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 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 cer- tificates against other gold held in the Treas- ury. 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 certifi- cates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after Janu- ary 29, 1934. (c) With the approval of the President, the Secretary may prescribe regulations the Sec- retary considers necessary to carry out this sec- tion. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 984.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5117(a) ..... 31:441(1st, last sen- tences). Jan. 30, 1934, ch. 6, §§ 2(a), 11, 48 Stat. 337, 342. 5117(b) ..... 31:405b. Jan. 30, 1934, ch. 6, § 14(c), 48 Stat. 344; Mar. 18, 1968, Pub. L. 90–269, § 12, 82 Stat. 51; re- stated Oct. 19, 1976, Pub. L. 94–564, § 8, 90 Stat. 2661. 31:408a(last pro- viso). Jan. 30, 1934, ch. 6, § 6(last pro- viso), 48 Stat. 340; Mar. 18, 1968, Pub. L. 90–269, § 8, 82 Stat. 50. 31:441(2d sentence). 5117(c) ..... 31:822b. In subsection (a), the words ‘‘On January 30, 1934’’ are omitted as executed. The word ‘‘gold’’ is substituted for ‘‘gold coin and gold bullion’’ for consistency and to omit unnecessary words. The word ‘‘transferred’’ is substituted for ‘‘pass’’ for consistency in the sub- section. The words ‘‘to be held in the Treasury’’ are added for consistency with the source provisions re- stated in subsection (b) of the revised section. In subsection (b), the first sentence is substituted for 31:441(2d sentence) for consistency. The word ‘‘issued’’ in 31:405b is omitted as being included in ‘‘out- standing’’. The words ‘‘of 42 and two-ninths dollars a fine troy ounce)’’ are substituted for ‘‘at the legal standard provided in section 449 of this title on October 19, 1976’’ because that was the legal standard in that section on that date. The text of 31:449 was repealed by section 6 of the Bretton Woods Agreements Act. The words ‘‘The Secretary shall hold . . . in the Treasury . . . as security’’ are substituted for ‘‘security . . . shall be maintained’’ in 31:408a(last proviso) because of the source provisions restated in section 321 of the revised title. The words ‘‘gold certificates issued after January 29, 1934’’ are substituted for ‘‘gold certificates (includ- ing the gold certificates held in the Treasury for cred- its payable therein)’’ for clarity and because of section 5118(c)(1)(A) of the revised title. In subsection (c), the word ‘‘regulations’’ is sub- stituted for ‘‘rules and regulations’’, and the word ‘‘necessary’’ is substituted for ‘‘necessary or proper’’, to eliminate unnecessary words. § 5118. Gold clauses and consent to sue (a) In this section— (1) ‘‘gold clause’’ means a provision in or re- lated to an obligation alleging to give the obli- gee a right to require payment in— (A) gold; (B) a particular United States coin or cur- rency; or (C) United States money measured in gold or a particular United States coin or cur- rency. (2) ‘‘public debt obligation’’ means a domes- tic obligation issued or guaranteed by the United States Government to repay money or interest. (b) The United States Government may not pay out any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency (other than gold and silver coins) that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary. (c)(1) The Government withdraws its consent given to anyone to assert against the Govern- ment, its agencies, or its officers, employees, or agents, a claim— (A) on a gold clause public debt obligation or interest on the obligation; (B) for United States coins or currency; or (C) arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money. (2) Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or cur- rency involved in the proceeding.