§5315 — Title 31 Money and Finance | U.S. Code

Summary

The Secretary of the Treasury must write rules that require reports about foreign currency transactions by United States persons and by foreign persons controlled by United States persons. Congress said moving capital across borders can affect the global money system, that officials need up-to-date, complete data on the kinds and sources of those flows (including big U.S. companies and their foreign affiliates), and that extra authority to collect this data is needed under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) and section 8 of the Bretton Woods Agreement Act (22 U.S.C. 286f). United States person — meaning given in section 7(f)(2)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78g(f)(2)(A)). Foreign person controlled by a United States person — meaning given in section 7(f)(2)(C) of that Act (15 U.S.C. 78g(f)(2)(C)). The rules must say what information to report and when and how to file it. They may include reasonable exceptions and classifications.

Title 31, §5315

Money and Finance — Source: USLM XML via OLRC

(a)Congress finds that—

(1)moving mobile capital can have a significant impact on the proper functioning of the international monetary system;

(2)it is important to have the most feasible current and complete information on the kind and source of capital flows, including transactions by large United States businesses and their foreign affiliates; and

(3)additional authority should be provided to collect information on capital flows under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) 11 See References in Text note below. and section 8 of the Bretton Woods Agreement Act (22 U.S.C. 286f).

(b)In this section, “United States person” and “foreign person controlled by a United States person” have the same meanings given those terms in section 7(f)(2)(A) and (C), respectively, of the Securities and Exchange Act of 1934 (15 U.S.C. 78g(f)(2)(A), (C)).

(c)The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person. The regulations shall require that a report contain information and be submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this section.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised SectionSource (U.S. Code)Source (Statutes at Large) 5315(a)31:1141.Sept. 21, 1973, Pub. L. 93–110, §§ 201, 202, 87 Stat. 353. 5315(b), (c)31:1142. In subsection (a)(3), the words “it is desirable to emphasize this objective . . . existing legal” are omitted as unnecessary. In subsection (c), the words “(hereafter referred to as the ‘Secretary’)” are omitted because of the restatement. The words “under the authority of this subchapter and any other authority conferred by law” are omitted as surplus. The word “prescribe” is substituted for “supplement” for clarity. The words “the statement of findings under” and “the submission of” are omitted as surplus. The words “Reports required under this subchapter shall cover foreign currency transactions” are omitted because of the restatement. The words “such terms are” and “the policy of” are omitted as surplus.

Editorial Notes

References in Text

section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)), referred to in subsec. (a)(3), is section 5(b) of act Oct. 6, 1917, ch. 106, 40 Stat. 415, which was editorially transferred and is now classified to section 4305(b) of Title 50, War and National Defense.

§5315 Reports on Foreign Currency Transactions