EXPLANATION These volumes, comprising Title 31 of the United States Code, contain laws of a general and permanent nature relating to Money and Finance, including all amendments and enactments to February 1, 1976. Fiscal management is one of the most important functions performed by the Federal government. With the gross national product exceeding one trillion dollars and the Federal budget ap proaching 400 billion dollars, revenues from, and appropriations for, government operations and programs require more Federal control and supervision than ever before. To provide for increased legislative branch oversight for the effecient and expeditious collection and distribution of public moneys, two laws have recently been enacted. Set out in these volumes are the Congressional Budget Act of 1974, establishing a legislative budget process for determining national policies and priorities with a timetable and procedures for budgetmaking, new budget committees in Congress and a change in the fiscal year, and the Impoundment Control Act of 1974, authorizing Congressional review of any impoundment of funds by the Executive department. Related to Federal management of expenditures of public funds is the complex process of assistance to States and other government subdivisions by the national government. The State and Local Fiscal Assistance Act of 1972, contained in these volumes, is the landmark legislation in the field of revenue sharing. The culmination of many years of work by States and localities for additional sources or types of revenue, the Act authorizes assistance in a more flexible form than the categorical aid system which provides the bulk of Federal funds for States, etc. The New York City Seasonal Financing Act of 1975, included herein, is the latest Federal response to the financial problems and needs of a particular municipal entity. Other inajor pieces of legislation dealing with the fiscal activities and practices of the Federal government enacted in the more than two decades since the last revision in 1954 of these volumes are the Federal Claims Collection Act of 1966 and the Currency and Foreign Transactions Reporting Act, and amendments to such basic Acts as the Budget and Accounting Act, 1921, 1061. Availability of information to other Federal agencies. 1062. Administrative procedure. SUBCHAPTER III-REPORTS OF EXPORTS AND IMPORTS OF MONETARY INSTRUMENTS 1141. 1142. Classifications and requirements. SUBCHAPTER V-FOREIGN CURRENCY REPORTS Congressional statement of findings. Regulations. (a) General requirements. (b) Foreign currency transactions of United States per son and controlled foreign person. (b) Injunction; jurisdiction; relief granted; bond; penalty. § 1051. SUBCHAPTER I-GENERAL PROVISIONS Congressional declaration of purpose It is the purpose of this chapter to require certain reports or records where such reports or records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. Pub. L. 91-508, Title II, § 202, Oct. 26, 1970, 84 Stat. 1118. Historical Note Effective Date. Section 401(a) and (b) of Pub. L. 91–508 provided that: a) Except as otherwise provided in this section. titles 1. 11. and III of this Act and the amendments made thereby Lenacting this chapter and sections 1730d. 1829), and 1951 to 1959 of Title 12. Banks and Banking, amending section Tg of Title 15. Commerce and Trade. and enacting provisions set out as notes under this section and section 78g of Title 15] take effect on the first day of the seventh calendar month which begins after the date of enactment [Oct. 26. 1970). "b The Secretary of the Treasury may by regulation provide that any provision of title I or II or any amendment made thereby [enacting this chapter and sections 1730d. 1829b. and 1951 to 1959 of Title 12. Banks and Banking) shall be effective on any date not earlier than the publication of the regulation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment [Oct. 26, 1970]."' Short Title. Section 201 of Pub. L. 91 508 provided that: "This title [enacting this chapter] may be cited as the Currency and Foreign Transactions Reporting Act. Legislative History. For legislative history and purpose of Pub.L. 91-508, see 1970 U.S.Code Cong. and Adm.News. p. 4394. § 1052. to the matters under inquiry. Stark v. Connally, D.C.Cal.1972. 347 F.Supp. 1242. affirmed in part. reversed in part 011 other grounds 94 S.Ct. 1494. 416 U.S. 21. 39 L.Ed.2d $12. Definitions and rules of construction (a) The definitions and rules of construction set forth in this section apply for the purposes of this chapter. (b) The term "Secretary" means the Secretary of the Treasury. (c) The term "person" includes natural persons, partnerships. trusts, estates, associations, corporations, and all entities cognizable as Ch. 21 GENERAL PROVISIONS 31 § 1052 legal personalities. The term also includes any governmental department or agency specified by the Secretary either for the purpose of this chapter generally or any particular requirement thereunder. (d) The term "United States", used in a geographical sense, includes the States and the District of Columbia, and to the extent the Secretary shall by regulation specify, either for the purposes of this chapter generally or any particular requirement thereunder, the Commonwealth of Puerto Rico, the possessions of the United States, United States military establishments, and United States diplomatic establishments. (e) The term "financial institution" means any person which does business in any one or more of the following capacities: (1) an insured bank as defined in section 1813 of Title 12; (2) a commercial bank or trust company; (3) a private banker; (4) an agency or a branch within the United States of any foreign bank: (5) an insured institution as defined in section 1724 of Title 12; (6) a savings bank. building and loan association, credit union, industrial bank, or other thrift institution; (7) a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934; (8) a broker or dealer in securities or commodities; (9) an investment banker or investment company; (10) a currency exchange; (11) an issuer, redeemer or cashier of travelers' checks, checks. money orders, or similar instruments; (12) an operator of a credit card system; (13) an insurance company; (14) a dealer in precious metals, stones, or jewels: (15) a pawnbroker; (16) a loan or finance company; (17) a travel agency; (18) a licensed transmitter of funds; (19) a telegraph company; (20) a Federal, State, or local government institution which performs any of the functions of any of the businesses listed above: or (21) any other lar, related. ~ e of business or institution performing simie functions specified by the Secretary by 31 § 1052 REPORTS OF CURRENCY, ETC. Ch. 21 regulation for the purposes of the provision of this chapter to (f) The term "domestic", used with reference to institutions or (g) The term "financial agency" means any person which acts in (h) The term "foreign", used with reference to institutions or (i) References to this chapter or any provision thereof include reg- (j) All reports required under this chapter and all records of any (k) For the purposes of section 1001 of Title 18 the contents of re- (1) The term "monetary instruments" means coin and currency of Pub.L. 91-508, Title II, § 203, Oct. 26, 1970, 84 Stat. 1118. Historical Note References in Text. The Securities Effective Date. Section effective the the Federal Register and not later than Legislative History. For legislative |