6. Bretton Woods Agreements Act Amendments, 1978

Partial text of Public Law 95-435 [H.R. 9214], 92 Stat. 1051, approved October 10, 1978, as amended by Public Law 96-389 [S. 2271], 94 Stat. 1551 at 1553, approved October 7, 1980

AN ACT To amend the Bretton Woods Agreements Act to authorize the United States to participate in the Supplementary Financing Facility of the International Monetary fund.

NOTE.-Except for the provisions included below, Public Law 95-435 contained amendments to the Bretton Woods Agreements Act and the Export Administration Act of 1969. These are incorporated in the text at the appropriate locations.

Sec. 5. (a)

(b) It is the sense of the Congress that the Government of the United States should take steps to disassociate itself from any foreign government which engages in the international crime of genocide.

(c) (d)

(e)

Sec. 6.2 The Secretary of the Treasury shall instruct the Executive Director of the United States to the International Monetary Fund to work in opposition to any extension of financial or technical assistance by the Supplemental Financing Facility or by any other agency or facility of such Fund to any country the government of which

(1) permits entry into the territory of such country to any person who has committed an act of international terrorism,

Subsecs. (a), (c), (d), and (e) of sec. 5, which provided for a prohibition on imports into the United States from Uganda, were repealed by sec. 2(a) of Public Law 96-67 (93 Stat. 415, Sept. 21, 1979). During 1979, prior to this repeal several actions were taken pursuant to this act. On Feb. 6, 1979, the President issued Executive Order 12117 (44 F.R. 7937) "in order to provide for the consistent implementation of import restrictions imposed against Uganda by Section 5(c)." Both sec. 5(c) and the Executive order provided for the lifting of this prohibition if the President determined that Uganda was no longer committing a consistent pattern of gross violations of human rights and so certified to the Congress. Pursuant to this authority, the President determined on May 15, 1979 that the Government of Uganda was no longer violating human rights. This determination also has the effect of revoking Executive Order 12117 and immediately allowed for the resumption of imports from and exports to Uganda. Public Law 96-67, then, legislatively repealed the appropriate subsections of Public Law 95-435.

222 U.S.C. 286e-11.

including any act of aircraft hijacking, or otherwise supports, encourages, or harbors such person; or

(2) fails to take appropriate measures to prevent any such person from committing any such act outside the territory of such country.

Sec. 7.3 Congress reaffirms its commitment that the total budget outlays of the United States Government for a fiscal year may be not more than the receipts of the Government for that year.

331 U.S.C. 1103. Public Law 97-258 amended and recodified title 31, U.S.C. Under that Act, sec. 7 was amended and restated, and recodified from 31 U.S.C. 27 to 1103. As originally enacted, sec. 7 required a balanced budget for fiscal year 1981. Sec. 3 of Public Law 96-389 (94 Stat. 1553) amended the text to express congressional commitment to a balanced budget in fiscal year 1981.

7. Bretton Woods Agreements Act Amendments, 1980

Partial text of Public Law 96-389 (S. 2271], 94 Stat. 1551, approved October 7, 1980

AN ACT To amend the Bretton Woods Agreements Act to authorize consent to an increase in the United States quota in the International Monetary Fund, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

NOTE.-Except for the provisions included below, Public
Law 96-389 contained amendments to the Bretton Woods
Agreements Act and to the Bretton Woods Agreements
Acts Amendments, 1978. These are incorporated in the
text at the appropriate locations.

RECYCLING BALANCE-OF-PAYMENTS SURPLUSES

Sec. 4. (a) It is the sense of the Congress that (1) the interests of the United States and those of other member countries require an effective International Monetary Fund equipped with resources adequate to facilitate orderly balance-of-payments adjustments; (2) persistent balance-of-payments surpluses in oil exporting countries have placed, and will continue to place, severe strains on the resources of oil importing countries and on the liquidity of the Fund; (3) these strains can only be relieved if the oil exporting countries assume a greater burden for financing balance-of-payments deficits through direct methods of recycling their surpluses and through proportionally greater contributions to the Fund and to the international lending institutions; and (4) the Fund must explore innovative proposals to encourage more direct recycling of oil surpluses and to increase its own liquidity.

Sec. 9.2 The United States Executive Director to the Fund shall seek to insure (a) that Fund salaries do not exceed those levels endorsed by the Fund Bank Joint Committee on Staff Compensation Issues; and (b) that travel costs are minimized by limiting first class and supersonic travel to instances where no reasonable alternative exists.

122 USC 286t note. 222 USC 286a note.

ROLE OF GOLD IN INTERNATIONAL MONETARY SYSTEMS

Sec. 10.3 (a) The Secretary of the Treasury shall establish and chair a commission consisting of—

(1) three members of the Board of Governors of the Federal Reserve System and two members of the Council of Economic Advisors, all of whom shall be designated by the Secretary of the Treasury;

(2) one majority and one minority member of each from (A) the Joint Economic Committee of the Congress, (B) the Committee on Banking, Housing, and Urban Affairs of the Senate, and (C) the Committee on Banking, Finance and Urban Affairs of the House of Representatives, who shall be designated by the Speaker of the House of Representatives and the President of the Senate, respectively, upon the recommendations of the majority and minority leaders of the respective Houses; and

(3) four distinguished private citizens with business, finance, or academic backgrounds who shall be designated by the Secretary.

(b) The commission shall conduct a study to assess and make recommendations with regard to the policy of the United States Government concerning the role of gold in domestic and international monetary systems, and shall transmit to the Congress a report containing its findings and recommendations not later than one year after the date of enactment of this Act.

(c) Sums appropriated pursuant to section 5 of Public Law 95-612 shall be available to the commission to carry out its functions.*

EFFECTIVE DATE

Sec. 12. This Act shall take effect on its date of enactment, except that funds may not be appropriated under any authorization contained in this Act for any period prior to October 1, 1980.

331 U.S.C. 5302 note.

*Sec. 5 of Public Law 96-612 authorized "not to exceed $24,000,000 for fiscal year 1979, including sums for official functions and reception and representation expenses, to carry out the international affairs functions of the Department of the Treasury."

8. Foreign Currency Reports

Partial text of Public Law 93-110 (H.R. 6912], 87 Stat. 352, approved September 21,

1973

AN ACT To amend the Par Value Modification Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TITLE 31, U.S.C.1

§ 5315. Reports on foreign currency transactions (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)) 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) (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.

§ 5320. Injunctions

When the Secretary of the Treasury believes a person has violated, is violating, or will violate this subchapter, or a regulation prescribed or order issued under this subchapter, the Secretary may

These provisions were originally enacted as title II of Public Law 93-110 and codified at 31 U.S.C. 1151. That text provided a congressional statement of findings, granting the Secretary of the Treasury the authority to prescribe regulations, and establishing enforcement provisions. Public Law 97-258 amended and recodified title 31, U.S.C. and incorporated an amended text of title II into the revised title 31. The amended version of title II is shown here as it appears in title 31, U.S.C.