
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC5117]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                    SUBCHAPTER II--GENERAL AUTHORITY
 
Sec. 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). 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.

(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 sentences).    Jan. 30,
 1934, ch. 6, Secs.  2(a), 11, 48
                                                                        Stat. 3
37, 342.
5117(b)..............................  31:405b.                        Jan. 30,
 1934, ch. 6, Sec.  14(c), 48
                                                                        Stat. 3
44; Mar. 18, 1968, Pub. L. 90-
                                                                        269, Se
c.  12, 82 Stat. 51; restated
                                                                        Oct. 19
, 1976, Pub. L. 94-564, Sec.  8,
                                                                        90 Stat
. 2661.
                                       31:408a(last proviso).          Jan. 30,
 1934, ch. 6, Sec.  6(last
                                                                        proviso
), 48 Stat. 340; Mar. 18, 1968,
                                                                        Pub. L.
 90-269, Sec.  8, 82 Stat. 50.
                                       31:441(2d sentence).
5117(c)..............................  31:822b.
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---------------------------------

    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 
subsection. The words ``to be held in the Treasury'' are added for 
consistency with the source provisions restated 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 ``outstanding''. 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 (including the gold 
certificates held in the Treasury for credits payable therein)'' for 
clarity and because of section 5118(c)(1)(A) of the revised title.
    In subsection (c), the word ``regulations'' is substituted for 
``rules and regulations'', and the word ``necessary'' is substituted for 
``necessary or proper'', to eliminate unnecessary words.
