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31 U.S.C. § 5117 — Transferring gold and gold certificates

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

31 U.S.C. § 5117 — Transferring gold and gold certificates

**(a)** All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is transferred to and vests in the United States Government to be held in the Treasury. Payment for the transferred gold is made by crediting equivalent amounts in dollars in accounts established in the Treasury under the 15th paragraph of section 16 of the Federal Reserve Act ([12 U.S.C. 467](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section467&num=0&edition=prelim)). Gold not in the possession of the Government shall be held in custody for the Government and delivered on the order of the Secretary of the Treasury. The Board of Governors, Federal reserve banks, and Federal reserve agents shall give instructions and take action necessary to ensure that the gold is so held and delivered. **(b)** The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934. **(c)** With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section.

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Source location: Title 31, Chapter 51, § 5117; chapter-051-coins-and-currency.md

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

12 U.S.C. § 467 — Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer

The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or any designated depositary of the United States when tendered by any Federal Reserve bank or Federal Reserve agent for credit to its or his account with the Board of Governors of the Federal Reserve System. The Secretary shall prescribe by regulation the form of receipt to be issued by the Treasurer or designated depositary to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Board of Governors of the Federal Reserve System by the Treasurer at Washington upon proper advices from any designated depositary that such deposit has been made. Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent. The order used by the Board of Governors of the Federal Reserve System in making such payments shall be signed by the chairman or vice chairman, or such other officers or members as the Board may by regulation prescribe. The form of such order shall be approved by the Secretary of the Treasury.

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

12 U.S.C. § 467 — Deposits of gold coin, gold certificates, and

Page 170 TITLE 12—BANKS AND BANKING § 464 nated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 374 of this title. AMENDMENTS 1980—Pub. L. 96–221 substituted provisions limiting amount of balance required to be kept with any deposi- tory institution without access to Federal Reserve ad- vances, for provisions limiting amount of balance re- quired to be kept with any State bank or trust com- pany. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1980 AMENDMENT Amendment by Pub. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see sec- tion 108 of Pub. L. 96–221, set out as a note under sec- tion 248 of this title. § 464. Checking against and withdrawal of re- serve balance The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities. (Dec. 23, 1913, ch. 6, § 19(f), formerly § 19 (par. 9), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; July 7, 1942, ch. 488, § 3, 56 Stat. 648; renumbered § 19(f), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.) Editorial Notes CODIFICATION Section is comprised of subsec. (f), formerly ninth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. AMENDMENTS 1942—Act July 7, 1942, struck out proviso which pro- hibited making new loans or paying dividends until re- quired balance was restored. Statutory Notes and Related Subsidiaries CHANGE OF NAME Section

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

31 U.S.C. § 5117 — Transferring gold and gold certificates

Page 407 TITLE 31—MONEY AND FINANCE § 5118 ‘‘(1) IN GENERAL.—The Director of the United States Mint shall prepare and submit to Congress an annual report on the purchases of silver made pursuant to this Act [amending this section and enacting provisions set out as notes under this section and sections 5101 and 5112 of this title] and the amendments made by this Act. ‘‘(2) CONCURRENT SUBMISSION.—The report required by paragraph (1) may be incorporated into the annual re- port of the Director of the United States Mint on the operations of the mint and assay offices, referred to in section 1329 of title 44, United States Code.’’ TERMINATION OF COINAGE METAL FUND All assets and liabilities of Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and such coinage fund to cease to exist as sepa- rate fund as its activities and functions are subsumed under and subject to United States Mint Public Enter- prise Fund, see section 5136 of this title. § 5117. Transferring gold and gold certificates (a) All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is trans- ferred to and vests in the United States Govern- ment to be held in the Treasury. Payment for the transferred gold is made by crediting equiva- lent amounts in dollars in accounts established in the Treasury under the 15th paragraph of sec- tion 16 of the Federal Reserve Act (12 U.S.C. 467). Gold not in the possession of the Government shall be held in custody for the Government and delivered on the order of the Secretary of the Treasury. The Board of Governors, Federal re- serve banks, and Federal reserve agents shall give instructions and take action nece

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