In addition to the amendments to the Par Value Modification Act made by Public Law 93-110, 87 Stat. 352, approved September 21, 1973, section 3 of Public Law 93-110 as amended provided as follows:

SEC. 3. (a) Sections 3 and 4 of the Gold Reserve Act of 1934 (31 U.S.C. 442 and 443) are repealed.

3

"(b) No provision of any law in effect on the date of enactment of this Act, and no rule, regulation, or order in effect on the date subsections (a) and (b) become effective may be construed to prohibit any person from purchasing, holding, selling, or otherwise dealing with gold in the United States or abroad.

"(c)3 The provisions of subsections (a) and (b) of this section shall take effect either on December 31, 1974, or at any time prior to such date that the President finds and reports to Congress that international monetary reform shall have proceeded to the point where elimination of regulations on private ownership of gold will not adversely affect the United States' international monetary position."

3 Amended by Section 2 of Public Law 93-373, 88 Stat. 445, approved August 14, 1974. Subsection (b) formerly read as follows:

"(b) No provision of any law in effect on the date of enactment of this Act, and no rule, regulations, or order under authority of any such law, may be construed to prohibit any person from purchasing, holding, selling, or otherwise dealing with gold.

Subsection (c) formerly read as follows:

"(c) The provisions of this section, pertaining to gold, shall take effect when the Pres!dent finds and reports to the Congress that international monetary reform shall have proceeded to the point where elimination of regulations on private ownership of gold will not adversely affect the United States' international monetary position."

6. Providing Amendments to the Bretton Woods Agreement Act

Partial text of Public Law 94-564 [H. R. 13955], 90 Stat. 2660, approved

October 19, 1976

AN ACT To provide for amendment of the Bretton Woods Agreements Act, and for other purposes

NOTE.-Except for the provisions included below, Public Law 94-564 contained amendments to the Bretton Woods Agreement Act, the Special Drawing Rights Act, and the Par Value Modification Act. These have been incorporated at the appropriate places in the text.

U.S.C.

SEC. 7. Section 10 (a) of the Gold Reserve Act of 1934 (31 U.S.C. 822a (a)) is amended to read as follows:

"SEC. 10. (a) The Secretary of the Treasury, with the approval of the President, directly or through such agencies as he may designate, is authorized, for the account of the fund established in this section, to deal in gold and foreign exchange and such other instruments of credit and securities as he may deem necessary to and consistent with the United States obligations in the International Monetary Fund. The Secretary of the Treasury shall annually make a report on the operations of the fund to the President and to the Congress.".

SEC. 8. Section 14 (c) of the Gold Reserve Act of 1934 (31 U.S.C. 405b) is amended to read as follows: "The Secretary of the Treasury is authorized to issue gold certificates in such form and in such denominations as he may determine, against any gold held by the United States Treasury. The amount of gold certificates issued and outstanding shall at no time exceed the value, at the legal standard provided in section 2 of the Par Value Modification Act (31 U.S.C. 449) on the date of enactment of this amendment, of the gold so held against gold certificates.".

SEC. 9. The amendments made by sections 2, 3, 4, 5, 6, and 7 of this Act shall become effective upon entry into force of the amendments to the Articles of Agreement of the International Monetary Fund approved in Resolution Numbered 31-4 of the Board of Governors of the Fund.1

1 Such amendments entered into force April 1, 1978.

7. Bretton Woods Agreement Act Amendments

Partial text of Public Law 95-435 [H.R. 9214], 92 Stat. 1051,
approved October 10, 1978

AN ACT To amend the Bretton Woods Agreement 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 Agreement Act and the Export Administration Act of 1969. These are incorporated in the text at the appropriate locations.

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SEC. 5. (a) The Congress finds that

(1) the Government of Uganda, under the regime of General Idi Amin, has committed genocide against Ugandans; (2) the United States maintains substantial trade with the Republic of Uganda; and

(3) the relationship of the United States with Uganda is unique and justifies an exceptional response by the United States to the actions of the Government of Uganda.

(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) Notwithstanding any other provision of law, after date of enactment of this section, no corporation, institution, group or individual may import, directly or indirectly, into the United States or its territories or possessions any article grown, produced, or manufactured in Uganda until the President determines and certifies to the Congress that the Government of Uganda is no longer committing a consistent pattern of gross violations of human rights.

(d)

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(e) The Congress directs the President to encourage and support international actions, including economic restrictions, to respond to conditions in the Republic of Uganda.

SEC. 6. 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 22 USC 286e-11.

(1) permits entry into the territory of such country to any person who has committed an act of international terrorism, 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. Beginning with fiscal year 1981, the total budget outlays of the Federal Government shall not exceed its receipts.

2 31 USC 27.

Partial text of Public Law 93-110 [H.R. 6912], 31 U.S.C. 1151-1153, 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,

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TITLE II—FOREIGN CURRENCY REPORTS

STATEMENT OF FINDINGS

SEC. 201. The Congress finds that

(1) movements of mobile capital can have a significant impact on the proper functioning of the international monetary system; (2) it is important to have as complete and current data as feasible on the nature and source of these capital flows, including transactions by large United States business enterprises and their foreign affiliates;

(3) it is desirable to emphasize this objective by supplementing existing legal authority for the collection of data on capital flows contained in section 5 (b) of the Emergency Banking Act of 1933 (12 U.S.C. 95a) and section 8 of the Bretton Woods Agreements Act of 1945 (22 U.S.C. 286f).

AUTHORITY TO PRESCRIBE REGULATIONS

SEC. 202. (a) The Secretary of the Treasury (hereafter referred to ns the "Secretary") is authorized and directed, under the authority of this title and any other authority conferred by law, to supplement regulations requiring the submission of reports on foreign currency transactions consistent with the statement of findings under section 201. Regulations prescribed under this title shall require that such reports contain such information and be submitted in such manner and at such times, with reasonable exceptions and classifications, as may be necessary to carry out the policy of this title.

(b) Reports required under this title shall cover foreign currency transactions conducted by any United States person and by any foreign person controlled by a United States person as such terms are defined in section 7(f)(2)(A) and 7(f)(2)(C) of the Securities Exchange Act of 1934.

1 See also reporting requirements for House Interparliamentary Groups, page 582.