A bill to amend subchapter II of chapter 53 of title 31, United States Code, relating to currency reports.

Summary

Permits the Secretary of the Treasury to examine any books, papers, records, or other data of domestic financial institutions pursuant to Federal law concerning records and reports on monetary instruments transactions. Permits the Secretary to summon an officer or employee of a financial institution to appear and produce such books, papers, records, or other data and to give testimony, under oath, as may be relevant or material to such inquiry. Declares that one of the purposes for which the Secretary may take such action includes investigation of any offense connected with the administration or enforcement of Federal laws concerning records and reports on monetary instruments transactions, and specified sections of the Federal Deposit Insurance Act, the National Housing Act, or Public Law 91-508. Prohibits the Secretary from delegating the powers conferred by this Act to an appropriate supervising agency. Declares that a summons may be issued under this Act only by, or with the approval of, the Secretary of the Treasury or a supervisory level delegate of the Secretary. Makes a person in violation of certain regulations liable for a civil penalty of not more than: (1) the amount of the transaction where the violation involves a transaction reporting requirement; or (2) $1,000 for any other violation. Makes a person who is in violation of any laws or regulations concerning records and reports on foreign financial agency transactions liable for a civil penalty of not more than the amount of the foreign transaction or foreign account involved in the violation. Includes American Samoa within the definition of the United States.

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1 official file

• Introduced in Senate

  summary · EN · 13 April 1984

  Open at official source

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