Page:United States Statutes at Large Volume 96 Part 1.djvu/1027

 PUBLIC LAW 97-258—SEPT. 13, 1982

96 STAT. 985

(c) With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section. § 5118. Gold clauses and consent to sue (a) In this section— Definitions. (1) "gold clause" means a provision in or related to an obligation alleging to give the obligee a right to require payment in— (A) gold; (B) a particular United States coin or currency; or (C) United States money measured in gold or a particular United States coin or currency. (2) "public debt obligation" means a domestic obligation issued or guaranteed by the United States Government to repay money or interest. (b) The United States Government may not pay out or deliver any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary. (c)(1) The Government withdraws its consent given to anyone to assert against the Government, its agencies, or its officers, employees, or agents, a claim— (A) on a gold clause public debt obligation or interest on the obligation; (B) for United States coins or currency; or (C) arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money. (2) Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or currency involved in the proceeding. (3) Except when consent is not withdrawn under this subsection, an amount appropriated for payment on public debt obligations and for United States coins and currency may be expended only dollar for dollar. (d)(1) In this subsection, "obligation" means any obligation (except "Obligation.' United States currency) payable in United States money. (2) An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment. This paragraph does not apply to an obligation issued after October 27, 1977. § 5119. Redemption and cancellation of currency (a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When

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