(a) Congress finds that
(1) moving mobile capital can have a significant impact on the proper functioning of the international monetary system;
(2) 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
(3) 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)) and section 8 of the Bretton Woods Agreement Act (
22 U.S.C.
286f).
(b) 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)).
(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.