
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-56 Section 301]
[Document affected by Public Law 107-56 Section 311(b)]
[Document affected by Public Law 107-56 Section 365(c)]
[Document affected by Public Law 107-56 Section 371(c)]
[CITE: 31USC5301]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                    CHAPTER 53--MONETARY TRANSACTIONS
 
               SUBCHAPTER I--CREDIT AND MONETARY EXPANSION
 
Sec. 5301. Buying obligations of the United States Government

    (a) The President may direct the Secretary of the Treasury to make 
an agreement with the Federal reserve banks and the Board of Governors 
of the Federal Reserve System when the President decides that the 
foreign commerce of the United States is affected adversely because--
        (1) the value of coins and currency of a foreign country 
    compared to the present standard value of gold is depreciating;
        (2) action is necessary to regulate and maintain the parity of 
    United States coins and currency;
        (3) an economic emergency requires an expansion of credit; or
        (4) an expansion of credit is necessary so that the United 
    States Government and the governments of other countries can 
    stabilize the value of coins and currencies of a country.

    (b) Under an agreement under subsection (a) of this section, the 
Board shall permit the banks (and the Board is authorized to permit the 
banks notwithstanding another law) to agree that the banks will--
        (1) conduct through each entire specified period open market 
    operations in obligations of the United States Government or 
    corporations in which the Government is the majority stockholder; 
    and
        (2) buy directly and hold an additional $3,000,000,000 of 
    obligations of the Government for each agreed period, unless the 
    Secretary consents to the sale of the obligations before the end of 
    the period.

    (c) With the approval of the Secretary, the Board may require 
Federal reserve banks to take action the Secretary and Board consider 
necessary to prevent unreasonable credit expansion.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 993.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
5301(a), (b).........................  31:821(less (a)(last            May 12, 
1933, ch. 25, Sec.  43(less
                                        sentence)).                     (b)(1)(
last sentence)), 48 Stat. 51;
                                                                        Jan. 30
, 1934, ch. 6, Sec.  12, 48 Stat.
                                                                        342; Ja
n. 23, 1937, ch. 5, Sec.  2, 50
                                                                        Stat. 4
; July 6, 1939, ch. 260, Sec.  3,
                                                                        53 Stat
. 998; June 30, 1941, ch. 265,
                                                                        Sec.  2
, 55 Stat. 396; June 12, 1945,
                                                                        ch. 186
, Sec.  4, 59 Stat. 238; Mar. 18,
                                                                        1968, P
ub. L. 90-269, Sec.  9, 82 Stat.
                                                                        50.
5301(c)..............................  31:821(a)(last sentence).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), before clause (1), the text of 31:821(b)(matter 
before (1)) is omitted as obsolete because clause (1) is omitted as 
executed, and clause (2) is omitted as expired. The text of 
31:821(b)(matter after (2)) is omitted as obsolete because silver is no 
longer coined. The words ``in his discretion'' and ``several'' are 
omitted as surplus. The words ``Board of Governors of the Federal 
Reserve System'' are substituted for ``Federal Reserve Board'' because 
of 12:241. The words ``upon investigation'' are omitted as surplus. In 
clause (1), the word ``foreign'' is substituted for ``of any other 
government or governments'' to eliminate unnecessary words. The words 
``coins and'' are added for consistency. In clause (2), the words 
``United States coins and currency'' are substituted for ``currency 
issues of the United States'' for consistency. In clause (4), the words 
``so that the United States Government and the governments of other 
countries can stabilize'' are substituted for ``to secure by 
international agreement a stabilization'' for clarity. The words ``at 
proper levels'' are omitted as surplus.
    In subsection (b), before clause (1), the words ``(and the Board is 
authorized to permit the banks notwithstanding another law)'' are 
substituted for ``notwithstanding any provisions of law or rules and 
regulations to the contrary'' for clarity. In clause (1), the words 
``pursuant to existing law'' are omitted as surplus. The words ``through 
each entire'' are substituted for ``throughout'' for clarity. In clause 
(2), the words ``in portfolio'', ``or periods of time Treasury bills or 
other'' and ``in an aggregate sum of'' are omitted as surplus.


                      Short Title of 1998 Amendment

    Pub. L. 105-310, Sec. 1, Oct. 30, 1998, 112 Stat. 2941, provided 
that: ``This Act [enacting subchapter III of this chapter and provisions 
set out as a note under section 5342 of this title] may be cited as the 
`Money Laundering and Financial Crimes Strategy Act of 1998'.''


                      Short Title of 1994 Amendment

    Pub. L. 103-325, title IV, Sec. 401, Sept. 23, 1994, 108 Stat. 2243, 
provided that: ``This title [enacting section 5330 of this title, 
amending sections 5312, 5313, 5318, 5321, 5322, and 5324 of this title, 
sections 93, 1464, 1772d, 1786, 1818, and 1821 of Title 12, Banks and 
Banking, and sections 984, 986, 1956, 1957, and 1960 of Title 18, Crimes 
and Criminal Procedure, and enacting provisions set out as notes under 
sections 5311, 5313, 5318, and 5330 of this title] may be cited as the 
`Money Laundering Suppression Act of 1994'.''

                  Section Referred to in Other Sections

    This section is referred to in section 5304 of this title.
