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F E D E R A L R E SE R V E BANK
OF DALLAS

Dallas, Texas, December 15, 1941

IM P O R T A N T — H A S R E F E R E N C E TO J A P A N

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
The Secretary of the Treasury has issued the following general license and press statement relative
thereto:
“ GENERAL LICENSE NO. 68A UNDER EXECUTIVE ORDER NO. 8389 of April 10, 1940, as
amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.*
(1) A general license is hereby granted:
(a) Licensing as a generally licensed national any individual who is a national of Japan and
who has been residing only in the continental United States at all times on and since
June 17, 1940, and
(b) Licensing as a generally licensed national any partnership, association, corporation or
other organization within the continental United States which is a national of Japan
solely by reason of the interest therein of a person or persons licensed as generally
licensed nationals pursuant to this general license.
(2) This general license shall not be deemed to license as a generally licensed national:
(a) Any individual, partnership, association, corporation or other organization on the
premises of which the Treasury Department maintains a representative or guard or
on the premises of which there is posted an official Treasury Department notice that
the premises are under the control of the United States Government, or
(b) Any bank, trust company, shipping concern, steamship agency, or insurance company,
or
(c) Any person who, on or since the effective date of the Order, has represented or acted as
agent for any person located outside the continental United States or for any person
owned or controlled by persons located outside the continental United States, or
(d) Any person who on or since the effective date of the Order has acted or purported to act
directly or indirectly for the benefit or on behalf of any blocked country, including the
government thereof, or any person who is a national of Japan by reason of any fact
other than that such person has been domiciled in, or a subject or citizen of, Japan at
any time on or since the effective date of the Order.
(3) A report on the appropriate series of Form TFR-300 shall be filed with the appropriate
Federal Reserve bank within 30 days after the date hereof with respect to the property interests of
every person licensed herein as a generally licensed national if the total value of the property inter­
ests to be reported is $1,000 or more.
(4) Every business enterprise licensed herein as a generally licensed national shall also file with
the appropriate Federal Reserve bank within 30 days after the date hereof an affidavit setting forth
the information required by Form TFBE-1, if the total value of all property interest of such business
enterprise is in excess of $5,000.
(5) Banking institutions within the United States effecting payments, transfers or withdrawals
in excess of $1,000 during any month from the account of any person licensed as a generally licensed
national hereunder, shall file promptly with the appropriate Federal Reserve bank a report showing
the details of such transactions.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

(6) This general license shall not authorize any transaction which, directly or indirectly, sub­
stantially diminishes or imperils the assets within the continental United States of any national of
Japan or otherwise prejudicially affects the financial position of such national within the continental
United States.
(7) As used in this general license, the term ‘business enterprise’ shall mean any individual
proprietorship, partnership, association, corporation or other organization engaged in commercial or
other business activities within the continental United States.
E. H. FOLEY, JR.
Acting Secretary of the Treasury”
December 15,1941
*Part 131— Sec. 5(b ), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 9, 1941;
Regulations April 10, 1940, as amended June 14, 1941, and July 26, 1941.

PRESS STATEMENT
“ The Treasury Department today further relaxed to some extent and under appropriate safe­
guards the tight restrictions which had been placed upon Japanese residing in this country. It will
be remembered that on the outbreak of war the Treasury, as a precautionary measure, placed a
complete stoppage on all Japanese financial and commercial transactions and took custody of many
Japanese enterprises. On December 11, the Treasury issued regulations governing living expenses
and wages for Japanese nationals in the United States and regulations governing Japanese nationals
engaged in the production, marketing, and distributing of food and agricultural products.
“ The general license issued today by the Treasury unblocks the accounts of Japanese nationals
who have resided continuously within the continental United States since June 17, 1940, and permits
business enterprises within the continental United States owned and controlled by such Japanese
nationals to continue to operate, except in those cases in which Treasury representatives are main­
tained on the premises or an official Treasury notice is posted indicating that such premises are
under Government control. It is anticipated that Treasury representatives and posted notices will
be removed from the premises of many Japanese enterprises in which they are now maintained, thus
allowing such enterprises to resume normal operations under such general license. It is further
anticipated that special business operating licenses will be issued to many Japanese enterprises in
which Treasury representatives are continued to be maintained allowing such enterprises to operate
under Government surveillance.
“ Representatives in this country of concerns located abroad or owned and controlled by persons
located abroad are excluded from the privileges of the general license.
“ The Japanese nationals who are given the benefit of today’s license are subjected to certain
reporting requirements and other restrictions which will constitute safeguards against the abuse of
such benefits.
E. H. FOLEY, JR.
Acting Secretary of the Treasury”

Yours very truly,
R. R. GILBERT
President


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102