The Solari Report / 2018 Annual Wrap Up / Part One currencies for the account of the Federal Reserve System. Before this, the Federal Reserve Bank of New York served as the agent only of the ESF in executing its limited foreign currency transactions. Since that date, it has served both the ESF and the Federal Reserve System. 19680524 The Securities and Exchange Commission (SEC) promulgates Rule 240.0-6 shielding classified information and documents from disclosure requirements under federal securities laws and providing for the disclosure of such information privately to the SEC: “Any requirement to the contrary notwithstanding, no registration statement, report, proxy statement or other document filed with the Commission or any securities exchange shall contain any document or information which, pursuant to Executive order, has been classified by an appropriate department or agency of the United States for protection in the interests of national defense or foreign policy.” law 19700000 An amendment to the Gold Reserve Act of 1934 allows the Secretary of the Treasury, with authorization of the President, to use ESF funds to “deal in gold, foreign exchange, and other instruments of credit and securities.” law 19720000 The Financial Accounting Foundation (FAF) is organized as a non-stock Delaware corporation with the goal of ensuring objectivity and integrity in financial reporting standards. The foundation is responsible for: Establishing and improving financial accounting and reporting standards; Educating constituents about those standards; Overseeing the administration, and finances of its standard-setting Boards, the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), and their advisory councils; Selecting the members of the standard-setting boards and advisory councils; and Protecting the independence and integrity of the standard-setting process. The FAF is funded from the accounting support fees paid by public-company issuers of securities, subscription and publication revenues, and investment income. It oversees the FASB and GASB and selects their members. The Board of Trustees of the FAF is selected by a nomination process that involves several organizations from investing, accounting, business, financial, and governmental sectors, but new members are ultimately selected by the existing Board. The selection process was amended in 2008 to reduce private sector influence on the Board of Trustees and its oversight of the FASB and GASB. [Source: Wikipedia] Corporate law 19730701 Formation of the Financial Accounting Standards Board (FASB), the independent, private-sector non-profit standards- setting organization the primary purpose of which is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designates the FASB as the organization responsible for setting accounting standards for public companies in the U.S. The FASB replaces the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB). The FASB is funded by the Financial Accounting Foundation, which also oversees its operations. The FASB was conceived as a full-time body to ensure that Board member deliberations encourage broad participation, objectively consider all stakeholder views, and are not influenced or directed by political/private interests. [Source: Wikipedia] Corporate law 19731220 The SEC, in Accounting Series Release No. 150 (ASR 150), states that FASB pronouncements will be considered by the SEC as having “substantial authoritative support.” In that release, the Commission reaffirms an earlier policy statement contained in Accounting Series Release No. 42 (ASR 4) that financial statements, prepared in accordance with accounting principles for which there is no substantial authoritative support, will be presumed misleading, and that footnotes or other disclosures will not avoid this presumption. law 19780000 An amendment to the Gold Reserve Act (31 U.S.C.§ 5302 (c) (1)) provides for a monthly statement to the House and Senate Banking Committees by the Treasury "on all agreements made or renewed, all transactions occurring during the month, and all projected liabilities" of the ESF, but the status of the decisions of the Secretary of Treasury as final remains in place. A later amendment provides that Congress, in addition to the President, receives reports on ESF operations. [Source: Schwartz] Law Treasury 19810000 President Reagan issues Executive Order 12333 to allow the outsourcing of classified projects to private contractors. The order states: “Agencies within the Intelligence Community are authorized to enter into contracts or arrangements for the provision of goods or services with private companies or institutions in the United States and need not reveal the sponsorship of such contracts or arrangements for authorized intelligence purposes. Contracts or arrangements with academic institutions may be undertaken only with the consent of appropriate officials of the institution.” (Section 2.7) law 1 7 6