An Act to amend title 13 of the United States Code to provide for the collection and publication of foreign commerce and trade statistics, and for other purposes
PL 87-826 (H.R.7791), enacted 10/15/1962

76 STAT.] 
PUBLIC LAW 87-826-OCT. 15, 1962 
951 
Public Law 87-826 
A N A C T 
October 15, 1962 
To amend title 13 of the United States Code to provide for the collection and 
[H. R. 7791] 
publication of foreign commerce and trade statistics, and for other purix)ses. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the analysis of 
Foreign commerce 
title 13, United States Code, immediately preceding chapter 1 of such ^g*"*^* 
title, is amended by adding immediately after and underneath item 7 
collection and 
in such analysis the following new item: 
publication. 
"9. Collection and Publication of Foreign Trade Statistics 
301." 
SEC. 2. Title 13, United States Code, is further amended by in-
serting at the end thereof the following new chapter: 
"CHAPTER 9—COLLECTION AND PUBLICATION OF 
FOREIGN COMMERCE AND TRADE STATISTICS 
Sec. 
"301. Collection and publication. 
"302. Rules, regulations, and orders. 
"303. Secretary of Treasury, functions. 
"304. Filing export information, delayed filings, penalties for failure to file. 
"305. Violations, penalties. 
"306. Delegation of functions. 
"307. Relationship to general census law. 
**§301. Collection and publication 
"The Secretary is authorized to collect information from all persons 
exporting from, or importing into, the United States and the non-
contiguous areas over which the United States exercises sovereignty, 
jurisdiction, or control, and from all persons engaged in trade between 
the United States and such noncontiguous areas and between those 
areas, or from the owners, or operators of carriers engaged in such 
foreign commerce or trade, and shall compile and publish such infor-
mation pertaining to exports, imports, trade, and transportation re-
lating thereto, as he deems necessary or appropriate to enable him to 
foster, promote, develop, and further the commerce, domestic and 
foreign, of the United States and for other lawful purposes. 
^'§302. Rules, regulations, and orders 
"The Secretary may make such rules, regulations, and orders as he 
deems necessary or appropriate to carry out the provisions of this 
chapter. 
Any rules, reflations, or orders issued pursuant to this 
authority may be established in such form or manner, may contain 
such classifications or differentiations, and may provide for such 
adjustments and reasonable exceptions as in the judgment of the 
Secretary are necessary or proper to effectuate the purpose of this 
chapter, or to prevent circumvention or evasion of any rule, regulation, 
or order issued hereunder. The Secretary may also provide by rule or 
regulation, for such confidentiality, publication, or disclosure, of 
information collected hereunder as he. may deem necessary or appro-
priate in the public interest. 
Rules, regulations, and orders, or 
amendments thereto shall have the concurrence of the Secretary of the 
Treasury prior to promulgation. 
"§303. Secretary of Treasury functions 
"To assist the Secretary to carry out the provisions of this chapter, 
the Secretary of the Treasury shall collect information in the form 
and manner prescribed by the regulations issued pursuant to this 
chapter from persons engaged in foreign commerce or trade, other 
than by mail, and from the owners or operifitors of carriers. 
952 
PUBLIC LAW 87.826-OCT. 15, 1962 
[76 STAT. 
'^§304. Filing export information, delayed filings, penalties for 
failure to file 
"(a) The information or reports in connection with the exportation 
or transportation of cargo required to be filed by carriers with the 
Secretary of the Treasury under any rule, regulation, or order issued 
pursuant to this chapter may be filed after the departure of such carrier 
from the port or place of exportation or transportation, whether such 
departing carrier is destined directly to a foreign port or place or to a 
noncontiguous area, or proceeds by way of other ports or places of the 
United States, provided that a bond in an approved form in the penal 
sum of $1,000 is filed with the Secretary of the Treasury. The Secre-
tary of Commerce may, by a rule, regulation, or order issued in con-
formity herewith, prescribe a maximum period after such departure 
during which the required information or reports may be filed. In the 
event any such information or report is not filed within such prescribed 
period, a penalty not to exceed $100 for each day's delinquency beyond 
the prescribed period, but not more than $1,000, shall be exacted. 
Civil suit may be instituted in the name of the United States against 
the principal and surety for the recovery of any penalties that may 
accrue and be exacted in accordance with the terms of the bond. 
"(b) The Secretary may remit or mitigate any penalty incurred for 
violations of this section and regulations issued pursuant thereto if, 
in his opinion, they were incurred without willful negligence or fraud, 
or other circumstances justify a remission or mitigation. 
"§305. Violations, penalties 
"Any person, including the owners or operators of carriers, violating 
the provisions of this chapter, or any rule, regulation, or order issued 
thereunder, except as provided in section 304 above, shall be liable to 
a penalty not to exceed $1,000 in addition to any other penalty imposed 
by law. The amount of any such penalty shall be payable into the 
Treasury of the United States and shall be recoverable in a civil suit 
in the name of the United States. 
"§306. Delegation of functions 
"Subject to the concurrence of the head of the department or 
agency concerned, the Secretary may make such provisions as he shall 
deem appropriate, authorizing the performance by any officer, agency, 
or employee of the United States Government departments or offices, 
or the governments of any areas over which the United States exer-
cises sovereignty, jurisdiction, or control, of any function of the Secre-
tary, contained in this chapter. 
"§307. Relationship to general census law 
"The following sections only, 1, 2, 3, 4, 5, 6, 7, 11, 21, 22, 23, 24, 211, 
212, 213, and 214, of chapters 1 through 7 of this title are applicable 
to this chapter." 
SEC. 3. The sections of the Acts, and the Acts or parts of Acts, 
imumerated in the following schedule, are hereby repealed. 
Any 
rights or liabilities now existing under such statutes or parts thereof, 
and any proceedings instituted under or growing out of, any of such 
statutes or parts thereof, shall not be affected by this repeal. 
76 STAT.] 
PUBLIC LAW 87-827-OCT. 15, 1962 
953 
Date 
July 16,1892_. 
Apr. 29,1902 
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1 As amended b y Acts of Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; Aug. 23, 1912, ch. 350, $ 1, 37 Stat. 407; 
Mar. 4,1913. ch. 141, § 1, 37 Stat. 736; Jan. 25,1919, ch. 10, 40 Stat. 1055; Mar. 1,1919, ch. 86,40 Stat. 1266. 
» As amended b y Acts of Feb. 14, 1903, ch. 552, $ 10, 32 Stat. 829; Aug. 23,1912, ch. 350, $ 1, 37 Stat. 407; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736; Mar. 1, 1919, ch. 86, 40 Stat. 1256. 
»As amended b y Acts of Mar. 3, 1893, ch. 211, § 1, 27 Stat. 689; Feb. 14, 1903, ch. 552, S 10, 32 Stat. 829; 
Aug. 23,1912, ch. 350, § 1, 37 Stat. 407; Mar. 4, 1913, ch. 141, 1 1 , 37 Stat. 736. 
« As amended b y Acts of Mar. 3, 1875, ch. 129, $ 1, 18 Stat. 352; Feb. 14, 1903, ch. 552, § 10,32 Stat. 829; 
Aug. 23,1912, ch. 350, § 1,37 Stat. 407; Mar. 4,1913, ch. 141, § 1,37 Stat. 736; Mar. 1, 1919, ch. 86, 40 Stat. 1256. 
»As amended by Acts of Aug. 23,1912, ch. 350, § 1, 37 Stat. 407; Mar. 1,1919, ch. 86, 40 Stat. 1256. 
• As amended b y Acts of Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 407; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736; Mar. 1,1919, ch. 86, 40 Stat. 1256. 
» Only part referring to form of annual statements on commerce and navigation as amended b y Acts of 
Feb. 14,1903, ch. 552, S 10, 32 Stat. 829; Mar. 4,1913, ch. 141, 11, 37 Stat. 736. 
> As amended b y Acts of Jan. 12, 1895, ch. 23, § 17, 28 Stat. 603; Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736. 
« As amended b y Acts of Feb. 14,1903, ch. 552,32 Stat. 829; Mar. 4,1913, ch. 141, 37 Stat. 736; Apr. 7,1948, 
ch. 177, 62 Stat. 161. 
» As amended b y Acts of June 16, 1938, ch. 476, $ 2, 52 Stat. 759; June 29, 1938, ch. 821, 52 Stat. 1248. 
SEC. 4. The provisions of this Act shall take effect one hundred and 
emhty days after approval, except that the last sentence of section 337, 
"Fifth" of the Revised Statutes, and the requirement for oaths as 
found in section 4200 of the Revised Statutes shall be repealed effective 
on the date this Act is approved. 
Approved October 15, 1962. 
Effective date. 
Repeal. 
15 u s e 174. 
46 u s e 92. 
Public Law 87-827 
AN ACT 
To i)erinit domestic banks to pay interest on time deposits of foreign govern-
ments at rates differing from those applicable to domestic depositors. 
October 15, 1962 
[H. R. 12080] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the fourteenth 
paragraph of section 19 of the Federal Reserve Act (12 U.S.C. 37lb) 
is amended by adding at the end thereof the following sentence: "Dur-
ing the period commencing on the effective date of this sentence and 
ending upon the expiration of three years after such date, the pro-
visions of this paragraph shall not apply to the rate of interest which 
may be p^id by member banks on time deposits of foreign govern-
ments, monetary and financial authorities of foreign governments 
when acting as such, or international financial institutions of which 
the United States is a member.". 
SEC. 2. Subsection (g) of section 18 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828(g)) is amended by adding at the end thereof 
the following sentence: "During the period commencing on the effec-
tive date of this sentence and ending upon the expiration of three 
years after such date, the provisions of this subsection shall not apply 
to the rate of interest which may be paid by insured nonmember banks 
on time deposits of foreign governments,- moftetary and financial 
authorities of foreign governments when acting as such, or inter-
national financial institutions of which the United States is a 
member.". 
Approved October 15, 1962. 
Banks. 
Interest on de-
posits of foreign 
governments. 
49 Stat. 715. 
64 Stat. 893.