-CITE- 31 USC CHAPTER 31 - PUBLIC DEBT 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT -HEAD- CHAPTER 31 - PUBLIC DEBT -MISC1- SUBCHAPTER I - BORROWING AUTHORITY Sec. 3101. Public debt limit. 3102. Bonds. 3103. Notes. 3104. Certificates of indebtedness and Treasury bills. 3105. Savings bonds and savings certificates. 3106. Retirement and savings bonds. 3107. Increasing interest rates and investment yields on retirement bonds. 3108. Prohibition against circulation privilege. 3109. Tax and loss bonds. 3110. Sale of obligations of governments of foreign countries. 3111. New issue used to buy, redeem, or refund outstanding obligations. 3112. Sinking fund for retiring and cancelling bonds and notes. 3113. Accepting gifts. SUBCHAPTER II - ADMINISTRATIVE 3121. Procedure. 3122. Banks and trust companies as depositaries. 3123. Payment of obligations and interest on the public debt. 3124. Exemption from taxation. 3125. Relief for lost, stolen, destroyed, mutilated, or defaced obligations. 3126. Losses and relief from liability related to redeeming savings bonds and notes. 3127. Credit to officers, employees, and agents for stolen Treasury notes. 3128. Proof of death to support payment. 3129. Appropriation to pay expenses. 3130. Annual public debt report. AMENDMENTS 1993 - Pub. L. 103-202, title II, Sec. 201(b), Dec. 17, 1993, 107 Stat. 2356, added item 3130. -End- -CITE- 31 USC SUBCHAPTER I - BORROWING AUTHORITY 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- SUBCHAPTER I - BORROWING AUTHORITY -End- -CITE- 31 USC Sec. 3101 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3101. Public debt limit -STATUTE- (a) In this section, the current redemption value of an obligation issued on a discount basis and redeemable before maturity at the option of its holder is deemed to be the face amount of the obligation. (b) The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $8,965,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX (!1) of the Rules of the House of Representatives or otherwise. (c) For purposes of this section, the face amount, for any month, of any obligation issued on a discount basis that is not redeemable before maturity at the option of the holder of the obligation is an amount equal to the sum of - (1) the original issue price of the obligation, plus (2) the portion of the discount on the obligation attributable to periods before the beginning of such month (as determined under the principles of section 1272(a) of the Internal Revenue Code of 1986 without regard to any exceptions contained in paragraph (2) of such section). -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 98-34, Sec. 1(a), May 26, 1983, 97 Stat. 196; Pub. L. 98-161, Nov. 21, 1983, 97 Stat. 1012; Pub. L. 98-342, Sec. 1(a), July 6, 1984, 98 Stat. 313; Pub. L. 98-475, Oct. 13, 1984, 98 Stat. 2206; Pub. L. 99-177, Sec. 1, Dec. 12, 1985, 99 Stat. 1037; Pub. L. 99-384, Aug. 21, 1986, 100 Stat. 818; Pub. L. 100-119, Sec. 1, Sept. 29, 1987, 101 Stat. 754; Pub. L. 101-72, Sec. 2, Aug. 7, 1989, 103 Stat. 182; Pub. L. 101- 140, Sec. 1, Nov. 8, 1989, 103 Stat. 830; Pub. L. 101-508, title XI, Sec. 11901[(a)], Nov. 5, 1990, 104 Stat. 1388-560; Pub. L. 103- 66, title XIII, Sec. 13411(a), Aug. 10, 1993, 107 Stat. 565; Pub. L. 104-121, title III, Sec. 301, Mar. 29, 1996, 110 Stat. 875; Pub. L. 105-33, title V, Sec. 5701, Aug. 5, 1997, 111 Stat. 648; Pub. L. 107-199, Sec. 1, June 28, 2002, 116 Stat. 734; Pub. L. 108-24, May 27, 2003, 117 Stat. 710; Pub. L. 108-415, Sec. 1, Nov. 19, 2004, 118 Stat. 2337; Pub. L. 109-182, Mar. 20, 2006, 120 Stat. 289.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3101(a) 31:757b(last Sept. 24, 1917, ch. 56, 40 sentence). Stat. 288, Sec. 21; added Feb. 4, 1935, ch. 5, Sec. 5, 49 Stat. 21; May 26, 1938, ch. 285, Sec. 2, 52 Stat. 447; July 20, 1939, ch. 336, 53 Stat. 1071; June 25, 1940, ch. 419, Sec. 302, 54 Stat. 526; Feb. 19, 1941, ch. 7, Sec. 2(a), 55 Stat. 7; Mar. 28, 1942, ch. 205, Sec. 2, 56 Stat. 189; Apr. 11, 1943, ch. 52, Sec. 2, 57 Stat. 63; June 9, 1944, ch. 240, Sec. 2, 58 Stat. 272; Apr. 3, 1945, ch. 51, Sec. 2, 59 Stat. 47; June 26, 1946, ch. 501, Sec. 1, 60 Stat. 316; restated Sept. 2, 1958, Pub. L. 85-912, 72 Stat. 1758; June 30, 1959, Pub. L. 86-74, Sec. 1, 73 Stat. 156; June 30, 1967, Pub. L. 90-39, Sec. 1, 81 Stat. 99; Apr. 7, 1969, Pub. L. 91-8, Sec. 1, 83 Stat. 7; June 30, 1970, Pub. L. 91-301, Sec. 1, 84 Stat. 368; Mar. 17, 1971, Pub. L. 92-5, Sec. 1, 85 Stat. 5; Sept. 29, 1979, Pub. L. 96-78, Sec. 202, 93 Stat. 591. 3101(b) 31:757b(1st sentence). 3101(c) 31:757b-1. June 30, 1967, Pub. L. 90-39, Sec. 2, 81 Stat. 99. -------------------------------------------------------------------- In subsection (a), the words "is deemed to be" are substituted for "shall be considered . . . to be" because a legal fiction is intended. -REFTEXT- REFERENCES IN TEXT The Rules of the House of Representatives for the One Hundred Sixth Congress were adopted and amended generally by House Resolution No. 5, One Hundred Sixth Congress, Jan. 6, 1999. Provisions formerly appearing in Rule XLIX, referred to in subsec. (b), were contained in Rule XXIII, which was subsequently repealed by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001. Section 1272(a) of the Internal Revenue Code of 1986, referred to in subsec. (c), is classified to section 1272(a) of Title 26, Internal Revenue Code. -MISC2- AMENDMENTS 2006 - Subsec. (b). Pub. L. 109-182 substituted "$8,965,000,000,000" for "$8,184,000,000,000". 2004 - Subsec. (b). Pub. L. 108-415 substituted "$8,184,000,000,000" for "$7,384,000,000,000". 2003 - Subsec. (b). Pub. L. 108-24 substituted "$7,384,000,000,000" for "$6,400,000,000,000". 2002 - Subsec. (b). Pub. L. 107-199 substituted "$6,400,000,000,000" for "$5,950,000,000,000". 1997 - Subsec. (b). Pub. L. 105-33 substituted "$5,950,000,000,000" for "$5,500,000,000,000". 1996 - Subsec. (b). Pub. L. 104-121 substituted "$5,500,000,000,000" for "$4,900,000,000,000". 1993 - Subsec. (b). Pub. L. 103-66 substituted "$4,900,000,000,000" for "$4,145,000,000,000". 1990 - Subsec. (b). Pub. L. 101-508 substituted "$4,145,000,000,000" for "$3,122,700,000,000". 1989 - Subsec. (b). Pub. L. 101-140 substituted "$3,122,700,000,000" for "$2,800,000,000,000". Subsec. (c). Pub. L. 101-72 amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "The face amount of beneficial interests and participations (except those held by their issuer) issued under section 302(c) of the National Housing Act (12 U.S.C. 1717(c)) from July 1, 1967, through June 30, 1968, and outstanding at any time shall be included in the amount taken into account in deciding whether the face amount requirement of subsection (b) of this section has been exceeded. This subsection does not require a change in the budgetary accounting for beneficial interests and participations." 1987 - Subsec. (b). Pub. L. 100-119 substituted "$2,800,000,000,000" for "$2,111,000,000,000". 1986 - Subsec. (b). Pub. L. 99-384, which directed that subsec. (b) be amended by "striking out the dollar limitation contained in such subsection and inserting in lieu thereof '$2,111,000,000,000,' ", was executed by substituting "$2,111,000,000,000," for "$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985," as the probable intent of Congress. 1985 - Subsec. (b). Pub. L. 99-177 substituted "$1,847,800,000,000, or $2,078,700,000,000 on and after October 1, 1985" for "$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984". 1984 - Subsec. (b). Pub. L. 98-475 substituted "$1,575,700,000,000, or $1,823,800,000,000 on and after October 1, 1984," for "$1,573,000,000,000". Pub. L. 98-342 substituted "$1,573,000,000,000" for "$1,389,000,000,000, or $1,490,000,000,000 on and after October 1, 1983,". 1983 - Subsec. (b). Pub. L. 98-161 inserted ", or $1,490,000,000,000 on and after October 1, 1983," after "$1,389,000,000,000". Pub. L. 98-34 substituted "$1,389,000,000,000" for "$400,000,000,000". TREATMENT OF CERTAIN OBLIGATIONS OF UNITED STATES Pub. L. 104-115, Sec. 1(a)-(c), Mar. 12, 1996, 110 Stat. 825, authorized Secretary of the Treasury to issue to each Federal fund obligations of United States under this chapter before Mar. 30, 1996, in amount not to exceed certain designated limits, exempted such obligations from public debt limit and provided for termination of such exemption, and defined "Federal fund" for purpose of section. TIMELY PAYMENT OF MARCH 1996 SOCIAL SECURITY BENEFITS GUARANTEED Pub. L. 104-103, Sec. 1, Feb. 8, 1996, 110 Stat. 55, as amended by Pub. L. 104-115, Sec. 1(d), Mar. 12, 1996, 110 Stat. 825, authorized Secretary of the Treasury to issue, before Mar. 1, 1996, obligations of United States under this chapter in amount equal to monthly insurance benefits payable in March 1996 under title II of Social Security Act (42 U.S.C. 401 et seq.), exempted such obligations from public debt limit and provided for termination of such exemption. REPEAL OF PERMANENT INCREASE IN PUBLIC DEBT LIMIT Pub. L. 98-302, Sec. 1, May 25, 1984, 98 Stat. 217, which permanently increased the public debt limit by $30,000,000,000 effective May 25, 1984, was repealed by Pub. L. 98-342, Sec. 1(b), July 6, 1984, 98 Stat. 313, effective on and after July 6, 1984. TEMPORARY INCREASES IN PUBLIC DEBT LIMIT The public debt limit set forth in this section was temporarily increased for limited periods by the following acts: Oct. 28, 1990, Pub. L. 101-467, Sec. 106, 104 Stat. 1087 - Increase to $3,230,000,000,000 for the period Oct. 28, 1990, to Nov. 5, 1990. Aug. 9, 1990, Pub. L. 101-350, Sec. 1, 104 Stat. 403, as amended Oct. 2, 1990, Pub. L. 101-405, Sec. 1, 104 Stat. 878; Oct. 9, 1990, Pub. L. 101-412, Sec. 114, 104 Stat. 897; Oct. 19, 1990, Pub. L. 101-444, Sec. 114, 104 Stat. 1033; Oct. 25, 1990, Pub. L. 101-461, Sec. 114, 104 Stat. 1078 - Increase to $3,195,000,000,000 for the period Aug. 9, 1990, to Oct. 27, 1990. Aug. 7, 1989, Pub. L. 101-72, Sec. 1, 103 Stat. 182 - Increase of $70,000,000,000 for the period Aug. 7, 1989, to Oct. 31, 1989. Aug. 10, 1987, Pub. L. 100-84, 101 Stat. 550 - Increase to $2,352,000,000,000 for the period Aug. 10, 1987, to Sept. 23, 1987. May 15, 1987, Pub. L. 100-40, Sec. 1(a), 101 Stat. 308, as amended July 30, 1987, Pub. L. 100-80, Sec. 1(a), 101 Stat. 542 - Increase to $2,320,000,000,000 for the period May 15, 1987, to August 6, 1987. [Section 1(b) of Pub. L. 100-80 provided that: "The amendment made by subsection (a) [amending section 1(a) of Pub. L. 100-40] shall take effect on the date of the enactment of this Act [July 30, 1987]."] Nov. 14, 1985, Pub. L. 99-155, Sec. 1, 99 Stat. 814 - Provided for a temporary increase of an amount determined by the Secretary of the Treasury as necessary, but not to exceed a public debt limit of $1,903,800,000,000 for the period Nov. 14, 1985, to Dec. 6, 1985. June 28, 1982, Pub. L. 97-204, 96 Stat. 130 - Increase of $743,100,000,000 for the period June 28, 1982, to Sept. 30, 1982. Sept. 30, 1981, Pub. L. 97-49, 95 Stat. 956 - Increase of $679,800,000,000 for the period Oct. 1, 1981, to Sept. 30, 1982. REPEALS OF TEMPORARY INCREASES IN PUBLIC DEBT LIMIT Pub. L. 103-12, Apr. 6, 1993, 107 Stat. 42, providing for a temporary increase in public debt limit to $4,370,000,000,000 for the period Apr. 6, 1993, to Sept. 30, 1993, was repealed by Pub. L. 103-66, title XIII, Sec. 13411(b), Aug. 10, 1993, 107 Stat. 565, effective Aug. 10, 1993. Pub. L. 99-509, title VIII, Sec. 8201, Oct. 21, 1986, 100 Stat. 1968, providing for a temporary increase in public debt limit of $189,000,000,000 for the period Oct. 21, 1986, to May 15, 1987, was repealed by Pub. L. 100-40, Sec. 1(b), May 15, 1987, 101 Stat. 308, effective May 15, 1987. Pub. L. 97-270, Sept. 30, 1982, 96 Stat. 1156, providing for a temporary increase in public debt limit of $890,200,000,000 for the period Oct. 1, 1982, to Sept. 30, 1983, was repealed by Pub. L. 98- 34, Sec. 1(b), May 26, 1983, 97 Stat. 196, effective May 26, 1983. The following acts which temporarily increased the public debt limit for limited periods were repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1068: Pub. L. 97-48, Sept. 30, 1981, 95 Stat. 955, provided for a temporary increase of $599,800,000,000 for the period Sept. 30, 1981, to Sept. 30, 1981. Pub. L. 97-2, Feb. 7, 1981, 95 Stat. 4, provided for a temporary increase of $585,000,000,000 for the period Feb. 7, 1981, to Sept. 30, 1981. Pub. L. 96-556, Sec. 1, Dec. 19, 1980, 94 Stat. 3261, provided for a temporary increase of $535,100,000,000 for the period Oct. 1, 1980, to Sept. 30, 1981. Pub. L. 96-286, Sec. 1, June 28, 1980, 94 Stat. 598, provided for a temporary increase of $525,000,000,000 for the period June 28, 1980, to Feb. 28, 1981. Pub. L. 96-78, title I, Sec. 101(a), Sept. 29, 1979, 93 Stat. 589, as amended Pub. L. 96-256, May 30, 1980, 94 Stat. 421; Pub. L. 96-264, Sec. 1, June 6, 1980, 94 Stat. 439, provided for a temporary increase of $479,000,000,000 for the period Sept. 29, 1979, to June 30, 1980. Pub. L. 96-5, Sec. 1, Apr. 2, 1979, 93 Stat. 8, providing for a temporary increase of $430,000,000,000 for the period Apr. 2, 1979, to Sept. 30, 1979, was also repealed by Pub. L. 96-79, title I, Sec. 101(b), Sept. 29, 1979, 93 Stat. 589. Pub. L. 95-333, Sec. 1, Aug. 3, 1978, 92 Stat. 419, providing for a temporary increase of $398,000,000,000 in the public debt limit for the period Oct. 3, 1978, to Mar. 31, 1979, was also repealed by Pub. L. 96-5, Sec. 2, Apr. 2, 1979, 93 Stat. 8. Pub. L. 95-120, Sec. 1, Oct. 4, 1977, 91 Stat. 1090, as amended, providing for a temporary increase of $352,000,000,000 in the public debt limit for the period Oct. 4, 1977, to July 31, 1978, was also repealed by Pub. L. 95-333, Sec. 2, Aug. 3, 1978, 92 Stat. 419. Pub. L. 94-334, Sec. 1, June 30, 1976, 90 Stat. 793, providing for a temporary increase of $300,000,000,000 in the public debt limit for the period Apr. 1, 1977, to Sept. 30, 1977, was also repealed by Pub. L. 95-120, Sec. 2, Oct. 4, 1977, 91 Stat. 1090. Pub. L. 94-232, Sec. 1, Mar. 15, 1976, 90 Stat. 217, provided for a temporary increase of $227,000,000,000 for the period Mar. 15, 1976, to June 30, 1976. Pub. L. 94-132, Sec. 1, Nov. 14, 1975, 89 Stat. 693, providing for a temporary increase of $195,000,000,000 in the public debt limit for the period Nov. 14, 1975, to Mar. 15, 1976, was also repealed by Pub. L. 94-232, Sec. 2, Mar. 15, 1976, 90 Stat. 217. Pub. L. 94-47, Sec. 1, June 30, 1975, 89 Stat. 246, providing for a temporary increase of $177,000,000,000 in the public debt limit for the period June 30, 1975, to Nov. 15, 1975, was also repealed by Pub. L. 94-132, Sec. 2, Nov. 14, 1975, 89 Stat. 693. Pub. L. 94-3, Sec. 1, Feb. 19, 1975, 89 Stat. 5, providing for a temporary increase of $131,000,000,000 in the public debt limit for the period Feb. 19, 1975, to June 30, 1975, was also repealed by Pub. L. 94-47, Sec. 2, June 30, 1975, 89 Stat. 246. Pub. L. 93-325, Sec. 1, June 30, 1974, 88 Stat. 285, providing for a temporary increase of $95,000,000,000 in the public debt limit for the period June 30, 1974, to Mar. 31, 1975, was also repealed by Pub. L. 94-3, Sec. 2, Feb. 19, 1975, 89 Stat. 5. Pub. L. 93-173, Sec. 1, Dec. 3, 1973, 87 Stat. 691, providing for a temporary increase of $75,700,000,000 in the public debt limit for the period of Dec. 3, 1973, to June 30, 1974, was also repealed by Pub. L. 93-325, Sec. 2, June 30, 1974, 88 Stat. 285, eff. June 30, 1974. Pub. L. 92-599, title I, Sec. 101, Oct. 27, 1972, 86 Stat. 1324, as amended Pub. L. 93-53, Sec. 1, July 1, 1973, 87 Stat. 134, providing for a temporary increase of $65,000,000,000 in the public debt limit for the period of Nov. 1, 1972, to Nov. 30, 1973, was also repealed by Pub. L. 93-173, Sec. 2, Dec. 3, 1973, 87 Stat. 691, eff. Dec. 3, 1973. Pub. L. 92-250, Mar. 15, 1972, 86 Stat. 63, as amended Pub. L. 92- 336, title I, Sec. 1, July 1, 1972, 86 Stat. 406, provided for a temporary increase of $20,000,000,000 for the period Mar. 15, 1972, to Oct. 31, 1972. Pub. L. 92-5, title I, Sec. 2(a), Mar. 17, 1971, 85 Stat. 5, as amended July 1, 1972, Pub. L. 92-336, title I, Sec. 1, 86 Stat. 406, provided for a temporary increase of $30,000,000,000 for the period of Mar. 17, 1971, to Oct. 31, 1972. Pub. L. 91-301, Sec. 2, June 30, 1970, 84 Stat. 368, providing for a temporary increase of $15,000,000,000 in the public debt limit for the period of June 30, 1970, to June 30, 1971, was also repealed by Pub. L. 92-5, title I, Sec. 2(b), Mar. 17, 1971, 85 Stat. 5, eff. Mar. 17, 1971. Pub. L. 91-8, Sec. 2, Apr. 7, 1969, 83 Stat. 7, provided for a temporary increase of $12,000,000,000 for the period Apr. 7, 1969, to June 30, 1970. Pub. L. 90-3, Mar. 2, 1967, 81 Stat. 4, provided for a temporary increase from $285,000,000,000 to $336,000,000,000 for the period Mar. 2, 1967. Pub. L. 89-472, June 24, 1966, 80 Stat. 221, provided for a temporary increase from $285,000,000,000 to $330,000,000,000 for the period July 1, 1966, to June 30, 1967. Pub. L. 89-49, June 24, 1965, 79 Stat. 172, provided for a temporary increase from $285,000,000,000 to $328,000,000,000 for the period July 1, 1965, to June 30, 1966. Pub. L. 88-327, June 29, 1964, 78 Stat. 255, provided for a temporary increase from $285,000,000,000 to $324,000,000,000 for the period June 29, 1964, to June 30, 1965. Pub. L. 88-187, Nov. 26, 1963, 77 Stat. 342, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period Dec. 1, 1963, to June 30, 1964 and a further increase of $6,000,000,000 for the period Dec. 1, 1963 through June 29, 1964 because of variations in the timing of revenue receipts. Pub. L. 88-106, Aug. 27, 1963, 77 Stat. 131, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period Sept. 1, 1963, to Nov. 30, 1963. Pub. L. 88-30, Sec. 1(2), May 29, 1963, 77 Stat. 50, provided for a temporary increase from $285,000,000,000 to $309,000,000,000 for the period July 1, 1963, to Aug. 31, 1963. Pub. L. 88-30, Sec. 1(1), May 29, 1963, 77 Stat. 50, provided for a temporary increase from $285,000,000,000 to $307,000,000,000 for the period May 29, 1963, to June 30, 1963. Pub. L. 87-512, Sec. 1(3), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $300,000,000,000 for the period June 25, 1963, to June 30, 1963. Pub. L. 87-512, Sec. 1(2), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $305,000,000,000 for the period Apr. 1, 1963, to June 24, 1963. Pub. L. 87-512, Sec. 1(1), July 1, 1962, 76 Stat. 124, provided for a temporary increase from $285,000,000,000 to $308,000,000,000 for the period July 1, 1962, to Mar. 31, 1963. Pub. L. 87-414, Mar. 13, 1962, 76 Stat. 23, provided for a temporary increase from $285,000,000,000 to $300,000,000,000 for the period Mar. 13, 1962, to June 30, 1962. Pub. L. 87-69, June 30, 1961, 75 Stat. 148, provided for a temporary increase from $285,000,000,000 to $298,000,000,000 for the period July 1, 1961, to June 30, 1962. Pub. L. 86-564, title I, Sec. 101, June 30, 1960, 74 Stat. 290, provided for a temporary increase from $285,000,000,000 to $293,000,000,000 for the period July 1, 1960, to June 30, 1961. Pub. L. 86-74, Sec. 2, June 30, 1959, 73 Stat. 156, provided for a temporary increase from $285,000,000,000 to $295,000,000,000 for the period July 1, 1959, to June 30, 1960. Pub. L. 85-336, Feb. 26, 1958, 72 Stat. 27, provided for a temporary increase from $275,000,000,000 to $280,000,000,000 for the period Feb. 26, 1958, to June 30, 1959. July 9, 1956, ch. 536, 70 Stat. 519, provided for a temporary increase from $275,000,000,000 to $278,000,000,000 for the period July 1, 1956, to June 30, 1957. Aug. 28, 1954, ch. 1037, 68 Stat. 895, as amended by act June 30, 1955, ch. 256, 69 Stat. 241, provided for a temporary increase from $275,000,000,000 to $281,000,000,000 for the period Aug. 28, 1954, to June 30, 1956. RESTORATION OF TRUST FUND INVESTMENTS Provisions requiring the Secretary of the Treasury to restore certain Federal trust funds and Government accounts to the position they would have been if the debt limitation of 31 U.S.C. 3101(b) had not prevented them from investing funds during specific periods were contained in the following acts: Pub. L. 101-508, title XI, Sec. 11901(b), Nov. 5, 1990, 104 Stat. 1388-560. Pub. L. 101-140, title III, Sec. 301, Nov. 8, 1989, 103 Stat. 833. Pub. L. 99-177, title II, Sec. 272, Dec. 12, 1985, 99 Stat. 1095. -FOOTNOTE- (!1) See References in Text note below. -End- -CITE- 31 USC Sec. 3102 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3102. Bonds -STATUTE- (a) With the approval of the President, the Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may issue bonds of the Government for the amounts borrowed and may buy, redeem, and make refunds under section 3111 of this title. The Secretary may issue bonds authorized by this section to the public and to Government accounts at any annual interest rate and prescribe conditions under section 3121 of this title. (b) The Secretary shall offer the bonds authorized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as possible an equal opportunity to participate in subscribing to the offered bonds. However, the bonds may be offered in a way other than as a popular loan when the Secretary decides the other way is in the public interest. (c)(1) When the Secretary decides it is in the public interest in making a bond offering under this section, the Secretary may - (A) make full allotments on receiving applications for smaller amounts of bonds to subscribers applying before the closing date the Secretary sets for filing applications; (B) reject or reduce allotments on receiving applications filed after the closing date or for larger amounts; (C) reject or reduce allotments on receiving applications from incorporated banks and trust companies for their own account and make full allotments or increase allotments to other subscribers; and (D) prescribe a graduated scale of allotments. (2) The Secretary shall prescribe regulations applying to all popular loan subscribers similarly situated governing a reduction or increase of an allotment under paragraph (1) of this subsection. (d) The Secretary may make special arrangements for subscriptions from members of the armed forces. However, bonds issued to those members must be the same as other bonds of the same issue. (e) The Secretary may dispose of any part of a bond offering not taken and may prescribe the price and way of disposition. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 97-452, Sec. 1(5), Jan. 12, 1983, 96 Stat. 2467; Pub. L. 98-34, Sec. 2, May 26, 1983, 97 Stat. 196; Pub. L. 98-302, Sec. 2, May 25, 1984, 98 Stat. 217; Pub. L. 99-272, title XIII, Sec. 13212, Apr. 7, 1986, 100 Stat. 325; Pub. L. 100-203, title IX, Sec. 9403, Dec. 22, 1987, 101 Stat. 1330-377; Pub. L. 100-647, title VI, Sec. 6301, Nov. 10, 1988, 102 Stat. 3755.) -MISC1- HISTORICAL AND REVISION NOTES 1982 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3102(a) 31:752(1st par.). Sept. 24, 1917, ch. 56, Sec. 1(1st par.), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, Sec. 1, 40 Stat. 502; July 9, 1918, ch. 142, Sec. 1, 40 Stat. 844; Mar. 3, 1931, ch. 433, 46 Stat. 1506; Feb. 4, 1935, ch. 5, Sec. 1, 49 Stat. 20; May 26, 1938, ch. 285, Sec. 1, 52 Stat. 447. 31:752(2d par. less Sept. 24, 1917, ch. 56, Sec. form of bonds). 1(2d par. less form of bonds), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, Sec. 1, 40 Stat. 502; Mar. 17, 1971, Pub. L. 92-5, Sec. 3, 85 Stat. 5; July 1, 1973, Pub. L. 93-53, Sec. 2, 87 Stat. 135; Mar. 15, 1976, Pub. L. 94-232, Sec. 3(a), 90 Stat. 217; June 30, 1976, Pub. L. 94-334, Sec. 2, 90 Stat. 793; Oct. 4, 1977, Pub. L. 95-120, Sec. 3, 91 Stat. 1090; Aug. 3, 1978, Pub. L. 95-333, Sec. 3, 92 Stat. 419; Apr. 2, 1979, Pub. L. 96-5, Sec. 3, 93 Stat. 8; Sept. 29, 1979, Pub. L. 96-78, Sec. 102, 93 Stat. 589; Oct. 3, 1980, Pub. L. 96-377, Sec. 2, 94 Stat. 1512. 3102(b) 31:752(3d par. 1st Sept. 24, 1917, ch. 56, Sec. sentence words 1(3d par.), 40 Stat. 288; before 4th comma). restated Apr. 4, 1918, ch. 44, Sec. 1, 40 Stat. 502. 31:752(4th par. Sept. 24, 1917, ch. 56, 40 related to a Stat. 288, Sec. 1(4th par.); popular loan). added Jan. 30, 1934, ch. 6, Sec. 14(a)(1), 48 Stat. 343. 3102(c)( 31:752(3d par. 1st 1) sentence words between 4th comma and proviso), (4th par. related to allotments). 3102(c)( 31:752(3d par. 1st 2) sentence proviso). 3102(d) 31:752(3d par. last sentence). 3102(e) 31:752(3d par. 2d sentence). -------------------------------------------------------------------- In subsection (a), the word "amounts" is substituted for "sum or sums" for consistency. The words "as in his judgment may be" are omitted as surplus. The words "for expenditures authorized by law" are substituted for "for the purposes of this Act . . . and to meet expenditures authorized for the national security and defense and other public purposes authorized by law" because they are inclusive and for consistency. The words "under section 3111 of this title" are substituted for "at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States" because of the restatement. The words "prescribe conditions under section 3121 of this title" are substituted for the text of 31:752(2d par. 1st sentence less form of bonds, 2d sentence) because of the restatement. The words "at any annual interest rate" are added for clarity and to more precisely define the 4.25 percent limitation. The words "bonds may not be issued under this section to the public, or sold by a Government account to the public, with a rate of interest exceeding 4 1/4 per centum per annum in an amount which would cause" are omitted as surplus. In subsections (b), (d), and (e), the words "not less than par" are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. In subsection (b), the words "under regulations of the Secretary that allow" are substituted for "under such regulations, prescribed by the Secretary of the Treasury from time to time, as will in his opinion give" to eliminate unnecessary words. The words "subscribing to the offered bonds" are substituted for "therein" for clarity. The words "However . . . when the Secretary decides the other way is in the public interest" are substituted for "Notwithstanding the provisions of the foregoing paragraph, the Secretary of the Treasury may from time to time, when he deems it to be in the public interest" to eliminate unnecessary words. In subsection (c)(1), before clause (A), the words "and may from time to time adopt any or all of said methods, should any such action" in 31:752(3d par. 1st sentence words between 4th comma and proviso) are omitted because of the restatement. The word "decides" is substituted for "deemed" in 31:752(3d par. 1st sentence words between 4th comma and proviso) and "deems" in 31:752a(4th par. related to allotments) for consistency. The words "in making a bond offering under this section" are added for clarity. In subsection (c)(2), the word "regulations" is substituted for "general rules" for consistency in the revised title and with other titles of the United States Code. In subsection (d), the words "members of armed forces" are substituted for "persons in the military or naval forces of the United States" for clarity and consistency with title 10. 1983 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3102(a) 31 App.:752(2d par. Sept. 3, 1982, Pub. L. 97-248, less form of bonds). Sec. 289(c), 96 Stat. 572. -------------------------------------------------------------------- AMENDMENTS 1988 - Subsec. (a). Pub. L. 100-647 struck out at end: "However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4.25 percent a year may not be more than $270,000,000,000." 1987 - Subsec. (a). Pub. L. 100-203 substituted "$270,000,000,000" for "$250,000,000,000". 1986 - Subsec. (a). Pub. L. 99-272 substituted "$250,000,000,000" for "$200,000,000,000". 1984 - Subsec. (a). Pub. L. 98-302 substituted "$200,000,000,000" for "$150,000,000,000". 1983 - Subsec. (a). Pub. L. 98-34 substituted "$150,000,000,000" for "$110,000,000,000". Pub. L. 97-452 substituted "$110,000,000,000" for "$70,000,000,000". -End- -CITE- 31 USC Sec. 3103 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3103. Notes -STATUTE- (a) With the approval of the President, the Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may issue notes of the Government for the amounts borrowed and may buy, redeem, and make refunds under section 3111 of this title. The Secretary may prescribe conditions under section 3121 of this title. Notwithstanding section 3121(a)(5) of this title, the payment date of each series of notes issued shall be at least one year but not more than 10 years from the date of issue. (b) The Government may redeem any part of a series of notes before maturity by giving at least 4 months' notice but not more than one year's notice. (c) The holder of a note of one series issued under this section with the same issue date as another series of notes issued under this section may convert, at par value, a note of the holder for a note of the other series. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 939.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3103(a), 31:753(a)(less form Sept. 24, 1917, ch. 56, 40 (b) of notes, Stat. 288, Sec. 18(a)(less certificates of form of notes, certificates of indebtedness, and indebtedness, and Treasury Treasury bills). bills); added Mar. 3, 1919, ch. 100, Sec. 1, 40 Stat. 1309; Nov. 23, 1921, ch. 136, Sec. 1401, 42 Stat. 321; Jan. 30, 1934, ch. 6, Sec. 14(a)(3), 48 Stat. 343; restated Feb. 4, 1935, ch. 5, Sec. 4, 49 Stat. 20; June 30, 1967, Pub. L. 90-39, Sec. 4, 81 Stat. 99; Mar. 15, 1976, Pub. L. 94-232, Sec. 3(b), 90 Stat. 217. 3103(c) 31:753(c). Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 18(c); added Mar. 3, 1919, ch. 100, Sec. 1, 40 Stat. 1310. -------------------------------------------------------------------- In subsection (a), the words "In addition to the bonds and certificates of indebtedness and war-savings certificates authorized by this Act, and amendments thereto" are omitted as unnecessary. The words "subject to the limitation imposed by section 757b of this title" are omitted as surplus. The word "Government" is added for consistency. The words "for expenditures authorized by law" are substituted for "for the purposes of this Act . . . and to meet public expenditures authorized by law" for clarity and because they are inclusive. The words "under section 3111 of this title" are substituted for "at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States" because of the restatement. The words "denomination or denominations" are omitted because section 3121(a) of the revised title consolidates this authority in one section for the various types of debt instruments. The words "under section 3121 of this title" are substituted for "containing such terms and conditions, and at such rate or rates of interest" because of the restatement. The words "at not less than par (except as provided in section 754b of this title)" are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. The words "Notwithstanding section 3121(a)(5) of this title" are added for clarity because the section cited contains the general authority to which subsection (a)(last sentence) of this section is an exception. In subsection (b), the words "at the option of" and "and under such rules and regulations and during such period as he may prescribe" are omitted as surplus. Subsection (c) is substituted for 31:753(c) to eliminate unnecessary words and for clarity and consistency. -End- -CITE- 31 USC Sec. 3104 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3104. Certificates of indebtedness and Treasury bills -STATUTE- (a) The Secretary of the Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may buy, redeem, and make refunds under section 3111 of this title. For amounts borrowed, the Secretary may issue - (1) certificates of indebtedness of the Government; and (2) Treasury bills of the Government. (b) The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under section 3121 of this title and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding section 3121(a)(5) of this title, the payment date of certificates of indebtedness and Treasury bills may not be more than one year after the date of issue. (c) Treasury bills issued under this section may not be accepted before maturity to pay principal or interest on obligations of governments of foreign countries that are held by the United States Government. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 939.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3104(a) 31:754(a)(1st, 2d Sept. 24, 1917, ch. 56, Sec. sentences). 5(a)(less form of certificates of indebtedness and Treasury bills, finality), 40 Stat. 290; Apr. 4, 1918, ch. 44, Sec. 4, 40 Stat. 504; Mar. 3, 1919, ch. 100, Sec. 3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 19; Feb. 4, 1935, ch. 5, Secs. 2, 3, 49 Stat. 20. 3104(b) 31:754(a)(3d sentence)(less form of certificates of indebtedness and Treasury bills, finality). 3104(c) 31:754(a)(last sentence). -------------------------------------------------------------------- In subsection (a), before clause (1), the words "In addition to the bonds and notes authorized by sections 752, 753, and 757c of this title" are omitted as unnecessary. The words "subject to the limitation imposed by section 757b of this title" are omitted as surplus. The words "for expenditures authorized by law" are substituted for "for the purposes of this Act . . . and to meet public expenditures authorized by law" for clarity and because they are inclusive. The words "under section 3111 of this title" are substituted for "at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States" because of the restatement. The words "at not less than par" are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. The text of 31:754(a)(2d sentence) is omitted as superseded by section 3121(a) of the revised title. In clause (1), the words "and at such rate or rates of interest, payable at such time or times as he may prescribe" are omitted because they are superseded by section 3121(a), (b)(1), and (c) of the revised title. In clause (2), the words "on a discount basis and payable at maturity without interest" are omitted because they are superseded by section 3121(a) of the revised title. The words "of the Government" are added for consistency. In subsection (b), the words "terms and" after "upon such" are omitted as surplus. The words "for issuing . . . under section 3121 of this title" are substituted for "subject to such terms and conditions" because of the restatement. The words "Notwithstanding section 3121(a)(5) of this title" are substituted for "shall be payable at such time" for clarity because the section cited contains the general authority to which subsection (c)(last sentence) of this section is an exception. In subsection (c), the words "account of" are omitted as surplus. -End- -CITE- 31 USC Sec. 3105 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3105. Savings bonds and savings certificates -STATUTE- (a) With the approval of the President, the Secretary of the Treasury may issue savings bonds and savings certificates of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. Proceeds from the bonds and certificates shall be used for expenditures authorized by law. Savings bonds and certificates may be issued on an interest-bearing basis, on a discount basis, or on an interest-bearing and discount basis. Savings bonds shall mature not more than 20 years from the date of issue. Savings certificates shall mature not more than 10 years from the date of issue. The difference between the price paid and the amount received on redeeming a savings bond or certificate is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). (b)(1) The Secretary may - (A) fix the investment yield for savings bonds; and (B) change the investment yield on an outstanding savings bond, except that the yield on a bond for the period held may not be decreased below the minimum yield for the period guaranteed on the date of issue. (2) The Secretary may prescribe regulations providing that - (A) owners of savings bonds may keep the bonds after maturity or after a period beyond maturity during which the bonds have earned interest and continue to earn interest at rates consistent with paragraph (1) of this subsection; and (B) savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with paragraph (1). (c) The Secretary may prescribe for savings bonds and savings certificates issued under this section - (1) the form and amount of an issue and series; (2) the way in which they will be issued; (3) the conditions, including restrictions on transfer, to which they will be subject; (4) conditions governing their redemption; (5) their sales price and denominations; (6) a way to evidence payments for or on account of them and to provide for the exchange of savings certificates for savings bonds; and (7) the maximum amount issued in a year that may be held by one person. (d) The Secretary may authorize financial institutions to make payments to redeem savings bonds and savings notes. A financial institution may be a paying agent only if the institution - (1) is incorporated under the laws of the United States, a State, the District of Columbia, or a territory or possession of the United States; (2) in the usual course of business accepts, subject to withdrawal, money for deposit or the purchase of shares; (3) is under the supervision of a banking authority of the jurisdiction in which it is incorporated; (4) has a regular office to do business; and (5) is qualified under regulations prescribed by the Secretary in carrying out this subsection. (e)(1) The Secretary may prescribe a way in which a check issued to an individual (except a trust or estate) as a refund for taxes imposed under subtitle A of the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.) may become a series E savings bond. However, a check may become a bond only if the claim for a refund is filed by the last day prescribed by law for filing the return (determined without any extensions) for the taxable year for which the refund is made. The Secretary may prescribe the time and way in which the check becomes a bond. (2) A bond issued under this subsection is deemed to be a series E bond issued under this section, except that the bond shall bear an issue date of the first day of the first month beginning after the close of the taxable year for which the bond is issued. The Secretary also may provide that a bond issued to joint payees may be redeemed by either payee alone. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 940; Pub. L. 97-452, Sec. 1(6), (7), Jan. 12, 1983, 96 Stat. 2467, 2468; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 103-465, title VII, Sec. 745(a), Dec. 8, 1994, 108 Stat. 5011.) -MISC1- HISTORICAL AND REVISION NOTES 1982 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3105(a) 31:757c(a)(1st Sept. 24, 1917, ch. 56, 40 sentence), Stat. 288, Sec. 22(a)-(d)(1st (b)(1)(1st sentence); added Feb. 4, 1935, sentence), (d)(1st ch. 5, Sec. 6, 49 Stat. 21; sentence). restated Feb. 19, 1941, ch. 7, Sec. 3, 55 Stat. 7; Mar. 26, 1951, ch. 19, Sec. 1, 65 Stat. 26; Apr. 20, 1957, Pub. L. 85-17, Sec. 1, 71 Stat. 15; Sept. 22, 1959, Pub. L. 86-346, Sec. 101(b), 73 Stat. 621; Dec. 1, 1969, Pub. L. 91-130, Secs. 1, 2(b), 83 Stat. 272; Aug. 24, 1970, Pub. L. 91-388, Sec. 3, 84 Stat. 830; Mar. 15, 1976, Pub. L. 94-232, Sec. 4, 90 Stat. 217; Apr. 2, 1979, Pub. L. 96-5, Sec. 4, 93 Stat. 8; Oct. 3, 1980, Pub. L. 96-377, Sec. 1, 94 Stat. 1512. 3105(b)( 31:757c(b)(1)(2d 1) sentence proviso, last sentence). 3105(b)( 31:757c(b)(3). 2) 3105(b)( 31:757c(b)(2). 3) 3105(c) 31:757c(a)(last sentence), (b)(1)(2d sentence less proviso, 3d, 4th sentences), (c). 3105(d) 31:757c(h). Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 22(h); added Apr. 11, 1943, ch. 52, Sec. 3, 57 Stat. 63; restated Apr. 3, 1945, ch. 51, Sec. 3, 59 Stat. 47; Oct. 17, 1968, Pub. L. 90-595, Sec. 1, 82 Stat. 1155. 3105(e) 31:757c(j). Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 22(j); added July 1, 1973, Pub. L. 93-53, Sec. 3(a), 87 Stat. 135. -------------------------------------------------------------------- In subsection (a), the words "through the United States Postal Service or otherwise" and "Treasury" before "savings" are omitted as surplus. The words "and may buy, redeem, and make refunds under section 3111 of this title" are added because of the restatement. The words "for expenditures authorized by law" are substituted for "to meet any public expenditures authorized by law, and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis" for clarity and because they are inclusive. The word "combination" is omitted as surplus. In subsection (b)(1), the words "Except as provided in paragraph (2) of this subsection" are added for clarity. The word "conditions" is substituted for "terms" for consistency in the revised title and with other titles of the United States Code. The word "calendar" is omitted as surplus. The words "(or, beginning on October 1, 1976, if later)" are omitted as executed. In subsection (b)(3), the words "at their option" and "upon them" are omitted as surplus. The last sentence is substituted for 31:757c(b)(2)(B) for clarity. In subsection (c), before clause (1), the words "subject to the limitation imposed by section 757b of this title" are omitted as surplus. The words "issued under this section" are added for clarity. In clause (3), the words "terms and" are omitted as surplus. The words "consistent with subsections (b) to (d) of this section" are omitted as unnecessary because of the restatement. In clause (4), the words "before maturity" are omitted as surplus. In clause (6), the words "a way to evidence payments for" are substituted for "issue, or cause to be issued, stamps, or may provide any other means to evidence payments for" because they are inclusive. The text of 31:757c(c)(last sentence) is omitted because section 5 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), ended the authority of the Postmaster General to issue stamps. In clause (7), the word "maximum" is added for clarity. The words "at any one time" are omitted as surplus. In subsection (d), before clause (1), the words "under such regulations as he may prescribe", "or permit", and "commercial banks, trust companies, savings banks, savings and loan associations, building and loan associations (including cooperative banks), credit unions, cash depositories, industrial banks, and similar" are omitted as surplus. In clause (1), the words "Commonwealth of the Philippine Islands" in section 22(h) of the Second Liberty Bond Act (ch. 56, 40 Stat. 288) are omitted because of Proclamation No. 2695 (July 24, 1946, 60 Stat. 1352) proclaiming the independence of the Philippines. In clause (3), the words "department or equivalent" are omitted as surplus. In clause (5), the word "duly" is omitted as surplus. In subsection (e)(1), the words "by regulations" are omitted as unnecessary. The words "a way" are added, and the words "However, a check may become a bond" are substituted for "This subsection shall apply", for clarity. In subsection (e)(2), the words "Except as provided in paragraph (2)" are omitted as unnecessary. The words "is deemed to be" are substituted for "shall be treated for all purposes of law as" because a legal fiction is intended. The words "calendar" and "In the case of . . . under this subsection" are omitted as surplus. 1983 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3105(b)( 31 App.:757c(b)(1) Sept. 3, 1982, Pub. L. 97-248, 1) (2d sentence). Sec. 289(a)(1)(A), (B), (D), 96 Stat. 571. 3105(b)( 31 App.:757c(b)(3) 2) 3105(b)( 31 App.:757c(b)(2). 3) 3105(c) 31 App.:757c(b)(1) Sept. 3, 1982, Pub. L. 97-248, (3d sentence). Sec. 289(a)(1)(C), 96 Stat. 571. -------------------------------------------------------------------- In subsection (b)(1), before clause (A), the words "and except as provided in paragraph (2) of this subsection" are added for clarity. In clause (B), the word "change'' is substituted for "provide for increases and decreases in" to eliminate unnecessary words. The word "investment" is omitted the 2d time it appears as surplus. AMENDMENTS 1994 - Subsec. (b). Pub. L. 103-465 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: "(b)(1) With the approval of the President and except as provided in paragraph (2) of this subsection, the Secretary may - "(A) fix the investment yield for savings bonds; and "(B) change the investment yield on an outstanding savings bond, except that the yield on a bond for the period held may not be decreased below the minimum yield for the period guaranteed on the date of issue. "(2) The investment yield on a series E savings bond shall be at least 4 percent a year compounded semiannually beginning on the first day of the month beginning after the date of issue of the bond and ending on the last day of the month before the date of redemption. "(3) With the approval of the President, the Secretary may prescribe regulations providing that - "(A) owners of series E and H savings bonds may keep the bonds after maturity or after a period beyond maturity during which the bonds have earned interest and continue to earn interest at rates consistent with paragraph (1) of this subsection; and "(B) series E and H savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with paragraph (1)." 1986 - Subsecs. (a), (e)(1). Pub. L. 99-514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954". 1983 - Subsec. (b). Pub. L. 97-452, Sec. 1(6), added par. (1) and redesignated former par. (1) as (2), in par. (2) as so redesignated, struck out provision that except as provided in former par. (2), the interest rate on, and the issue price of, savings bonds and savings certificates and the conditions under which they might be redeemed might not yield more than 5.5 percent a year compounded semiannually, struck out former par. (2) which provided that the Secretary with the President's approval might fix the yield on savings bonds at any percent per year compounded semiannually, but that total increases in a six-month period might not exceed one percent a year compounded semiannually, redesignated provisions of par. (3) as subpars. (A) and (B), and, in subpar. (B), as so redesignated, substituted provisions that series E and H savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with par. (1) for provision that series E and H savings bonds earning a higher rate of interest before the regulations were prescribed would continue to earn a higher rate of interest consistent with par. (1). Subsec. (c)(5). Pub. L. 97-452, Sec. 1(7), struck out "(expressed in terms of the maturity value)" after "denominations". EFFECTIVE DATE OF 1994 AMENDMENT Section 745(b) of Pub. L. 103-465 provided that: "The amendment made by this section [amending this section] shall apply to bonds issued after October 31, 1994." -EXEC- EX. ORD. NO. 11981. INTERAGENCY COMMITTEE FOR THE PURCHASE OF UNITED STATES BONDS Ex. Ord. No. 11981, Mar. 29, 1977, 42 F.R. 17095, provided: By virtue of the authority vested in me by the Constitution and statutes of the United States of America, and as President of the United States of America, it is hereby ordered as follows: Section 1. (a) There is hereby established the Interagency Committee for the Purchase of United States Savings Bonds (hereinafter referred to as the Committee). The Committee shall consist of a Chairman, who is to be appointed by the President for a term of two years, and the heads of Federal agencies. Each member of the Committee is responsible for the success of the Payroll Savings Program in his agency. (b) Members of the Committee may designate an alternate, who shall serve as a member of the Committee whenever the regular member is unable to attend any meeting of the Committee. The alternate member may be authorized to act for the regular member in all appropriate matters relating to the Committee. In the case of an executive or military department, a Deputy Secretary or an Under Secretary may be designated as an alternate member. In the case of any other Federal agency, the alternate member shall be designated from among the officials thereof of appropriate rank. (c) The Chairman will designate the Federal Payroll Savings Officer of the Savings Bonds Division, Department of the Treasury, to act as his liaison officer with members of the Committee. Sec. 2. The Committee shall perform the following functions and duties: (a) Formulating and presenting to the Federal agencies a plan of organization and sales promotion whereby the Payroll Savings Plan and Military Bond Allotment Plan, hereinafter referred to as the Plans, will be made available to all uniformed and civilian personnel of the government for the purchase of Savings Bonds, and whereby all such personnel will be urged to participate. (b) Assisting the Federal agencies in installing the Plans and in solving any special problems that may develop in connection therewith. (c) Acting as a clearinghouse for Federal agencies in compiling and disseminating such statistics and information with respect to the implementation and sales promotion of the Plans as may be appropriate. (d) Recommending to the Federal agencies any methods for improvements in the program adopted pursuant to the Plans. (e) The Committee will meet, and will be available to meet with the President, at least once each calendar year and at such other times as may be necessary to carry out its responsibilities. Sec. 3. Each Federal agency shall institute and put into operation, as soon as practicable, a plan of organization and sales promotion recommended by the Committee, with such modifications as particular circumstances may render advisable. Sec. 4. As used in this Order, the term "Federal agencies" means departments, agencies, and establishments of the Executive branch of the Government. Sec. 5. This Order supersedes Executive Order No. 11532 of June 2, 1970. Jimmy Carter. -MISC2- TRANSITIONAL RULE Pub. L. 97-248, title II, Sec. 289(b), Sept. 3, 1982, 96 Stat. 57, provided that for a savings bond issued before the 30th day after Sept. 3, 1982, for purposes of sections 757c and 757c-2 of former Title 31, the minimum yield for the period held is the scheduled investment yield for the period in effect on the 30th day. -End- -CITE- 31 USC Sec. 3106 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3106. Retirement and savings bonds -STATUTE- (a) With the approval of the President, the Secretary of the Treasury may issue retirement and savings bonds of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. The proceeds from the bonds shall be used for expenditures authorized by law. Retirement and savings bonds may be issued only on a discount basis. The maturity period of the bonds shall be at least 10 years from the date of issue but not more than 30 years from the date of issue. The difference between the price paid and the amount received on redeeming a bond is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.). (b) With the approval of the President, the Secretary may allow owners of retirement and savings bonds to keep the bonds after maturity and continue to earn interest on them at rates that are consistent with the rate of investment yield provided by retirement and savings bonds. (c) Section 3105(c)(1)-(5) of this title applies to this section. Sections 3105(c)(6) and (d) and 3126 of this title apply to this section to the extent consistent with this section. The Secretary may prescribe the maximum amount of retirement and savings bonds issued under this section in a year that may be held by one person. However, the maximum amount shall be at least $3,000. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 97-452, Sec. 1(8), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095.) -MISC1- HISTORICAL AND REVISION NOTES 1982 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3106(a) 31:757c-2(a)(1st Sept. 24, 1917, ch. 56, 40 sentence), Stat. 288, Sec. 22A(a)-(c)(1st (b)(1)(1st sentence), (d); added Nov. 8, sentence), (c)(1st 1966, Pub. L. 89-800, Sec. 5, sentence). 80 Stat. 1514. 3106(b) 31:757c-2(b)(1)(2d sentence words after 1st comma), (2). 3106(c) 31:757c-2(a)(last sentence), (b)(1)(2d sentence words before 1st comma, 3d, last sentences), (d). -------------------------------------------------------------------- In subsection (a), the words "In addition to the United States savings bonds authorized to be issued under section 757c of this title" are omitted as surplus. The words "through the United States Postal Service or otherwise" are omitted as surplus and unnecessary because of 39:411. The words "and may buy, redeem, and make refunds under section 3111 of this title" are added because of the restatement. The words "and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis" are omitted as unnecessary because of section 3111 of the revised title. The words "as the terms thereof may provide" are omitted because of the restatement. In subsection (b), the word "conditions" is substituted for "terms" for consistency in the revised title and with other titles of the United States Code. The words "by regulations" are omitted as unnecessary. The words "at their option" are omitted as surplus. In subsection (c), the words "Section 3105(c)(1)-(5) of this title applies to this section" are substituted for 31:757c- 2(a)(last sentence) and (b)(1)(2d sentence words before 1st comma, 3d sentence) to eliminate unnecessary words. The words "by regulations" are omitted as unnecessary. 1983 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3106(b) 31 App.:757c-2 Sept. 3, 1982, Pub. L. 97-248, (b)(1) (2d Sec. 289(a)(2), 96 Stat. 571. sentence). -------------------------------------------------------------------- AMENDMENTS 1986 - Subsec. (a). Pub. L. 99-514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954". 1983 - Subsec. (b). Pub. L. 97-452 struck out provisions that the issue price of retirement and savings bonds and the conditions under which they could be redeemed could give an investment yield of not more than 5 percent a year compounded semiannually. -End- -CITE- 31 USC Sec. 3107 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3107. Increasing interest rates and investment yields on retirement bonds -STATUTE- With the approval of the President, the Secretary of the Treasury may increase by regulation the interest rate or investment yield on an offering of bonds issued under this chapter that are described in sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (26 U.S.C. 405(b), 409(a)), as in effect before the enactment of the Tax Reform Act of 1984. The increased yield shall be for interest accrual periods specified in the regulations so that the interest rate or investment yield on the bonds for those periods is consistent with the interest rate or investment yield on a new offering of those bonds. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 98-369, div. A, title IV, Sec. 491(d)(59), July 18, 1984, 98 Stat. 852.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3107 31:752(last par.). Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 1(last par.); added Dec. 24, 1980, Pub. L. 96-595, Sec. 2(a), 94 Stat. 3465. -------------------------------------------------------------------- The words "interest rate" are added for consistency in the chapter and with 26:405(b) and 409(a). -REFTEXT- REFERENCES IN TEXT Sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (26 U.S.C. 405(b), 409(a)), referred to in text, were repealed by Pub. L. 98-369, div. A, title IV, Sec. 491(a), (b), July 18, 1984, 98 Stat. 848. Enactment of the Tax Reform Act of 1984, referred to in text, means the date of enactment of division A of Pub. L. 98-369, which was approved July 18, 1984. -MISC2- AMENDMENTS 1984 - Pub. L. 98-369 inserted ", as in effect before the enactment of the Tax Reform Act of 1984" after "(26 U.S.C. 405(b), 409(a))". EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98-369 applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98-369, set out as a note under section 62 of Title 26, Internal Revenue Code. -End- -CITE- 31 USC Sec. 3108 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3108. Prohibition against circulation privilege -STATUTE- An obligation issued under sections 3102-3104(a)(1) and 3105-3107 of this title may not bear the circulation privilege. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3108 31:753(d)(1st Sept. 24, 1917, ch. 56, 40 sentence). Stat. 288, Sec. 18(d)(1st sentence); added Mar. 3, 1919, ch. 100, Sec. 1, 40 Stat. 1310. 31:757c(d)(last Sept. 24, 1917, ch. 56, 40 sentence). Stat. 288, Sec. 22(d)(last sentence); added Feb. 4, 1935, ch. 5, Sec. 6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, Sec. 3, 55 Stat. 8. 31:757c-2(c)(last Sept. 24, 1917, ch. 56, 40 sentence). Stat. 288, Sec. 22A(c)(last sentence); added Nov. 8, 1966, Pub. L. 89-800, Sec. 5, 80 Stat. 1515. 31:758. Sept. 24, 1917, ch. 56, Sec. 7(1st sentence), 40 Stat. 291. -------------------------------------------------------------------- The reference in 31:758 to certificates authorized under 31:757 is omitted because the authority under 31:757 was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7). -End- -CITE- 31 USC Sec. 3109 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3109. Tax and loss bonds -STATUTE- (a) The Secretary of the Treasury may issue tax and loss bonds of the United States Government and may buy, redeem, and make refunds under section 3111 of this title. The proceeds of the tax and loss bonds shall be used for expenditures authorized by law. Tax and loss bonds are nontransferrable except as provided by the Secretary, bear no interest, and shall be issued in amounts needed to allow persons to comply with section 832(e) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)). The Secretary may prescribe the amount of tax and loss bonds and the conditions under which the bonds will be issued as required by section 832(e). (b) For a taxable year in which amounts are deducted from the mortgage guaranty account referred to in section 832(e)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)(3)), an amount of tax and loss bonds bought under section 832(e)(2) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)(2)) shall be redeemed for the amount deducted from the account. The amount redeemed shall be applied as necessary to pay taxes due because of the inclusion under section 832(b)(1)(E) of the Internal Revenue Code of 1986 (26 U.S.C. 832(b)(1)(E)) of amounts in gross income. The Secretary also may prescribe additional ways to redeem the bonds. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3109(a) 31:757c-3(1st-3d Sept. 24, 1917, ch. 56, 40 sentences). Stat. 288, Sec. 26; added Jan. 2, 1968, Pub. L. 90-240, Sec. 5(f), 81 Stat. 778. 3109(b) 31:757c-3(4th, last sentences). -------------------------------------------------------------------- In subsection (a), the words "and may buy, redeem, and make refunds under section 3111 of this title" are substituted for "and to retire any outstanding obligations of the United States issued under this Act" for consistency. The words "subject to the limitations imposed by section 757b of this title" are omitted as surplus. The word "conditions" is substituted for "terms and conditions" because it is inclusive. AMENDMENTS 1986 - Pub. L. 99-514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954" wherever appearing. -End- -CITE- 31 USC Sec. 3110 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3110. Sale of obligations of governments of foreign countries -STATUTE- (a) With the approval of the President, the Secretary of the Treasury may sell obligations of the government of a foreign country when the obligations were acquired under - (1) the First Liberty Bond Act and matured before June 16, 1947; (2) the Second Liberty Bond Act and matured before October 16, 1938; or (3) section 7(a) of the Victory Liberty Loan Act. (b) The Secretary may prescribe the conditions and frequency for receiving payment under obligations of a government of a foreign country acquired under the laws referred to in subsection (a) of this section. A sale of an obligation acquired under those Acts shall at least equal the purchase price and accrued interest. The proceeds of obligations sold under this section and payments received from governments on the principal of their obligations shall be used to redeem or buy (for not more than par value and accrued interest) bonds of the United States Government issued under this chapter. If those bonds cannot be redeemed or bought, the Secretary shall redeem or buy other outstanding interest- bearing obligations of the Government that are subject to redemption or which can be bought at not more than par value and accrued interest. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3110 31:801. Sept. 24, 1917, ch. 56, Sec. 3, 40 Stat. 289. 31:802, 803. Mar. 3, 1919, ch. 100, Secs. 7(b), 8, 40 Stat. 1312, 1313. 31:804. Apr. 24, 1917, ch. 4, Sec. 3, 40 Stat. 35. -------------------------------------------------------------------- In the section, the words "government of a foreign country" are substituted for "foreign governments" for consistency in the revised title and with other titles of the United States Code. In subsection (a), the text of 31:801 and 802 (related to converting certain obligations of foreign governments into obligations bearing a higher rate of interest or with a longer term to maturity) is omitted as executed. In subsection (b), the text of 31:804 is omitted as unnecessary. The word "conditions" is substituted for "terms and conditions" because it is inclusive. The words "unless otherwise hereafter provided by law" are omitted as surplus. -REFTEXT- REFERENCES IN TEXT The First Liberty Bond Act, referred to in subsec. (a)(1), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. The Second Liberty Bond Act, referred to in subsec. (a)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. Section 7(a) of the Victory Liberty Loan Act, referred to in subsec. (a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40 Stat. 1309, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. -End- -CITE- 31 USC Sec. 3111 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3111. New issue used to buy, redeem, or refund outstanding obligations -STATUTE- An obligation may be issued under this chapter to buy, redeem, or refund, at or before maturity, outstanding bonds, notes, certificates of indebtedness, Treasury bills, or savings certificates of the United States Government. Under regulations of the Secretary of the Treasury, money received from the sale of an obligation and other money in the general fund of the Treasury may be used in making the purchases, redemptions, or refunds. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 942.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3111 31:754a. Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 19; added Jan. 30, 1934, ch. 6, Sec. 14(a)(4), 48 Stat. 343; restated Mar. 28, 1942, ch. 205, Sec. 4, 56 Stat. 189. -------------------------------------------------------------------- The words "regulations of" are substituted for "rules, regulations, terms, and conditions . . . may prescribe" to eliminate unnecessary words. -End- -CITE- 31 USC Sec. 3112 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3112. Sinking fund for retiring and cancelling bonds and notes -STATUTE- (a) The Department of the Treasury has a sinking fund for retiring bonds and notes issued under this chapter. Amounts in the fund are appropriated for payment of bonds and notes at maturity or for their redemption or purchase before maturity by the Secretary of the Treasury. The fund is available until all the bonds and notes are retired. (b) For each fiscal year, an amount is appropriated equal to - (1) the interest that would have been payable during the fiscal year for which the appropriation is made on the bonds and notes bought, redeemed, or paid out of the fund during that or prior years; (2) 2.5 percent of the total amount of bonds and notes issued under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, and the Victory Liberty Loan Act and outstanding on July 1, 1920, less an amount equal to the par amount of obligations of governments of foreign countries that the United States Government held on July 1, 1920; and (3) 2.5 percent of the total amount expended after June 29, 1933, from appropriations made or authorized in sections 301 and 302 of the Emergency Relief and Construction Act of 1932. (c) The Secretary may prescribe the price and conditions for paying, redeeming, and buying bonds and notes under this section. The average cost of bonds and notes bought under this section may not be more than par value and accrued interest. Bonds and notes bought, redeemed, or paid out of the sinking fund must be canceled and retired and may not be reissued. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 943.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3112(a) 31:767(less 2d Mar. 3, 1919, ch. 100, Sec. 6, sentence related to 40 Stat. 1311; Mar. 2, 1923, price, terms, and ch. 179, 42 Stat. 1427; May conditions, 3d, 4th 29, 1928, ch. 901, Sec. 1(21), sentences). 45 Stat. 987; Jan. 30, 1934, ch. 6, Sec. 14(b), 48 Stat. 344. 3112(b) 31:767(last sentence). 31:767b. Mar. 3, 1933, ch. 212, Sec. 1(last par. on p. 1492), 47 Stat. 1492; Mar. 15, 1934, ch. 70, Sec. 1(2d complete par. on p. 428), 48 Stat. 428. 3112(c) 31:767(2d sentence related to price, terms, and conditions, 3d, 4th sentences). -------------------------------------------------------------------- In subsection (a), the word "cumulative" is omitted as surplus. The words "under this chapter" are substituted for "under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July 1, 1920, and of bonds and notes thereafter issued, under any of such Acts or under any of such Acts as amended" to eliminate unnecessary words, reference to laws that have been executed, and to reflect consolidation of the public debt authority in the revised chapter. The words "and all additions thereto" are omitted as surplus. Subsection (b)(1) and (2) is substituted for 31:767(last sentence) to eliminate unnecessary words. In subsection (b)(3), the text of 31:767b(related to 31:767a) is omitted as obsolete. In subsection (c), the word "conditions" is substituted for "terms and conditions" because it is inclusive. -REFTEXT- REFERENCES IN TEXT The First Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. The Second Liberty Bond Act, referred to in subsec. (b)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. The Third Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 4, 1918, ch. 44, 40 Stat. 502, which enacted sections 765, 766, and 774 and amended sections 752, 752a, 754, and 771 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is act July 9, 1918, ch. 142, 40 Stat. 844, which enacted sections 750 and 772 and amended sections 752 and 774 of former Title 31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. The Victory Liberty Loan Act, referred to in subsec. (b)(2), is act Mar. 3, 1919, ch. 100, 40 Stat. 1309, which enacted sections 749, 753, 763, 767, 802, and 803 and amended sections 750, 754, and 774 of former Title 31 and section 343 of Title 15, Commerce and Trade, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1072. Sections 301 and 302 of the Emergency Relief and Construction Act of 1932, referred to in subsec. (b)(3), are sections 301 and 302 of act July 21, 1932, ch. 520, 47 Stat. 709, which are not classified to the Code. -End- -CITE- 31 USC Sec. 3113 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER I - BORROWING AUTHORITY -HEAD- Sec. 3113. Accepting gifts -STATUTE- (a) To provide the people of the United States with an opportunity to make gifts to the United States Government to be used to reduce the public debt - (1) the Secretary of the Treasury may accept for the Government a gift of - (A) money made only on the condition that it be used to reduce the public debt; (B) an obligation of the Government included in the public debt made only on the condition that the obligation be canceled and retired and not reissued; and (C) other intangible personal property made only on the condition that the property is sold and the proceeds from the sale used to reduce the public debt; and (2) the Administrator of General Services may accept for the Government a gift of tangible property made only on the condition that it be sold and the proceeds from the sale be used to reduce the public debt. (b) The Secretary and the Administrator each may reject a gift under this section when the rejection is in the interest of the Government. (c) The Secretary and the Administrator shall convert a gift either of them accepts under subsection (a)(1)(C) or (2) of this section to money on the best terms available. If a gift accepted under subsection (a) of this section is subject to a gift or inheritance tax, the Secretary or the Administrator may pay the tax out of the proceeds of the gift or the proceeds of the redemption or sale of the gift. (d) The Treasury has an account into which money received as gifts and proceeds from the sale or redemption of gifts under this section shall be deposited. The Secretary shall use the money in the account to pay at maturity, or to redeem or buy before maturity, an obligation of the Government included in the public debt. An obligation of the Government that is paid, redeemed, or bought with money from the account shall be canceled and retired and may not be reissued. Money deposited in the account is appropriated and may be expended to carry out this section. (e)(1) The Secretary shall redeem a direct obligation of the Government bearing interest or sold on a discount basis on receiving it when the obligation - (A) is given to the Government; (B) becomes the property of the Government under the conditions of a trust; or (C) is payable on the death of the owner to the Government (or to an officer of the Government in the officer's official capacity). (2) If the gift or transfer to the Government is subject to a gift or inheritance tax, the Secretary shall pay the tax out of the proceeds of redemption. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 943.) -MISC1- HISTORICAL AND REVISION NOTES -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3113(a) 31:901(less June 27, 1961, Pub. L. 87-58, (b)(proviso)). 75 Stat. 119. 3113(b) 31:901(b)(proviso). 3113(c) 31:902, 903. 3113(d) 31:904. 3113(e) 31:757e. Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 24; added Apr. 3, 1945, ch. 51, Sec. 4, 59 Stat. 48. -------------------------------------------------------------------- In subsection (a), before clause (1), the words "In order" are omitted as surplus. The words "To provide" are substituted for "to afford" for clarity. The words "for the purpose" are omitted as unnecessary. In clauses (1) and (2), the word "for" is substituted for "on behalf of" for consistency. The word "realized" is omitted as surplus. In clause (2), the word "tangible" is substituted for "real or personal" to eliminate unnecessary words. In subsections (b) and (c), the words "as the case may be" are omitted as unnecessary. In subsection (c), the words "under applicable law" are omitted as surplus. In subsection (d), the words "on the books of" and "special" are omitted as surplus. The words "proceeds from the sale or redemption of gifts" are substituted for "all money received as a result of the conversion into money of gifts of property other than money received" for clarity and consistency. In subsection (e)(1), the word "Secretary" is substituted for "Treasurer of the United States" because of the source provisions restated in section 321(c) of the revised title. In clause (A), the word "given" is substituted for "is donated . . . is bequeathed by will" to eliminate unnecessary words. In clause (B), the word "conditions" is substituted for "terms" for consistency in the revised title and with other titles of the United States Code. In clause (C), the words "by its terms" are omitted as surplus. In subsection (e)(2), the words "under applicable law" and "bequest" are omitted as surplus. The words "and shall deposit the balance in the Treasury as miscellaneous receipts or as otherwise authorized by law" are omitted as surplus because of section 3302(a) of the revised title. The text of 31:757e(last sentence) is omitted because of the restatement. -End- -CITE- 31 USC SUBCHAPTER II - ADMINISTRATIVE 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER II - ADMINISTRATIVE -HEAD- SUBCHAPTER II - ADMINISTRATIVE -End- -CITE- 31 USC Sec. 3121 01/03/2007 -EXPCITE- TITLE 31 - MONEY AND FINANCE SUBTITLE III - FINANCIAL MANAGEMENT CHAPTER 31 - PUBLIC DEBT SUBCHAPTER II - ADMINISTRATIVE -HEAD- Sec. 3121. Procedure -STATUTE- (a) In issuing obligations under sections 3102-3104 of this title, the Secretary of the Treasury may prescribe - (1) whether an obligation is to be issued on an interest- bearing basis, a discount basis, or an interest-bearing and discount basis; (2) regulations on the conditions under which the obligation will be offered for sale, including whether it will be offered for sale on a competitive or other basis; (3) the offering price and interest rate; (4) the method of computing the interest rate; (5) the dates for paying principal and interest; (6) the form and denominations of the obligations; and (7) other conditions. (b)(1) Under conditions prescribed by the Secretary, an obligation issued under this chapter and redeemable on demand of the owner or holder may be used to pay the United States Government for taxes imposed by it. (2) An obligation of the Government issued after March 3, 1971, under law may not be redeemed before its maturity to pay a tax imposed by the Government in an amount more than the fair market value of the obligation at the time of its redemption. This paragraph does not apply to a Treasury bill issued under section 3104 of this title. (c) Under conditions prescribed by the Secretary, an obligation authorized by this chapter may be issued in exchange for an obligation of an agency whose principal and interest are unconditionally guaranteed by the Government at or before maturity. (d) Under conditions prescribed by the Secretary, the Secretary may issue registered bonds in exchange for and instead of coupon bonds that have been or may be issued. The registered bonds shall be similar in all respects to the registered bonds issued under a law authorizing the issue of coupon bonds offered for exchange. (e) A decision of the Secretary about an issue of obligations under sections 3102-3104 of this title is final. (f) The Secretary may accept voluntary services in carrying out the sale of public debt obligations. (g)(1) In this subsection, "registration-required obligation" means an obligation except an obligation - (A) not of a type offered to the public; (B) having a maturity (at issue) of not more than one year; or (C) described in paragraph (2) of this subsection. (2) An obligation is not a registration-required obligation if - (A) there are arrangements reasonably designed to ensure that the obligation will be sold (or resold in connection with the original issue) only to a person that is not a United States person; and (B) for an obligation not in registered form - (i) interest on the obligation is payable only outside the United States and its territories and possessions; and (ii) a statement is on the face of the obligation that a United States person holding the obligation is subject to limitations under the United States income tax laws. (3) Every registration-required obligation of the Government shall be in registered form. A book entry obligation is deemed to be in registered form if the right to principal and stated interest on the obligation may be transferred only through a book entry consistent with regulations of the Secretary. (4) The Secretary shall prescribe regulations necessary to carry out this subsection when there is a nominee. (h)(1) The Secretary shall prescribe by regulation standards for the safeguarding and use of obligations issued under this chapter, and obligations otherwise issued or guaranteed as to principal or interest by the United States. Such regulations shall apply only to a depository institution that is not a government securities broker or a government securities dealer and that holds such obligations as fiduciary, custodian, or otherwise for the account of a customer and not for its own account. Such regulations shall provide for the adequate segregation of obligations so held, including obligations which are purchased or sold subject to resale or repurchase. (2) Violation of a regulation prescribed under paragraph (1) shall constitute adequate basis for the issuance of an order under section 5239(a) or (b) of the Revised Statutes (12 U.S.C. 93(a) or (b)), section 8(b) or 8(c) of the Federal Deposit Insurance Act, section 5(d)(2) or 5(d)(3) (!1) of the Home Owners' Loan Act of 1933, section 407(e) or 407(f) (!1) of the National Housing Act, or section 206(e) or 206(f) of the Federal Credit Union Act. Such an order may be issued with respect to a depository institution by its appropriate regulatory agency and with respect to a federally insured credit union by the National Credit Union Administration Board. (3) Nothing in this subsection shall be construed to affect in any way the powers of such agencies under any other provision of law. (4) The Secretary shall, prior to adopting regulations under this subsection, determine with respect to each appropriate regulatory agency and the National Credit Union Administration Board, whether its rules and standards adequately meet the purposes of regulations to be promulgated under this subsection, and if the Secretary so determines, shall exempt any depository institution subject to such rules or standards from the regulations promulgated under this subsection. (5) As used in this subsection - (A) "depository institution" has the meaning stated in clauses (i) through (vi) of section 19(b)(1)(A) of the Federal Reserve Act and also includes a foreign bank, an agency or branch of a foreign bank, and a commercial lending company owned or controlled by a foreign bank (as such terms are defined in the International Banking Act of 1978). (B) "government securities broker" has the meaning prescribed in section 3(a)(43) of the Securities Exchange Act of 1934. (C) "government securities dealer" has the meaning prescribed in section 3(a)(44) of the Securities Exchange Act of 1934. (D) "appropriate regulatory agency" has the meaning prescribed in section 3(a)(34)(G) of the Securities Exchange Act of 1934. -SOURCE- (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 944; Pub. L. 97-452, Sec. 1(9), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99-571, title II, Sec. 201(a), Oct. 28, 1986, 100 Stat. 3222.) -MISC1- HISTORICAL AND REVISION NOTES 1982 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3121(a) 31:752(2d par. Sept. 24, 1917, ch. 56, Sec. related to form of 1(2d par. related to form of bonds). bonds), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, Sec. 1, 40 Stat. 503. 31:753(a)(related Sept. 24, 1917, ch. 56, 40 to form of notes, Stat. 288, Sec. 18(a)(related certificates of to form of notes, certificates indebtedness, and of indebtedness, and Treasury Treasury bills). bills); added Mar. 3, 1919, ch. 100, Sec. 1, 40 Stat. 1310; restated Feb. 4, 1935, ch. 5, Sec. 4, 49 Stat. 20. 31:754(a)(related Sept. 24, 1917, ch. 56, Sec. to form of 5(a)(related to form of certificates of certificates of indebtedness indebtedness and and Treasury bills, finality), Treasury bills). 40 Stat. 290; restated June 17, 1929, ch. 26, 46 Stat. 20. 31:754b(a)(less Sept. 24, 1917, ch. 56, 40 last 12 words). Stat. 288, Sec. 20; added Jan. 30, 1934, ch. 6, Sec. 14(a)(4), 48 Stat 343; restated Mar. 28, 1942, ch. 205, Sec. 3, 56 Stat. 189. 31:768(words after Feb. 4, 1910, ch. 25, Sec. semicolon). 1(words after semicolon), 36 Stat. 192. 3121(b)( 31:754b(b). 1) 3121(b)( 31:757c-4. Sept. 24, 1917, ch. 56, 40 2) Stat. 288, Sec. 27; added Mar. 17, 1971, Pub. L. 92-5, Sec. 4(b), 85 Stat. 5. 3121(c) 31:754b(c). 3121(d) 31:739. R.S. Sec. 3706. 3121(e) 31:754(a)(related to finality). 31:754b(a)(last 12 words). 3121(f) 31:772a. June 1, 1955, ch. 119, Sec. 2, 69 Stat. 82. -------------------------------------------------------------------- In subsection (a)(1), the word "combination" is omitted as surplus. In subsection (a)(2), the word "conditions" is substituted for "terms and conditions" because it is inclusive. In subsection (a)(3), the words "offering" and "interest rate" are added for clarity. In subsection (b)(1), the word "issued" is substituted for "authorized" for clarity. The words "the Commissioner of Internal Revenue" are omitted because of the source provisions restated in section 321 of the revised title. In subsection (b)(2), the words "In the case of" are omitted as surplus. The words "under law" are substituted for "under this Act or under any other provision of law" because they are inclusive. The words "the terms and conditions of issue" are omitted as unnecessary. The word "permit" is omitted as surplus. In subsection (c), the word "conditions" is substituted for "regulations and upon such terms" to eliminate unnecessary words and for consistency in the revised title and with other titles of the United States Code. The word "agency" is substituted for "agency or instrumentality of the United States" because of section 101 of the revised title and for consistency. In subsection (d), the word "conditions" is substituted for "terms and under such regulations" to eliminate unnecessary words and for consistency in the revised title and with other titles of the Code. The words "instead of" are substituted for "in lieu of" for clarity. In subsection (f), the words "in carrying out" are substituted for "in connection with the program for" to eliminate unnecessary words. 1983 ACT -------------------------------------------------------------------- Revised Source (U.S. Code) Source (Statutes at Large) Section -------------------------------------------------------------------- 3121(g) 31 App.:757c-5. Sept. 24, 1917, ch. 56, 40 Stat. 288, Sec. 28; added Sept. 3, 1982, Pub. L. 97-248, Sec. 310(a), 96 Stat. 595. -------------------------------------------------------------------- In subsection (g)(1), before clause (A), the words "Except as provided in paragraph (2)" and "(2) The term 'registration-required obligation' shall not include any obligation if" are omitted because of the restatement. Clause (C) is added for clarity. In subsection (g)(2)(B)(i), the words "territories and" are added for consistency in the revised title and with other titles of the United States Code. In subsection (g)(3), the words "(or of any agency or instrumentality thereof)" are omitted as included in "Government". The words "For purposes of subsection (a)" are omitted as surplus. The words "is deemed to be" are substituted for "shall be treated as" for consistency in the revised title and with other titles of the Code. In subsection (g)(4), the words "or chain of nominees" are omitted as included in "nominee" and because of 1:1. -REFTEXT- REFERENCES IN TEXT Section 8(b) or (c) of the Federal Deposit Insurance Act, referred to in subsec. (h)(2), is classified to section 1818(b), (c) of Title 12, Banks and Banking. Section 5(d)(2) or 5(d)(3) of the Home Owners' Loan Act of 1933, referred to in subsec. (h)(2), is classified to section 1464(d)(2), (3) of Title 12, but was amended generally by Pub. L. 101-73, title III, Sec. 301, Aug. 9, 1989, 103 Stat. 282, and no longer relates to issuance of orders. See section 1464(d)(1) of Title 12. Section 407 of the National Housing Act, referred to in subsec. (h)(2), which was classified to section 1730 of Title 12, was repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363. Section 206(e) or 206(f) of the Federal Credit Union Act, referred to in subsec. (h)(2), is classified to section 1786(e), (f) of Title 12. Clauses (i) through (vi) of section 19(b)(1)(A) of the Federal Reserve Act, referred to in subsec. (h)(5)(A), are classified to cls. (i) through (vi) of section 461(b)(1)(A) of Title 12. The International Banking Act of 1978, referred to in subsec. (h)(5)(A), is Pub. L. 95-369, Sept. 17, 1978, 92 Stat. 607, which enacted sections 347d, 611a, and 3101 to 3111 of Title 12, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of Title 12, and enacted provisions set out as notes under sections 36, 247, 601, 611a, and 3101 of Title 12. For complete classification of this Act to the Code, see Short Title note set out under section 3101 of Title 12 and Tables. Section 3(a)(43), (44), (34)(G), of the Securities Exchange Act of 1934, referred to in subsec. (h)(5)(B) to (D), is classified to section 78c(a)(43), (44), (34)(G) of Title 15, Commerce and Trade. -MISC2- AMENDMENTS 1986 - Subsec. (h). Pub. L. 99-571 added subsec. (h). 1983 - Subsec. (g). Pub. L. 97-452 added subsec. (g). EFFECTIVE DATE OF 1986 AMENDMENT; PROMULGATION OF REGULATIONS Amendment by Pub. L. 99-571 effective 270 days after Oct. 28, 1986, except that the Secretary of the Treasury and each appropriate regulatory agency shall publish for notice and public comment within 120 days after Oct. 28, 1986, initial implementing regulations to become effective as temporary regulations 210 days after Oct. 28, 1986, and as final regulations not later than 270 days after Oct. 28, 1986, see title IV of Pub. L. 99-571, set out as an Effective Date note under section 78o-5 of Title 15, Commerce and Trade. EFFECTIVE DATE OF 1983 AMENDMENT Pub. L. 98-216, Sec. 4(a), (b), Feb. 14, 1984, 98 Stat. 6, 7, as amended by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: "(a)(1) Except as provided in paragraph (2) of this subsection, the amendment made by section 1(9) of the Act of January 12, 1983 (Public Law 97-452, 96 Stat. 2468) [amending this section], applies to an obligation issued under section 3102(a) of title 31, United States Code, after September 3, 1982. "(2) The amendment made by section 1(9) of the Act of January 12, 1983 (Public Law 97-452, 96 Stat. 2468) [amending this section], applies to an obligation issued after June 30, 1983, if - "(A) interest on the obligation is exempt from tax (decided without regard to the amendments made by section 310 of the Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, 96 Stat. 595) [enacting section 4701 of Title 26, Internal Revenue Code, section 757c-5 of former Title 31, Money and Finance, amending sections 103, 103A, 163, 165, 312, and 1232 of Title 26, and enacting a provision set out as a note under section 103 of Title 26]) under law (without regard to the identity of the holder); and "(B) the obligation was not required to be in registered form under the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (26 U.S.C. 1 et seq.) as in effect on September 2, 1982. "(b) The amendment made by section 1(9) of the Act of January 12, 1983 (Public Law 97-452, 96 Stat. 2468) [amending this section], applies to an obligation issued under section 3103(a) of title 31, United States Code, after December 31, 1982." TRANSITIONAL AND SAVINGS PROVISIONS For transitional and savings provisions of Pub. L. 99-571, see section 301 of Pub. L. 99-571, set out as a note under section 78o- 5 of Title 15, Commerce and Trade. COLLECTION OF DEFINITIVE SECURITY AND ANNUAL MAINTENANCE FEES Pub. L. 103-329, title I, Sept. 30, 1994, 108 Stat. 2386, provided in part: "That in fiscal year 1995 and thereafter, the Secretary is authorized to collect fees of not less than $46 for each definitive security issue provided to customers, and an annual maintenance fee of not less than $25 for each Treasury Direct Investor Account exceeding $100,000 in par value: Provided further, That in fiscal year 1995 and thereafter, of the definitive security fees collected, not to exceed $600,000, and of the annual maintenance fees for Treasury Direct Investor Account collected, not to exceed $2,500,000, shall be retained and used in the current fiscal year for the specific purpose of offsetting costs of Bureau of the Public Debt's marketable security activities, and any fees collected in excess of said amounts shall be deposited as miscellaneous receipts in the Treasury". TREASURY AUCTION REFORMS Pub. L. 103-202, title II, Sec. 202, Dec. 17, 1993, 107 Stat. 2356, provided that: "(a) Ability to Submit Computer Tenders in Treasury Auctions. - By the end of 1995, any bidder shall be permitted to submit a computer-generated tender to any automated auction system established by the Secretary of the Treasury for the sale upon issuance of securities issued by the Secretary if the bidder - "(1) meets the minimum creditworthiness standard established by the Secretary; and "(2) agrees to comply with regulations and procedures applicable to the automated system and the sale upon issuance of securities issued by the Secretary. "(b) Prohibition on Favored Players. - "(1) In general. - No government securities broker or government securities dealer may receive any advantage, favorable treatment, or other benefit, in connection with the purchase upon issuance of securities issued by the Secretary of the Treasury, which is not generally available to other government securities brokers or government securities dealers under the regulations governing the sale upon issuance of securities issued by the Secretary of the Treasury. "(2) Exception. - "(A) In general. - The Secretary of the Treasury may grant an exception to the application of paragraph (1) if - "(i) the Secretary determines that any advantage, favorable treatment, or other benefit referred to in such paragraph is necessary and appropriate and in the public interest; and "(ii) the grant of the exception is designed to minimize any anticompetitive effect. "(B) Annual report. - The Secretary of the Treasury shall submit an annual report to the Congress describing any exception granted by the Secretary under subparagraph (A) during the year covered by the report and the basis upon which the exception was granted. "(c) Meetings of Treasury Borrowing Advisory Committee. - "(1) Open meetings. - "(A) In general. - Except as provided in subparagraph (B), any meeting of the Treasury Borrowing Advisory Committee of the Public Securities Association (hereafter in this subsection referred to as the 'advisory committee'), or any successor to the advisory committee, shall be open to the public. "(B) Exception. - Subparagraph (A) shall not apply with respect to any part of any meeting of the advisory committee in which the advisory committee - "(i) discusses and debates the issues presented to the advisory committee by the Secretary of the Treasury; or "(ii) makes recommendations to the Secretary. "(2) Minutes of each meeting. - The detailed minutes required to be maintained under section 10(c) of the Federal Advisory Committee Act [5 U.S.C. App.] for any meeting by the advisory committee shall be made available to the public within 3 business days of the date of the meeting. "(3) Prohibition on receipt of gratuities or expenses by any officer or employee of the board or department. - In connection with any meeting of the advisory committee, no officer or employee of the Department of the Treasury, the Board of Governors of the Federal Reserve System, or any Federal reserve bank may accept any gratuity, consideration, expense of any sort, or any other thing of value from any advisory committee described in subsection (c), any member of such committee, or any other person. "(4) Prohibition on outside discussions. - "(A) In general. - Subject to subparagraph (B), a member of the advisory committee may not discuss any part of any discussion, debate, or recommendation at a meeting of the advisory committee which occurs while such meeting is closed to the public (in accordance with paragraph (1)(B)) with, or disclose the contents of such discussion, debate, or recommendation to, anyone other than - "(i) another member of the advisory committee who is present at the meeting; or "(ii) an officer or employee of the Department of the Treasury. "(B) Applicable period of prohibition. - The prohibition contained in subparagraph (A) on discussions and disclosures of any discussion, debate, or recommendation at a meeting of the advisory committee shall cease to apply - "(i) with respect to any discussion, debate, or recommendation which relates to the securities to be auctioned in a midquarter refunding by the Secretary of the