United States: Law Eliminating Gold Reserve Requirements
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UNITED STATES LAW ELIMINATING GOLD RESERVE REQUIREMENTS*
[Approved March 18, 1968]
Public Law 90-269
90th Congress, H. R. 14743
March 18, 1968
To eliminate the reserve requirements for Federal leserve notes and for United
States notes and Treasury notes of 1890.
Be it enacted by the Senate and House of Representatives of the
U~itedStates of Amer7ain Congress assembled, Gold reserve re-
SECTIoN 1. Subsection (c) of section 11 of the Federal Reserve Act quilements.
(12 U.S.C. 248(c)) is amended by striking both provisos, and by strik- siSain. 27.
nthe last sentence, in such subsection.
SEc. 2. The first sentence of section 15 of the Federal Reserve Act
(12 U.S.C. 391) is amended by striking and the funds provided in 38 Stat. 265.
this Act for the redemption of Federal Reserve notes.
SEc. 3. That part of the third paragraph of section 16 of the Federal
Reserve Act (12 U.S.C. 413) which precedes the last two sentences of 40 Stat. 236.
such paragraph is amended to read: Federal Reserve notes shall bear
upon their faces a distinctive letter and serial number which shall be
assigned by the Board of Governors of the Federal Reserve System
to each Federal Reserve bank.
Sno. 4. (a) The firsnt sentence of the fourth paragraph of section 16
of the Federal Reserve Act (12 U.S.C. 414) is repealed. Repeal.
(b) The sentence which, prior to the repeal made by this section,
was the second sentence of such paragraph is amended by inserting
immediately after The Board the following: of Governors of the
Federal Reserve System.
SEC. 5. The sixthparagraph of section 16 of the Federal Reserve Act
(12 U.S.C. 415) isrepealed. Repeal.
SEc. 6. The fourth sentence of the paragraph which, prior to the
amendments made by this Act, was the seventh paragraph of section 16
of the Federal Reserve Act (12 U.S.C. 416) is repealed. Repeal.
SEc. 7. The paragraph which, p rior to the amendments made by this
Act, was the eighteenth paragraph of section 16 of the Federal Reserve
Act (12 U.S.C. 467) is repealed. Repeal.
SEc. 8. Section 6 of the Gold Reserve Act of 193 (31 U.S.C. 408a) 4 Stat. 239.
is amended by striking in the second proviso the phrases the reserve °ta,.s40.
for United States notes and for Treasury notes of 1890, and and , and
the reserve for Federal Reserve notes shall be maintained in gold cer-
tificates, or in credits payable in gold certificates maintained with the
Treasurer of the United States under section 16 of the Federal Reserve
Act, as heretofore and by this Act amended.
SEC. 9. There are hereby repealed the sentences of subsection (a)
of section 43 of the Act of May 12, 1933 (48 Stat. 31, 52; 31 U.S.C.
821(a)), which read: No suspension of reserve requirements of the 82 STAT. 50
Federal Reserve banks, under the terms of section 11 (c) of the Federal 82 STAT. 53.
Reserve Act necessitated by reason of operations under this section,
shall require the imposition of the graduated tax upon any deficiency
in reserves as provided in said section 11 (c). Nor shall it require any
automatic increase in the rates of interest or discount charged by any
Federal Reserve bank, as otherwise specified in that section.'R
SEc. 10. Section 2 of the Act of July 14 1890 (26 Stat. 289; 31 U.S.C. Repealo
408), and section 2 of the Act of ;1arc 14, 1900 (31 Stat. 45), are
repealed.
SEo. 11. Section 7 of the Act of January 30, 1934 (48 Stat. 341, 31
U.S.C. 408b), is amended by striking the phrase and as a reserve for
any United States notes and for Treasury notes of 1890 and also by
*[The Communique of March 17, 1968, issued by the Governors of
the Central Banks of Belgium, Germany, Italy, the Netherlands,
Switzerland, the United Kingdom, and the United States, appears
at page 461. The statement of the Managing Director of the
International Monetary Fund, also issued on March 17, appears
on the same page.
[The U.S. Treasury Department amendments to its gold regula-
tions appear at page 459.]](ViewImageLocal?handle=hein.journals/intlm7&div=51&collection=&method=preview&ext=.png&size=3)
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United States: Law Eliminating Gold Reserve Requirements
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