§316 — Title 31 Money and Finance | U.S. Code

Summary

Creates a Treasury Financial Attaché Program and requires the Treasury Secretary to appoint Treasury employees as Financial Attachés. They must carry out U.S. financial and economic policy and help fight terrorism, money laundering, and other illegal finance. Attachés will work out of U.S. embassies, similar U.S. facilities, or foreign government facilities as decided by the Secretary. They must build ties with foreign finance officials (like ministries of finance, central banks, and international financial institutions), reach out to local and foreign banks and businesses, coordinate with Justice Department staff at embassies doing similar work, and do other tasks the Secretary thinks fit. There must be at least 6 more Financial Attachés than the number who were serving as Treasury attachés when this law was enacted. The Secretary may add more posts if money is available. Attachés based at U.S. embassies will be paid, with allowances, the higher of what a Foreign Service officer at that embassy gets or what they would otherwise get. That pay change will be phased in over 2 years.

Title 31, §316

Money and Finance — Source: USLM XML via OLRC

(a)There is established the Treasury Financial Attaché Program, under which the Secretary of the Treasury shall appoint employees of the Department of the Treasury as a Treasury Financial Attaché, who shall—

(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)The number of Treasury Financial Attachés appointed under this section at any one time shall be not fewer than 6 more employees than the number of employees of the Department of the Treasury serving as Treasury attachés on the date of enactment of this section.

(2)The Secretary of the Treasury may establish additional posts subject to the availability of appropriations.

(c)(1)Each Treasury Financial Attaché appointed under this section and located at a United States Embassy shall receive compensation, including allowances, at the higher of—

(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)The compensation described in paragraph (1) shall be phased in over 2 years.

Editorial Notes

References in Text

The date of enactment of this section, referred to in subsecs. (b)(1), is the date of enactment of Pub. L. 116–283, which was approved Jan. 1, 2021.

§316 Treasury Attaché Program

Summary

Title 31, §316

Notes & Related Subsidiaries

Editorial Notes

References in Text

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