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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, April 15, 1940

E X E C U T IV E O R D E R R E G U L A T IN G T R A N S A C T I O N S IN F O R E IG N E X C H A N G E , T R A N S F E R S
O F C R E D IT , A N D T H E E X P O R T O F C O IN A N D C U R R E N C Y
AND
R E G U L A T IO N S R E L A T IN G T O T R A N S A C T I O N S IN F O R E IG N E X C H A N G E , T R A N S F E R S O F
C R E D IT , P A Y M E N T S , A N D T H E E X P O R T O R W I T H D R A W A L O F C O IN , B U L L IO N
A N D C U R R E N C Y ; A N D T O R E P O R T S O F F O R E IG N P R O P E R T Y IN T E R E S T S
IN T H E U N IT E D S T A T E S

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District;
A t the request of the Secretary o f the Treasury we transmit to you herewith, printed on the follow­
ing pages, a copy of each o f the following:
Executive Order No. 6560, dated January 15, 1934, Regulating Transactions in Foreign Ex­
change, Transfers of Credit, and the Export of Coin and Currency;
Executive Order No. 8389, dated April 10, 1940, Amending Executive Order No. 6560, dated
January 15, 1934; and
Regulations of the Secretary of the Treasury, dated April 10, 1940, Relating to Transactions in
Foreign Exchange, Transfers of Credit, Payments, and the Export or Withdrawal of Coin,
Bullion and Currency; and to Reports of Foreign Property Interests in the United States.
The new Executive Order amends Executive Order No. 6560 o f January 15, 1934, so as to prohibit,
except as specifically authorized under regulations or licenses, all transfers of credit between any
banking institutions within the United States, all transfers of credit between any banking institution
within the United States and any banking institution outside the United States, all payments by any
banking institution within the United States, all transactions in foreign exchange by any person
within the United States, and the export or withdrawal from the United States or the earmarking of
gold or silver coin or bullion or currency by any person within the United States, if any o f the fore­
going involve property in which Norway or Denmark, or any national thereof, has at any time on or
since April 8, 1940, had any interest of any nature whatsoever. Such order modifies the regulations o f
November 12, 1934 (quoted in our Circular dated November 16, 1934), in so far as they are inconsistent
with the new Executive Order.
The new Executive Order and the regulations issued thereunder provide for the filing of detailed
reports concerning property interests in the United States in which Norway or Denmark, or any national
thereof, has at any time on or since April 8,1940, had any interest of any nature whatsoever. Appropriate
forms on which to make such reports are being sent to Federal Reserve banks for distribution.
Appropriate forms on which to make applications, as provided in Section 130.3 of the Regulations,
to engage in foreign exchange transactions, etc., involving property in which Norway or Denmark, or
any national thereof, has at any time on or since April 8, 1940, had any interest, are also being sent to
Federal Reserve banks and will be available for distribution to all interested persons.
Any person in the Eleventh Federal Reserve District having any question as to whether a particular
transaction is permitted only under license should forward his inquiry with a statement o f all appropriate
facts and circumstances either to the Federal Reserve Bank of Dallas or to the Secretary of the Treasury,
Washington, D. C.
Yours very truly,
R. R. GILBERT
President

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

E X E C U T IV E O R D E R N O . 6 5 6 0

R E G U L A T IN G

T R A N S A C T IO N S

IN F O R E IG N

EXCHANGE,

T R A N S F E R S O F C R E D IT , A N D T H E E X P O R T O F C O IN A N D C U R R E N C Y

By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917 (40 Stat.
411) as amended by Section 2 o f the Act of March 9, 1933, entitled “ An A ct to Provide Relief in the
Existing National Emergency in Banking and for other purposes,” I, Franklin D. Roosevelt, President
of the United States of America, do declare that a period o f National Emergency continues to exist, and
by virtue o f said authority and of all other authority vested in me do hereby prescribe the following
regulations for the investigation, regulation and prohibition of transactions in foreign exchange, trans­
fers of credit between or payments by banking institutions as herein defined and export of currency or
silver coin by any person within the United States or any place subject to the jurisdiction thereof:
Section 1. Every transaction in foreign exchange, transfer of credit between any banking institu­
tion within the United States and any banking institution outside of the United States (including any
principal, agent, home office, branch, or correspondent outside of the United States of a banking institu­
tion within the United States) and the export or withdrawal from the United States of any currency or
silver coin which is legal tender in the United States by any person within the United States is hereby
prohibited except under license therefor issued pursuant to this Executive Order: Provided, However,
That, except as prohibited under regulations prescribed by the Secretary of the Treasury, foreign ex­
change transactions and transfers o f credit may be carried out without a license for (a) normal commer­
cial or business requirements, (b) reasonable traveling and other personal requirements, or (c) the
fulfillment of legally enforceable obligations incurred prior to March 9, 1933.
Section 2. Possessions of the United States. Except as prohibited in regulations prescribed by the
Secretary o f the Treasury transfers of credit between banking institutions in the Continental United
States and banking institutions in other places subject to the jurisdiction o f the United States (including
principals, agents, home offices, branches, or correspondents in such other places, of banking institutions
within the Continental United States) may be carried out without a license.
Section 3. Licenses. The Secretary of the Treasury, acting directly or through any agencies that he
may designate, and the Federal Reserve banks, acting in accordance with such rules and regulations as the
Secretary o f the Treasury may from time to time prescribe, are hereby designated as agencies for the
granting of licenses as hereinafter provided. Licenses may be granted authorizing such transactions in
foreign exchange, transfers of credit and exports of currency (other than gold certificates) or silver
coin in such specific cases or classes of cases as the Secretary of the Treasury may determine in regula­
tions prescribed hereunder and rulings made pursuant thereto.
Section 4. Reports. The Federal Reserve banks shall keep themselves currently informed as to
foreign exchange transactions entered into or consummated, and transfers of credit made between bank­
ing institutions outside of the Continental United States and banking institutions in their districts, and
report to the Secretary of the Treasury all transactions in foreign exchange and all such transfers of
credit not permitted under Sections 1 or 2 hereof which are effected or attempted in their districts with­
out a license.
Section 5. Regulations. The Secretary of the Treasury is authorized and empowered to prescribe
from time to time regulations to carry out the purposes of this Order, and to provide in such regulations
or by rulings made pursuant thereto, the condition under which licenses may be granted by the Federal
Reserve banks and by such other agencies as the Secretary of the Treasury may designate; and the
Secretary of the Treasury may require any person engaged in any transaction, transfer, export, or with­
drawal referred to in this Executive Order to furnish under oath complete information relative thereto,
including the production of any books of accounts, contracts, letters, or other papers, in connection there­
with in the custody or control of such person either before or after such transaction, transfer, export, or
withdrawal is completed.
Section 6. Penalties. Whoever willfully violates or knowingly participates in the violation o f any
provision of this Executive Order or of any license, order, rule, or regulation issued or prescribed here­
under, shall be subject to the penalties provided in Section 5 (b) of the Act of October 6,1917, as amended
by Section 2 o f the Act of March 9, 1933.
Section 7. Definitions. As used in this Executive Order the term “ United States” means the United
States and any place subject to the jurisdiction thereof; the term “ Continental United States” means the
States of the United States, the District of Columbia, and the territory of Alaska; the term “ person”
means an individual, partnership, association, or corporation; and the term “ banking institution” includes
any person engaged primarily or in c id e n ta l in the business of banking, of granting or transferring
credits, or of purchasing and selling foreign exchange or procuring purchasers and sellers thereof, as
principal or agent; and for the purposes of this Order each home office, branch, principal, agent, or cor­
respondent of any person so engaged shall be regarded as a separate “ banking institution.”
Section 8. Section 8 of the Executive Order o f August 28, 1933, relating to the hoarding, export,
and earmarking of gold coin, bullion or currency and to transactions in foreign exchange, is hereby
revoked.
This Executive Order and any rules, regulations, or licenses prescribed or issued hereunder may be
modified or revoked at any time.
THE WHITE HOUSE
January 15,1934

FRANKLIN D. ROOSEVELT

EXE C U TIV E O R D E R N O . 8 3 8 9
A M E N D M E N T O F E X E C U T IV E O R D E R N O . 6 5 6 0 , D A T E D J A N U A R Y 1 5 , 1 9 3 4 , R E G U L A T IN G
T R A N S A C T I O N S IN F O R E IG N E X C H A N G E , T R A N S F E R S O F C R E D IT , A N D T H E
E X P O R T O F C O IN A N D C U R R E N C Y

By virtue of the authority vested in me by Section 5 (b) of the Act of October 6, 1917 (40 Stat. 411),
as amended by Section 2 o f the Act of March 9, 1933 (48 Stat. 1), and by virtue of all other authority
vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT o f the UNITED STATES OF AMERICA, do
hereby amend Executive Order No. 6560, dated January 15, 1934, regulating transactions in foreign
exchange, transfers of credit, and the export o f coin and currency by adding the following sections after
Section 8 th ereof:
“ Section 9. Notwithstanding any of the provisions of Sections 1 to 8, inclusive, of this Order,
all of the following are prohibited, except as specifically authorized in regulations or licenses issued
by the Secretary o f the Treasury pursuant to this Order, if involving property in which Norway or
Denmark or any national thereof has at any time on or since April 8, 1940, had any interest of any
nature whatsoever, direct or indirect:
“ A. All transfers o f credit between any banking institutions within the United States;
and all transfers of credit between any banking institution within the United States and any
banking institution outside the United States (including any principal, agent, home office,
branch, or correspondent outside o f the United States, of a banking institution within the
United S ta tes);
“ B. All payments by any banking institution within the United States;
“ C. All transactions in foreign exchange by any person within the United States;
“ D. The export or withdrawal from the United States, or the earmarking of gold or silver
coin or bullion or currency by any person within the United States; and
“ E. Any transaction for the purpose or which has the effect of evading or avoiding the
foregoing prohibitions.
“ Section 10. Additional Reports.
“ A. Reports under oath shall be filed, on such forms, at such time or times and from time
to time, and by such persons, as provided in regulations prescribed by the Secretary of the
Treasury, with respect to all property of any nature whatsoever o f which Norway or Denmark
or any national thereof is or was the owner, or in which Norway or Denmark or any national
thereof has or had an interest o f any nature whatsoever, direct or indirect, and with respect
to any acquisition, transfer, disposition, or any other dealing in such property.
“ B. The Secretary o f the Treasury may require the furnishing under oath o f additional
and supplemental information, including the production o f any books of account, contracts,
letters or other papers with respect to the matters concerning which reports are required to be
filed under this section.
“ Section 11. Additional Definitions. In addition to the definitions contained in Section 7, the
following definitions are prescribed:
“ A. The terms ‘Norway’ and ‘Denmark’, respectively, mean the State and the Government
of Norway and Denmark on April 8, 1940, and any political subdivisions, agencies, and instru­
mentalities thereof, including territories, dependencies and possessions, and all persons acting
or purporting to act directly or indirectly for the benefit or on behalf of the foregoing. The terms
‘Norway’ and ‘Denmark’, respectively, shall also include any and all other governments (including
political subdivisions, agencies, and instrumentalities thereof and persons acting or purporting
to act directly or indirectly for the benefit or on behalf thereof) to the extent and only to the
extent that such governments exercise or claim to exercise de jure or de facto sovereignty over
the area which, on April 8, 1940, constituted Norway or Denmark.
“ B. The term ‘national’ of Norway or Denmark shall include any person who has been or
whom there is reasonable cause to believe has been domiciled in, or a subject, citizen or resident
o f Norway or Denmark at any time since April 8, 1940, but shall not include any individual

domiciled and residing in the United States on April 8, 1940, and shall also include any partner­
ship, association, or other organization, including any corporation organized under the laws of,
or which on April 8, 1940, had its principal place of business in Norway or Denmark or which
on or after such date has been controlled by, or a substantial part of the stock, shares, bonds,
debentures, or other securities of which has been owned or controlled by, directly or indirectly,
one or more persons, who have been, or whom there is reasonable cause to believe have been,
domiciled in, or the subjects, citizens or residents of Norway or Denmark at any time on or
since April 8, 1940, and all persons acting or purporting to act directly or indirectly for the
benefit or on behalf o f the foregoing.
“ C. The term ‘banking institution’ as used in Section 9 includes any person engaged
primarily or incidentally in the business of banking, o f granting or transferring credits, or of
purchasing or selling foreign exchange or procuring purchasers and sellers thereof, as principal
or agent, or any person holding credits for others as a direct or incidental part of his business,
or brokers; and, each principal, agent, home office, branch or correspondent of any person so
engaged shall be regarded as a separate ‘banking institution’.
“ Section 12. Additional Regulations. The Regulations of November 12,1934, are hereby modified
in so fa r as they are inconsistent with the provisions o f Sections 9 to 11, inclusive, of this Order, and
except as so modified are hereby continued in full force and effect. The Secretary of the Treasury
is authorized and empowered to prescribe from time to time regulations to carry out the purposes
of Sections 9 to 11, inclusive, of this Order as amended, and to provide in such regulations or by
rulings made pursuant thereto, the conditions under which licenses may be granted by such agencies
as the Secretary of the Treasury may designate.”
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE
April 10,1940

TREASURY DEPARTM ENT
Office o f the S ecreta ry
A p r il 1 0, 1940

R E G U LA T IO N S
R E L A T IN G T O T R A N S A C T I O N S IN F O R E IG N E X C H A N G E , T R A N S F E R S O F C R E D IT , P A Y ­
M E N T S , A N D T H E E X P O R T O R W IT H D R A W A L O F C O IN , B U L L IO N A N D C U R R E N C Y ;
A N D T O R E P O R T S O F F O R E IG N P R O P E R T Y IN T E R E S T S IN T H E U N IT E D S T A T E S **^
(*)

Sections 130.1 to 1 3 0 .6 ; Sec. 5 ( b ) , 40 S ta t. 415 and 9 6 6 ; Sec. 2, 48 S ta t. 1 ; 12 U .S .C . 9 5 a ; E x . O rder 6560, Jan. 1 5 , 1 9 3 4 ;
E x . Order, A p r il 1 0 , 1940.

Section 130.1. Authority for Regulations. These regulations are prescribed and issued under
authority o f Section 5 (b ) o f the A ct of October 6, 1917 (40 Stat. 411) as amended by Section 2 of the
A ct of March 9,1933 (48 Stat. 1), and Executive Order No. 6560, dated January 15, 1934, as amended. (*)
Section 130.2. Definitions.
(a) The term “ Order” shall refer to Executive Order No. 6560 of January 15, 1934, as amended.
(b) The term “ Regulations” shall refer to these Regulations.
(c) The terms “ property” and “ property interest” or “ property interests” shall include, but not by
way of limitation, money, checks, drafts, bullion, bank deposits, savings accounts, any debts, indebted­
ness or obligations, financial securities commonly dealt in by bankers, brokers, and investment houses,
notes, debentures, stocks, bonds, coupons, bankers’ acceptances, mortgages, pledges, liens or other right
in the nature of security, warehouse receipts, bills of lading, trust receipts, bills of sale, other evidences
o f title or ownership, goods, wares, merchandise, chattels, stocks on hand, ships, goods on ships, real estate
mortgages, vendors’ sales agreements, land contracts, real estate and any interest therein, leaseholds,
ground rents, options, negotiable instruments, trade acceptances, royalties, book accounts, accounts pay­
able, judgments, patents, trademarks, copyrights, insurance policies, safe deposit boxes and their con­
tents, annuities, et cetera.
(d) Safe deposit boxes shall be deemed to be in the “ custody” not only of all persons having access
thereto but also of the lessors of such boxes whether or not such lessors have access to such boxes. The
foregoing shall not in any way be regarded as a limitation upon the meaning of the term “ custody.”
(e) For the meaning of other terms reference should be made to the definitions contained in the
Order. (*)
Section 130.3. Licenses to Engage in Foreign Exchange Transactions, et cetera. Applications for
licenses to engage in foreign exchange transactions, transfers of credit, payments, or the export or with­
drawal from the United States or the earmarking o f gold or silver coin or bullion or currency, involving
property in which Norway or Denmark or any national thereof has at any time on or since April 8, 1940,
had any interest o f any nature whatsoever, direct or indirect, shall be filed in duplicate with the Federal
Reserve bank o f the district in which the applicant resides or has his principal place o f business or prin­
cipal office or agency, or with the Federal Reserve Bank of New York if the applicant has no legal resi­
dence or principal place of business or principal office or agency in a Federal Reserve district. Application
forms may be obtained from any Federal Reserve bank, mint or assay office, or the Secretary o f the
Treasury, Washington, D. C. Applications shall be executed under oath before an officer authorized to
administer oaths, or if executed outside of the United States, before a diplomatic or consular officer of
the United States. The applicant shall furnish such further information as shall be requested of him by
the Secretary of the Treasury or the Federal Reserve bank at which the application is filed. Licenses will
be issued by the Secretary of the Treasury, acting directly or through any agencies that he may designate,
and by the Federal Reserve banks acting in accordance with such rules, regulations, and instructions as
the Secretary of the Treasury may from time to time prescribe, in such cases or classes of cases as the
Secretary of the Treasury may determine in rules, regulations, and instructions prescribed by him. The
Federal Reserve bank at which an application is filed will advise the applicant of the granting or denial of
the license. When the transaction authorized by the license has been completed the license should be
returned by the licensee to the Federal Reserve bank at which the application was filed, except in the
case o f licenses for the export or withdrawal of currency or gold or silver coin or bullion, in which case
the license, after having been cancelled by the collector of customs or the postmaster through whom the
exportation or withdrawal was made, shall be sent by such collector of customs or postmaster to the
Federal Reserve bank at which the application was filed. Appropriate forms for applications and licenses
will be prescribed by the Secretary of the Treasury. Licensees may be required to file reports upon the
consummation of the transactions. The decision of the Secretary of the Treasury with respect to the
approval or disapproval of an application shall be final. (*)
Section 130.4. Reports of Property Interests of Norway and Denmark and Nationals Thereof.
(a)
Within 10 days from the publication o f these regulations in the Federal Register, reports shall
be filed on Form TFR-100, duly executed under oath, containing the information called for in such form,

with respect to all property situated in the United States on the date as o f which the report is made in
which Norway or Denmark or any national thereof has at any time on or since April 8, 1940, had any
interest of any nature whatsoever, direct or indirect. Such report shall be filed b y :
(1) Every person in the United States directly or indirectly holding, or having title to, or
custody, control, or possession of such property including, without any limitation whatsoever o f the
foregoing, every partnership, association, or corporation organized under the laws of the United
States, or any State or territory of the United States, or having its principal place of business in the
United States, in the shares of whose stock or in whose debentures, notes, bonds, coupons, or other
obligations or securities Norway or Denmark or any national thereof has at any time on or since
April 8, 1940, had any interest of any nature whatsoever, direct or indirect; and

(2) Every agent or representative in the United States for Norway or Denmark or any national
thereof having any information with respect to any such property.
Provided, That no report on Form TFR-100 need be filed where the total value of all property interests
to be reported is less than $250.
(b) The date as of which all reports on Form TFR-100 are required to be made is April 8, 1940.
(c) A t the close of every business day in which there shall occur any acquisition, transfer, disposi­
tion, or any other dealing in any of the property interests designated in paragraph (a) above, a report,
or reports, on Form TFR-200, duly executed under oath, containing the information called fo r in such
form shall be filed by every person, agent, et cetera, referred to in paragraph (a) above, provided, how­
ever, that such reports for the ten-day period from the date of publication of these regulations in the
Federal Register, may be filed at any time within such ten-day period.
(d) Neither filing nor the failure to file a report or reports required to be filed on Form TFR-100,
nor the absence of a duty to file such report or reports shall in any way affect the duty to file a report
or reports on Form TFR-200, and vice versa.
(e) Reports shall be executed and filed in triplicate with the Federal Reserve bank o f the district
in which the party filing the report resides or has his principal place of business or principal office or
agency, or if such party has no legal residence or principal place of business or principal office or agency
in a Federal Reserve district, then with the Federal Reserve Bank of New York. A report shall be deemed
to have been filed when it is received by the proper Federal Reserve bank or when it is properly addressed
and mailed and bears a postmark dated prior to midnight of the date upon which the report is due. A t
the close o f each business day the Federal Reserve bank shall forward two executed copies o f every report
filed on that day to the Secretary o f the Treasury.
(f) (1) All spaces in the report must be properly filled in. Reports found not to be in proper form,
or lacking in essential details, shall not be deemed to have been filed in compliance with the Order.
(2)
Where space in the report form does not permit full answers to questions, the informati
required may be set forth in supplementary papers incorporated by reference in the report and submitted
therewith. Supplementary documents and papers must be referred to in the principal statement in
chronological or other appropriate order and be described in such manner that they can be identified.
(g) A separate report under oath must be filed by each person required to file a report except that
persons holding property jointly may file a joint report.
(h) Upon a written request made to the Secretary o f the Treasury by a party required to file a
report, setting forth reasons why the report cannot be filed on or before the date such report is due,
the Secretary of the Treasury, in his discretion, may grant such an extension o f time for making the
report as under the circumstances shall appear to be required.
(i) Report Forms TFR-100 and TFR-200 may be obtained from any Federal Reserve bank, mint or
assay office and the Secretary of the Treasury, Washington, D. C. (*)
Section 130.5. Penalties. Section 5 (b) of the A ct of October 6, 1917, as amended by Section 2 of
the A ct of March 9, 1933, provides in p a rt:
“ * * * Whoever willfully violates any of the provisions of this subdivision or o f any license, order,
rule or regulation issued thereunder, shall upon conviction, be fined not more than $10,000, or, if a
natural person, may be imprisoned for not more than ten years, or b oth ; and any officer, director, or
agent o f any corporation who knowingly participates in such violation may be punished by a like
fine, imprisonment, or both. As used in this subdivision the term ‘person’ means an individual,
partnership, association, or corporation.” (*)
Section 130.6. Modification or Revocation. These regulations and any forms or instructions issued
hereunder may be modified or revoked at any time. (*)
H. MORGENTHAU, JR.
Secretary o f the Treasury
APPROVED: April 10, 1940
FRANKLIN D. ROOSEVELT