By virtue of the authority vested in me by section 4917(a) of the Internal Revenue Code of 1954, as added by section 2 of the Interest Equalization Tax Act, approved September 2, 1964 (Public Law 88563), by section 301 of title 3 of the United States Code, and as President of the United States, it is hereby determined that the application of the tax imposed by section 4911 of the Internal Revenue Code of 1954, as added by section 2 of the Interest Equalization Tax Act, will have such consequences for Canada as to imperil or threaten to imperil the stability of the international monetary system and it is hereby ordered that the tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of stock or a debt obligation of Canada or a political subdivision thereof, any agency or instrumentality of Canada, any corporation, partnership, or trust (other than a company registered under the Investment Company Act of 1940 (54 Stat. 847; 15 U.S.C. 80a-l to 80a-52)) organized under the laws of Canada or a political subdivision thereof, or any individual resident in Canada, to the extent that such stock or debt obligation is acquired as all or part of an original or new issue as to which there is filed the notice of acquisition prescribed by the Secretary of the Treasury or his delegate. The exemption from tax provided in the preceding sentence shall apply to all acquisitions made during the period commencing on July 19, 1963, and continuing until otherwise provided in an amendment of this order. The Secretary of the Treasury or his delegate is authorized to prescribe from time to time regulations, rulings, directions, and instructions to carry out the purposes of this order. This order shall be effective upon its filing for publication in the Federal Register. LYNDON B. JOHNSON The White House, September 2, 1964.
Executive Order 11175 🏛️✅ Zone 1: Maximum Authority Constitutional Neutral (+0.02)
📜 Art. I §8: Delegated Tariff & Commerce Execution
Executive Order 11175—Exclusion for Original or New Canadian Issues as Required for International Monetary Stability
Executive Brief • At a Glance
⏱️ 2 min read (324 words) •
● In Effect
🎯 Primary Mandate
The tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of stock or a debt obligation of Canada or a political subdivision thereof, any agency or instrumentality of Canada, any corporation, partnership, or trust (other than a company registered under the Investment Company Act of 1940 (54 Stat. 847; 15 U.S.C. 80a-l to 80a-52)) organized under the laws of Canada or a political subdivision thereof, or any individual resident in Canada, to the extent that such stock or debt obligation is acquired as all or part of an original or new issue as to which there is filed the notice of acquisition prescribed by the Secretary of the Treasury or his delegate.
⚖️ Constitutional Footing
🏛️✅ Zone 1: Maximum Authority
Express or Implied Congressional Authorization
📜 Art. I §8: Delegated Tariff & Commerce Execution
🏛️ Scope & Affected Sectors
Private Citizens & Property Owners Financial Institutions & Monetary Authorities
Plain-English Translation & Framers' Constitutional Analysis
Early Statesman synthesis distilling legal jargon into practical meaning, statutory anchors, and structural constitutional impacts.
Signed by President Lyndon B. Johnson on September 2, 1964, this order concerns Exclusion for Original or New Canadian Issues as Required for International Monetary Stability. The tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of stock or a debt obligation of Canada or a political subdivision thereof, any agency or instrumentality of Canada, any corporation, partnership, or trust (other than a company registered under the Investment Company Act of 1940 (54 Stat. 847; 15 U.S.C. 80a-l to 80a-52)) organized under…
Constitutional Assessment: This action represents an orderly exercise of Article II administrative discretion, managing the internal machinery and personnel of the executive branch without abridging the ancient liberties of the people.
Key Directives & Operative Actions
▪
The tax imposed by section 4911 of the Internal Revenue Code of 1954 shall not apply to the acquisition by a United States person of stock or a debt obligation of Canada or a political subdivision thereof, any agency or instrumentality of Canada, any corporation, partnership, or trust (other than a company registered under the Investment Company Act of 1940 (54 Stat. 847; 15 U.S.C. 80a-l to 80a-52)) organized under the laws of Canada or a political subdivision thereof, or any individual resident in Canada, to the extent that such stock or debt obligation is acquired as all or part of an original or new issue as to which there is filed the notice of acquisition prescribed by the Secretary of the Treasury or his delegate.
▪
The exemption from tax provided in the preceding sentence shall apply to all acquisitions made during the period commencing on July 19, 1963, and continuing until otherwise provided in an amendment of this order.
▪
The Secretary of the Treasury or his delegate is authorized to prescribe from time to time regulations, rulings, directions, and instructions to carry out the purposes of this order.
Constitutional & Societal Entities Impacted
🏛️ Private Citizens & Property Owners
🏛️ Financial Institutions & Monetary Authorities
Policy Areas & Topics
🏛️
The Framers' Constitutional Council
1787 PrismEvaluating this order against the constitutional debates of 1787 and the limits of Article II executive power.
🏛️✅ Zone 1 (Maximum Authority)
§
"When the President acts pursuant to an express or implied authorization of Congress, his authority is at its maximum, for it includes all that he possesses in his own right plus all that Congress can delegate."
— Justice Robert H. Jackson, Youngstown Sheet & Tube Co. v. Sawyer (1952) Express or Implied Congressional Authorization
JM
James Madison
Separation of Powers & Legislative Primacy
"The constitutional magistracy was designed not to invent policy, but to be the faithful instrument of the laws passed by the people's representatives." — Speech in the First Congress (1789)
Madison would approve the structural posture of this order. The President acts strictly in subordination to statutory authority granted under Article II, Section 3 ("take Care that the Laws be faithfully executed"). The checks and balances hold firm because the policy origin remains with the legislature.
Madisonian Stance: Concurring (Statutory)
AH
Alexander Hamilton
The Energetic Executive & Unified Command
"The direction of war implies the direction of the common strength; and the power of directing and employing the common strength must be under the direction of the single hand of the Executive." — Federalist No. 74 (1788)
Hamilton would forcefully champion executive discretion here. For foreign entanglements, commerce defense, and national security, deliberative assemblies are too slow and faction-ridden. A unified, energetic Executive exercising swift command is precisely what the Philadelphia Convention intended for national preservation.
Hamiltonian Stance: Supportive of Execution
GM
George Mason
Bill of Rights, Due Process & 10th Amendment
"The president will be surrounded by flatterers and sycophants... and the great powers of the executive will gradually absorb the liberties of the people." — Cato IV (Anti-Federalist, 1787)
The Anti-Federalist prism advises continuous democratic vigilance. Even routine administrative directives aggregate centralized federal power away from town halls and state assemblies toward a distant executive apparatus.
Anti-Federalist Stance: Eternal Vigilance Required
📐
Five Measurable "Constitutional Friction" Dimensions
An objective audit measuring potential separation-of-powers tension against the United States Constitution and established Supreme Court doctrine.
⚖️ Discretionary Twilight Zone
35 / 100 friction index
Dimension 1 • Art. I, §1 & §8
Moderate Friction
Legislative Encroachment & Purse
Administers commerce or fiscal programs requiring ongoing statutory delegation and legislative oversight.
Benchmark: Power of the purse, taxes/tariffs, and rule of law reserved to Congress.
Dimension 2 • Art. II, §1 & §3
Low Friction
Executive Scope & Faithfulness
Exercises standard supervisory executive authority to faithfully execute existing statutes.
Benchmark: Faithfully execute laws enacted by Congress vs. unilateral decree.
Dimension 3 • 10th Amendment
Moderate Friction
Federalism & State Sovereignty
Engages state and local partners in cooperative federalism programs.
Benchmark: Police powers and un-delegated responsibilities reserved to the States.
Dimension 4 • 5th & 14th Amendments
Moderate Friction
Due Process & Individual Rights
Applies regulatory or compliance standards to private contractors or commercial entities.
Benchmark: Protection of private property, contracts, liberty, and procedural justice.
Dimension 5 • Separation of Powers
Low Friction
Youngstown Jacksonian Tier
The President operates strictly as the constitutional Chief Executive, carrying out policy established by Congress with strong statutory backing.
Benchmark: Express or Implied Congressional Authorization
⚖️
Audit Synthesis
This order operates within Justice Jackson’s Zone of Twilight, resting upon concurrent presidential authority or congressional silence.
Weighted composite: Art. I (25%), Art. II (25%), Federalism (15%), Due Process (15%), Youngstown (20%).
ℹ️
How to read these dimensions: Executive power expands whenever an administration acts without explicit statutory authorization from Congress (Article I), touches upon police powers historically reserved to the states (Tenth Amendment), or limits private rights and property without judicial process. A low friction score indicates strict concordance with enacted law; a high friction score highlights orders testing the limits of presidential discretion.
Total Words
324
1,897 characters
Estimated Read Time
2 min
@ 200 words / min
Flesch-Kincaid
22.7
Post-Graduate Legal
Text size:
🔗
Referenced By Later Executive Orders (2)
Subsequent presidents who cited, amended, continued, or revoked this directive in later orders.
Lyndon B. Johnson • 1966-09-12
References Executive Order 11198—Imposition of Interest Equalization Tax on Certain Commercial Bank Loans
Lyndon B. Johnson • 1965-02-10
Related Executive Orders
Other executive actions signed by Lyndon B. Johnson around this period.
EO 11176 Sep 3, 1964
🏛️✅ Zone 1 (Maximum Authority) Constitutional Neutral
Executive Order 11176—Inspection of Certain Interest Equalization Tax Information Returns by the Board of Governors of the Federal Reserve System and the Federal Reserve Banks
📜 Art. I §8: Delegated Tariff & Commerce Execution
Any information return made by a commercial bank with respect to loans and commitments to foreign obligors under section 6011 (d) (2) of the Internal Revenue Code of 1954, as added by section 3(a) of the Interest Equalization Tax Act, shall be open to inspection by the Board of…
Lyndon B. Johnson Post-Graduate Legal • 1m
EO 11174 Sep 1, 1964
⚖️✨ Zone 2 (Zone of Twilight) Constitutional Neutral
Executive Order 11174—Establishing the Presidential Service Certificate and the Presidential Service Badge
📜 Art. II §2: Commander-in-Chief Supervisory Authority
Prior order. The numbered Sections of Executive Order 10879 of June 1, 1960, are hereby amended to read as follows: "1. Certificate established.
Lyndon B. Johnson Post-Graduate Legal • 2m
EO 11173 Aug 20, 1964
⚖️✨ Zone 2 (Zone of Twilight) Constitutional Neutral
Executive Order 11173—Amending Executive Order No. 11073, Relating to Federal Salary Administration
📜 Art. II §3: Administrative Management & Civil Service
Section 301 of Executive Order No. 11073 of January 2, 1963, entitled "Providing for Federal Salary Administration," is hereby amended by inserting "(a)" immediately after "Section 301" and by adding at the end thereof a new subsection (b) as follows: "(b) The Civil Service…
Lyndon B. Johnson Post-Graduate Legal • 1m
EO 11177 Sep 16, 1964
⚖️✨ Zone 2 (Zone of Twilight) Constitutional Neutral
Executive Order 11177—Providing for Certain Arrangements Under the Columbia River Treaty
📜 Art. II §2: Commander-in-Chief Supervisory Authority
States Entity Section 101. Designation of Entity. The Administrator of the Bonneville Power Administration, Department of the Interior, and the Division Engineer, North Pacific Division, Corps of Engineers, Department of the Army, are hereby designated as an entity under…
Lyndon B. Johnson Post-Graduate Legal • 3m
EO 11172 Aug 19, 1964
⚖️✨ Zone 2 (Zone of Twilight) Constitutional Neutral
Executive Order 11172—Setting Aside for the Use of the United States Certain Public Lands and Other Public Property Located at the Kapalama Military Reservation, Hawaii
📜 Art. II §2: Commander-in-Chief Supervisory Authority
All lands and other property hereinafter described, being lands and property which were ceded to the United States by the Republic of Hawaii under the joint resolution of annexation, approved July 7,1898 (30 Stat. 750), or which have been acquired in exchange for lands or…
Lyndon B. Johnson Grade 5 • 2m
EO 11171 Aug 18, 1964
⚖️✨ Zone 2 (Zone of Twilight) Constitutional Neutral
Executive Order 11171—The Canal Zone Merit System and Regulations Relating to Conditions of Employment in the Canal Zone
📜 Art. II §2: Commander-in-Chief Supervisory Authority
As used in this order: (1) The term "subchapter III" shall mean subchapter III of Chapter 7 of Title 2 of the Canal Zone Code (76A Stat. 16-20).
Lyndon B. Johnson Post-Graduate Legal • 6m
📜
Scholarly & Legal Citations
Exec. Order No. 11,175 (Sept. 2, 1964), https://executiveordersarchive.org/orders/app-executive-order-11175-exclusion-for-original-or-new-canadian-issues-required-for.
