31 U.S.C. § 5117 : US Code - Section 5117: Transferring gold and gold certificates

Search 31 U.S.C. § 5117 : US Code - Section 5117: Transferring gold and gold certificates

(a) All right, title, and interest, and every claim of the Board
of Governors of the Federal Reserve System, a Federal reserve bank,
and a Federal reserve agent, in and to gold is transferred to and
vests in the United States Government to be held in the Treasury.
Payment for the transferred gold is made by crediting equivalent
amounts in dollars in accounts established in the Treasury under
the 15th paragraph of section 16 of the Federal Reserve Act (12
U.S.C. 467). Gold not in the possession of the Government shall be
held in custody for the Government and delivered on the order of
the Secretary of the Treasury. The Board of Governors, Federal
reserve banks, and Federal reserve agents shall give instructions
and take action necessary to ensure that the gold is so held and
delivered.
(b) The Secretary shall issue gold certificates against gold
transferred under subsection (a) of this section. The Secretary may
issue gold certificates against other gold held in the Treasury.
The Secretary may prescribe the form and denominations of the
certificates. The amount of outstanding certificates may be not
more than the value (for the purpose of issuing those certificates,
of 42 and two-ninths dollars a fine troy ounce) of the gold held
against gold certificates. The Secretary shall hold gold in the
Treasury equal to the required dollar amount as security for gold
certificates issued after January 29, 1934.
(c) With the approval of the President, the Secretary may
prescribe regulations the Secretary considers necessary to carry
out this section.