involving receipts" are substituted for "upon the revenue" for consistency in the revised title. The words "decide on ways to prevent and detect fraud" are substituted for "exercise a general supervision over the measures for their prevention and detection" for clarity and to eliminate unnecessary words.
In subsection (a)(8), before subclause (A), the word "maintain" is substituted for "shall be kept" for consistency. The words "all moneys" and "internal" are omitted as unnecessary because of the restatement. The words "duties or" are omitted as being included in "taxes". The word "possession" is added for consistency in the revised title and with other titles of the Code. The word "listing" is substituted for "so as to exhibit, as far as may be" for clarity and to eliminate unnecessary words. In subclause (A), the word "kind" is substituted for "species" for consistency. The words "that shall accrue" are omitted as surplus. In subclause (B), the words "each tax" are substituted for "each source of revenue" for clarity. In subclause (C), the word "pay" is substituted for "compensation" for consistency. The words "officers and employees" are substituted for "collectors and deputy collectors, inspectors, and other officers" for consistency and to eliminate unnecessary words.
Subsection (b)(1) is included as a general statement of the authority of the Secretary of the Treasury to prescribe regulations to avoid repeating each time specific authority of the Secretary to carry out certain provisions of law.
In subsection (b)(2), the words "make such provisions" in 31:1001(note) are omitted as unnecessary. The words "or by any agency" are omitted and the words "duties and powers" are substituted for "function", for consistency in the revised title and with other titles of the Code. The words "including any function transferred to the Secretary by the provisions of this reorganization plan" are omitted as executed.
In subsection (b)(3), the word "effect " is omitted as unnecessary. The words "(available or to be made available)" are omitted as surplus. The words "delegation made under clause (2) of this subsection" are substituted for "provisions of this reorganization plan" because the only provision of Reorganization Plan No. 26 of 1950 (eff. July 31, 1950,
In subsection (b)(4), before subclause (A), the word "detail" is substituted for "to use for, and in connection with" to eliminate unnecessary words. The words "in addition to details authorized under another law" are substituted for 31:1017(last sentence) to eliminate unnecessary words and because subsequent laws would also provide additional authority to detail. The words "and the several branches of the public service under its control" are omitted as being included in "Department". The words "officers and employees" are substituted for "persons" for clarity and consistency in the revised title. In subclause (B), the words "agents or from the appropriation for the foregoing purpose" are omitted as unnecessary because of the restatement.
In subsection (b)(5), the words "the proceeds thereof to be accounted for and paid into the Treasury of the United States" are omitted as unnecessary because of section 3302 of the revised title.
In subsection (b)(6), the word "buy" is substituted for "make expenditures" for consistency in the revised title and with other titles of the Code. The words "officers or employees" are substituted for "civilian employees", and the words "in carrying out their duties and powers" are substituted for "in the performance of their official duties", for consistency in the revised title and with other titles of the Code.
Editorial Notes
Amendments
2010—Subsec. (a)(9).
Subsec. (c).
Subsec. (e).
1995—Subsec. (b)(7).
1989—Subsec. (c)(3).
Subsec. (e).
1984—Subsec. (d).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by section 378(1) of
Amendment by section 502(b) of
Use of Aircraft in Emergency Law Enforcement Support
Executive Documents
Emergency Preparedness Functions
For assignment of certain emergency preparedness functions to Secretary of the Treasury, see Parts 1, 2, and 15 of Ex. Ord. No. 12656, Nov. 18, 1988, 53 F.R. 47491, set out as a note under
§322. Working capital fund
(a) The Department of the Treasury has a working capital fund. Amounts in the fund are available for expenses of operating and maintaining common administrative services of the Department that the Secretary of the Treasury, with the approval of the Director of the Office of Management and Budget, decides may be carried out more advantageously and more economically as central services.
(b) Amounts in the fund remain available until expended. Amounts may be appropriated to the fund.
(c) The fund consists of—
(1) amounts appropriated to the fund;
(2) to the extent transferred to the fund by the Secretary, the reasonable value of supply inventories, equipment, and other assets and inventories on order for providing services out of amounts in the fund, less related liabilities and unpaid obligations;
(3) amounts received from the sale or exchange of property; and
(4) payments received for loss or damage to property of the fund.
(d) The fund shall be reimbursed, or credited with advance payments, from amounts available to the Department or from other sources, for supplies and services at rates that will equal the expenses of operation, including accrual of annual leave and the depreciation of plant and equipment. Amounts the Secretary decides are in excess of the needs of the fund shall be deposited at the end of each fiscal year in the Treasury as miscellaneous receipts.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 322(a) | 31:1033(1st sentence less words between 1st and 3d commas, 2d sentence 1st–9th words). | Dec. 31, 1970, |
| 322(b) | 31:1033(1st sentence words between 1st and 3d commas, last sentence). | |
| 322(c) | 31:1033(2d sentence less 1st–9th words, 4th sentence). | |
| 322(d) | 31:1033(3d, 5th sentences). |
In subsection (a), the words "Amounts in the fund are available" are added because of the restatement.
In subsection (b), the words "Amounts in the fund remain available until expended" are substituted for "shall be available, without fiscal year limitation" for consistency in the revised title.
In subsection (c)(1), the words "amounts appropriated to the fund" are substituted for "any appropriations made for the purpose of providing capital" to eliminate unnecessary words. In clause (2), the word "reasonable" is substituted for "fair and reasonable" because it is inclusive.
In subsection (d), the words "other Federal agencies" are omitted because they are included in "other sources".
Editorial Notes
Amendments
1984—Subsec. (a).
Department of the Treasury Franchise Fund
[Amendments by
§323. Investment of operating cash
(a) To manage United States cash, the Secretary of the Treasury may invest any part of the operating cash of the Treasury for not more than 90 days. The Secretary may invest the operating cash of the Treasury in—
(1) obligations of depositories maintaining Treasury tax and loan accounts secured by pledged collateral acceptable to the Secretary;
(2) obligations of the United States Government; and
(3) repurchase agreements with parties acceptable to the Secretary.
(b) Subsection (a) of this section does not require the Secretary to invest a cash balance held in a particular account.
(c) The Secretary shall consider the prevailing market in prescribing rates of interest for investments under subsection (a)(1) of this section.
(d)(1) The Secretary of the Treasury shall submit each fiscal year to the appropriate committees a report detailing the investment of operating cash under subsection (a) for the preceding fiscal year. The report shall describe the Secretary's consideration of risks associated with investments and the actions taken to manage such risks.
(2) For purposes of paragraph (1), the term "appropriate committees" means the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 323(a) | 31:1038(1st sentence less 1st, 2d provisos). | Oct. 28, 1977, |
| 323(b) | 31:1038(1st, 2d provisos). | |
| 323(c) | 31:1038(last sentence). |
In subsection (a), before clause (1), the words "To manage United States cash" are substituted for "for cash management purposes" for clarity. In clause (1), the words "as security for tax and loan accounts" are omitted as unnecessary. In clause (2), the words "agencies of the United States" are omitted as being included in "the Government".
In subsection (c), the words "Investments in obligations of depositaries maintaining such accounts" and "rates of interest" (the 2d time they appear) are omitted as unnecessary because of the restatement.
Editorial Notes
Amendments
2008—
§324. Disposing and extending the maturity of obligations
(a) The Secretary of the Treasury may—
(1) dispose of obligations—
(A) acquired by the Secretary for the United States Government; or
(B) delivered by an executive agency; and
(2) make arrangements to extend the maturity of those obligations.
(b) The Secretary may dispose or extend the maturity of obligations under subsection (a) of this section in the way, in amounts, at prices (for cash, obligations, property, or a combination of cash, obligations, or property), and on conditions the Secretary considers advisable and in the public interest.
(c) The authority under this section is in addition to authority under another law.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 324(a) | 31:741a(a)(1st sentence words before 9th comma). | Apr. 3, 1945, ch. 51, §5, |
| 324(b) | 31:741a(a)(1st sentence words after 9th comma, last sentence). | |
| 324(c) | 31:741a(b). |
In the section, the words "sell, exchange" are omitted as being included in "dispose". The word "obligations" is substituted for "bonds, notes, or other securities" for consistency in the revised title. The words "under judicial process or otherwise" are omitted as unnecessary.
In subsection (a), before clause (1), the words "Notwithstanding the provisions of
In subsection (b), the words "The Secretary may dispose or extend the maturity of obligations under subsection (a) of this section" are added for clarity and because of the restatement. The words "combination of cash, obligations, or property" are substituted for "or any combination thereof" for clarity. The words "terms and conditions" are omitted as being included in "on conditions". The words "under the authority of this section" are omitted as unnecessary because of the restatement.
Subsection (c) is substituted for 31:741a(b) to eliminate unnecessary words and for consistency in the revised title.
Editorial Notes
Amendments
1984—Subsec. (b).
§325. International affairs authorization
(a) Under regulations prescribed by the Secretary of the Treasury, the Secretary may provide officers and employees of the Department of the Treasury carrying out international affairs duties and powers of the Department with allowances and benefits comparable to those provided under
(b) The following amounts may be appropriated to the Secretary for the fiscal year ending September 30, 1982:
(1) not more than $22,896,000 to carry out the international affairs duties and powers of the Department (including amounts for official functions and reception and representation expenses).
(2) not more than $1,000,000 for increases in—
(A) pay, under section 5382(c) and subchapter I of
(B) departmental contributions attributable to those pay increases; and
(C) allowances and benefits, because of cost of living increases, provided under subsection (a) of this section.
(c) Necessary amounts may be appropriated to the Secretary for each fiscal year beginning after September 30, 1982—
(1) to carry out the international affairs duties and powers of the Department (including amounts for official functions and reception and representation expenses);
(2) for increases in—
(A) pay, under section 5382(c) and subchapter I of
(B) departmental contributions attributable to those pay increases; and
(C) allowances and benefits, because of cost of living increases, provided under subsection (a) of this section.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 325(a) | 31:822a(d). | Jan. 30, 1934, ch. 6, |
| 325(b), (c) | (uncodified). | Nov. 8, 1978, |
In the section, the words "international affairs duties and powers" are substituted for "international affairs functions" for consistency in the revised title and with other titles of the United States Code. The words "officers and employees" are substituted for "personnel" and "employees" as being more precise.
In subsection (b), before clause (1), the words "fiscal year ending September 30, 1982" are substituted for "fiscal year 1982" for consistency in the revised title and with other titles of the Code. In clause (2), the word "pay" is substituted for "salaries" for consistency in the revised title and with other titles of the Code. The word "departmental" is substituted for "agency" because of the source provisions restated in section 321 of the revised title. The words "those pay increases" are substituted for "thereto" for clarity.
Subsection (c) is substituted for the words "and such sums as may be necessary for each fiscal year thereafter" both times they appear.
Editorial Notes
Amendments
1990—Subsec. (b)(2)(A).
Statutory Notes and Related Subsidiaries
Effective Date of 1990 Amendment
Amendment by
Study on Role of Gold in Domestic and International Monetary Systems; Establishment of Commission; Report to Congress; Availability of Appropriations
§326. Availability of appropriations for certain expenses
(a) Under regulations prescribed by the Secretary of the Treasury, an appropriation for the Department of the Treasury available to pay travel expenses also is available to pay expenses to attend meetings of organizations related to the function or activity for which the appropriation is made.
(b) The Secretary may approve reimbursement to agents on protective missions for subsistence expenses authorized by law without regard to rates and amounts established under
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 326(a) | 31:1031. | June 1, 1955, ch. 113, §102, |
| 326(b) | 31:1032. | Sept. 29, 1969, |
In subsection (a), the words "On and after June 1, 1955," are omitted as executed.
In subsection (b), the words "On and after September 29, 1969," are omitted as executed.
Editorial Notes
Amendments
1986—Subsec. (b).
Statutory Notes and Related Subsidiaries
Effective Date of 1986 Amendment
Amendment by
§327. Advancements and reimbursements for services
(a) In this section, "service" includes service provided in—
(1) disbursing and receiving amounts.
(2) servicing bonds.
(3) making accounts.
(4) maintaining bank accounts.
(b) When the Secretary of the Treasury provides a service for an agency (except the Department of the Treasury) for which amounts have not been appropriated to the Department, the agency may advance for credit or reimburse the Department the amounts necessary to provide the service. Notwithstanding
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 327(a) | 31:157(c)(2). | Aug. 14, 1950, ch. 705, |
| 327(b) | 31:157(a)–(c)(1). |
In the section, the word "amounts" is substituted for "funds" for consistency in the revised title and with other titles of the United States Code.
In subsection (a), the words "shall not be limited to" are omitted as surplus. The words "disbursing and receiving" are substituted for "collection and disbursement", the word "making" is substituted for "rendition of", and the word "maintaining" is substituted for "keeping", for consistency in the revised title. The word "checking" is omitted as being included in "bank".
In subsection (b), the words "When the Secretary of the Treasury provides a service" are substituted for "When any service authorized by law and directed by the Secretary of the Treasury is performed or to be performed" to eliminate unnecessary words. The words "by the Fiscal Service or the Office of the Treasurer of the United States of the Department of the Treasury" are omitted because of the source provisions restated in section 321 of the revised title. The words "agency (except the Department of the Treasury)" are substituted for 31:157(c)(1) for consistency in the revised title and with other titles of the Code. The word "reimburse" is substituted for "pay", and the words "advanced or reimbursed" are substituted for "transferred", for clarity and because of the restatement.
§328. Accounts and payments of former disbursing officials
(a) If a chief disbursing official or a director of a disbursing center of the Department of the Treasury dies, resigns, or leaves office, the deputy chief disbursing official or the deputy director of the disbursing center designated by the Secretary of the Treasury may continue the accounts and payments in the name of the former disbursing official or director through the last day of the 2d month after the month in which the death, resignation, or separation occurs. The accounts and payments shall be allowed, audited, and settled as provided by law. The Secretary shall honor checks signed in the name of the former disbursing official or director in the same way as if the former disbursing official or director had continued in office.
(b) Only the deputy chief or deputy director designated under subsection (a) of this section is liable for actions taken in the name of the former disbursing official under subsection (a).
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 328(a) | 31:1014(1st, 2d sentences). | Dec. 24, 1942, ch. 821, |
| 328(b) | 31:1014(last sentence). |
In subsection (a), the words "director of a disbursing center" are substituted for "any regional disbursing officer of the Fiscal Service, Treasury Department" to reflect the title of the position now presently authorized. The words "dies, resigns, or leaves office" are substituted for "In case of the death or of the resignation or separation from office" for consistency with other titles of the United States Code. The words "designated by an official of the Treasury Department authorized by the Secretary of the Treasury to make such designation" are omitted as unnecessary because of the source provisions restated in section 321 of the revised title. The word "through" is substituted for "for a period of time not to extend beyond" to eliminate unnecessary words. The words "as provided by law" are substituted for "in the General Accounting Office", for consistency with other titles of the Code. The word "Secretary" is substituted for "Treasurer of the United States" because of the source provisions restated in section 321 of the revised title.
Subsection (b) is substituted for 31:1014(last sentence) for clarity and to eliminate unnecessary words.
§329. Limitations on outside activities
(a)(1) The Secretary of the Treasury and the Treasurer may not—
(A) be involved in trade or commerce;
(B) own any part of a vessel (except a pleasure vessel);
(C) buy or hold as a beneficiary in trust public property;
(D) be involved in buying or disposing of obligations of a State or the United States Government; and
(E) personally take or use a benefit gained from conducting business of the Department of the Treasury except as authorized by law.
(2) An officer violating this subsection shall be fined $3,000, removed from office, and thereafter may not hold an office of the Government.
(3) An individual (except prosecutors) giving information leading to the prosecution and conviction of an individual violating this subsection shall receive $1,500 of the fine when paid.
(b)(1) An officer or employee of the Department (except the Secretary or Treasurer) may not—
(A) carry on a trade or business in the funds, debts, or property of a State or the Government; and
(B) personally use a benefit gained from conducting business of the Department.
(2) An officer or employee violating this subsection shall be fined $500 and removed from office.
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 329(a) | 31:163, 1003. | R.S. §243. |
| 329(b) | 31:1018. | R.S. §244. |
In subsection (a)(1), before clause (A), the words "The Secretary of the Treasury and the Treasurer may not" are substituted for "No person appointed to the office of Secretary of the Treasury, or Treasurer, shall" because of the restatement and for consistency in the revised title. The words "or First Comptroller" (subsequently redesignated as the Comptroller of the Treasury by section 4 of the Act of July 31, 1894 (ch. 174,
In subsection (a)(2), the words "an officer" are substituted for "every person" as being more precise. The word "violating" is substituted for "who offends against any of the prohibitions of this section" for clarity and to eliminate unnecessary words. The words "shall be deemed guilty of a high misdemeanor" are omitted because of 18:1. The word "fined" is substituted for "forfeit to the United States the penalty" for consistency and to eliminate unnecessary words. The words "and shall upon conviction be" are omitted as unnecessary.
In subsection (a)(3), the words "giving information leading to the prosecution and conviction of an individual violating this subsection" are substituted for "shall give information of any such offense, upon which a prosecution and conviction shall be had" for clarity. The words "shall receive $1,500 of the fine when paid" are substituted for "one-half the aforesaid penalty of three thousand dollars, when recovered, shall be for the use of the person giving such information" to eliminate unnecessary words.
In subsection (b)(1), before clause (A), the words "An officer or employee of the Department (except the Secretary or Treasurer)" are substituted for "Every clerk employed in the Treasury Department" because of the restatement and for consistency with subsection (a) of the section. In clause (A), the words "in any kind of public" are omitted as unnecessary. In clause (B), the words "personally use a benefit gained" are substituted for "who takes or applies to his own use any emolument or gain" to eliminate unnecessary words. The word "conducting" is substituted for "negotiating or transacting" for consistency. The words "shall be deemed guilty of a misdemeanor" are omitted because of 18:1.
In subsection (b)(2), the words "An officer or employee violating this subsection" are added because of the restatement. The word "punished" is omitted as unnecessary.
§330. Practice before the Department
(a) Subject to
(1) regulate the practice of representatives of persons before the Department of the Treasury; and
(2) before admitting a representative to practice, require that the representative demonstrate—
(A) good character;
(B) good reputation;
(C) necessary qualifications to enable the representative to provide to persons valuable service; and
(D) competency to advise and assist persons in presenting their cases.
(b) Any enrolled agents properly licensed to practice as required under rules promulgated under subsection (a) shall be allowed to use the credentials or designation of "enrolled agent", "EA", or "E.A.".
(c) After notice and opportunity for a proceeding, the Secretary may suspend or disbar from practice before the Department, or censure, a representative who—
(1) is incompetent;
(2) is disreputable;
(3) violates regulations prescribed under this section; or
(4) with intent to defraud, willfully and knowingly misleads or threatens the person being represented or a prospective person to be represented.
The Secretary may impose a monetary penalty on any representative described in the preceding sentence. If the representative was acting on behalf of an employer or any firm or other entity in connection with the conduct giving rise to such penalty, the Secretary may impose a monetary penalty on such employer, firm, or entity if it knew, or reasonably should have known, of such conduct. Such penalty shall not exceed the gross income derived (or to be derived) from the conduct giving rise to the penalty and may be in addition to, or in lieu of, any suspension, disbarment, or censure of the representative.
(d) After notice and opportunity for a hearing to any appraiser, the Secretary may—
(1) provide that appraisals by such appraiser shall not have any probative effect in any administrative proceeding before the Department of the Treasury or the Internal Revenue Service, and
(2) bar such appraiser from presenting evidence or testimony in any such proceeding.
(e) Nothing in this section or in any other provision of law shall be construed to limit the authority of the Secretary of the Treasury to impose standards applicable to the rendering of written advice with respect to any entity, transaction plan or arrangement, or other plan or arrangement, which is of a type which the Secretary determines as having a potential for tax avoidance or evasion.
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 330(a) | 31:1026(1st sentence). | July 7, 1884, ch. 334, §3(proviso and sentence immediately after proviso under heading "War Department"), |
| 330(b) | 31:1026(last sentence). |
In the section, the words "representatives of persons" are substituted for "agents, attorneys, or other persons representing claimants before his department" to eliminate unnecessary words.
In subsection (a), before clause (1), the words "Subject to
In subsection (b), the word "proceeding" is substituted for "hearing" because of subchapter II of
Editorial Notes
Amendments
2015—Subsecs. (b) to (e).
2006—Subsec. (c).
2004—Subsec. (b).
Subsec. (d).
1986—Subsec. (c).
1984—Subsec. (c).
Statutory Notes and Related Subsidiaries
Effective Date of 2006 Amendment
Amendment by
Effective Date of 2004 Amendment
Effective Date of 1984 Amendment
§331. Reports
(a) The Secretary of the Treasury shall submit to Congress each year an annual report. The report shall include—
(1) a statement of the public receipts and public expenditures for the prior fiscal year;
(2) estimates of public receipts and public expenditures for the current and next fiscal years;
(3) plans for improving and increasing public receipts to provide Congress with information on ways to raise amounts necessary to meet public expenditures;
(4) a statement of all contracts for supplies or services made by the Secretary during the prior fiscal year;
(5) a statement of appropriations expended to pay for miscellaneous claims not otherwise provided for;
(6) a statement on all payments made from the fund under
(7) estimates of amounts for payment under
(b)(1) On the first day of each regular session of Congress, the Secretary shall submit to Congress a report for the prior fiscal year on—
(A) the total and individual amounts of contingent liabilities and unfunded liabilities of the United States Government;
(B) as far as practicable, trust fund liabilities, liabilities of Government corporations, indirect liabilities not included as a part of the public debt, and liabilities of insurance and annuity programs (including their actuarial status);
(C) collateral pledged and assets available (or to be realized) as security for the liabilities (separately noting Government obligations) and other assets specifically available to liquidate the liabilities of the Government; and
(D) the total amount in each category under clauses (A)–(C) of this paragraph for each agency.
(2) The report shall present the information required under paragraph (1) of this subsection in a concise way, with explanatory material (including an analysis of the significance of liabilities based on past experience and probable risk) the Secretary considers desirable.
(c) On the first day of each regular session of Congress, the Secretary shall submit to Congress a report for the prior fiscal year on the total amount of public receipts and public expenditures listing receipts, when practicable, by ports, districts, and States and the expenditures by each appropriation.
(d) The Secretary shall report to either House of Congress in person or in writing, as required, on matters referred to the Secretary by that House of Congress.
(e)(1) Not later than March 31 of 1998 and each year thereafter, the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, shall annually prepare and submit to the President and the Congress an audited financial statement for the preceding fiscal year, covering all accounts and associated activities of the executive branch of the United States Government. The financial statement shall reflect the overall financial position, including assets and liabilities, and results of operations of the executive branch of the United States Government, and shall be prepared in accordance with the form and content requirements set forth by the Director of the Office of Management and Budget.
(2) The Comptroller General of the United States shall audit the financial statement required by this section.
(
| Revised Section | Source (U.S. Code | Source (Statutes at Large) |
|---|---|---|
| 331(a)(1)– (5) | 31:1027. | R.S. §257. |
| 31:1030. | Feb. 26, 1907, ch. 1635, §1(2d par. under heading "Treasury Department"), |
|
| 331(a)(6) | 31:757c(i)(last sentence). | Sept. 24, 1917, ch. 56, |
| 331(a)(7) | 31:725p(a)(last sentence). | June 26, 1934, ch. 756, §§17(a)(last sentence), 18(a)(last sentence), |
| 31:725q(a)(last sentence). | ||
| 331(b) | 31:757f. | Nov. 13, 1966, |
| 331(c) | 31:1029. | July 31, 1894, ch. 174, §15, |
| 331(d) | 31:1002(words between 4th and 5th semicolons) | R.S. §248(words between 4th and 5th semicolons). |
In subsections (a) and (c), the word "receipts" is substituted for "revenues" for consistency in the section and the revised title.
In subsection (a)(1), the words "public receipts and public expenditures" are substituted for "receipts and expenditures of the Government" in 31:1030 for consistency in the section. The word "completed" is omitted as surplus. In clause (2), the words "First. A report on the subject of finance" in 31:1027 are omitted because of the restatement. The word "containing" is omitted as surplus. In clause (4), the words "Second. A report containing" are omitted because of the restatement. The words "prior fiscal year" are substituted for "during the year preceding" for consistency. In clause (5), the words "paid at the Treasury" are omitted as unnecessary. The 3d paragraph of section 257 of the Revised Statutes, providing for a report on rules and regulations of the Secretary of the Treasury on imported goods, wares, and merchandise, is omitted as obsolete because section 252 of the Revised Statutes, authorizing those rules and regulations, was repealed by the Act of February 27, 1877 (ch. 69,
In subsection (b)(1), before clause (A), the words "for the prior fiscal year" are substituted for "as of the close of the preceding September 30 (beginning with the report as of June 30, 1967)" to eliminate unnecessary words. In clause (C), the word "obligations" is substituted for "securities" for consistency in the revised title. Clause (D) is substituted for "and of each department, agency, and instrumentality thereof" for clarity.
In subsection (c), the words "a report for the prior fiscal year on the total amount of public receipts and public expenditures" are substituted for "an accurate combined statement of the receipts and expenditures during the last preceding fiscal year of all public moneys" because of the restatement. The words "including those of the United States Postal Service" are omitted as unnecessary and superseded by 39:410.
In subsection (d), the words "either House of Congress" are substituted for "either branch of the legislature" for clarity and consistency. The words "that House of Congress" are substituted for "the Senate or House of Representatives" for consistency and because of the restatement. The words "or which appertain to his office" are omitted as unnecessary because of subsections (a)–(c) of the section.
Editorial Notes
Amendments
1994—Subsec. (e).
Statutory Notes and Related Subsidiaries
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which certain reporting requirements under subsecs. (a), (b)(1)(A), and (c) of this section are listed on pages 140 and 142), see section 3003 of
§332. Miscellaneous administrative authority
The Secretary of the Treasury may to the extent provided in advance by appropriation Acts—
(1) contract for the temporary or intermittent services of experts or consultants as authorized by
(2) contract with and reimburse the Department of State for health and medical services for employees of the Department of the Treasury and their dependents serving in foreign countries;
(3) provide for official functions, and reception and representation activities;
(4) maintain, repair, and clean uniforms furnished by the Department of the Treasury to uniformed employees;
(5) provide athletic and related activities for students at the Federal Law Enforcement Training Center, Glynco, Georgia;
(6) install and maintain fencing, lighting, guard booths, and other facilities as necessary for the performance of protective functions of the Department of the Treasury on property not owned by or under jurisdiction and control of the United States Government and, subsequently, to remove the facilities therefrom;
(7) enter into reciprocal assistance agreements with State and local law enforcement agencies and, in connection with the agreements and otherwise, train employees of those agencies, when necessary, with or without reimbursement;
(8) provide laboratory assistance to State and local law enforcement agencies, with or without reimbursement;
(9) obtain insurance for official motor vehicles operated in foreign countries; and
(10)(A) when necessary for the performance of official business—
(i) acquire in foreign countries real property by lease for periods not greater than 10 years and personal property for use in foreign countries by purchase, lease, or otherwise, and
(ii) manage, maintain, repair, improve, and insure by purchase of commercial insurance policies properties referred to in clause (i), and
(B) when appropriate, dispose of (by sale, rent, transfer, or otherwise) properties referred to in subparagraph (A)(i).
(Added
Statutory Notes and Related Subsidiaries
Transfer of Functions
For transfer of functions, personnel, assets, and liabilities of the Federal Law Enforcement Training Center of the Department of the Treasury to the Secretary of Homeland Security, and for treatment of related references, see
References in Other Laws to GS–16, 17, or 18 Pay Rates
References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, §101(c)(1)] of
§333. Prohibition of misuse of Department of the Treasury names, symbols, etc.
(a)
(1) the words "Department of the Treasury", or the name of any service, bureau, office, or other subdivision of the Department of the Treasury,
(2) the titles "Secretary of the Treasury" or "Treasurer of the United States" or the title of any other officer or employee of the Department of the Treasury,
(3) the abbreviations or initials of any entity referred to in paragraph (1),
(4) the words "United States Savings Bond" or the name of any other obligation issued by the Department of the Treasury,
(5) any symbol or emblem of an entity referred to in paragraph (1) (including the design of any envelope or stationary used by such an entity), and
(6) any colorable imitation of any such words, titles, abbreviations, initials, symbols, or emblems,
in a manner which could reasonably be interpreted or construed as conveying the false impression that such advertisement, solicitation, business activity, or product is in any manner approved, endorsed, sponsored, or authorized by, or associated with, the Department of the Treasury or any entity referred to in paragraph (1) or any officer or employee thereof.
(b)
(c)
(1)
(2)
(3)
(A)
(B)
(4)
(d)
(1)
(2)
(3)
(Added
Statutory Notes and Related Subsidiaries
Effective Date
"(1)
"(2)