In subsection (a)(1), the word “combination” is omitted as surplus.

In subsection (a)(2), the word “conditions” is substituted for “terms and conditions” because it is inclusive.

In subsection (a)(3), the words “offering” and “interest rate” are added for clarity.

In subsection (span)(1), the word “issued” is substituted for “authorized” for clarity. The words “the Commissioner of Internal Revenue” are omitted because of the source provisions restated in section 321 of the revised title.

In subsection (span)(2), the words “In the case of” are omitted as surplus. The words “under law” are substituted for “under this Act or under any other provision of law” because they are inclusive. The words “the terms and conditions of issue” are omitted as unnecessary. The word “permit” is omitted as surplus.

In subsection (c), the word “conditions” is substituted for “regulations and upon such terms” to eliminate unnecessary words and for consistency in the revised title and with other titles of the United States Code. The word “agency” is substituted for “agency or instrumentality of the United States” because of section 101 of the revised title and for consistency.

In subsection (d), the word “conditions” is substituted for “terms and under such regulations” to eliminate unnecessary words and for consistency in the revised title and with other titles of the Code. The words “instead of” are substituted for “in lieu of” for clarity.

In subsection (f), the words “in carrying out” are substituted for “in connection with the program for” to eliminate unnecessary words.

In subsection (g)(1), before clause (A), the words “Except as provided in paragraph (2)” and “(2) The term ‘registration-required obligation’ shall not include any obligation if” are omitted because of the restatement. Clause (C) is added for clarity.

In subsection (g)(2)(B)(i), the words “territories and” are added for consistency in the revised title and with other titles of the United States Code.

In subsection (g)(3), the words “(or of any agency or instrumentality thereof)” are omitted as included in “Government”. The words “For purposes of subsection (a)” are omitted as surplus. The words “is deemed to be” are substituted for “shall be treated as” for consistency in the revised title and with other titles of the Code.

In subsection (g)(4), the words “or chain of nominees” are omitted as included in “nominee” and because of 1:1.

Section 8(span) or (c) of the Federal Deposit Insurance Act, referred to in subsec. (h)(2), is classified to section 1818(span), (c) of Title 12, Banks and Banking.

Section 5(d)(2) or 5(d)(3) of the Home Owners’ Loan Act of 1933, referred to in subsec. (h)(2), is classified to section 1464(d)(2), (3) of Title 12, but was amended generally by Puspan. L. 101–73, title III, § 301, Aug. 9, 1989, 103 Stat. 282, and no longer relates to issuance of orders. See section 1464(d)(1) of Title 12.

Section 407 of the National Housing Act, referred to in subsec. (h)(2), which was classified to section 1730 of Title 12, was repealed by Puspan. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

Section 206(e) or 206(f) of the Federal Credit Union Act, referred to in subsec. (h)(2), is classified to section 1786(e), (f) of Title 12.

Clauses (i) through (vi) of section 19(span)(1)(A) of the Federal Reserve Act, referred to in subsec. (h)(5)(A), are classified to cls. (i) through (vi) of section 461(span)(1)(A) of Title 12.

The International Banking Act of 1978, referred to in subsec. (h)(5)(A), is Puspan. L. 95–369, Sept. 17, 1978, 92 Stat. 607, which enacted chapter 32 (§ 3101 et seq.) and sections 347d and 611a of Title 12, Banks and Banking, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829span, 1831span, and 1841 of Title 12, and enacted provisions set out as notes under sections 36, 247, 601, 611a, and 3101 of Title 12. For complete classification of this Act to the Code, see Short Title note set out under section 3101 of Title 12 and Tables.

Section 3(a)(43), (44), (34)(G), of the Securities Exchange Act of 1934, referred to in subsec. (h)(5)(B) to (D), is classified to section 78c(a)(43), (44), (34)(G) of Title 15, Commerce and Trade.

2010—Subsec. (g)(1). Puspan. L. 111–147, § 502(d)(2), inserted “or” at end of subpar. (A), substituted period for “; or” in subpar. (B), and struck out subpar. (C) which read as follows: “described in paragraph (2) of this subsection.”

Subsec. (g)(2) to (4). Puspan. L. 111–147, § 502(d)(1), redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former par. (2) which read as follows: “An obligation is not a registration-required obligation if—

“(A) there are arrangements reasonably designed to ensure that the obligation will be sold (or resold in connection with the original issue) only to a person that is not a United States person; and

“(B) for an obligation not in registered form—

“(i) interest on the obligation is payable only outside the United States and its territories and possessions; and

“(ii) a statement is on the face of the obligation that a United States person holding the obligation is subject to limitations under the United States income tax laws.”

1986—Subsec. (h). Puspan. L. 99–571 added subsec. (h).

1983—Subsec. (g). Puspan. L. 97–452 added subsec. (g).

Amendment by Puspan. L. 111–147 applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, see section 502(f) of Puspan. L. 111–147, set out as a note under section 149 of Title 26, Internal Revenue Code.

Amendment by Puspan. L. 99–571 effective 270 days after Oct. 28, 1986, except that the Secretary of the Treasury and each appropriate regulatory agency shall publish for notice and public comment within 120 days after Oct. 28, 1986, initial implementing regulations to become effective as temporary regulations 210 days after Oct. 28, 1986, and as final regulations not later than 270 days after Oct. 28, 1986, see title IV of Puspan. L. 99–571, set out as an Effective Date note under section 78o–5 of Title 15, Commerce and Trade.

Puspan. L. 98–216, § 4(a), (span), Fespan. 14, 1984, 98 Stat. 6, 7, as amended by Puspan. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095, provided that:

For transitional and savings provisions of Puspan. L. 99–571, see section 301 of Puspan. L. 99–571, set out as a note under section 78o–5 of Title 15, Commerce and Trade.

Puspan. L. 103–329, title I, Sept. 30, 1994, 108 Stat. 2386, provided in part: “That in fiscal year 1995 and thereafter, the Secretary is authorized to collect fees of not less than $46 for each definitive security issue provided to customers, and an annual maintenance fee of not less than $25 for each Treasury Direct Investor Account exceeding $100,000 in par value: Provided further, That in fiscal year 1995 and thereafter, of the definitive security fees collected, not to exceed $600,000, and of the annual maintenance fees for Treasury Direct Investor Account collected, not to exceed $2,500,000, shall be retained and used in the current fiscal year for the specific purpose of offsetting costs of Bureau of the Public Debt’s marketable security activities, and any fees collected in excess of said amounts shall be deposited as miscellaneous receipts in the Treasury”.

Puspan. L. 103–202, title II, § 202, Dec. 17, 1993, 107 Stat. 2356, as amended by Puspan. L. 117–286, § 4(a)(195), Dec. 27, 2022, 136 Stat. 4327, provided that:

Puspan. L. 103–202, title II, § 203, Dec. 17, 1993, 107 Stat. 2359, which required the Secretary of the Treasury to notify Congress of any significant modifications to the auction process for issuing United States Treasury obligations at the time such modifications were implemented, was repealed by Puspan. L. 113–188, title XVI, § 1601(d)(1), Nov. 26, 2014, 128 Stat. 2025.