CHAPTER 3 - DEPARTMENT OF THE TREASURY

Title 31 > CHAPTER 3

Sections (29)

§ 301 Department of the Treasury

(a) The Department of the Treasury is an executive department of the United States Government at the seat of the Government.

(b) The head of the Department is the Secretary of the Treasury. The Secretary is appointed by the President, by and with the advice and consent of the Senate.

(c) The Department has a Deputy Secretary of the Treasury appointed by the President, by and with the advice and consent of the Senate. The Deputy Secretary shall carry out— duties and powers prescribed by the Secretary; and the duties and powers of the Secretary when the Secretary is absent or unable to serve or when the office of Secretary is vacant.

(d) The Department has 2 Under Secretaries, an Under Secretary for Enforcement, and 2 Deputy Under Secretaries, appointed by the President, by and with the advice and consent of the Senate. The Department also has a Fiscal Assistant Secretary appointed by the Secretary and a Treasurer of the United States appointed by the President. They shall carry out duties and powers prescribed by the Secretary. The President may designate one Under Secretary as Counselor. When appointing each Deputy Under Secretary, the President may designate the Deputy Under Secretary as an Assistant Secretary.

(e) The Department has 8 Assistant Secretaries appointed by the President, by and with the advice and consent of the Senate. The Department shall have 2 Assistant Secretaries not subject to the advice and consent of the Senate who shall be the Assistant Secretary for Public Affairs, and the Assistant Secretary for Management. The Assistant Secretaries shall carry out duties and powers prescribed by the Secretary. The Assistant Secretaries appointed under this subsection are in addition to the Assistant Secretaries appointed under subsection (d) of this section.

(f) The Department has a General Counsel appointed by the President, by and with the advice and consent of the Senate. The General Counsel is the chief law officer of the Department. Without regard to those provisions of title 5 governing appointment in the competitive service, the Secretary may appoint not more than 5 Assistant General Counsels. The Secretary may designate one of the Assistant General Counsels to act as the General Counsel when the General Counsel is absent or unable to serve or when the office of General Counsel is vacant. The General Counsel and Assistant General Counsels shall carry out duties and powers prescribed by the Secretary. The President may appoint, by and with the advice and consent of the Senate, an Assistant General Counsel who shall be the Chief Counsel for the Internal Revenue Service. The Chief Counsel is the chief law officer for the Service and shall carry out duties and powers prescribed by the Secretary.

(g) The Department shall have a seal.

§ 302 Treasury of the United States

The United States Government has a Treasury of the United States. The Treasury is in the Department of the Treasury. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 879 .)

§ 303 Bureau of Engraving and Printing

(a) The Bureau of Engraving and Printing is a bureau in the Department of the Treasury.

(b) The head of the Bureau is the Director of the Bureau of Engraving and Printing appointed by the Secretary of the Treasury. The Director— shall carry out duties and powers prescribed by the Secretary; and reports directly to the Secretary.

§ 304 United States Mint

(a) The United States Mint is a bureau in the Department of the Treasury.

(b) The head of the Mint is the Director of the Mint. The Director is appointed by the President, by and with the advice and consent of the Senate. The term of the Director is 5 years. The President may remove the Director from office. On removal, the President shall send a message to the Senate giving the reasons for removal. The Director shall carry out duties and powers prescribed by the Secretary of the Treasury.

§ 305 Federal Financing Bank

The Federal Financing Bank, established under section 4 of the Federal Financing Bank Act of 1973 ( 12 U.S.C. 2283 ), is subject to the direction and supervision of the Secretary of the Treasury. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 879 .)

§ 306 Fiscal Service

(a) The Fiscal Service is a service in the Department of the Treasury.

(b) The head of the Fiscal Service is the Fiscal Assistant Secretary appointed under section 301(d) of this title .

(c) The Fiscal Service has a— Bureau of Government Financial Operations, having as its head a Commissioner of Government Financial Operations; and Bureau of the Public Debt, having as its head a Commissioner of the Public Debt.

(d) The Secretary of the Treasury may designate another officer or employee of the Department to act as the Fiscal Assistant Secretary when the Fiscal Assistant Secretary is absent or unable to serve or when the office of Fiscal Assistant Secretary is vacant.

§ 307 Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency, established under section 324 of the Revised Statutes ( 12 U.S.C. 1 ), is an office in the Department of the Treasury. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 880 .)

§ 308 United States Customs Service

The United States Customs Service, established under section 1 of the Act of March 3, 1927 ( 19 U.S.C. 2071 ), is a service in the Department of the Treasury. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 880 .)

§ 309 Office of Thrift Supervision

The Office of Thrift Supervision established under section 3(a) 1 of the Home Owners’ Loan Act shall be an office in the Department of the Treasury. (Added Pub. L. 101–73, title III, § 307(a)(1) , Aug. 9, 1989 , 103 Stat. 352 ; amended Pub. L. 103–272, § 4(f)(1)(A) , July 5, 1994 , 108 Stat. 1361 .)

§ 310 Financial Crimes Enforcement Network

(a) In General.— The Financial Crimes Enforcement Network established by order of the Secretary of the Treasury (Treasury Order Numbered 105–08, in this section referred to as “FinCEN”) on April 25, 1990 , shall be a bureau in the Department of the Treasury.

(b) Director.— The head of FinCEN shall be the Director, who shall be appointed by the Secretary of the Treasury. The duties and powers of the Director are as follows: Advise and make recommendations on matters relating to financial intelligence, financial criminal activities, and other financial activities to the Under Secretary of the Treasury for Enforcement. Maintain a government-wide data access service, with access, in accordance with applicable legal requirements, to the following: Information collected by the Department of the Treasury, including report information filed under subchapter II of chapter 53 of this title (such as reports on cash transactions, foreign financial agency transactions and relationships, foreign currency transactions, exporting and importing monetary instruments, and suspicious activities), chapter 2 of title I of Public Law 91–508 , and section 21 of the Federal Deposit Insurance Act. Information regarding national and international currency flows. Other records and data maintained by other Federal, State, local, and foreign agencies, including financial and other records developed in specific cases. Other privately and publicly available information. Analyze and disseminate the available data in accordance with applicable legal requirements and policies and guidelines established by the Secretary of the Treasury and the Under Secretary of the Treasury for Enforcement to— identify possible criminal activity to appropriate Federal, State, local, Tribal, and foreign law enforcement agencies; support ongoing criminal financial investigations and prosecutions and related proceedings, including civil and criminal tax and forfeiture proceedings; identify possible instances of noncompliance with subchapter II of chapter 53 of this title, chapter 2 of title I of Public Law 91–508 , and section 21 of the Federal Deposit Insurance Act to Federal agencies with statutory responsibility for enforcing compliance with such provisions and other appropriate Federal regulatory agencies; evaluate and recommend possible uses of special currency reporting requirements under section 5326; determine emerging trends and methods in money laundering and other financial crimes; support the conduct of intelligence or counterintelligence activities, including analysis, to protect against terrorism; and support government initiatives against money laundering. Establish and maintain a financial crimes communications center to furnish law enforcement authorities with intelligence information related to emerging or ongoing investigations and undercover operations. Furnish research, analytical, and informational services to financial institutions, appropriate Federal regulatory agencies with regard to financial institutions, and appropriate Federal, State, local, Tribal, and foreign law enforcement authorities, in accordance with policies and guidelines established by the Secretary of the Treasury or the Under Secretary of the Treasury for Enforcement, in the interest of detection, prevention, and prosecution of terrorism, organized crime, money laundering, and other financial crimes. Assist Federal, State, local, Tribal, and foreign law enforcement and regulatory authorities in combatting the use of informal, nonbank networks and payment and barter system mechanisms that permit the transfer of funds or the equivalent of funds without records and without compliance with criminal and tax laws. Provide computer and data support and data analysis to the Secretary of the Treasury for tracking and controlling foreign assets. Coordinate with financial intelligence units in other countries on anti-terrorism and anti-money laundering initiatives, and similar efforts. Administer the requirements of subchapter II of chapter 53 of this title, chapter 2 of title I of Public Law 91–508 , and section 21 of the Federal Deposit Insurance Act, to the extent delegated such authority by the Secretary of the Treasury. Promulgate regulations under section 5318(h)(4)(D), as appropriate, to implement the government-wide anti-money laundering and countering the financing of terrorism priorities established by the Secretary of the Treasury under section 5318(h)(4)(A). Communicate regularly with financial institutions and Federal functional regulators that examine financial institutions for compliance with subchapter II of chapter 53 and regulations promulgated under that subchapter and law enforcement authorities to explain the United States Government’s anti-money laundering and countering the financing of terrorism priorities. Give and receive feedback to and from financial institutions, State bank supervisors, and State credit union supervisors (as those terms are defined in section 6003 of the Anti-Money Laundering Act of 2020) regarding the matters addressed in subchapter II of chapter 53 and regulations promulgated under that subchapter. Maintain money laundering and terrorist financing investigation financial experts capable of identifying, tracking, and analyzing financial crime networks and identifying emerging threats to support Federal civil and criminal investigations. Maintain emerging technology experts to encourage the development of and identify emerging technologies that can assist the United States Government or financial institutions in countering money laundering and the financing of terrorism. Such other duties and powers as the Secretary of the Treasury may delegate or prescribe.

(c) Requirements Relating to Maintenance and Use of Data Banks.— The Secretary of the Treasury shall establish and maintain operating procedures with respect to the government-wide data access service and the financial crimes communications center maintained by FinCEN which provide— for the coordinated and efficient transmittal of information to, entry of information into, and withdrawal of information from, the data maintenance system maintained by FinCEN, including— the submission of reports through the Internet or other secure network, whenever possible; the cataloguing of information in a manner that facilitates rapid retrieval by law enforcement personnel of meaningful data; and a procedure that provides for a prompt initial review of suspicious activity reports and other reports, or such other means as the Secretary may provide, to identify information that warrants immediate action; and in accordance with section 552a of title 5 and the Right to Financial Privacy Act of 1978, appropriate standards and guidelines for determining— who is to be given access to the information maintained by FinCEN; what limits are to be imposed on the use of such information; and how information about activities or relationships which involve or are closely associated with the exercise of constitutional rights is to be screened out of the data maintenance system.

(d) FinCEN Exchange.— The FinCEN Exchange is hereby established within FinCEN. The FinCEN Exchange shall facilitate a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, other relevant private sector entities, and FinCEN to— effectively and efficiently combat money laundering, terrorism financing, organized crime, and other financial crimes, including by promoting innovation and technical advances in reporting— under subchapter II of chapter 53 and the regulations promulgated under that subchapter; and with respect to other anti-money laundering requirements; protect the financial system from illicit use; and promote national security. Not later than 1 year after the date of enactment of this subsection, and once every 2 years thereafter for the next 5 years, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing— an analysis of the efforts undertaken by the FinCEN Exchange, which shall include an analysis of— the results of those efforts; and the extent and effectiveness of those efforts, including any benefits realized by law enforcement agencies from partnering with financial institutions and other relevant private sector entities, which shall be consistent with standards protecting sensitive information; and any legislative, administrative, or other recommendations the Secretary may have to strengthen the efforts of the FinCEN Exchange. Each report under subparagraph (A) may include a classified annex. Information shared under this subsection shall be shared— in compliance with all other applicable Federal laws and regulations; in such a manner as to ensure the appropriate confidentiality of personal information; and at the discretion of the Director, with the appropriate Federal functional regulator, as defined in section 6003 of the Anti-Money Laundering Act of 2020. FinCEN shall, as appropriate, promulgate regulations that establish procedures for the protection of information shared and exchanged between FinCEN and the private sector in accordance with this section, consistent with the capacity, size, and nature of the financial institution or other relevant private sector entity to which the particular procedures apply. Information received by a financial institution pursuant to this section shall not be used for any purpose other than identifying and reporting on activities that may involve the financing of terrorism, money laundering, proliferation financing, or other financial crimes. Information received by a relevant private sector entity that is not a financial institution pursuant to this section shall not be used for any purpose other than assisting a financial institution in identifying and reporting on activities that may involve the financing of terrorism, money laundering, proliferation financing, or other financial crimes, or in assisting FinCEN or another agency of the Federal Government in mitigating the risk of the financing of terrorism, money laundering, proliferation financing, or other criminal activities. Nothing in this subsection may be construed to create new information sharing authorities or requirements relating to the Bank Secrecy Act.

(e) Special Hiring Authority.— The Secretary of the Treasury may appoint, without regard to the provisions of sections 3309 through 3318 of title 5, candidates directly to positions in the competitive service, as defined in section 2102 of that title, in FinCEN. The primary responsibility of candidates appointed under paragraph (1) shall be to provide substantive support in support of the duties described in subparagraphs (A) through (O) of subsection (b)(2).

(f) FinCEN Domestic Liaisons.— There is established in FinCEN an Office of Domestic Liaison, which shall be headed by the Chief Domestic Liaison. The Office of the Domestic Liaison shall be located in the District of Columbia.

(g) Chief Domestic Liaison.— The Chief Domestic Liaison, shall— report directly to the Director; and be appointed by the Director, from among individuals with experience or familiarity with anti-money laundering program examinations, supervision, and enforcement. The annual rate of pay for the Chief Domestic Liaison shall be equal to the highest rate of annual pay for similarly situated senior executives who report to the Director. The Chief Domestic Liaison, with the concurrence of the Director, may retain or employ counsel, research staff, and service staff, as the Liaison determines necessary to carry out the functions, powers, and duties under this subsection. The Chief Domestic Liaison, with the concurrence of the Director, shall appoint not fewer than 6 senior FinCEN employees as FinCEN Domestic Liaisons, who shall— report to the Chief Domestic Liaison; each be assigned to focus on a specific region of the United States; and be located at an office in such region or co-located at an office of the Board of Governors of the Federal Reserve System in such region. Each Domestic Liaison shall— in coordination with relevant Federal functional regulators, perform outreach to BSA officers at financial institutions, including nonbank financial institutions, and persons that are not financial institutions, especially with respect to actions taken by FinCEN that require specific actions by, or have specific effects on, such institutions or persons, as determined by the Director; in accordance with applicable agreements, receive feedback from financial institutions and examiners of Federal functional regulators regarding their examinations under the Bank Secrecy Act and communicate that feedback to FinCEN, the Federal functional regulators, and State bank supervisors; promote coordination and consistency of supervisory guidance from FinCEN, the Federal functional regulators, State bank supervisors, and State credit union supervisors regarding the Bank Secrecy Act; act as a liaison between financial institutions and their Federal functional regulators, State bank supervisors, and State credit union supervisors with respect to information sharing matters involving the Bank Secrecy Act and regulations promulgated thereunder; establish safeguards to maintain the confidentiality of communications between the persons described in clause (ii) and the Office of Domestic Liaison; to the extent practicable, periodically propose to the Director changes in the regulations, guidance, or orders of FinCEN, including any legislative or administrative changes that may be appropriate to ensure improved coordination and expand information sharing under this paragraph; and perform such other duties as the Director determines to be appropriate. Nothing in this paragraph may be construed to permit the Domestic Liaisons to have authority over supervision, examination, or enforcement processes. FinCEN, to the extent practicable and consistent with appropriate safeguards for sensitive enforcement-related, pre-decisional, or deliberative information, shall ensure that the Domestic Liaisons have full access to the documents of FinCEN, as necessary to carry out the functions of the Office of Domestic Liaison. Not later than 1 year after the date of enactment of this subsection and every 2 years thereafter for 5 years, the Director shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the objectives of the Office of Domestic Liaison for the following fiscal year and the activities of the Office during the immediately preceding fiscal year. Each report required under subparagraph (A) shall include— appropriate statistical information and full and substantive analysis; information on steps that the Office of Domestic Liaison has taken during the reporting period to address feedback received by financial institutions and examiners of Federal functional regulators relating to examinations under the Bank Secrecy Act; recommendations to the Director for such administrative and legislative actions as may be appropriate to address information sharing and coordination issues encountered by financial institutions or examiners of Federal functional regulators; and any other information, as determined appropriate by the Director. Notwithstanding subparagraph (D), FinCEN shall review each report required under subparagraph (A) before the report is submitted to ensure the report does not disclose sensitive information. Each report required under subparagraph (A) shall be provided directly to the committees listed in that subparagraph, except that a relevant Federal functional regulator, State bank supervisor, Office of Management and Budget, or State credit union supervisor shall have an opportunity for review and comment before the submission of the report. Nothing in clause (i) may be construed to preclude FinCEN or any other department or agency from reviewing a report required under subparagraph (A) for the sole purpose of protecting— sensitive information obtained by a law enforcement agency; and classified information. No report required under subparagraph (A) may contain classified information. In this subsection, the term “Federal functional regulator” has the meaning given the term in section 6003 of the Anti-Money Laundering Act of 2020.

(h) FinCEN Foreign Financial Intelligence Unit Liaisons.— The Director of FinCEN shall appoint not fewer than 6 Foreign Financial Intelligence Unit Liaisons, who shall— be knowledgeable about domestic or international anti-money laundering or countering the financing of terrorism laws and regulations; possess a technical understanding of the Bank Secrecy Act, the protocols of the Egmont Group of Financial Intelligence Units, and the Financial Action Task Force and the recommendations issued by that Task Force; be co-located in a United States embassy, a similar United States Government facility, or a foreign government facility, as appropriate; facilitate capacity building and perform outreach with respect to anti-money laundering and countering the financing of terrorism regulatory and analytical frameworks; establish and maintain relationships with officials from foreign intelligence units, regulatory authorities, ministries of finance, central banks, law enforcement agencies, and other competent authorities; participate in industry outreach engagements with foreign financial institutions and other commercial actors on anti-money laundering and countering the financing of terrorism issues; coordinate with representatives of the Department of Justice at United States Embassies who perform similar functions on behalf of the United States Government; and perform such other duties as the Director determines to be appropriate. Each Foreign Financial Intelligence Unit Liaison appointed under paragraph (1) shall receive compensation at the higher of— the rate of compensation paid to a Foreign Service officer at a comparable career level serving at the same embassy or facility, as applicable; or the rate of compensation that the Liaison would have otherwise received.

(i) Protection of Information Obtained by Foreign Law Enforcement and Financial Intelligence Units; Freedom of Information Act.— In this subsection: The term “foreign anti-money laundering and countering the financing of terrorism authority” means any foreign agency or authority that is empowered under foreign law to regulate or supervise foreign financial institutions (or designated non-financial businesses and professions) with respect to laws concerning anti-money laundering and countering the financing of terrorism and proliferation. The term “foreign financial intelligence unit” means any foreign agency or authority, including a foreign financial intelligence unit that is a member of the Egmont Group of Financial Intelligence Units, that is empowered under foreign law as a jurisdiction’s national center for— receipt and analysis of suspicious transaction reports and other information relevant to money laundering, associated predicate offenses, and the financing of terrorism; and the dissemination of the results of the analysis described in clause (i). The term “foreign law enforcement authority” means any foreign agency or authority that is empowered under foreign law to detect, investigate, or prosecute potential violations of law. The Department of the Treasury may not be compelled to search for or disclose information exchanged with a foreign law enforcement authority, foreign financial intelligence unit, or foreign anti-money laundering and countering the financing of terrorism authority. Section 552(a)(3) of title 5 (commonly known as the “Freedom of Information Act”) shall not apply to any request for records or information exchanged between the Department of the Treasury and a foreign law enforcement authority, foreign financial intelligence unit, or foreign anti-money laundering and countering the financing of terrorism authority. For purposes of section 552 of title 5 , this paragraph shall be considered a statute described in subsection (b)(3)(B) of that section. The provisions of this paragraph shall apply only to information necessary to exercise the duties and powers described under subsection (b). The Secretary, in consultation with the Director, shall ensure that information provided to a foreign law enforcement authority, foreign financial intelligence unit, or foreign anti-money laundering and countering the financing of terrorism authority, is subject to appropriate confidentiality, classification, and data security requirements. Nothing in this section shall authorize the Department of the Treasury to withhold information from Congress, decline to carry out a search for information requested by Congress, or prevent the Department of the Treasury from complying with an order of a court of the United States in an action commenced by the United States.

(j) Analytical Experts.— FinCEN shall maintain financial experts capable of identifying, tracking, and tracing money laundering and terrorist-financing networks in order to conduct and support civil and criminal anti-money laundering and countering the financing of terrorism investigations conducted by the United States Government. FinCEN, upon a reasonable request from a Federal agency, shall, in collaboration with the requesting agency and the appropriate Federal functional regulator, analyze the potential anti-money laundering and countering the financing of terrorism activity that prompted the request.

(k) Definitions.— In this section: The term “Bank Secrecy Act” has the meaning given the term in section 6003 of the Anti-Money Laundering Act of 2020. The term “Federal functional regulator” has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 ). The term “financial institution” has the meaning given the term in section 5312 of this title . The term “State bank supervisor” has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). The term “State credit union supervisor” means a State official described in section 107A(e) of the Federal Credit Union Act ( 12 U.S.C. 1757a(e) ).

(l) Authorization of Appropriations.— There are authorized to be appropriated to FinCEN to carry out this section, to remain available until expended— $136, 000, 000 f or f i sc a l ye a r 2021;$ 60,000,000 for fiscal year 2022; and $35, 000, 000 f ore a c h o ff i sc a l ye a rs 2023 t h ro ug h 2026. T h ere a re a u t h or i ze d t o b e a pp ro p r ia t e df or f i sc a l ye a r 2005 t h e f o ll o w in g am o u n t s, w hi c ha re a u t h or i ze d t ore maina v ai l ab l e u n t i l e x p e n d e d : F or t ec hn o l o g i c a l im p ro v e m e n t s t o p ro v i d e a u t h or i ze d l a w e n f orce m e n t an df inan c ia l re gu l a t ory a g e n c i es w i t hW e b - ba se d a ccess t o F in CEN d a t a, t o f u ll y d e v e l o p an d im pl e m e n tt h e hi g h l ysec u re n e tw or k re q u i re d u n d ersec t i o n 362 o f P u b l i c L a w 107-56 t oe x p e d i t e t h e f i l in g o f, an d re d u ce t h e f i l in g cos t s f or, f inan c ia l in s t i t u t i o n re p or t s, in c l u d in g s u s p i c i o u s a c t i v i t yre p or t s, co ll ec t e d b y F in CEN u n d erc ha pt er 53 an d re l a t e d p ro v i s i o n so f l a w, an d e nab l e F in CENt o imm e d ia t e l y a l er t f inan c ia l in s t i t u t i o n s ab o u t s u s p i c i o u s a c t i v i t i es t ha tw a rr an t imm e d ia t e an d e nhan ce d scr u t in y, an d t o p ro v i d e an d u p g r a d e a d v an ce d in f or ma t i o n - s ha r in g t ec hn o l o g i es t o ma t er ia ll y im p ro v e t h e G o v er nm e n t ’ s abi l i t y t oe x pl o i tt h e in f or ma t i o nin t h e F in CEN d a t abank s,$ 16,500,000. To provide advanced analytical tools needed to ensure that the data collected by FinCEN under chapter 53 and related provisions of law are utilized fully and appropriately in safeguarding financial institutions and supporting the war on terrorism, $5, 000, 000. T o im p ro v e t h e t e l eco mm u ni c a t i o n s in f r a s t r u c t u re t os u pp or tt h e im p ro v e d c a p abi l i t i eso f t h e F in CEN sys t e m s,$ 3,000,000. To improve the effectiveness of the Office of Compliance in FinCEN, $3, 000, 000. T o p ro v i d e d e v e l o p m e n t o f, an d t r ainin g in t h e u seo f, t ec hn o l o g y t o d e t ec t an d p re v e n t f inan c ia l cr im es an d t error i s m w i t hinan d w i t h o u tt h e U ni t e d St a t es,$ 8,000,000.

§ 311 Office of Intelligence and Analysis

(a) Establishment.— There is established within the Department of the Treasury, the Office of Intelligence and Analysis (in this section referred to as the “Office”), which shall— be within the Office of Terrorism and Financial Intelligence; be responsible for the receipt, analysis, collation, and dissemination of foreign intelligence and foreign counterintelligence information (within the meaning of section 3 of the National Security Act of 1947 ( 50 U.S.C. 401a )) 1 related to the operation and responsibilities of the Department of the Treasury; and have such other related duties and authorities as may be assigned to it by the Secretary, subject to the authority, direction, and control of the Secretary.

(b) Assistant Secretary for Intelligence and Analysis.— The Office shall be headed by an Assistant Secretary, who shall be appointed by the President, by and with the advice and consent of the Senate. The Assistant Secretary shall report directly to the Undersecretary of the Treasury for Terrorism and Financial Crimes.

§ 312 Terrorism and financial intelligence

(a) Office of Terrorism and Financial Intelligence.— There is established within the Department of the Treasury the Office of Terrorism and Financial Intelligence (in this section referred to as “OTFI”), which shall be the successor to any such office in existence on the date of enactment of this section. There is established within the Department of the Treasury, the Office of the Undersecretary for Terrorism and Financial Crimes, who shall serve as the head of the OTFI, and shall report to the Secretary of the Treasury through the Deputy Secretary of the Treasury. The Office of the Undersecretary for Terrorism and Financial Crimes shall be the successor to the Office of the Undersecretary for Enforcement. The Undersecretary for Terrorism and Financial Crimes shall be appointed by the President, by and with the advice and consent of the Senate. There is established within the OTFI the position of Assistant Secretary for Terrorist Financing. The Assistant Secretary for Terrorist Financing shall be appointed by the President, by and with the advice and consent of the Senate. The Assistant Secretary for Terrorist Financing shall be responsible for formulating and coordinating the counter terrorist financing and anti-money laundering efforts of the Department of the Treasury, and shall report directly to the Undersecretary for Terrorism and Financial Crimes. The functions of the OTFI include providing policy, strategic, and operational direction to the Department on issues relating to— implementation of titles I and II of the Bank Secrecy Act; United States economic sanctions programs; combating terrorist financing; combating financial crimes, including money laundering, counterfeiting, and other offenses threatening the integrity of the banking and financial systems; combating illicit financing relating to human trafficking; other enforcement matters; those intelligence analysis and coordination functions described in subsection (b); and the security functions and programs of the Department of the Treasury. The Undersecretary for Terrorism and Financial Crimes and the Assistant Secretary for Terrorist Financing shall report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives not later than 72 hours after proposing by rule, regulation, order, or otherwise, any measure to reorganize the structure of the Department for combatting money laundering and terrorist financing, before any such proposal becomes effective. Notwithstanding any other provision of law, the following offices of the Department of the Treasury shall be within the OTFI: The Office of the Assistant Secretary for Intelligence and Analysis, which shall report directly to the Undersecretary for Terrorism and Financial Crimes. The Office of the Assistant Secretary for Terrorist Financing, which shall report directly to the Undersecretary for Terrorism and Financial Crimes. The Office of Foreign Assets Control (in this section referred to as the “OFAC”), which shall report directly to the Undersecretary for Terrorism and Financial Crimes. The Executive Office for Asset Forfeiture, which shall report to the Undersecretary for Terrorism and Financial Crimes. The Office of Intelligence and Analysis (in this section referred to as the “OIA”), which shall report to the Assistant Secretary for Intelligence and Analysis. The Office of Terrorist Financing, which shall report to the Assistant Secretary for Terrorist Financing. The Financial Crimes Enforcement Network (in this section referred to as “FinCEN”), a bureau of the Department of the Treasury, shall report to the Undersecretary for Terrorism and Financial Crimes. The Undersecretary for Terrorism and Financial Crimes may not redelegate its reporting authority over FinCEN. There is established within FinCEN, an Office of Compliance. The Secretary of the Treasury, after consultation with the Undersecretary for Terrorism and Financial Crimes, shall designate an office within the OTFI that shall coordinate efforts to combat the illicit financing of human trafficking with— other offices of the Department of the Treasury; other Federal agencies, including— the Office to Monitor and Combat Trafficking in Persons of the Department of State; and the Interagency Task Force to Monitor and Combat Trafficking; State and local law enforcement agencies; and foreign governments.

(b) Office of Intelligence and Analysis.— The Assistant Secretary for Intelligence and Analysis shall head the OIA. The OIA shall be responsible for the receipt, analysis, collation, and dissemination of intelligence and counterintelligence information related to the operations and responsibilities of the entire Department of the Treasury, including all components and bureaus of the Department. The primary functions of the OIA are— to build a robust analytical capability on terrorist finance by coordinating and overseeing work involving intelligence analysts in all components of the Department of the Treasury, focusing on the highest priorities of the Department, as well as ensuring that the existing intelligence needs of the OFAC and FinCEN are met; and to provide intelligence support to senior officials of the Department on a wide range of international economic and other relevant issues. The OIA shall— carry out the intelligence support functions that are assigned, to the Office of Intelligence Support under section 311 (pursuant to section 105 of the Intelligence Authorization Act for Fiscal Year 2004); serve in a liaison capacity with the intelligence community; and represent the Department in various intelligence related activities. The Assistant Secretary for Intelligence and Analysis shall serve as the Senior Officer Intelligence Community, and shall represent the Department in intelligence community fora, including the National Foreign Intelligence Board committees and the Intelligence Community Management Staff.

(c) Delegation.— To the extent that any authorities, powers, and responsibilities over enforcement matters delegated to the Undersecretary for Terrorism and Financial Crimes, or the positions of Assistant Secretary for Terrorism and Financial Crimes, Assistant Secretary for Enforcement and Operations, or Deputy Assistant Secretary for Terrorist Financing and Financial Crimes, have not been transferred to the Department of Homeland Security, the Department of Justice, or the Assistant Secretary for Tax Policy (related to the customs revenue functions of the Bureau of Alcohol and Tobacco Tax and Trade), those remaining authorities, powers, and responsibilities are delegated to the Undersecretary for Terrorism and Financial Crimes.

(d) Designation as Enforcement Organization.— The Office of Terrorism and Financial Intelligence (including any components thereof) is designated as a law enforcement organization of the Department of the Treasury for purposes of section 9705 of title 31 , United States Code, and other relevant authorities.

(e) Use of Existing Resources.— The Secretary may employ personnel, facilities, and other Department of the Treasury resources available to the Secretary on the date of enactment of this section in carrying out this section, except as otherwise prohibited by law.

(f) References.— References in this section to the “Secretary”, “Undersecretary”, “Deputy Secretary”, “Deputy Assistant Secretary”, “Office”, “Assistant Secretary”, and “Department” are references to positions and offices of the Department of the Treasury, unless otherwise specified.

(g) Special Hiring Authority.— The Secretary of the Treasury may appoint, without regard to the provisions of sections 3309 through 3318 of title 5, candidates directly to positions in the competitive service, as defined in section 2102 of that title, in the OTFI. The primary responsibility of candidates appointed under paragraph (1) shall be to provide substantive support in support of the duties described in subparagraphs (A) through (G) of subsection (a)(4).

(h) Deployment of Staff.— The Secretary of the Treasury may detail, without regard to the provisions of section 300.301 of title 5, Code of Federal Regulations, any employee in the OTFI to any position in the OTFI for which the Secretary has determined there is a need.

§ 313 Federal Insurance Office

(a) Establishment.— There is established within the Department of the Treasury the Federal Insurance Office.

(b) Leadership.— The Office shall be headed by a Director, who shall be appointed by the Secretary of the Treasury. The position of Director shall be a career reserved position in the Senior Executive Service, as that position is defined under section 3132 of title 5 , United States Code.

(c) Functions.— The Office, pursuant to the direction of the Secretary, shall have the authority— to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system; to monitor the extent to which traditionally underserved communities and consumers, minorities (as such term is defined in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ( 12 U.S.C. 1811 note)), and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance, except health insurance; to recommend to the Financial Stability Oversight Council that it designate an insurer, including the affiliates of such insurer, as an entity subject to regulation as a nonbank financial company supervised by the Board of Governors pursuant to title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act; to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 ( 15 U.S.C. 6701 note); to coordinate Federal efforts and develop Federal policy on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (r)); to determine, in accordance with subsection (f), whether State insurance measures are preempted by covered agreements; to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance; and to perform such other related duties and authorities as may be assigned to the Office by the Secretary. The Office shall advise the Secretary on major domestic and prudential international insurance policy issues. The Director shall serve in an advisory capacity on the Financial Stability Oversight Council established under the Financial Stability Act of 2010.

(d) Scope.— The authority of the Office shall extend to all lines of insurance except— health insurance, as determined by the Secretary in coordination with the Secretary of Health and Human Services based on section 2791 of the Public Health Service Act ( 42 U.S.C. 300gg–91 ); long-term care insurance, except long-term care insurance that is included with life or annuity insurance components, as determined by the Secretary in coordination with the Secretary of Health and Human Services, and in the case of long-term care insurance that is included with such components, the Secretary shall coordinate with the Secretary of Health and Human Services in performing the functions of the Office; and crop insurance, as established by the Federal Crop Insurance Act ( 7 U.S.C. 1501 et seq.).

(e) Gathering of Information.— In carrying out the functions required under subsection (c), the Office may— receive and collect data and information on and from the insurance industry and insurers; enter into information-sharing agreements; analyze and disseminate data and information; and issue reports regarding all lines of insurance except health insurance. Except as provided in paragraph (3), the Office may require an insurer, or any affiliate of an insurer, to submit such data or information as the Office may reasonably require in carrying out the functions described under subsection (c). Notwithstanding any other provision of this section, for purposes of subparagraph (A), the term “insurer” means any entity that writes insurance or reinsures risks and issues contracts or policies in 1 or more States. Paragraph (2) shall not apply with respect to any insurer or affiliate thereof that meets a minimum size threshold that the Office may establish, whether by order or rule. Before collecting any data or information under paragraph (2) from an insurer, or affiliate of an insurer, the Office shall coordinate with each relevant Federal agency and State insurance regulator (or other relevant Federal or State regulatory agency, if any, in the case of an affiliate of an insurer) and any publicly available sources to determine if the information to be collected is available from, and may be obtained in a timely manner by, such Federal agency or State insurance regulator, individually or collectively, other regulatory agency, or publicly available sources. If the Director determines that such data or information is available, and may be obtained in a timely manner, from such an agency, regulator, regulatory agency, or source, the Director shall obtain the data or information from such agency, regulator, regulatory agency, or source. If the Director determines that such data or information is not so available, the Director may collect such data or information from an insurer (or affiliate) only if the Director complies with the requirements of subchapter I of chapter 35 of title 44, United States Code (relating to Federal information policy; commonly known as the Paperwork Reduction Act), in collecting such data or information. Notwithstanding any other provision of law, each such relevant Federal agency and State insurance regulator or other Federal or State regulatory agency is authorized to provide to the Office such data or information. The submission of any nonpublicly available data and information to the Office under this subsection shall not constitute a waiver of, or otherwise affect, any privilege arising under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject. Any requirement under Federal or State law to the extent otherwise applicable, or any requirement pursuant to a written agreement in effect between the original source of any nonpublicly available data or information and the source of such data or information to the Office, regarding the privacy or confidentiality of any data or information in the possession of the source to the Office, shall continue to apply to such data or information after the data or information has been provided pursuant to this subsection to the Office. Any data or information obtained by the Office may be made available to State insurance regulators, individually or collectively, through an information-sharing agreement that— shall comply with applicable Federal law; and shall not constitute a waiver of, or otherwise affect, any privilege under Federal or State law (including the rules of any Federal or State court) to which the data or information is otherwise subject. Section 552 of title 5 , United States Code, shall apply to any data or information submitted to the Office by an insurer or an affiliate of an insurer. The Director shall have the power to require by subpoena the production of the data or information requested under paragraph (2), but only upon a written finding by the Director that such data or information is required to carry out the functions described under subsection (c) and that the Office has coordinated with such regulator or agency as required under paragraph (4). Subpoenas shall bear the signature of the Director and shall be served by any person or class of persons designated by the Director for that purpose. In the case of contumacy or failure to obey a subpoena, the subpoena shall be enforceable by order of any appropriate district court of the United States. Any failure to obey the order of the court may be punished by the court as a contempt of court.

(f) Preemption of State Insurance Measures.— A State insurance measure shall be preempted pursuant to this section or section 314 if, and only to the extent that the Director determines, in accordance with this subsection, that the measure— results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and is inconsistent with a covered agreement. Before making any determination under paragraph (1), the Director shall— notify and consult with the appropriate State regarding any potential inconsistency or preemption; notify and consult with the United States Trade Representative regarding any potential inconsistency or preemption; cause to be published in the Federal Register notice of the issue regarding the potential inconsistency or preemption, including a description of each State insurance measure at issue and any applicable covered agreement; provide interested parties a reasonable opportunity to submit written comments to the Office; and consider any comments received. For purposes of this subsection, any determination of the Director regarding State insurance measures, and any preemption under paragraph (1) as a result of such determination, shall be limited to the subject matter contained within the covered agreement involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation. Upon making any determination under paragraph (1), the Director shall— notify the appropriate State of the determination and the extent of the inconsistency; establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and notify the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate. Upon the conclusion of the period referred to in paragraph (2)(C)(ii), if the basis for such determination still exists, the determination shall become effective and the Director shall— cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and notify the appropriate State. No State may enforce a State insurance measure to the extent that such measure has been preempted under this subsection.

(g) Applicability of Administrative Procedures Act.— Determinations of inconsistency made pursuant to subsection (f)(2) shall be subject to the applicable provisions of subchapter II of chapter 5 of title 5, United States Code (relating to administrative procedure), and chapter 7 of such title (relating to judicial review), except that in any action for judicial review of a determination of inconsistency, the court shall determine the matter de novo.

(h) Regulations, Policies, and Procedures.— The Secretary may issue orders, regulations, policies, and procedures to implement this section.

(i) Consultation.— The Director shall consult with State insurance regulators, individually or collectively, to the extent the Director determines appropriate, in carrying out the functions of the Office.

(j) Savings Provisions.— Nothing in this section shall— preempt— any State insurance measure that governs any insurer’s rates, premiums, underwriting, or sales practices; any State coverage requirements for insurance; the application of the antitrust laws of any State to the business of insurance; or any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State 1 insurer than a United States insurer; be construed to alter, amend, or limit any provision of the Consumer Financial Protection Agency Act of 2010; or affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.

(k) Retention of Existing State Regulatory Authority.— Nothing in this section or section 314 shall be construed to establish or provide the Office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance.

(l) Retention of Authority of Federal Financial Regulatory Agencies.— Nothing in this section or section 314 shall be construed to limit the authority of any Federal financial regulatory agency, including the authority to develop and coordinate policy, negotiate, and enter into agreements with foreign governments, authorities, regulators, and multinational regulatory committees and to preempt State measures to affect uniformity with international regulatory agreements.

(m) Retention of Authority of United States Trade Representative.— Nothing in this section or section 314 shall be construed to affect the authority of the Office of the United States Trade Representative pursuant to section 141 of the Trade Act of 1974 ( 19 U.S.C. 2171 ) or any other provision of law, including authority over the development and coordination of United States international trade policy and the administration of the United States trade agreements program.

(n) Annual Reports to Congress.— Beginning September 30, 2011 , the Director shall submit a report on or before September 30 of each calendar year to the President and to the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate on any actions taken by the Office pursuant to subsection (f) (regarding preemption of inconsistent State insurance measures). Beginning September 30, 2011 , the Director shall submit a report on or before September 30 of each calendar year to the President and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the insurance industry and any other information as deemed relevant by the Director or requested by such Committees.

(o) Reports on U.S. and Global Reinsurance Market.— The Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate— a report received not later than September 30, 2012 , describing the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States; and a report received not later than January 1, 2013 , and updated not later than January 1, 2015 , describing the impact of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions.

(p) Study and Report on Regulation of Insurance.— Not later than 18 months after the date of enactment of this section, the Director shall conduct a study and submit a report to Congress on how to modernize and improve the system of insurance regulation in the United States. The study and report required under paragraph (1) shall be based on and guided by the following considerations: Systemic risk regulation with respect to insurance. Capital standards and the relationship between capital allocation and liabilities, including standards relating to liquidity and duration risk. Consumer protection for insurance products and practices, including gaps in State regulation. The degree of national uniformity of State insurance regulation. The regulation of insurance companies and affiliates on a consolidated basis. International coordination of insurance regulation. The study and report required under paragraph (1) shall also examine the following factors: The costs and benefits of potential Federal regulation of insurance across various lines of insurance (except health insurance). The feasibility of regulating only certain lines of insurance at the Federal level, while leaving other lines of insurance to be regulated at the State level. The ability of any potential Federal regulation or Federal regulators to eliminate or minimize regulatory arbitrage. The impact that developments in the regulation of insurance in foreign jurisdictions might have on the potential Federal regulation of insurance. The ability of any potential Federal regulation or Federal regulator to provide robust consumer protection for policyholders. The potential consequences of subjecting insurance companies to a Federal resolution authority, including the effects of any Federal resolution authority— on the operation of State insurance guaranty fund systems, including the loss of guaranty fund coverage if an insurance company is subject to a Federal resolution authority; on policyholder protection, including the loss of the priority status of policyholder claims over other unsecured general creditor claims; in the case of life insurance companies, on the loss of the special status of separate account assets and separate account liabilities; and on the international competitiveness of insurance companies. Such other factors as the Director determines necessary or appropriate, consistent with the principles set forth in paragraph (2). The study and report required under paragraph (1) shall also contain any legislative, administrative, or regulatory recommendations, as the Director determines appropriate, to carry out or effectuate the findings set forth in such report. With respect to the study and report required under paragraph (1), the Director shall consult with the State insurance regulators, consumer organizations, representatives of the insurance industry and policyholders, and other organizations and experts, as appropriate.

(q) Use of Existing Resources.— To carry out this section, the Office may employ personnel, facilities, and any other resource of the Department of the Treasury available to the Secretary and the Secretary shall dedicate specific personnel to the Office.

(r) Definitions.— In this section and section 314, the following definitions shall apply: The term “affiliate” means, with respect to an insurer, any person who controls, is controlled by, or is under common control with the insurer. The term “covered agreement” means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that— is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation. The term “insurer” means any person engaged in the business of insurance, including reinsurance. The term “Federal financial regulatory agency” means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, or the National Credit Union Administration. The term “non-United States insurer” means an insurer that is organized under the laws of a jurisdiction other than a State, but does not include any United States branch of such an insurer. The term “Office” means the Federal Insurance Office established by this section. The term “State insurance measure” means any State law, regulation, administrative ruling, bulletin, guideline, or practice relating to or affecting prudential measures applicable to insurance or reinsurance. The term “State insurance regulator” means any State regulatory authority responsible for the supervision of insurers. The term “substantially equivalent to the level of protection achieved” means the prudential measures of a foreign government, authority, or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under State insurance or reinsurance regulation. The term “United States insurer” means— an insurer that is organized under the laws of a State; or a United States branch of a non-United States insurer.

(s) Authorization of Appropriations.— There are authorized to be appropriated for the Office for each fiscal year such sums as may be necessary.

§ 314 Covered agreements

(a) Authority.— The Secretary and the United States Trade Representative are authorized, jointly, to negotiate and enter into covered agreements on behalf of the United States.

(b) Requirements for Consultation With Congress.— Before initiating negotiations to enter into a covered agreement under subsection (a), during such negotiations, and before entering into any such agreement, the Secretary and the United States Trade Representative shall jointly consult with the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate. The consultation described in paragraph (1) shall include consultation with respect to— the nature of the agreement; how and to what extent the agreement will achieve the applicable purposes, policies, priorities, and objectives of section 313 and this section; and the implementation of the agreement, including the general effect of the agreement on existing State laws.

(c) Submission and Layover Provisions.— A covered agreement under subsection (a) may enter into force with respect to the United States only if— the Secretary and the United States Trade Representative jointly submit to the congressional committees specified in subsection (b)(1), on a day on which both Houses of Congress are in session, a copy of the final legal text of the agreement; and a period of 90 calendar days beginning on the date on which the copy of the final legal text of the agreement is submitted to the congressional committees under paragraph (1) has expired.

§ 315 Continuing in office

When the term of office of an officer of the Department of the Treasury ends, the officer may continue to serve until a successor is appointed and qualified. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 880 , § 309; renumbered § 310, Pub. L. 101–73, title III, § 307(a)(1) , Aug. 9, 1989 , 103 Stat. 352 ; renumbered § 311, Pub. L. 107–56, title III, § 361(a)(1) , Oct. 26, 2001 , 115 Stat. 329 ; renumbered § 312, Pub. L. 108–177, title I, § 105(a)(1)(A) , Dec. 13, 2003 , 117 Stat. 2603 ; renumbered § 315, Pub. L. 111–203, title V, § 502(a)(1) , July 21, 2010 , 124 Stat. 1580 .)

§ 316 Treasury Attaché Program

(a) In General.— There is established the Treasury Financial Attaché Program, under which the Secretary of the Treasury shall appoint employees of the Department of the Treasury as a Treasury Financial Attaché, who shall— further the work of the Department of the Treasury in developing and executing the financial and economic policy of the United States Government and the international fight against terrorism, money laundering, and other illicit finance; be co-located in a United States Embassy, a similar United States Government facility, or a foreign government facility, as the Secretary determines is appropriate; establish and maintain relationships with foreign counterparts, including employees of ministries of finance, central banks, international financial institutions, and other relevant official entities; conduct outreach to local and foreign financial institutions and other commercial actors; coordinate with representatives of the Department of Justice at United States Embassies who perform similar functions on behalf of the United States Government; and perform such other actions as the Secretary determines are appropriate.

(b) Number of Attachés.— The number of Treasury Financial Attachés appointed under this section at any one time shall be not fewer than 6 more employees than the number of employees of the Department of the Treasury serving as Treasury attachés on the date of enactment of this section. The Secretary of the Treasury may establish additional posts subject to the availability of appropriations.

(c) Compensation.— Each Treasury Financial Attaché appointed under this section and located at a United States Embassy shall receive compensation, including allowances, at the higher of— the rate of compensation, including allowances, provided to a Foreign Service officer serving at the same embassy; and the rate of compensation, including allowances, the Treasury Financial Attaché would otherwise have received, absent the application of this subsection. The compensation described in paragraph (1) shall be phased in over 2 years.

§ 321 General authority of the Secretary

(a) The Secretary of the Treasury shall— prepare plans for improving and managing receipts of the United States Government and managing the public debt; carry out services related to finances that the Secretary is required to perform; issue warrants for money drawn on the Treasury consistent with appropriations; mint coins, engrave and print currency and security documents, and refine and assay bullion, and may strike medals; prescribe regulations that the Secretary considers best calculated to promote the public convenience and security, and to protect the Government and individuals from fraud and loss, that apply to anyone who may— receive for the Government, Treasury notes, United States notes, or other Government securities; or be engaged or employed in preparing and issuing those notes or securities; collect receipts; with a view to prosecuting persons, take steps to discover fraud and attempted fraud involving receipts and decide on ways to prevent and detect fraud; maintain separate accounts of taxes received in each State, territory, and possession of the United States, and collection district, with each account listing— each kind of tax; the amount of each tax; and the money paid as pay and allowances to officers and employees of the Department collecting taxes in that State, territory, possession, or district; and advise the President on major domestic and international prudential policy issues in connection with all lines of insurance except health insurance.

(b) The Secretary may— prescribe regulations to carry out the duties and powers of the Secretary; delegate duties and powers of the Secretary to another officer or employee of the Department of the Treasury; transfer within the Department the records, property, officers, employees, and unexpended balances of appropriations, allocations, and amounts of the Department that the Secretary considers necessary to carry out a delegation made under clause (2) of this subsection; detail, in addition to details authorized under another law, not more than 6 officers and employees of the Department at any one time to enforce the laws related to the Department, except that of those 6 officers and employees not more than 4 officers and employees— paid from the appropriations for the collection of customs may be so detailed; paid from the appropriations for internal revenue may be so detailed; and paid from the appropriations for suppressing counterfeiting and other crimes may be so detailed; authorize, at rates and under conditions prescribed by the Secretary, the private use of telephone lines controlled by the Department when the use does not interfere with Department business; buy arms and ammunition required by officers and employees of the Department in carrying out their duties and powers; and notwithstanding any other provision of law, fulfill any requirement to issue a report on the financial condition of any fund on the books of the Treasury by including the required information in a consolidated report, except that information with respect to a specific fund shall be separately reported if the Secretary determines that the consolidation of such information would result in an unwarranted delay in the availability of such information.

(c) Duties and powers of officers and employees of the Department are vested in the Secretary except duties and powers— vested by subchapter II of chapter 5 of title 5 in administrative law judges employed by the Secretary; and of the Comptroller of the Currency.

(d) The Secretary of the Treasury may accept, hold, administer, and use gifts and bequests of property, both real and personal, for the purpose of aiding or facilitating the work of the Department of the Treasury. Gifts and bequests of money and the proceeds from sales of other property received as gifts or bequests shall be deposited in the Treasury in a separate fund and shall be disbursed on order of the Secretary of the Treasury. Property accepted under this paragraph, and the proceeds thereof, shall be used as nearly as possible in accordance with the terms of the gift or bequest. For purposes of the Federal income, estate, and gift taxes, property accepted under paragraph (1) shall be considered as a gift or bequest to or for the use of the United States. The Secretary of the Treasury may invest and reinvest the fund in public debt securities with maturities suitable for the needs of the fund and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturities. Income accruing from the securities, and from any other property accepted under paragraph (1), shall be deposited to the credit of the fund, and shall be disbursed on order of the Secretary of the Treasury for purposes as nearly as possible in accordance with the terms of the gifts or bequests. The Secretary of the Treasury shall, not less frequently than annually, make a public disclosure of the amount (and sources) of the gifts and bequests received under this subsection, and the purposes for which amounts in the separate fund established under this subsection are expended.

§ 322 Working capital fund

(a) The Department of the Treasury has a working capital fund. Amounts in the fund are available for expenses of operating and maintaining common administrative services of the Department that the Secretary of the Treasury, with the approval of the Director of the Office of Management and Budget, decides may be carried out more advantageously and more economically as central services.

(b) Amounts in the fund remain available until expended. Amounts may be appropriated to the fund.

(c) The fund consists of— amounts appropriated to the fund; to the extent transferred to the fund by the Secretary, the reasonable value of supply inventories, equipment, and other assets and inventories on order for providing services out of amounts in the fund, less related liabilities and unpaid obligations; amounts received from the sale or exchange of property; and payments received for loss or damage to property of the fund.

(d) The fund shall be reimbursed, or credited with advance payments, from amounts available to the Department or from other sources, for supplies and services at rates that will equal the expenses of operation, including accrual of annual leave and the depreciation of plant and equipment. Amounts the Secretary decides are in excess of the needs of the fund shall be deposited at the end of each fiscal year in the Treasury as miscellaneous receipts.

§ 323 Investment of operating cash

(a) To manage United States cash, the Secretary of the Treasury may invest any part of the operating cash of the Treasury for not more than 90 days. The Secretary may invest the operating cash of the Treasury in— obligations of depositories maintaining Treasury tax and loan accounts secured by pledged collateral acceptable to the Secretary; obligations of the United States Government; and repurchase agreements with parties acceptable to the Secretary.

(b) Subsection (a) of this section does not require the Secretary to invest a cash balance held in a particular account.

(c) The Secretary shall consider the prevailing market in prescribing rates of interest for investments under subsection (a)(1) of this section.

(d) The Secretary of the Treasury shall submit each fiscal year to the appropriate committees a report detailing the investment of operating cash under subsection (a) for the preceding fiscal year. The report shall describe the Secretary’s consideration of risks associated with investments and the actions taken to manage such risks. For purposes of paragraph (1), the term “appropriate committees” means the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.

§ 324 Disposing and extending the maturity of obligations

(a) The Secretary of the Treasury may— dispose of obligations— acquired by the Secretary for the United States Government; or delivered by an executive agency; and make arrangements to extend the maturity of those obligations.

(b) The Secretary may dispose or extend the maturity of obligations under subsection (a) of this section in the way, in amounts, at prices (for cash, obligations, property, or a combination of cash, obligations, or property), and on conditions the Secretary considers advisable and in the public interest.

(c) The authority under this section is in addition to authority under another law.

§ 325 International affairs authorization

(a) Under regulations prescribed by the Secretary of the Treasury, the Secretary may provide officers and employees of the Department of the Treasury carrying out international affairs duties and powers of the Department with allowances and benefits comparable to those provided under chapter 9 of title I of the Foreign Service Act of 1980 ( 22 U.S.C. 4081 et seq.).

(b) The following amounts may be appropriated to the Secretary for the fiscal year ending September 30, 1982 : not more than $22, 896, 000 t oc a rryo u tt h e in t er na t i o na l a ff ai rs d u t i es an d p o w erso f t h eDe p a r t m e n t (in c l u d in g am o u n t s f oro ff i c ia l f u n c t i o n s an d rece pt i o nan d re p rese n t a t i o n e x p e n ses) . n o t m ore t han$ 1,000,000 for increases in— pay, under section 5382(c) and subchapter I of chapter 53 of title 5 (except section 5305, or corresponding prior provision of such title), of officers and employees carrying out the duties and powers referred to in clause (1) of this subsection; departmental contributions attributable to those pay increases; and allowances and benefits, because of cost of living increases, provided under subsection (a) of this section.

(c) Necessary amounts may be appropriated to the Secretary for each fiscal year beginning after September 30, 1982 — to carry out the international affairs duties and powers of the Department (including amounts for official functions and reception and representation expenses); for increases in— pay, under section 5382(c) and subchapter I of chapter 53 of title 5 (except section 5303), of officers and employees carrying out the duties and powers referred to in clause (1) of this subsection; departmental contributions attributable to those pay increases; and allowances and benefits, because of cost of living increases, provided under subsection (a) of this section.

§ 326 Availability of appropriations for certain expenses

(a) Under regulations prescribed by the Secretary of the Treasury, an appropriation for the Department of the Treasury available to pay travel expenses also is available to pay expenses to attend meetings of organizations related to the function or activity for which the appropriation is made.

(b) The Secretary may approve reimbursement to agents on protective missions for subsistence expenses authorized by law without regard to rates and amounts established under section 5702 of title 5 .

§ 327 Advancements and reimbursements for services

(a) In this section, “service” includes service provided in— disbursing and receiving amounts. servicing bonds. making accounts. maintaining bank accounts.

(b) When the Secretary of the Treasury provides a service for an agency (except the Department of the Treasury) for which amounts have not been appropriated to the Department, the agency may advance for credit or reimburse the Department the amounts necessary to provide the service. Notwithstanding section 3302 of this title , amounts advanced or reimbursed may be credited to the appropriation of the Department that is current when the service is provided.

§ 328 Accounts and payments of former disbursing officials

(a) If a chief disbursing official or a director of a disbursing center of the Department of the Treasury dies, resigns, or leaves office, the deputy chief disbursing official or the deputy director of the disbursing center designated by the Secretary of the Treasury may continue the accounts and payments in the name of the former disbursing official or director through the last day of the 2d month after the month in which the death, resignation, or separation occurs. The accounts and payments shall be allowed, audited, and settled as provided by law. The Secretary shall honor checks signed in the name of the former disbursing official or director in the same way as if the former disbursing official or director had continued in office.

(b) Only the deputy chief or deputy director designated under subsection (a) of this section is liable for actions taken in the name of the former disbursing official under subsection (a).

§ 329 Limitations on outside activities

(a) The Secretary of the Treasury and the Treasurer may not— be involved in trade or commerce; own any part of a vessel (except a pleasure vessel); buy or hold as a beneficiary in trust public property; be involved in buying or disposing of obligations of a State or the United States Government; and personally take or use a benefit gained from conducting business of the Department of the Treasury except as authorized by law. An officer violating this subsection shall be fined $3, 000, re m o v e df ro m o ff i ce, an d t h ere a f t er ma y n o t h o l d an o ff i ceo f t h e G o v er nm e n t . A nin d i v i d u a l (e x ce ptp rosec u t ors) g i v in g in f or ma t i o n l e a d in g t o t h e p rosec u t i o nan d co n v i c t i o n o f anin d i v i d u a l v i o l a t in g t hi ss u b sec t i o n s ha ll rece i v e$ 1,500 of the fine when paid.

(b) An officer or employee of the Department (except the Secretary or Treasurer) may not— carry on a trade or business in the funds, debts, or property of a State or the Government; and personally use a benefit gained from conducting business of the Department. An officer or employee violating this subsection shall be fined $500 and removed from office.

§ 330 Practice before the Department

(a) Subject to section 500 of title 5 , the Secretary of the Treasury may— regulate the practice of representatives of persons before the Department of the Treasury; and before admitting a representative to practice, require that the representative demonstrate— good character; good reputation; necessary qualifications to enable the representative to provide to persons valuable service; and competency to advise and assist persons in presenting their cases.

(b) Any enrolled agents properly licensed to practice as required under rules promulgated under subsection (a) shall be allowed to use the credentials or designation of “enrolled agent”, “EA”, or “E.A.”.

(c) After notice and opportunity for a proceeding, the Secretary may suspend or disbar from practice before the Department, or censure, a representative who— is incompetent; is disreputable; violates regulations prescribed under this section; or with intent to defraud, willfully and knowingly misleads or threatens the person being represented or a prospective person to be represented. The Secretary may impose a monetary penalty on any representative described in the preceding sentence. If the representative was acting on behalf of an employer or any firm or other entity in connection with the conduct giving rise to such penalty, the Secretary may impose a monetary penalty on such employer, firm, or entity if it knew, or reasonably should have known, of such conduct. Such penalty shall not exceed the gross income derived (or to be derived) from the conduct giving rise to the penalty and may be in addition to, or in lieu of, any suspension, disbarment, or censure of the representative.

(d) After notice and opportunity for a hearing to any appraiser, the Secretary may— provide that appraisals by such appraiser shall not have any probative effect in any administrative proceeding before the Department of the Treasury or the Internal Revenue Service, and bar such appraiser from presenting evidence or testimony in any such proceeding.

(e) Nothing in this section or in any other provision of law shall be construed to limit the authority of the Secretary of the Treasury to impose standards applicable to the rendering of written advice with respect to any entity, transaction plan or arrangement, or other plan or arrangement, which is of a type which the Secretary determines as having a potential for tax avoidance or evasion.

§ 331 Reports

(a) The Secretary of the Treasury shall submit to Congress each year an annual report. The report shall include— a statement of the public receipts and public expenditures for the prior fiscal year; estimates of public receipts and public expenditures for the current and next fiscal years; plans for improving and increasing public receipts to provide Congress with information on ways to raise amounts necessary to meet public expenditures; a statement of all contracts for supplies or services made by the Secretary during the prior fiscal year; a statement of appropriations expended to pay for miscellaneous claims not otherwise provided for; a statement on all payments made from the fund under section 3126 of this title for the prior fiscal year; and estimates of amounts for payment under section 1322(b) of this title .

(b) On the first day of each regular session of Congress, the Secretary shall submit to Congress a report for the prior fiscal year on— the total and individual amounts of contingent liabilities and unfunded liabilities of the United States Government; as far as practicable, trust fund liabilities, liabilities of Government corporations, indirect liabilities not included as a part of the public debt, and liabilities of insurance and annuity programs (including their actuarial status); collateral pledged and assets available (or to be realized) as security for the liabilities (separately noting Government obligations) and other assets specifically available to liquidate the liabilities of the Government; and the total amount in each category under clauses (A)–(C) of this paragraph for each agency. The report shall present the information required under paragraph (1) of this subsection in a concise way, with explanatory material (including an analysis of the significance of liabilities based on past experience and probable risk) the Secretary considers desirable.

(c) On the first day of each regular session of Congress, the Secretary shall submit to Congress a report for the prior fiscal year on the total amount of public receipts and public expenditures listing receipts, when practicable, by ports, districts, and States and the expenditures by each appropriation.

(d) The Secretary shall report to either House of Congress in person or in writing, as required, on matters referred to the Secretary by that House of Congress.

(e) Not later than March 31 of 1998 and each year thereafter, the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, shall annually prepare and submit to the President and the Congress an audited financial statement for the preceding fiscal year, covering all accounts and associated activities of the executive branch of the United States Government. The financial statement shall reflect the overall financial position, including assets and liabilities, and results of operations of the executive branch of the United States Government, and shall be prepared in accordance with the form and content requirements set forth by the Director of the Office of Management and Budget. The Comptroller General of the United States shall audit the financial statement required by this section.

§ 332 Miscellaneous administrative authority

The Secretary of the Treasury may to the extent provided in advance by appropriation Acts— contract for the temporary or intermittent services of experts or consultants as authorized by section 3109 of title 5 , United States Code, at rates not to exceed the per diem equivalent to the rate for GS–18; contract with and reimburse the Department of State for health and medical services for employees of the Department of the Treasury and their dependents serving in foreign countries; provide for official functions, and reception and representation activities; maintain, repair, and clean uniforms furnished by the Department of the Treasury to uniformed employees; provide athletic and related activities for students at the Federal Law Enforcement Training Center, Glynco, Georgia; install and maintain fencing, lighting, guard booths, and other facilities as necessary for the performance of protective functions of the Department of the Treasury on property not owned by or under jurisdiction and control of the United States Government and, subsequently, to remove the facilities therefrom; enter into reciprocal assistance agreements with State and local law enforcement agencies and, in connection with the agreements and otherwise, train employees of those agencies, when necessary, with or without reimbursement; provide laboratory assistance to State and local law enforcement agencies, with or without reimbursement; obtain insurance for official motor vehicles operated in foreign countries; and when necessary for the performance of official business— acquire in foreign countries real property by lease for periods not greater than 10 years and personal property for use in foreign countries by purchase, lease, or otherwise, and manage, maintain, repair, improve, and insure by purchase of commercial insurance policies properties referred to in clause (i), and when appropriate, dispose of (by sale, rent, transfer, or otherwise) properties referred to in subparagraph (A)(i). (Added Pub. L. 98–302, § 3(a) , May 25, 1984 , 98 Stat. 217 .)

§ 333 Prohibition of misuse of Department of the Treasury names, symbols, etc.

(a) General Rule.— No person may use, in connection with, or as a part of, any advertisement, solicitation, business activity, or product, whether alone or with other words, letters, symbols, or emblems— the words “Department of the Treasury”, or the name of any service, bureau, office, or other subdivision of the Department of the Treasury, the titles “Secretary of the Treasury” or “Treasurer of the United States” or the title of any other officer or employee of the Department of the Treasury, the abbreviations or initials of any entity referred to in paragraph (1), the words “United States Savings Bond” or the name of any other obligation issued by the Department of the Treasury, any symbol or emblem of an entity referred to in paragraph (1) (including the design of any envelope or stationary used by such an entity), and any colorable imitation of any such words, titles, abbreviations, initials, symbols, or emblems, in a manner which could reasonably be interpreted or construed as conveying the false impression that such advertisement, solicitation, business activity, or product is in any manner approved, endorsed, sponsored, or authorized by, or associated with, the Department of the Treasury or any entity referred to in paragraph (1) or any officer or employee thereof.

(b) Treatment of Disclaimers.— Any determination of whether a person has violated the provisions of subsection (a) shall be made without regard to any use of a disclaimer of affiliation with the United States Government or any particular agency or instrumentality thereof.

(c) Civil Penalty.— The Secretary of the Treasury may impose a civil penalty on any person who violates the provisions of subsection (a). The amount of the civil penalty imposed by paragraph (1) shall not exceed $5, 000 f ore a c h u seo f an y ma t er ia l in v i o l a t i o n o f s u b sec t i o n (a) . I f s u c h u se i s inab ro a d c a s t or t e l ec a s t, t h e p rece d in g se n t e n ces ha ll b e a ppl i e d b ys u b s t i t u t in g “$ 25,000” for “$5,000”. The Secretary of the Treasury may assess any civil penalty under paragraph (1) at any time before the end of the 3-year period beginning on the date of the violation with respect to which such penalty is imposed. The Secretary of the Treasury may commence a civil action to recover any penalty imposed under this subsection at any time before the end of the 2-year period beginning on the date on which such penalty was assessed. No penalty may be assessed under this subsection with respect to any violation after a criminal proceeding with respect to such violation has been commenced under subsection (d).

(d) Criminal Penalty.— If any person knowingly violates subsection (a), such person shall, upon conviction thereof, be fined not more than $10, 000 f ore a c h s u c h u seor im p r i so n e d n o t m ore t han 1 ye a r, or b o t h . I f s u c h u se i s inab ro a d c a s t or t e l ec a s t, t h e p rece d in g se n t e n ces ha ll b e a ppl i e d b ys u b s t i t u t in g “$ 50,000” for “$10,000”. No person may be prosecuted, tried, or punished under paragraph (1) for any violation of subsection (a) unless the indictment is found or the information instituted during the 3-year period beginning on the date of the violation. No criminal proceeding may be commenced under this subsection with respect to any violation if a civil penalty has previously been assessed under subsection (c) with respect to such violation.

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CHAPTER 3 - DEPARTMENT OF THE TREASURY

CHAPTER 3 - DEPARTMENT OF THE TREASURY

Sections (29)

§ 301 Department of the Treasury

§ 302 Treasury of the United States

§ 303 Bureau of Engraving and Printing

§ 304 United States Mint

§ 305 Federal Financing Bank

§ 306 Fiscal Service

§ 307 Office of the Comptroller of the Currency

§ 308 United States Customs Service

§ 309 Office of Thrift Supervision

§ 310 Financial Crimes Enforcement Network

§ 311 Office of Intelligence and Analysis

§ 312 Terrorism and financial intelligence

§ 313 Federal Insurance Office

§ 314 Covered agreements

§ 315 Continuing in office

§ 316 Treasury Attaché Program

§ 321 General authority of the Secretary

§ 322 Working capital fund

§ 323 Investment of operating cash

§ 324 Disposing and extending the maturity of obligations

§ 325 International affairs authorization

§ 326 Availability of appropriations for certain expenses

§ 327 Advancements and reimbursements for services

§ 328 Accounts and payments of former disbursing officials

§ 329 Limitations on outside activities

§ 330 Practice before the Department

§ 331 Reports

§ 332 Miscellaneous administrative authority

§ 333 Prohibition of misuse of Department of the Treasury names, symbols, etc.

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Table of Contents

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Federal • Lex Graph

Explorer

CHAPTER 3 - DEPARTMENT OF THE TREASURY

CHAPTER 3 - DEPARTMENT OF THE TREASURY

Sections (29)

§ 301 Department of the Treasury

§ 302 Treasury of the United States

§ 303 Bureau of Engraving and Printing

§ 304 United States Mint

§ 305 Federal Financing Bank

§ 306 Fiscal Service

§ 307 Office of the Comptroller of the Currency

§ 308 United States Customs Service

§ 309 Office of Thrift Supervision

§ 310 Financial Crimes Enforcement Network

§ 311 Office of Intelligence and Analysis

§ 312 Terrorism and financial intelligence

§ 313 Federal Insurance Office

§ 314 Covered agreements

§ 315 Continuing in office

§ 316 Treasury Attaché Program

§ 321 General authority of the Secretary

§ 322 Working capital fund

§ 323 Investment of operating cash

§ 324 Disposing and extending the maturity of obligations

§ 325 International affairs authorization

§ 326 Availability of appropriations for certain expenses

§ 327 Advancements and reimbursements for services

§ 328 Accounts and payments of former disbursing officials

§ 329 Limitations on outside activities

§ 330 Practice before the Department

§ 331 Reports

§ 332 Miscellaneous administrative authority

§ 333 Prohibition of misuse of Department of the Treasury names, symbols, etc.

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Table of Contents

Backlinks

§ 301 Department of the Treasury

§ 302 Treasury of the United States

§ 303 Bureau of Engraving and Printing

§ 304 United States Mint

§ 305 Federal Financing Bank

§ 306 Fiscal Service

§ 307 Office of the Comptroller of the Currency

§ 308 United States Customs Service

§ 309 Office of Thrift Supervision

§ 310 Financial Crimes Enforcement Network

§ 311 Office of Intelligence and Analysis

§ 312 Terrorism and financial intelligence

§ 313 Federal Insurance Office

§ 314 Covered agreements

§ 315 Continuing in office

§ 316 Treasury Attaché Program

§ 321 General authority of the Secretary

§ 322 Working capital fund

§ 323 Investment of operating cash

§ 324 Disposing and extending the maturity of obligations

§ 325 International affairs authorization

§ 326 Availability of appropriations for certain expenses

§ 327 Advancements and reimbursements for services

§ 328 Accounts and payments of former disbursing officials

§ 329 Limitations on outside activities

§ 330 Practice before the Department

§ 331 Reports

§ 332 Miscellaneous administrative authority

§ 333 Prohibition of misuse of Department of the Treasury names, symbols, etc.