CHAPTER 91 —GOVERNMENT CORPORATIONS
Editorial Notes
Amendments
1990—
1986—
§9101. Definitions
In this chapter—
(1) "Government corporation" means a mixed-ownership Government corporation and a wholly owned Government corporation.
(2) "mixed-ownership Government corporation" means—
(A) the Central Bank for Cooperatives.
(B) the Federal Deposit Insurance Corporation.
(C) the Federal Home Loan Banks.
(D) the Federal Intermediate Credit Banks.
(E) the Federal Land Banks.
(F) the National Credit Union Administration Central Liquidity Facility.
(G) the Regional Banks for Cooperatives.
(H) the Financing Corporation.
(I) the Resolution Trust Corporation.
(J) the Resolution Funding Corporation.
(3) "wholly owned Government corporation" means—
(A) the Commodity Credit Corporation.
(B) the Community Development Financial Institutions Fund.
(C) the Export-Import Bank of the United States.
(D) the Federal Crop Insurance Corporation.
(E) Federal Prison Industries, Incorporated.
(F) the Corporation for National and Community Service.
(G) the Government National Mortgage Association.
(H) the United States International Development Finance Corporation.
(I) the Pennsylvania Avenue Development Corporation.
(J) the Pension Benefit Guaranty Corporation.
(K) the Great Lakes St. Lawrence Seaway Development Corporation.
(L) the Secretary of Housing and Urban Development when carrying out duties and powers related to the Federal Housing Administration Fund.
(M) the Tennessee Valley Authority.
(N) the Panama Canal Commission.
(O) the Millennium Challenge Corporation.
(P) the International Clean Energy Foundation.
(
Clause (1) is included because a number of the provisions of the chapter apply to mixed-ownership and wholly owned Government corporations, and the term "Government corporation" provides a simple phrase to refer to both of those kinds of corporations.
In clause (2)(A), "Amtrak" is substituted for "National Railroad Passenger Corporation" to conform to section 103(1) of the Rail Passenger Service Act (
In clause (2)(I), the words "when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (
In clause (3), the words "Regional Agricultural Credit Corporations" are omitted because the corporations were merged with and liquidated by the Regional Agricultural Credit Corporation of Washington, D.C., which was dissolved on April 16, 1949. The words "Farmers Home Corporation" are omitted because the corporation never was activated. The words "Federal Surplus Commodities Corporation" are omitted because the corporation and the Division of Marketing and Marketing Agreements were consolidated into the Surplus Marketing Administration, which was merged into the Agricultural Marketing Administration, which was dissolved on March 14, 1947. The words "Reconstruction Finance Corporation" are omitted because the corporation was abolished on June 30, 1957. The words "Defense Plant Corporation; Defense Supplies Corporation; Metals Reserve Company; Rubber Reserve Company" are omitted because the corporations and companies were dissolved on July 1, 1945. The words "War Damage Corporation" are omitted because the corporation was terminated on January 22, 1947. The words "the RFC Mortgage Company" are omitted because the company was transferred to the Reconstruction Finance Corporation, which was abolished on June 30, 1957. The words "Disaster Loan Corporation" are omitted because the corporation was dissolved on July 1, 1945. The words "Inland Waterways Corporation" are omitted because the corporation was liquidated on July 19, 1963. The words "Warrior River Terminal Company" are omitted because the company was transferred to the Inland Waterways Corporation, which was liquidated on July 13, 1963. The words "Virgin Islands Corporation" are omitted because the corporation was dissolved on July 1, 1966. The words "United States Spruce Production Corporation" are omitted because the corporation was dissolved on December 12, 1946. The words "Institute of Inter-American Affairs" are omitted because the institute was transferred to the Foreign Operations Administration, which was abolished on May 9, 1955. The words "Institute of Inter-American Transportation" are omitted because the institute was dissolved August 24, 1949. The words "Inter-American Educational Foundation, Incorporated" are omitted because the foundation was succeeded by the Institute of Inter-American Affairs, which was transferred to the Foreign Operations Administration, which was abolished on May 9, 1955. The words "Inter-American Navigation Corporation" are omitted because the corporation was dissolved on February 25, 1947. The words "Prencinradio, Incorporated" are omitted because Prencinradio, Incorporated was dissolved May 10, 1949. The words "Cargoes, Incorporated" are omitted because Cargoes, Incorporated was dissolved April 30, 1945. The words "Export-Import Bank of the United States" are substituted for "Export-Import Bank of Washington" because of section 1(a) of the Act of March 13, 1968 (
In clause (3)(J), the words "until the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (
1983 Act
This amends 31:9101(2) because the National Consumer Cooperative Bank is no longer a mixed-ownership Government corporation. Section 396(h)(1) and (i) of the Omnibus Budget Reconciliation Act of 1981 (
Editorial Notes
Amendments
2020—Par. (3)(K).
2018—Par. (2)(H) to (K).
Par. (3)(H).
Par. (3)(K) to (R).
"(K) the Rural Telephone Bank until the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (
"(O) the Uranium Enrichment Corporation."
2007—Par. (3)(R).
2004—Par. (3)(Q).
2002—Par. (3)(Q).
1997—Par. (2).
1996—Par. (2)(J) to (M).
Par. (3)(B).
Par. (3)(N).
Par. (3)(O).
Par. (3)(P).
Par. (3)(Q).
1994—Par. (2)(K).
Par. (3)(B) to (N).
1993—Par. (3)(E).
1992—Par. (3)(N).
1989—Par. (2)(L).
Par. (2)(M).
Par. (3)(E).
1987—Par. (2)(K).
1983—Par. (2)(K).
1982—Par. (2)(K).
Statutory Notes and Related Subsidiaries
Effective Date of 2018 Amendment
Amendment by
Effective Date of 2007 Amendment
Amendment by
Effective Date of 1996 Amendment
Effective Date of 1993 Amendment
Amendment by
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
Effective Date of 1982 Amendment
Short Title
This chapter is popularly known as the Government Corporation Control Act. The Government Corporation Control Act was previously the official short title of act Dec. 6, 1945, ch. 557,
Dissolution of Pennsylvania Avenue Development Corporation
Pennsylvania Avenue Development Corporation dissolved on or before Apr. 1, 1996, and assets, obligations, indebtedness, and unobligated and unexpended balances of Corporation transferred, see
Abolition of United States Railway Association and Transfer of Functions
The United States Railway Association was abolished effective Apr. 1, 1987, with all powers, duties, rights, and obligations of Association relating to Consolidated Rail Corporation under the Regional Rail Reorganization Act of 1973 (
Compensation Practices of Government Corporations
For provisions relating to certain bonuses paid by mixed-ownership and wholly owned corporations listed in pars. (2) and (3) of this section, see Ex. Ord. No. 12976, Oct. 5, 1995, 60 F.R. 52829, set out as a note under
§9102. Establishing and acquiring corporations
An agency may establish or acquire a corporation to act as an agency only by or under a law of the United States specifically authorizing the action.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9102 | 31:869(a). | Dec. 6, 1945, ch. 557, §304(a), |
The word "agency" is substituted for "officer or agency of the Federal Government or by any Government corporation" and "agency or instrumentality of the United States" because of section 101 of the revised title, for consistency, and because a Government corporation is an "instrumentality of the United States Government". The word "establish" is substituted for "created, organized" to eliminate unnecessary words. The words "on or after December 6, 1945" are omitted as executed. The words "law of the United States" are substituted for "Act of Congress" for consistency.
§9103. Budgets of wholly owned Government corporations
(a) Each wholly owned Government corporation shall prepare and submit each year to the President a business-type budget in a way, and before a date, the President prescribes by regulation for the budget program.
(b) The budget program for each wholly owned Government corporation shall—
(1) contain estimates of the financial condition and operations of the corporation for the current and following fiscal years and the condition and results of operations in the last fiscal year;
(2) contain statements of financial condition, income and expense, and sources and use of money, an analysis of surplus or deficit, and additional statements and information to make known the financial condition and operations of the corporation, including estimates of operations by major activities, administrative expenses, borrowings, the amount of United States Government capital that will be returned to the Treasury during the fiscal year, and appropriations needed to restore capital impairments; and
(3) provide for emergencies and contingencies and otherwise be flexible so that the corporation may carry out its activities.
(c) The President shall submit the budget programs submitted by wholly owned Government corporations (as changed by the President) as part of the budget submitted to Congress under
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9103(a) | 31:847(1st sentence). | Dec. 6, 1945, ch. 557, §102, |
| 9103(b) | 31:847(2d–last sentences). | |
| 9103(c) | 31:848. | Dec. 6, 1945, ch. 557, §103, |
In subsection (a), the word "President" is substituted for "Office of Management and Budget" because sections 101 and 102(a) of Reorganization Plan No. 2 of 1970 (eff. July 1, 1970,
In subsection (b), before clause (1), the words "budget program" are substituted for "budget program shall be a business-type budget, or plan of operation" for consistency and to eliminate unnecessary words. In clause (1), the words "actual" and "completed" are omitted as surplus. In clause (2), the words "as are necessary or desirable", "types of", "together with", and "funds" are omitted as surplus. In clause (3), the words "as authorized by law" are omitted as surplus.
In subsection (c), the words "as changed" are substituted for "as modified, amended, or revised" to eliminate unnecessary words. The word "submit" is substituted for "transmitted" for consistency. The word "annual" is omitted as surplus. The word "thereafter" is added for clarity. The text of 31:848 (last par.) is omitted as unnecessary.
§9104. Congressional action on budgets of wholly owned Government corporations
(a) Congress shall—
(1) consider budget programs for wholly owned Government corporations the President submits;
(2) make necessary appropriations authorized by law;
(3) make corporate financial resources available for operating and administrative expenses; and
(4) provide for repaying capital and the payment of dividends.
(b) This section does not—
(1) prevent a wholly owned Government corporation from carrying out or financing its activities as authorized under another law;
(2) affect section 26 of the Tennessee Valley Authority Act of 1933 (
(3) affect the authority of a wholly owned Government corporation to make a commitment without fiscal year limitation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9104(a) | 31:849(1st sentence). | Dec. 6, 1945, ch. 557, §104, |
| 9104(b) | 31:849(2d, last sentences). |
In subsection (a), the words "budget programs for wholly owned Government corporations" are substituted for "Budget programs" for clarity and consistency. The words "legislation . . . be enacted", "as may be", "for expenditure", "corporate funds or other", "or limiting the use thereof", "as the Congress may determine", and "funds" are omitted as surplus.
In subsection (b), the word "existing" is omitted as surplus. In clause (1), the word "another" is added for clarity. In clause (3), the words "contracts or other" and "reference to" are omitted as surplus.
§9105. Audits
(a)(1) The financial statements of Government corporations shall be audited by the Inspector General of the corporation appointed under
(2) Audits under this section shall be conducted in accordance with applicable generally accepted government auditing standards.
(3) Upon completion of the audit required by this subsection, the person who audits the statement shall submit a report on the audit to the head of the Government corporation, to the Chairman of the Committee on Government Operations of the House of Representatives, and to the Chairman of the Committee on Governmental Affairs of the Senate.
(4) The Comptroller General of the United States—
(A) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor;
(B) shall report to the Congress, the Director of the Office of Management and Budget, and the head of the Government corporation which prepared the statement, regarding the results of the review and make any recommendation the Comptroller General of the United States considers appropriate; and
(C) may audit a financial statement of a Government corporation at the discretion of the Comptroller General or at the request of a committee of the Congress.
An audit the Comptroller General performs under this paragraph shall be in lieu of the audit otherwise required by paragraph (1) of this subsection. Prior to performing such audit, the Comptroller General shall consult with the Inspector General of the agency which prepared the statement.
(5) A Government corporation shall reimburse the Comptroller General of the United States for the full cost of any audit conducted by the Comptroller General under this subsection, as determined by the Comptroller General. All reimbursements received under this paragraph by the Comptroller General of the United States shall be deposited in the Treasury as miscellaneous receipts.
(b) Upon request of the Comptroller General of the United States, a Government corporation shall provide to the Comptroller General of the United States all books, accounts, financial records, reports, files, workpapers, and property belonging to or in use by the Government corporation and its auditor that the Comptroller General of the United States considers necessary to the performance of any audit or review under this section.
(c) Activities of the Comptroller General of the United States under this section are in lieu of any audit of the financial transactions of a Government corporation that the Comptroller General is required to make under any other law.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9105(a) | 31:850(1st sentence 1st–16th, 30th–46th words, 4th–last sentences). | Dec. 6, 1945, ch. 557, §105, |
| 31:857(1st sentence 1st–26th, 39th–last words, 4th–last sentences). | Dec. 6, 1945, ch. 557, §202, |
|
| 9105(b) | 31:866(a)(last proviso), (b). | Dec. 6, 1945, ch. 557, §301, |
| 9105(c) | 31:850(1st sentence 17th–29th words, 2d, 3d sentences). | |
| 31:857(1st sentence 27th–38th words, 2d, 3d sentences). | ||
| 9105(d) | 31:850(1st sentence proviso). | |
| 9105(e) | 31:866(a)(words before 1st comma, 1st proviso), (d). | |
| 9105(f) | 31:866(c). | |
| 9105(g) | 31:866(a)(words between 1st comma and 1st proviso). |
In the section, the words "Comptroller General" are substituted for "General Accounting Office" for consistency.
In subsection (a), the words "rules and . . . of the United States" are omitted as surplus. The words "United States" are added for consistency. The text of 31:850(4th sentence) and 857(4th sentence) and the words "Effective July 1, 1974" are omitted as executed.
In subsection (b)(1), the words "pursuant to law" are omitted as surplus.
In subsection (b)(2), the words "may make a contract" are substituted for "is authorized in his discretion to employ by contract" to eliminate unnecessary words.
In subsection (c), before clause (1), the words "at the place or places" and "of the respective corporations" are omitted as surplus. The words "A Government corporation shall" are added for clarity. In clause (1), the words "make available . . . for audit all records" are substituted for "The representatives of . . . shall have access to all books, accounts, financial records, reports, files, and all other papers" for consistency and because of the restatement. The words "things, or" are omitted because they are included in "property". In clause (2), the word "full" is omitted as surplus.
Subsection (d) is substituted for 31:850(1st sentence proviso words before 7th comma) because of the restatement.
In subsection (e), the words "The Comptroller General shall pay the cost of an audit" are substituted for "The expenses of auditing the financial transactions of wholly owned and mixed-ownership Government corporations as provided in
Subsection (g) is substituted for 31:866(a)(words between 1st comma and 1st proviso) for clarity and consistency.
Editorial Notes
Amendments
2022—Subsec. (a)(1).
1993—Subsec. (a)(1).
1990—
1989—Subsec. (a)(2).
1988—Subsec. (a)(4).
1987—Subsec. (a)(3).
Statutory Notes and Related Subsidiaries
Change of Name
Committee on Governmental Affairs of Senate changed to Committee on Homeland Security and Governmental Affairs of Senate, effective Jan. 4, 2005, by Senate Resolution No. 445, One Hundred Eighth Congress, Oct. 9, 2004.
Committee on Government Operations of House of Representatives treated as referring to Committee on Government Reform and Oversight of House of Representatives by section 1(a) of
Effective Date of 1993 Amendment
Amendment by
Effective Date of 1988 Amendment
Amendment by
Deposit of Funds Reimbursed to Comptroller General to Appropriation of Government Accountability Office
Similar provisions were contained in the following prior appropriation acts:
§9106. Management reports
(a)(1) A Government corporation shall submit an annual management report to the Congress not later than 180 days after the end of the Government corporation's fiscal year.
(2) A management report under this subsection shall include—
(A) a statement of financial position;
(B) a statement of operations;
(C) a statement of cash flows;
(D) a reconciliation to the budget report of the Government corporation, if applicable;
(E) a statement on internal accounting and administrative control systems by the head of the management of the corporation, consistent with the requirements for agency statements on internal accounting and administrative control systems under the amendments made by the Federal Managers' Financial Integrity Act of 1982 (
(F) the report resulting from an audit of the financial statements of the corporation conducted under
(G) any other comments and information necessary to inform the Congress about the operations and financial condition of the corporation.
(b) A Government corporation shall provide the President, the Director of the Office of Management and Budget, and the Comptroller General of the United States a copy of the management report when it is submitted to Congress.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9106(a) | 31:851(1st–3d sentences). | Dec. 6, 1945, ch. 557, §106, |
| 31:858(1st–3d sentences). | Dec. 6, 1945, ch. 557, §203, |
|
| 9106(b) | 31:851(last sentence). | |
| 31:858(last sentence). |
In subsection (a), before clause (1), the words "of a Government corporation" are added for clarity. In clause (5), the words "program, expenditure, or other", "observed in the course of the audit", and "of law" are omitted as surplus. In clause (6), the word "statement" is substituted for "report" for consistency. The words "noted in the audit" are omitted as surplus. The word "made" is substituted for "accomplished" for consistency. In clause (7), the word "other" is added for clarity because of the restatement. The words "with respect thereto" are omitted as surplus.
In subsection (b), the words "The Comptroller General" are added for clarity.
Editorial Notes
References in Text
The Federal Managers' Financial Integrity Act of 1982, referred to in subsec. (a)(2)(E), is
Amendments
1990—
"(a) The Comptroller General shall submit to Congress a report on each audit of a Government corporation under
"(1) a statement (showing intercorporate relations) of assets, liabilities, capital, and surplus or deficit;
"(2) a statement of surplus or deficit analysis;
"(3) a statement of income and expenditures;
"(4) a statement of sources and the use of money;
"(5) specifically each financial transaction or undertaking the Comptroller General believes was carried out or made without authority of law;
"(6) comments and information the Comptroller General considers necessary to keep Congress informed about the operations and financial condition of the Government corporation, including a statement of impaired capital noticed and recommendations for the return of capital of the United States Government or the payment of dividends the Comptroller General believes should be made; and
"(7) other recommendations the Comptroller General considers advisable.
"(b) The Comptroller General shall give the President, the Secretary of the Treasury, and the Government corporation a copy of the report when it is submitted to Congress."
§9107. Accounts
(a) With the approval of the Comptroller General, a Government corporation may consolidate its cash into an account if the cash will be expended as provided by law.
(b) The Secretary of the Treasury shall keep the accounts of a Government corporation. If the Secretary approves, a Federal reserve bank or a bank designated as a depositary or fiscal agent of the United States Government may keep the accounts. The Secretary may waive the requirements of this subsection.
(c)(1) Subsection (b) of this section does not apply to maintaining a temporary account of not more than $50,000 in one bank.
(2) Subsection (b) of this section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government.
(3) Subsection (b) of this section does not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land Banks. However, the head of each of those banks shall report each year to the Secretary the names of depositaries where accounts are kept. If the Secretary considers it advisable when an annual report is received, the Secretary may make a written report to the corporation, the President, and Congress.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9107(a) | 31:870. | Aug. 24, 1949, ch. 506, §309, |
| 9107(b) | 31:867(1st sentence less last proviso). | Dec. 6, 1945, ch. 577, §302, |
| 9107(c)(1) | 31:867(1st sentence last proviso). | |
| 9107(c)(2) | 31:868(d)(1st sentence related to 31:867). | Dec. 6, 1945, ch. 577, §303(d)(1st sentence related to §302), |
| 9107(c)(3) | 31:867(last sentence). |
In subsection (a), the words "After June 30, 1949" are omitted as executed. The words "Government corporation" are substituted for "corporations or agencies subject to this chapter" because of section 9101(1) of the revised title. The words "notwithstanding the provisions of any other law", "or more . . . for banking and checking purposes", and "including amounts appropriated, from whatever source derived" are omitted as surplus. The words "if the cash will be expended as provided by law" are substituted for 31:870(proviso) to eliminate unnecessary words.
In subsections (b) and (c), the words "banking or checking" are omitted as surplus.
In subsection (b), the words "Secretary of the Treasury" are substituted for "Treasurer of the United States" because of the source provisions restated in section 321(c) of the revised title. The words "wholly owned and mixed-ownership" and "under such conditions as he may determine" are omitted as surplus.
In subsection (c)(1), the words "establishment and" and "in any one bank" are omitted as surplus.
In subsection (c)(3), the words "head of each" are added for consistency.
1983 Act
This amends 31:9107(c)(3) and 9108(d)(2) because the National Consumer Cooperative Bank is no longer a mixed-ownership Government corporation. Section 396(h)(2) and (3) and (i) of the Omnibus Budget Reconciliation Act of 1981 (
Editorial Notes
Amendments
1983—Subsec. (c)(3).
1982—Subsec. (c)(3).
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
Effective Date of 1982 Amendment
§9108. Obligations
(a) Before a Government corporation issues obligations and offers obligations to the public, the Secretary of the Treasury shall prescribe—
(1) the form, denomination, maturity, interest rate, and conditions to which the obligations will be subject;
(2) the way and time the obligations are issued; and
(3) the price for which the obligations will be sold.
(b) A Government corporation may buy or sell a direct obligation of the United States Government, or an obligation on which the principal, interest, or both, is guaranteed, of more than $100,000 only when the Secretary approves the purchase or sale. The Secretary may waive the requirement of this subsection under conditions the Secretary may decide.
(c) The Secretary may designate an officer or employee of an agency to carry out this section if the head of the agency agrees.
(d)(1) This section does not apply to a mixed-ownership Government corporation when the corporation has no capital of the Government.
(2) Subsections (a) and (b) of this section do not apply to the Federal Intermediate Credit Banks, the Central Bank for Cooperatives, the Regional Banks for Cooperatives, and the Federal Land Banks. However, the head of each of those banks shall consult with the Secretary before taking action of the kind described in subsection (a) or (b). If agreement is not reached, the Secretary may make a written report to the corporation, the President, and Congress on the reasons for the Secretary's disagreement.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9108(a) | 31:868(a). | Dec. 6, 1945, ch. 557, §303(less (d)(1st sentence related to §302)), |
| 9108(b) | 31:868(b). | |
| 9108(c) | 31:868(c). | |
| 9108(d) | 31:868(d)(less 1st sentence related to 31:867). |
In subsections (a) and (b), the words "on or after December 6, 1945" are omitted as executed. The words "wholly owned or mixed-ownership" are omitted because of section 9101(1) of the revised title.
In subsection (a), before clause (1), the word "Before" is substituted for "which are" for clarity. The words "bonds, notes, debentures, and other similar" are omitted as surplus. The words "as have been" are omitted as executed. In clause (1), the words "terms and" are omitted as surplus. The restatement of the source provisions does not affect other existing laws.
In subsection (b), the word "Government" is added for consistency. The words "for its own account and in its own right and interest, at any one time aggregating" and "his approval with respect to any transaction or classes of transactions subject to the provisions of . . . for such period of time and" are omitted as surplus.
In subsection (c), the word "agency" is substituted for "Federal agency" because of section 101 of the revised title. The words "any of the functions vested in him by" and "for such purpose" are omitted as surplus.
In subsection (d)(2), the words "(when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (
1983 Act
This amends 31:9107(c)(3) and 9108(d)(2) because the National Consumer Cooperative Bank is no longer a mixed-ownership Government corporation. Section 396(h)(2) and (3) and (i) of the Omnibus Budget Reconciliation Act of 1981 (
Editorial Notes
Amendments
2018—Subsec. (d)(2).
1983—Subsec. (d)(2).
1982—Subsec. (d)(2).
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment by
Effective Date of 1982 Amendment
§9109. Exclusion of a wholly owned Government corporation from this chapter
When the President considers it practicable and in the public interest, the President shall include in the budget submitted to Congress under
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 9109 | 31:852. | Dec. 6, 1945, ch. 577, §107, |
The word "President" is substituted for "Director of the Office of Management and Budget" because sections 101 and 102(a) of Reorganization Plan No. 2 of 1970 (eff. July 1, 1970,
§9110. Standards for depository institutions holding securities of a Government-sponsored corporation for customers
(a) The Secretary shall prescribe by regulation standards for the safeguarding and use of obligations that are government securities described in subparagraph (B) or (C) of section 3(a)(42) of the Securities Exchange Act of 1934. 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.
(b) Violation of a regulation prescribed under subsection (a) shall constitute adequate basis for the issuance of an order under section 5239(a) or (b) of the Revised Statutes (
(c) Nothing in this section shall be construed to affect in any way the powers of such agencies under any other provision of law.
(d) The Secretary shall, prior to adopting regulations under this section, 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 section, and if the Secretary so determines, shall exempt any depository institution subject to such rules or standards from the regulations promulgated under this section.
(e) As used in this subsection—
(1) "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).
(2) "government securities broker" has the meaning prescribed in section 3(a)(43) of the Securities Exchange Act of 1934.
(3) "government securities dealer" has the meaning prescribed in section 3(a)(44) of the Securities Exchange Act of 1934.
(4) "appropriate regulatory agency" has the meaning prescribed in section 3(a)(34)(G) of the Securities Exchange Act of 1934.
(Added
Editorial Notes
References in Text
Section 3(a)(34)(G), (42)(B), (C), (43), (44) of the Securities Exchange Act of 1934, referred to in subsecs. (a) and (e)(2)–(4), is classified to
Section 8(b) or 8(c) of the Federal Deposit Insurance Act, referred to in subsec. (b), is classified to
Section 5(d)(2) or 5(d)(3) of the Home Owners' Loan Act of 1933, referred to in subsec. (b), is classified to
Section 407 of the National Housing Act, referred to in subsec. (b), which was classified to
Section 206(e) or 206(f) of the Federal Credit Union Act, referred to in subsec. (b), is classified to
Clauses (i) through (vi) of subparagraph [section] 19(b)(1)(A) of the Federal Reserve Act, referred to in subsec. (e)(1), are classified to section 461(b)(1)(A)(i) to (vi) of Title 12.
The International Banking Act of 1978, referred to in subsec. (e)(1), is
Amendments
1994—Subsec. (e)(1).
Statutory Notes and Related Subsidiaries
Effective Date; Promulgation of Regulations
Section 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
Transitional and Savings Provisions
For transitional and savings provisions of