SECTION 5117
(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.
[31 USC 5117. Previously
31 USC 441, 405b, 408a, and 822b (Gold Reserve Act of 1934 §§ 2(a),
11, 14(c) and 6 (48 Stat. 337, 342, 344, 340)). Restated and recodified
by act of Sept. 13, 1982 (96 Stat. 984). ]
