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TRADING WITH THE ENEMY ACT

Act of October 6, 1917 (40 Stat. 415)

SECTION 5 * * *

(b) (1) During the time of war, the President may, through any agency that he may designate, or otherwise, and under such rules and regulations as he may prescribe, by means of instructions, licenses, or otherwise—

(A) investigate, regulate, or prohibit, any transactions in foreign exchange, transfers of credit or payments between, by, through, or to any banking institution, and the importing, exporting, hoarding, melting, or earmarking of gold or silver coin or bullion, currency or securities, and

(B) investigate, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest,

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(2) Any payment, conveyance, transfer, assignment, or delivery of property or interest therein, made to or for the account of the United States, or as otherwise directed, pursuant to this subdivision or any rule, regulation, instruction, or direction issued hereunder shall to the extent thereof be a full acquittance and discharge for all purposes of the obligation of the person making the same; and no person shall be held liable in any court for or in respect to anything done or omitted in good faith in connection with the administration of, or in pursuance of and in reliance on, this subdivision, or any rule, regulation, instruction, or direction issued hereunder.

(3) As used in this subdivision the term “United States” means the United States and any place subject to the jurisdiction thereof: Provided, however, That the foregoing shall not be construed as a limitation upon the power of the President, which is hereby conferred, to prescribe from time to time, definitions, not inconsistent with the purposes of this subdivision, for any or all of the terms used in this subdivision. As used in this subdivision the term “person” means an individual, partnership, association or corporation.

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[12 USC 95a. As amended by acts of Sept. 24, 1918 (40 Stat. 966); March 9, 1933 (48 Stat. 1); May 7, 1940 (54 Stat. 179); Dec. 18, 1941 (55 Stat. 839); and Dec. 28, 1977 (91 Stat. 1625).

For other statutory provisions relating to consumer credit regulation, see acts of Aug. 8, 1941 (61 Stat. 921) and Aug. 16, 1948 (62 Stat. 1291); section 601 of act of Sept. 8, 1950 (64 Stat. 798, 812); section 106(a) of act of July 31, 1951 (65 Stat. 137); section 116(a) of act of June 30, 1952 (66 Stat. 296, 305); act of Dec. 23, 1969 (83 Stat. 376); act of Dec. 22, 1971 (85 Stat. 743); and act of Dec. 8, 1980 (94 Stat. 2749).

Presidential Proclamation No. 2695, effective July 4, 1946, recognized the independence of the Philippine Islands. For proclamation, see note appearing after 22 USC 1394.]

Board of Governors of the Federal Reserve System

Federal Reserve Regulatory Service

TRADING WITH THE ENEMY ACT