§1437h. Implementation of provisions by Secretary

(a) Preparation and submission of annual budget program; maintenance of accounts; annual audit by General Accounting Office

In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter, the Secretary, notwithstanding the provisions of any other law, shall-

(1) prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31; and

(2) maintain an integral set of accounts which shall be audited annually by the General Accounting Office in accordance with the principles and procedures applicable to commercial transactions as provided by chapter 91 of title 31, and no other audit shall be required.

(b) Availability of receipts and assets

All receipts and assets of the Secretary under this chapter shall be available for the purposes of this chapter until expended.

(c) Federal Reserve banks to act as depositories, custodians and fiscal agents; reimbursement for services

The Federal Reserve banks are authorized and directed to act as depositories, custodians, and fiscal agents for the Secretary in the general exercise of his powers under this chapter, and the Secretary may reimburse any such bank for its services in such manner as may be agreed upon.

(Sept. 1, 1937, ch. 896, title I, §10, as added Aug. 22, 1974, Pub. L. 93–383, title II, §201(a), 88 Stat. 666 ; amended Oct. 17, 1984, Pub. L. 98–479, title II, §203(b)(2), 98 Stat. 2229 ; renumbered title I, June 29, 1988, Pub. L. 100–358, §5, 102 Stat. 681 .)

Prior Provisions

A prior section 10 of act Sept. 1, 1937, ch. 896, 50 Stat. 891 , as amended, authorized annual contributions in assistance of low rentals for housing projects and was classified to section 1410 of this title, prior to the general revision of this chapter by Pub. L. 93–383. Similar provisions are contained in section 1437c of this title.

Amendments

1984-Subsec. (a)(1), (2). Pub. L. 98–479 substituted "chapter 91 of title 31" for "the Government Corporations Control Act, as amended".