31 U.S.C. § 5315: Reports on foreign currency transactions

moving mobile capital can have a significant impact on the proper functioning of the international monetary system; it is important to have the most feasible current and complete information on the kind and source of capital flows, including transactions by large United States businesses and their foreign affiliates; and additional authority should be provided to collect information on capital flows under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) 1 and section 8 of the Bretton Woods Agreement Act ( 1 See References in Text note below. 22 U.S.C. 286f ). In this section, “United States person” and “foreign person controlled by a United States person” have the same meanings given those terms in section 7(f)(2)(A) and (C), respectively, of the Securities and Exchange Act of 1934 ( 15 U.S.C. 78g(f)(2)(A) , (C)). The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person. The regulations shall require that a report contain information and be submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this section.