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31 U.S.C. § 5151 — Conversion of currency of foreign countries

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

31 U.S.C. § 5151 — Conversion of currency of foreign countries

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Source file: Laws/federal/codes/united-states-code/title-31/section-5151-conversion-of-currency-of-foreign-countries--5d76206400.md
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Source location: Title 31, Chapter 51, § 5151; chapter-051-coins-and-currency.md

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**(a)** In this section— (1) “buying rate” means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted. (2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported. **(b)** The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year. **(c)** Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported. **(d)** If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value— (1) equal to the buying rate at noon on the day the merchandise is exported; or (2) prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the merchandise is exported varies less than 5 percent from the buying rate first certified. **(e)** The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Secretary considers necessary. In deciding the buying rate, the Bank may— (1) consider the last ascertainable transactions and quotations (direct or through exchange of other currencies); and (2) if there is no buying rate, calculate the rate from— (A) actual transactions and quotations in demand or time bills of exchange; or (B) the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or foreign currency.

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

19 U.S.C. § 1360 — Investigation before trade negotiations

**(a) Report by International Trade Commission** Before entering into negotiations concerning any proposed foreign trade agreement under [section 1351 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title19-section1351&num=0&edition=prelim), the President shall furnish the United States International Trade Commission (hereinafter in sections 1352(a), (c), 1354, and 1360 to 1367 of this title, and [section 624(b) of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section624/b&num=0&edition=prelim), referred to as the “Commission”) with a list of all articles imported into the United States to be considered for possible modification of duties and other import restrictions, imposition of additional import restrictions, or continuance of existing customs or excise treatment. Upon receipt of such list the Commission shall make an investigation and report to the President the findings of the Commission with respect to each such article as to (1) the limit to which such modification, imposition, or continuance may be extended in order to carry out the purpose of said section without causing or threatening serious injury to the domestic industry producing like or directly competitive articles; and (2) if increases in duties or additional import restrictions are required to avoid serious injury to the domestic industry producing like or directly competitive articles the minimum increases in duties or additional import restrictions required. Such report shall be made by the Commission to the President not later than six months after the receipt of such list by the Commission. No such foreign trade agreement shall be entered into until the Commission has made its report to the President or until the expiration of the six-mon

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

19 U.S.C. § 1522 — Omitted

### Statutory Notes #### Codification Section, act June 17, 1930, ch. 497, title IV, § 522, 46 Stat. 739, amended section 372 of former Title 31. See [section 5151 of Title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5151&num=0&edition=prelim), Money and Finance.

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

31 U.S.C. § 3123 — Payment of obligations and interest on the public debt

**(a)** The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter. **(b)** The Secretary of the Treasury shall pay interest due or accrued on the public debt. As the Secretary considers expedient, the Secretary may pay in advance interest on the public debt by a period of not more than one year, with or without a rebate of interest on the coupons. **(c)** (1) The Secretary may issue a bond, note, or certificate of indebtedness authorized under this chapter whose principal and interest are payable in a foreign currency stated in the bond, note, or certificate. The Secretary may dispose of the bonds, notes, and certificates at a price that is at least par value without complying with section 3102(b)–(d) of this title. (2) In determining the dollar amount of bonds, notes, and certificates of indebtedness that may be issued under this chapter, the dollar equivalent of the amount of bonds, notes, and certificates payable in a foreign currency is determined by the par of the exchange value on the date of issue of the bonds, notes, or certificates as published by the Secretary under [section 5151 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5151&num=0&edition=prelim). (3) The Secretary may designate depositaries in foreign countries in which any part of the proceeds of bonds, notes, or certificates of indebtedness payable in the foreign currency may be deposited.

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

31 U.S.C. § 5151 — Conversion of currency of foreign coun-

Page 426 TITLE 31—MONEY AND FINANCE § 5151 (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 991.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5144 ......... 31:174. Dec. 22, 1879, ch. 2, 21 Stat. 59. In the section, before clause (1), the word ‘‘engraved’’ is added before ‘‘portrait’’ because of the restatement. The words ‘‘in the possession’’ are substituted for ‘‘which is now, or may be a part of the engraved stock’’ to eliminate unnecessary words. The words ‘‘An im- pression shall be provided’’ are added because of the re- statement. In clause (1)(A), the words ‘‘member of Con- gress’’ are substituted for ‘‘Senator, Representative, or Delegate in Congress’’ for consistency. In clause (1)(B), the word ‘‘agency’’ is substituted for ‘‘department or bureau’’ because of section 101 of the revised title and for consistency in the revised title. In clause (2), the words ‘‘for a charge and under conditions the Secretary decides are’’ are substituted for ‘‘at such rates and under such conditions as he may deem’’ for consist- ency. SUBCHAPTER V—MISCELLANEOUS § 5151. Conversion of currency of foreign coun- tries (a) In this section— (1) ‘‘buying rate’’ means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted. (2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior busi- ness day is deemed to be the buying rate at noon on the day the merchandise is exported. (b) The value of coins of a foreign country ex- pressed in United States money is the value of the pure metal of the standard coin of the for- eign country. The Secretary of the Treasury shall estimate

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