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31 U.S.C. § 3121 — Procedure

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3121 — Procedure

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Source location: Title 31, Chapter 31, § 3121; chapter-031-public-debt.md

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**(a)** In issuing obligations under sections 3102–3104 of this title, the Secretary of the Treasury may prescribe— (1) whether an obligation is to be issued on an interest-bearing basis, a discount basis, or an interest-bearing and discount basis; (2) regulations on the conditions under which the obligation will be offered for sale, including whether it will be offered for sale on a competitive or other basis; (3) the offering price and interest rate; (4) the method of computing the interest rate; (5) the dates for paying principal and interest; (6) the form and denominations of the obligations; and (7) other conditions. **(b)** (1) Under conditions prescribed by the Secretary, an obligation issued under this chapter and redeemable on demand of the owner or holder may be used to pay the United States Government for taxes imposed by it. (2) An obligation of the Government issued after March 3, 1971, under law may not be redeemed before its maturity to pay a tax imposed by the Government in an amount more than the fair market value of the obligation at the time of its redemption. This paragraph does not apply to a Treasury bill issued under [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3104&num=0&edition=prelim). **(c)** Under conditions prescribed by the Secretary, an obligation authorized by this chapter may be issued in exchange for an obligation of an agency whose principal and interest are unconditionally guaranteed by the Government at or before maturity. **(d)** Under conditions prescribed by the Secretary, the Secretary may issue registered bonds in exchange for and instead of coupon bonds that have been or may be issued. The registered bonds shall be similar in all respects to the registered bonds issued under a law authorizing the issue of coupon bonds offered for exchange. **(e)** A decision of the Secretary about an issue of obligations under sections 3102–3104 of this title is final. **(f)** The Secretary may accept voluntary services in carrying out the sale of public debt obligations. **(g)** (1) In this subsection, “registration-required obligation” means an obligation except an obligation— (A) not of a type offered to the public; or (B) having a maturity (at issue) of not more than one year. (2) Every registration-required obligation of the Government shall be in registered form. A book entry obligation is deemed to be in registered form if the right to principal and stated interest on the obligation may be transferred only through a book entry consistent with regulations of the Secretary. (3) The Secretary shall prescribe regulations necessary to carry out this subsection when there is a nominee. **(h)** (1) The Secretary shall prescribe by regulation standards for the safeguarding and use of obligations issued under this chapter, and obligations otherwise issued or guaranteed as to principal or interest by the United States. Such regulations shall apply only to a depository institution that is not a government securities broker or a government securities dealer and that holds such obligations as fiduciary, custodian, or otherwise for the account of a customer and not for its own account. Such regulations shall provide for the adequate segregation of obligations so held, including obligations which are purchased or sold subject to resale or repurchase. (2) Violation of a regulation prescribed under paragraph (1) shall constitute adequate basis for the issuance of an order under section 5239(a) or (b) of the Revised Statutes ([12 U.S.C. 93(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section93/a&num=0&edition=prelim) or (b)), section 8(b) or 8(c) of the Federal Deposit Insurance Act, section 5(d)(2) or 5(d)(3) 11 See References in Text note below. of the Home Owners’ Loan Act of 1933, section 407(e) or 407(f) 1 of the National Housing Act, or section 206(e) or 206(f) of the Federal Credit Union Act. Such an order may be issued with respect to a depository institution by its appropriate regulatory agency and with respect to a federally insured credit union by the National Credit Union Administration Board. (3) Nothing in this subsection shall be construed to affect in any way the powers of such agencies under any other provision of law. (4) The Secretary shall, prior to adopting regulations under this subsection, determine with respect to each appropriate regulatory agency and the National Credit Union Administration Board, whether its rules and standards adequately meet the purposes of regulations to be promulgated under this subsection, and if the Secretary so determines, shall exempt any depository institution subject to such rules or standards from the regulations promulgated under this subsection. (5) As used in this subsection— (A) “depository institution” has the meaning stated in clauses (i) through (vi) of section 19(b)(1)(A) of the Federal Reserve Act and also includes a foreign bank, an agency or branch of a foreign bank, and a commercial lending company owned or controlled by a foreign bank (as such terms are defined in the International Banking Act of 1978). (B) “government securities broker” has the meaning prescribed in section 3(a)(43) of the Securities Exchange Act of 1934. (C) “government securities dealer” has the meaning prescribed in section 3(a)(44) of the Securities Exchange Act of 1934. (D) “appropriate regulatory agency” has the meaning prescribed in section 3(a)(34)(G) of the Securities Exchange Act of 1934.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3104 — Certificates of indebtedness and Treasury bills

**(a)** The Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may buy, redeem, and make refunds under [section 3111 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). For amounts borrowed, the Secretary may issue— (1) certificates of indebtedness of the Government; and (2) Treasury bills of the Government. **(b)** The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under [section 3121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim) and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding [section 3121(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121/a/5&num=0&edition=prelim), the payment date of certificates of indebtedness and Treasury bills may not be more than one year after the date of issue. **(c)** Treasury bills issued under this section may not be accepted before maturity to pay principal or interest on obligations of governments of foreign countries that are held by the United States Government.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 4701 — Tax on issuer of registration-required obligation not in registered form

**(a) Imposition of tax** In the case of any person who issues a registration-required obligation which is not in registered form, there is hereby imposed on such person on the issuance of such obligation a tax in an amount equal to the product of— (1) 1 percent of the principal amount of such obligation, multiplied by (2) the number of calendar years (or portions thereof) during the period beginning on the date of issuance of such obligation and ending on the date of maturity. **(b) Definitions** For purposes of this section— (1) **Registration-required obligation** (A) *In general* — The term “registration-required obligation” has the same meaning as when used in section 163(f), except that such term shall not include any obligation which— (i) is required to be registered under section 149(a), or (ii) is described in subparagraph (B). (B) *Certain obligations not included* — An obligation is described in this subparagraph if— (i) there are arrangements reasonably designed to ensure that such obligation will be sold (or resold in connection with the original issue) only to a person who is not a United States person, (ii) interest on such obligation is payable only outside the United States and its possessions, and (iii) on the face of such obligation there is a statement that any United States person who holds such obligation will be subject to limitations under the United States income tax laws. (2) **Registered form** — The term “registered form” has the same meaning as when used in section 163(f).

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3101 — Definitions

For the purposes of this chapter— (1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States; (2) “Board” means the Board of Governors of the Federal Reserve System; (3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) “Comptroller” means the Comptroller of the Currency; (5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 149 — Bonds must be registered to be tax exempt; other requirements

**(a) Bonds must be registered to be tax exempt** (1) **General rule** — Nothing in section 103(a) or in any other provision of law shall be construed to provide an exemption from Federal income tax for interest on any registration-required bond unless such bond is in registered form. (2) **Registration-required bond** — For purposes of paragraph (1), the term “registration-required bond” means any bond other than a bond which— (A) is not of a type offered to the public, or (B) has a maturity (at issue) of not more than 1 year. (3) **Special rules** (A) *Book entries permitted* — For purposes of paragraph (1), a book entry bond shall be treated as in registered form if the right to the principal of, and stated interest on, such bond may be transferred only through a book entry consistent with regulations prescribed by the Secretary. (B) *Nominees* — The Secretary shall prescribe such regulations as may be necessary to carry out the purpose of paragraph (1) where there is a nominee or chain of nominees. **(b) Federally guaranteed bond is not tax exempt** (1) **In general** — Section 103(a) shall not apply to any State or local bond if such bond is federally guaranteed. (2) **Federally guaranteed defined** — For purposes of paragraph (1), a bond is federally guaranteed if— (A) the payment of principal or interest with respect to such bond is guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof), (B) such bond is issued as part of an issue and 5 percent or more of the proceeds of such issue is to be— (i) used in making loans the payment of principal or interest with respect to which are to be guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof), or (ii)

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 103 — Interest on State and local bonds

**(a) Exclusion** Except as provided in subsection (b), gross income does not include interest on any State or local bond. **(b) Exceptions** Subsection (a) shall not apply to— (1) **Private activity bond which is not a qualified bond** — Any private activity bond which is not a qualified bond (within the meaning of section 141). (2) **Arbitrage bond** — Any arbitrage bond (within the meaning of section 148). (3) **Bond not in registered form, etc.** — Any bond unless such bond meets the applicable requirements of section 149. **(c) Definitions** For purposes of this section and part IV— (1) **State or local bond** — The term “State or local bond” means an obligation of a State or political subdivision thereof. (2) **State** — The term “State” includes the District of Columbia and any possession of the United States.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1813 — Definitions

As used in this chapter— **(a) Definitions of bank and related terms** (1) **Bank** — The term “bank”— (A) means any national bank and State bank, and any Federal branch and insured branch; (B) includes any former savings association. (2) **State bank** — The term “State bank” means any bank, banking association, trust company, savings bank, industrial bank (or similar depository institution which the Board of Directors finds to be operating substantially in the same manner as an industrial bank), or other banking institution which— (A) is engaged in the business of receiving deposits, other than trust funds (as defined in this section); and (B) is incorporated under the laws of any State or which is operating under the Code of Law for the District of Columbia, including any cooperative bank or other unincorporated bank the deposits of which were insured by the Corporation on the day before August 9, 1989. (3) **State** — The term “State” means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. **(b) Definition of savings associations and related terms** (1) **Savings association** — The term “savings association” means— (A) any Federal savings association; (B) any State savings association; and (C) any corporation (other than a bank) that the Board of Directors and the Comptroller of the Currency jointly determine to be operating in substantially the same manner as a savings association. (2) **Federal savings association** — The term “Federal savings association” means any Federal savings association or Federal savings bank which is chartered under [section 1464 of t

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78o–5 — Government securities brokers and dealers

**(a) Registration requirements; notice to regulatory agencies; manner of registration; exemption from registration requirements** (1) (A) It shall be unlawful for any government securities broker or government securities dealer (other than a registered broker or dealer or a financial institution) to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer is registered in accordance with paragraph (2) of this subsection. (B) (i) It shall be unlawful for any government securities broker or government securities dealer that is a registered broker or dealer or a financial institution to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any government security unless such government securities broker or government securities dealer has filed with the appropriate regulatory agency written notice that it is a government securities broker or government securities dealer. When such a government securities broker or government securities dealer ceases to act as such it shall file with the appropriate regulatory agency a written notice that it is no longer acting as a government securities broker or government securities dealer. (ii) Such notices shall be in such form and contain such information concerning a government securities broker or government securities dealer that is a financial institution and any persons associated with such government securities broker or government securities dealer as the Board of Governors of the Federal Reserve S

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3102 — Bonds

**(a)** With the approval of the President, the Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may issue bonds of the Government for the amounts borrowed and may buy, redeem, and make refunds under [section 3111 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3111&num=0&edition=prelim). The Secretary may issue bonds authorized by this section to the public and to Government accounts at any annual interest rate and prescribe conditions under [section 3121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3121&num=0&edition=prelim). **(b)** The Secretary shall offer the bonds authorized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as possible an equal opportunity to participate in subscribing to the offered bonds. However, the bonds may be offered in a way other than as a popular loan when the Secretary decides the other way is in the public interest. **(c)** (1) When the Secretary decides it is in the public interest in making a bond offering under this section, the Secretary may— (A) make full allotments on receiving applications for smaller amounts of bonds to subscribers applying before the closing date the Secretary sets for filing applications; (B) reject or reduce allotments on receiving applications filed after the closing date or for larger amounts; (C) reject or reduce allotments on receiving applications from incorporated banks and trust companies for their own account and make full allotments or increase allotments to other subscribers; and (D) prescribe a graduated scale of allotments.

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