SUBTITLE III—FINANCIAL MANAGEMENT
Editorial Notes
Amendments
1986—
1983—
CHAPTER 31 —PUBLIC DEBT
SUBCHAPTER I—BORROWING AUTHORITY
SUBCHAPTER II—ADMINISTRATIVE
Editorial Notes
Amendments
2011—
1993—
SUBCHAPTER I—BORROWING AUTHORITY
§3101. Public debt limit
(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 $14,294,000,000,000, 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 as provided by section 3101A 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).
(
In subsection (a), the words "is deemed to be" are substituted for "shall be considered . . . to be" because a legal fiction is intended.
Editorial Notes
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 (b), were contained in Rule XXIII, which was subsequently repealed by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.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
Amendments
2011—Subsec. (b).
2010—Subsec. (b).
2009—Subsec. (b).
2008—Subsec. (b).
2007—Subsec. (b).
2006—Subsec. (b).
2004—Subsec. (b).
2003—Subsec. (b).
2002—Subsec. (b).
1997—Subsec. (b).
1996—Subsec. (b).
1993—Subsec. (b).
1990—Subsec. (b).
1989—Subsec. (b).
Subsec. (c).
1987—Subsec. (b).
1986—Subsec. (b).
1985—Subsec. (b).
1984—Subsec. (b).
1983—Subsec. (b).
Statutory Notes and Related Subsidiaries
Temporary Debt Limit Extension
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
"(c)
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
"(c)
"(1)
"(2)
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
"(c)
"(1)
"(2)
"SEC. 901. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
"SEC. 902. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
"(a)
"(b)
"SECTION 1. SHORT TITLE.
"This Act may be cited as the 'Temporary Debt Limit Extension Act'.
"SEC. 2. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
"SEC. 3. RESTORING CONGRESSIONAL AUTHORITY OVER THE NATIONAL DEBT.
"(a)
"(b)
Default Prevention
"(a)
"(b)
"(c)
"(1)
"(2)
"(A) the face amount of obligations issued under
"(B) the face amount of such obligations outstanding on the date of enactment of this Act [Oct. 17, 2013].
An obligation shall not be taken into account under subparagraph (A) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before February 8, 2014.
"(d)
" '(c)
" '(1)
" '(2)
" '(A) the face amount of obligations issued under
" '(B) the face amount of such obligations outstanding on the date of enactment of this Act [Oct. 17, 2013].
An obligation shall not be taken into account under subparagraph (A) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before the day after the date of enactment of the joint resolution pursuant to section 1002(e) of the Continuing Appropriations Act, 2014 [
"(e)
"(1)
"(A) disapproving the President's exercise of authority to suspend the debt limit that is introduced within 14 calendar days after the date on which the President submits to Congress the certification under subsection (b);
"(B) which does not have a preamble;
"(C) the title of which is only as follows: 'Joint resolution relating to the disapproval of the President's exercise of authority to suspend the debt limit, as submitted under section 1002(b) of the Continuing Appropriations Act, 2014 on ____________' (with the blank containing the date of such submission); and
"(D) the matter after the resolving clause of which is only as follows: 'That Congress disapproves of the President's exercise of authority to suspend the debt limit, as exercised pursuant to the certification under section 1002(b) of the Continuing Appropriations Act, 2014.'.
"(2)
"(A)
"(B)
"(C)
"(3)
"(A)
"(B)
"(C)
"(i)
"(ii)
"(iii)
"(iv)
"(4)
"(5)
"(A)
"(i) the joint resolution of the other House shall not be referred to a committee; and
"(ii) the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House, except that the vote on passage shall be on the joint resolution of the other House.
"(B)
"(C)
"(D)
"(i)
"(ii)
"(6)
"(A) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and
"(B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House."
Temporary Suspension of Debt Ceiling
"(a)
"(b)
"(1) the face amount of obligations issued under
"(2) the face amount of such obligations outstanding on the date of the enactment of this Act.
An obligation shall not be taken into account under paragraph (1) unless the issuance of such obligation was necessary to fund a commitment incurred by the Federal Government that required payment before May 19, 2013."
Treatment of Certain Obligations of United States
Timely Payment of March 1996 Social Security Benefits Guaranteed
Repeal of Permanent Increase in Public Debt Limit
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,
Aug. 9, 1990,
Aug. 7, 1989,
Aug. 10, 1987,
May 15, 1987,
Nov. 14, 1985,
June 28, 1982,
Sept. 30, 1981,
Repeals of Temporary Increases in Public Debt Limit
The following acts which temporarily increased the public debt limit for limited periods were repealed by
July 9, 1956, ch. 536,
Aug. 28, 1954, ch. 1037,
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
1 See References in Text note below.
§3101A. Presidential modification of the debt ceiling
(a)
(1) $900
(A)
(B)
(2)
(A)
(i) $1,200,000,000,000, unless clause (ii) or (iii) applies;
(ii) $1,500,000,000,000 if the Archivist of the United States has submitted to the States for their ratification a proposed amendment to the Constitution of the United States pursuant to a joint resolution entitled "Joint resolution proposing a balanced budget amendment to the Constitution of the United States"; or
(iii) if a joint committee bill to achieve an amount greater than $1,200,000,000,000 in deficit reduction as provided in section 401(b)(3)(B)(i)(II) of the Budget Control Act of 2011 is enacted, an amount equal to the amount of that deficit reduction, but not greater than $1,500,000,000,000, unless clause (ii) applies.
(B)
(b)
(1)
(2)
(A)(i) for the certification described in subsection (a)(1), that is introduced on September 6, 7, 8, or 9, 2011 (or, if the Senate was not in session, the next calendar day on which the Senate is in session); and
(ii) for the certification described in subsection (a)(2), that is introduced between the date the certification is received and 3 calendar days after that date;
(B) which does not have a preamble;
(C) the title of which is only as follows: "Joint resolution relating to the disapproval of the President's exercise of authority to increase the debt limit, as submitted under
(D) the matter after the resolving clause of which is only as follows: "That Congress disapproves of the President's exercise of authority to increase the debt limit, as exercised pursuant to the certification under
(c)
(1)
(2)
(3)
(4)
(d)
(1)
(2)
(3)
(A)
(B)
(C)
(D)
(e)
(f)
(1)
(A) the joint resolution of the other House shall not be referred to a committee; and
(B) the procedure in the receiving House shall be the same as if no joint resolution had been received from the other House until the vote on passage, when the joint resolution received from the other House shall supplant the joint resolution of the receiving House.
(2)
(3)
(4)
(B) Debate on a veto message in the Senate under this section shall be 1 hour equally divided between the majority and minority leaders or their designees.
(5)
(6)
(B) OMB shall implement each half of such sequestration in accordance with section 255, section 256, and subsections (c), (d), (e), and (f) of section 253 of the Balanced Budget and Emergency Deficit Control Act of 1985, and for the purpose of such implementation the term "excess deficit" means the amount specified in subparagraph (A).
(g)
(1) as an exercise of the rulemaking power of the Senate and House of Representatives, respectively, and as such it is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution, and it supersedes other rules only to the extent that it is inconsistent with such rules; and
(2) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.
(Added
Editorial Notes
References in Text
Section 401(b)(3)(B)(i)(II) of the Budget Control Act of 2011, referred to in subsec. (a)(2)(A)(iii), is section 401(b)(3)(B)(i)(II) of title IV of
Section 255, section 256, and subsections (c), (d), (e), and (f) of section 253 of the Balanced Budget and Emergency Deficit Control Act of 1985, referred to in subsec. (f)(6)(B), are classified to sections 905, 906, and 903(c) to (f), respectively, of Title 2, The Congress.
§3102. Bonds
(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
(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.
(
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
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,
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.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3102(a) | 31 App.:752(2d par. less form of bonds). | Sept. 3, 1982, |
Editorial Notes
Amendments
1988—Subsec. (a).
1987—Subsec. (a).
1986—Subsec. (a).
1984—Subsec. (a).
1983—Subsec. (a).
§3103. Notes
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3103(a), (b) | 31:753(a)(less form of notes, certificates of indebtedness, and Treasury bills). | Sept. 24, 1917, ch. 56, |
| 3103(c) | 31:753(c). | Sept. 24, 1917, ch. 56, |
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
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.
§3104. Certificates of indebtedness and Treasury bills
(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
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3104(a) | 31:754(a)(1st, 2d sentences). | Sept. 24, 1917, ch. 56, §5(a)(less form of certificates of indebtedness and Treasury bills, finality), |
| 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
In subsection (b), the words "terms and" after "upon such" are omitted as surplus. The words "for issuing . . . under
In subsection (c), the words "account of" are omitted as surplus.
§3105. Savings bonds and savings certificates
(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
(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 (
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3105(a) | 31:757c(a)(1st sentence), (b)(1)(1st sentence), (d)(1st sentence). | Sept. 24, 1917, ch. 56, |
| 3105(b)(1) | 31:757c(b)(1)(2d sentence proviso, last sentence). | |
| 3105(b)(2) | 31:757c(b)(3). | |
| 3105(b)(3) | 31:757c(b)(2). | |
| 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, |
| 3105(e) | 31:757c(j). | Sept. 24, 1917, ch. 56, |
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
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
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,
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.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3105(b)(1) | 31 App.:757c(b)(1) (2d sentence). | Sept. 3, 1982, |
| 3105(b)(2) | 31 App.:757c(b)(3) | |
| 3105(b)(3) | 31 App.:757c(b)(2). | |
| 3105(c) | 31 App.:757c(b)(1) (3d sentence). | Sept. 3, 1982, |
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.
Editorial Notes
Amendments
1994—Subsec. (b).
"(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).
1983—Subsec. (b).
Subsec. (c)(5).
Statutory Notes and Related Subsidiaries
Effective Date of 1994 Amendment
Transitional Rule
Executive Documents
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:
(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.
(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.
Jimmy Carter.
§3106. Retirement and savings bonds
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3106(a) | 31:757c–2(a)(1st sentence), (b)(1)(1st sentence), (c)(1st sentence). | Sept. 24, 1917, ch. 56, |
| 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
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.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3106(b) | 31 App.:757c–2 (b)(1) (2d sentence). | Sept. 3, 1982, |
Editorial Notes
Amendments
1986—Subsec. (a).
1983—Subsec. (b).
§3107. Increasing interest rates and investment yields on retirement bonds
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 (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3107 | 31:752(last par.). | Sept. 24, 1917, ch. 56, |
The words "interest rate" are added for consistency in the chapter and with 26:405(b) and 409(a).
Editorial Notes
References in Text
Sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (
Enactment of the Tax Reform Act of 1984, referred to in text, means the date of enactment of division A of
Amendments
1984—
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Amendment by
§3108. Prohibition against circulation privilege
An obligation issued under
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3108 | 31:753(d)(1st sentence). | Sept. 24, 1917, ch. 56, |
| 31:757c(d)(last sentence). | Sept. 24, 1917, ch. 56, |
|
| 31:757c–2(c)(last sentence). | Sept. 24, 1917, ch. 56, |
|
| 31:758. | Sept. 24, 1917, ch. 56, §7(1st sentence), |
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,
§3109. Tax and loss bonds
(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
(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 (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3109(a) | 31:757c–3(1st–3d sentences). | Sept. 24, 1917, ch. 56, |
| 3109(b) | 31:757c–3(4th, last sentences). |
In subsection (a), the words "and may buy, redeem, and make refunds under
Editorial Notes
Amendments
1986—
§3110. Sale of obligations of governments of foreign countries
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3110 | 31:801. | Sept. 24, 1917, ch. 56, §3, |
| 31:802, 803. | Mar. 3, 1919, ch. 100, §§7(b), 8, |
|
| 31:804. | Apr. 24, 1917, ch. 4, §3, |
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.
Editorial Notes
References in Text
The First Liberty Bond Act, referred to in subsec. (a)(1), is act Apr. 24, 1917, ch. 4,
The Second Liberty Bond Act, referred to in subsec. (a)(2), is act Sept. 24, 1917, ch. 56,
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,
§3111. New issue used to buy, redeem, or refund outstanding obligations
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3111 | 31:754a. | Sept. 24, 1917, ch. 56, |
The words "regulations of" are substituted for "rules, regulations, terms, and conditions . . . may prescribe" to eliminate unnecessary words.
§3112. Sinking fund for retiring and cancelling bonds and notes
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3112(a) | 31:767(less 2d sentence related to price, terms, and conditions, 3d, 4th sentences). | Mar. 3, 1919, ch. 100, §6, |
| 3112(b) | 31:767(last sentence). | |
| 31:767b. | Mar. 3, 1933, ch. 212, §1(last par. on p. 1492), |
|
| 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.
Editorial Notes
References in Text
The First Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 24, 1917, ch. 4,
The Second Liberty Bond Act, referred to in subsec. (b)(2), is act Sept. 24, 1917, ch. 56,
The Third Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 4, 1918, ch. 44,
The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is act July 9, 1918, ch. 142,
The Victory Liberty Loan Act, referred to in subsec. (b)(2), is act Mar. 3, 1919, ch. 100,
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,
§3113. Accepting gifts
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3113(a) | 31:901(less (b)(proviso)). | June 27, 1961, |
| 3113(b) | 31:901(b)(proviso). | |
| 3113(c) | 31:902, 903. | |
| 3113(d) | 31:904. | |
| 3113(e) | 31:757e. | Sept. 24, 1917, ch. 56, |
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.
SUBCHAPTER II—ADMINISTRATIVE
§3121. Procedure
(a) In issuing obligations under
(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
(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
(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; or
(B) having a maturity (at issue) of not more than one year.
(2) 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.
(3) 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 (
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3121(a) | 31:752(2d par. related to form of bonds). | Sept. 24, 1917, ch. 56, §1(2d par. related to form of bonds), |
| 31:753(a)(related to form of notes, certificates of indebtedness, and Treasury bills). | Sept. 24, 1917, ch. 56, |
|
| 31:754(a)(related to form of certificates of indebtedness and Treasury bills). | Sept. 24, 1917, ch. 56, §5(a)(related to form of certificates of indebtedness and Treasury bills, finality), |
|
| 31:754b(a)(less last 12 words). | Sept. 24, 1917, ch. 56, |
|
| 31:768(words after semicolon). | Feb. 4, 1910, ch. 25, §1(words after semicolon), |
|
| 3121(b)(1) | 31:754b(b). | |
| 3121(b)(2) | 31:757c–4. | Sept. 24, 1917, ch. 56, |
| 3121(c) | 31:754b(c). | |
| 3121(d) | 31:739. | R.S. §3706. |
| 3121(e) | 31:754(a)(related to finality). | |
| 31:754b(a)(last 12 words). | ||
| 3121(f) | 31:772a. | June 1, 1955, ch. 119, §2, |
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.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3121(g) | 31 App.:757c–5. | Sept. 24, 1917, ch. 56, |
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.
Editorial Notes
References in Text
Section 8(b) or (c) of the Federal Deposit Insurance Act, referred to in subsec. (h)(2), is classified to
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 407 of the National Housing Act, referred to in subsec. (h)(2), which was classified to
Section 206(e) or 206(f) of the Federal Credit Union Act, referred to in subsec. (h)(2), is classified to
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
The International Banking Act of 1978, referred to in subsec. (h)(5)(A), is
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
Amendments
2010—Subsec. (g)(1).
Subsec. (g)(2) to (4).
"(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."
1986—Subsec. (h).
1983—Subsec. (g).
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by
Effective Date of 1986 Amendment; Promulgation of Regulations
Amendment by
Effective Date of 1983 Amendment
"(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 (
"(2) The amendment made by section 1(9) of the Act of January 12, 1983 (
"(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 (
"(B) the obligation was not required to be in registered form under the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (
"(b) The amendment made by section 1(9) of the Act of January 12, 1983 (
Transitional and Savings Provisions
For transitional and savings provisions of
Collection of Definitive Security and Annual Maintenance Fees
Treasury Auction Reforms
"(a)
"(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)
"(1)
"(2)
"(A)
"(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)
"(c)
"(1)
"(A)
"(B)
"(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)
"(3)
"(4)
"(A)
"(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)
"(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 Treasury, at the time the Secretary makes a public announcement of the refunding; and
"(ii) with respect to any other discussion, debate, or recommendation at the meeting, at the time the Secretary releases the minutes of the meeting in accordance with paragraph (2).
"(C)
"(i) remove a member of the advisory committee who violates a provision of this paragraph from the advisory committee and permanently bar such person from serving as a member of the advisory committee; and
"(ii) prohibit any director, officer, or employee of the firm of which the member referred to in clause (i) is a director, officer, or employee (at the time the member is removed from the advisory committee) from serving as a member of the advisory committee at any time during the 5-year period beginning on the date of such removal.
"(d)
"(1)
"(A) The number of inquiries begun by the Secretary during the year covered by the report regarding such material violations or suspected material violations by any participant in the auction system or any director, officer, or employee of any such participant and the number of inquiries regarding any such violations or suspected violations which remained open at the end of such year.
"(B) A brief description of the nature of the violations.
"(C) A brief description of any action taken by the Secretary during such year with respect to any such violation, including any referrals made to the Attorney General, the Securities and Exchange Commission, any other law enforcement agency, and any Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act [
"(2)
Notice on Treasury Modifications to Auction Process
1 See References in Text note below.
§3122. Banks and trust companies as depositaries
(a) The Secretary of the Treasury may designate incorporated banks and trust companies as depositaries for any part of proceeds of an obligation issued under this chapter. The Secretary may prescribe the conditions under which deposits may be made under this section, including the interest rate on amounts deposited and security requirements.
(b) The Secretary may designate a bank or trust company that is a depositary under subsection (a) of this section as a fiscal agent of the United States Government in selling and delivering bonds and certificates of indebtedness issued by the Government.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3122(a) | 31:753(d)(last sentence related to 31:771). | Sept. 24, 1917, ch. 56, |
| 31:771. | Sept. 24, 1917, ch. 56, §8, |
|
| 3122(b) | 31:772. | July 9, 1918, ch. 142, §4, |
In the section, the words "war-savings certificates" are omitted because the authority to issue them was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7,
In subsection (a), the words "in his discretion" are omitted as surplus. The word "obligation" is substituted for "bonds and certificates of indebtedness, Treasury bills" for consistency and to eliminate unnecessary words. The words "and arising from the payment of internal revenue taxes" are omitted as superseded by 26:6302(c). The word "conditions" is substituted for "terms and conditions" because it is inclusive. The words "upon and" are omitted as surplus.
In subsection (b), the words "The Secretary may designate a bank or trust company that is a depositary under subsection (a) of this section" are substituted for "Any incorporated bank or trust company designated as a depositary by the Secretary of the Treasury under the authority conferred by
§3123. Payment of obligations and interest on the public debt
(a) The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.
(b) The Secretary of the Treasury shall pay interest due or accrued on the public debt. As the Secretary considers expedient, the Secretary may pay in advance interest on the public debt by a period of not more than one year, with or without a rebate of interest on the coupons.
(c)(1) The Secretary may issue a bond, note, or certificate of indebtedness authorized under this chapter whose principal and interest are payable in a foreign currency stated in the bond, note, or certificate. The Secretary may dispose of the bonds, notes, and certificates at a price that is at least par value without complying with section 3102(b)–(d) of this title.
(2) In determining the dollar amount of bonds, notes, and certificates of indebtedness that may be issued under this chapter, the dollar equivalent of the amount of bonds, notes, and certificates payable in a foreign currency is determined by the par of the exchange value on the date of issue of the bonds, notes, or certificates as published by the Secretary under
(3) The Secretary may designate depositaries in foreign countries in which any part of the proceeds of bonds, notes, or certificates of indebtedness payable in the foreign currency may be deposited.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3123(a) | 31:731. | R.S. §3693. |
| 31:753(d)(2d sentence). | Sept. 24, 1917, ch. 56, |
|
| 31:768(words before semicolon). | Feb. 4, 1910, ch. 25, §1(words before semicolon), |
|
| 3123(b) | 31:732. | R.S. §3698. |
| 31:733(words before semicolon). | R.S. §3699(words before semicolon); restated Jan. 30, 1934, ch. 6, §9, |
|
| 3123(c) | 31:766. | Sept. 24, 1917, ch. 56, |
In subsection (a), the words "legal tender" are substituted for "in coin or its equivalent" in 31:731 and "gold coin of the present standard of value" in section 1 of the Act of Feb. 1, 1910, and section 18(d)(2d sentence) of the Second Liberty Bond Act because of section 1 of the Act of June 5, 1933 (ch. 48,
In subsection (b), the words "cause to be", "out of any money in the Treasury not otherwise appropriated", "falling", "any portion of", and "authorized by law" in 31:732 are omitted as surplus. The text of 31:733(words between semicolon and colon) is omitted as unnecessary because of
In subsection (c), the word "currency" is substituted for "money or . . . moneys" for clarity and because of 1:1.
In subsection (c)(1), the words "but not also in United States gold coin" and "in such manner" are omitted as surplus.
In subsection (c)(2), the words "dollar" before "amount", and "value", are added for clarity. The words "estimated by the Director of the Mint, and" are omitted because of the source provisions restated in section 321(c) of the revised title. The word "published" is substituted for "proclaimed" for clarity.
In subsection (c)(3), the words "as he may determine" are omitted as surplus.
§3124. Exemption from taxation
(a) Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax, except—
(1) a nondiscriminatory franchise tax or another nonproperty tax instead of a franchise tax, imposed on a corporation; and
(2) an estate or inheritance tax.
(b) The tax status of interest on obligations and dividends, earnings, or other income from evidences of ownership issued by the Government or an agency and the tax treatment of gain and loss from the disposition of those obligations and evidences of ownership is decided under the Internal Revenue Code of 1986 (
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3124(a) | 31:742. | R.S. §3701; Sept. 22, 1959, |
| 3124(b) | 31:742a. | Feb. 19, 1941, ch. 7, §4, |
In subsection (a), before clause (1), the words "Except as otherwise provided by law, all . . . bonds, Treasury notes, and other" are omitted as surplus. The words "political subdivision of a State" are substituted for "municipal or local authority" for clarity and consistency. The word "applies" is substituted for "extends" for clarity. The words "directly or indirectly" are omitted as surplus. In clause (1), the word "instead" is substituted for "in lieu" for clarity.
In subsection (b), the words "shares, certificates, stock, or other" and "sale or other" are omitted as surplus. The words "The tax status of . . . and the tax treatment of . . . is decided under the Internal Revenue Code of 1954 (
Editorial Notes
Amendments
1986—Subsec. (b).
§3125. Relief for lost, stolen, destroyed, mutilated, or defaced obligations
(a) In this section, "obligation" means a direct obligation of the United States Government issued under law for valuable consideration, including bonds, notes, certificates of indebtedness, Treasury bills, and interim certificates issued for an obligation.
(b) The Secretary of the Treasury may provide relief for the loss, theft, destruction, mutilation, or defacement of an obligation identified by number and description.
(c)(1) An indemnity bond is required as a condition of relief if the obligation is payable to bearer or assigned so as to become payable to bearer and is not proven clearly to have been destroyed. The Secretary may prescribe for the indemnity bond the form, amount, and surety or security requirements.
(2) Relief for interest coupons claimed to have been attached to an obligation may be provided only if the Secretary is satisfied that the coupons have not been paid and are destroyed or will not become the basis of a valid claim against the Government.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3125(a) | 31:738a(d). | July 8, 1937, ch. 444, §8(a)–(d), |
| 3125(b) | 31:738a(a). | |
| 3125(c)(1) | 31:738a(b). | |
| 3125(c)(2) | 31:738a(c). |
In the section, the word "obligation" is substituted for "security" in the defined term for consistency in the chapter and the revised title and to eliminate using the word "security" in 2 different ways in the same section.
In subsection (b), the words "Under such regulations as he may deem necessary for the administration of this section" are omitted as unnecessary because of section 321(b) of the revised title.
In subsection (c)(1), the words "whether before, at, or after maturity" and "in effect" are omitted as surplus.
§3126. Losses and relief from liability related to redeeming savings bonds and notes
(a) Under regulations prescribed by the Secretary of the Treasury, a loss resulting from a payment related to redeeming a savings bond or savings note shall be replaced out of the fund established by
(b)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3126(a) | 31:757c(i)(1st–4th sentences). | Sept. 24, 1917, ch. 56, |
| 3126(b) | 31:757c(i)(5th, 6th sentences). |
In subsection (a), the words "qualified" and "authorized or" are omitted as surplus. The words "officer or employee of the Department of the Treasury" are substituted for "Treasury of the United States" and "Treasurer" because of the source provisions restated in section 321 of the revised title and for consistency with other titles of the United States Code. The text of 31:757c(i)(3d sentence) is omitted as surplus because of 39:410. The words "under regulations prescribed by him" are omitted as unnecessary.
Editorial Notes
Amendments
2002—Subsec. (a).
Subsec. (b).
§3127. Credit to officers, employees, and agents for stolen Treasury notes
When an officer, employee, or agent of the United States Government authorized to receive, redeem, or cancel Treasury notes receives or pays a note that was stolen and put in circulation after it had been received or redeemed by an officer, employee, or agent authorized to receive or redeem the note, the Secretary of the Treasury may allow the officer, employee, or agent receiving or paying the stolen note a credit for the amount of the note. The Secretary may allow the credit only if the Secretary is satisfied that the note was received or paid in good faith and in exercising ordinary prudence.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3127 | 31:740. | R.S. §3707. |
The word "employee" is added for consistency with other titles of the United States Code. The words "of the United States Government" are added for clarity and consistency. The word "duly" is omitted as surplus. The words "issued by authority of law" are omitted as unnecessary. The words "which has subsequently thereto" are omitted as unnecessary. The words "is satisfied" are substituted for "upon full and satisfactory proof" to eliminate unnecessary words.
§3128. Proof of death to support payment
A finding of death made by an officer or employee of the United States Government authorized by law to make the finding is sufficient proof of death to allow credit in the accounts of a Federal reserve bank or accountable official of the Department of the Treasury in a case involving the transfer, exchange, reissue, redemption, or payment of obligations of the Government, including obligations guaranteed by the Government for which the Secretary of the Treasury acts as transfer agent.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3128 | 31:757d. | Sept. 24, 1917, ch. 56, |
The words "officer or employee" are substituted for "official or agency" for clarity and consistency with other titles of the United States Code. The word "Government" is added for consistency. The words "section 1005 of Appendix to title 50" are omitted because the section was repealed by section 8(a) of the Act of Sept. 6, 1966 (
§3129. Appropriation to pay expenses
(a) Amounts to pay necessary expenses (including rent) for an issue of obligations authorized under this chapter are appropriated to the Secretary of the Treasury. However, the amount appropriated under this section may not be more than—
(1) .2 percent of the amount of bonds and notes authorized under this chapter;
(2) .1 percent of the amount of certificates of indebtedness authorized under
(3) .1 percent of the amount of certificates of indebtedness authorized under the First Liberty Bond Act.
(b) An appropriation under this section is available for obligation only through the end of the fiscal year after the fiscal year in which the issue was made. During a period for which an appropriation for a specified amount is made for expenses for which this section makes an appropriation for an unspecified amount, only the appropriation for the specified amount is available for obligation.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3129 | 31:753(d)(last sentence less related to 31:771). | Sept. 24, 1917, ch. 56, |
| 31:757c(e). | Sept. 24, 1917, ch. 56, |
|
| 31:759. | Apr. 24, 1917, ch. 4, §8, |
|
| 31:760. | Sept. 24, 1917, ch. 56, §10, |
|
| 31:761. | June 16, 1921, ch. 23, §1(last par. last sentence under heading "Office of the Secretary"), |
In subsection (a), before clause (1), the words "an issue of obligations authorized under this chapter" are substituted for 31:761(less proviso) to reflect consolidation of the authority for issues of obligations in the revised chapter and for consistency. The text of 31:757c(e) is omitted as unnecessary and superseded by 39:410. The words "out of any money in the Treasury not otherwise appropriated" in 31:760 are omitted as unnecessary and for consistency. The words "to be expended as the Secretary of the Treasury may direct" in 31:760 are omitted as surplus. In clause (1), the .2 percent limitation on expenses of bonds referred to in 31:760 is made applicable to a "note" because of the definition of bond in 31:753(d)(last sentence). The words "sections 735 to 738, . . . 765, . . . 773 of this title and
In subsection (b), the words "appropriation for the specified amount" are substituted for "definite appropriation", and the words "appropriation for an unspecified amount" are substituted for "indefinite appropriation", as being more precise. The word "only" is substituted for "and the indefinite appropriation shall not be available for obligation" to eliminate unnecessary words.
Editorial Notes
References in Text
The First Liberty Bond Act, referred to in subsec. (a)(3), is act Apr. 24, 1917, ch. 4,
§3130. Annual public debt report
(a)
(1) the Treasury's public debt activities, and
(2) the operations of the Federal Financing Bank.
(b)
(1) A table showing the following information with respect to the total public debt:
(A) The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most recent current services baseline projection of the executive branch.
(B) The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most recent current services baseline projection.
(2) A table showing the following information with respect to the net public debt:
(A) The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most recent current services baseline projection of the executive branch.
(B) The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most recent current services baseline projection.
(C) The interest cost on such debt for prior fiscal years and the projected interest cost on such debt for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.
(D) The interest cost to outlay ratios for prior fiscal years and the projected interest cost to outlay ratios for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection.
(3) A table showing the maturity distribution of the net public debt as of the time the report is submitted and for prior years, and an explanation of the overall financing strategy used in determining the distribution of maturities when issuing public debt obligations, including a discussion of the projections and assumptions with respect to the structure of interest rates for the current fiscal year and for the succeeding 5 fiscal years.
(4) A table showing the following information as of the time the report is submitted and for prior years:
(A) A description of the various categories of the holders of public debt obligations.
(B) The portions of the total public debt held by each of such categories.
(5) A table showing the relationship of federally assisted borrowing to total Federal borrowing as of the time the report is submitted and for prior years.
(6) A table showing the annual principal and interest payments which would be required to amortize in equal annual payments the level (as of the time the report is submitted) of the net public debt over the longest remaining term to maturity of any obligation which is a part of such debt.
(c)
(d)
(e)
(1)
(2)
(3)
(4)
(5)
(Added
CHAPTER 33 —DEPOSITING, KEEPING, AND PAYING MONEY
SUBCHAPTER I—DEPOSITS AND DEPOSITARIES
SUBCHAPTER II—PAYMENTS
SUBCHAPTER III—MISCELLANEOUS
SUBCHAPTER IV—IMPROPER PAYMENTS
Editorial Notes
Amendments
2020—
1994—
1991—
1990—
SUBCHAPTER I—DEPOSITS AND DEPOSITARIES
§3301. General duties of the Secretary of the Treasury
(a) The Secretary of the Treasury shall—
(1) receive and keep public money;
(2) take receipts for money paid out by the Secretary;
(3) give receipts for money deposited in the Treasury;
(4) endorse warrants for receipts for money deposited in the Treasury;
(5) submit the accounts of the Secretary to the Comptroller General every 3 months, or more often if required by the Comptroller General; and
(6) submit to inspection at any time by the Comptroller General of money in the possession of the Secretary.
(b) Except as provided in
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3301 | 31:44(1st sentence). | June 10, 1921, ch. 18, §304(1st par. 1st sentence), |
| 31:147(less disbursement). | R.S. §305(less disbursement). |
In subsection (a), the words "public money" are substituted for "the moneys of the United States" to eliminate unnecessary words and for consistency. The words "Secretary of the Treasury" are substituted for "Treasurer" because of the source provisions restated in section 321(c) of the revised title. In clauses (3) and (4), the words "deposited in the Treasury" are substituted for "received by him" for clarity and consistency in the revised title. In clause (4), the words "signed by the Secretary of the Treasury" are omitted as surplus. In clauses (5) and (6), the words "Comptroller General" are substituted for "General Accounting Office" for consistency. In clause (5), the word "submit" is substituted for "render" for consistency. The words "and shall transmit a copy thereof, when settled, to the Secretary of the Treasury" are omitted because of the restatement. In clause (6), the words "Secretary of the Treasury . . . or either of them" are omitted because of the restatement. The word "public" is added for consistency.
In subsection (b), the words "Except as provided in
Statutory Notes and Related Subsidiaries
Short Title of 2020 Amendment
Short Title of 2015 Amendment
Short Title of 2010 Amendment
Short Title of 2000 Amendment
Short Title of 1994 Amendment
§3302. Custodians of money
(a) Except as provided by another law, an official or agent of the United States Government having custody or possession of public money shall keep the money safe without—
(1) lending the money;
(2) using the money;
(3) depositing the money in a bank; and
(4) exchanging the money for other amounts.
(b) Except as provided in section 3718(b) 1 of this title, an official or agent of the Government receiving money for the Government from any source shall deposit the money in the Treasury as soon as practicable without deduction for any charge or claim.
(c)(1) A person having custody or possession of public money, including a disbursing official having public money not for current expenditure, shall deposit the money without delay in the Treasury or with a depositary designated by the Secretary of the Treasury under law. Except as provided in paragraph (2), money required to be deposited pursuant to this subsection shall be deposited not later than the third day after the custodian receives the money. The Secretary or a depositary receiving a deposit shall issue duplicate receipts for the money deposited. The original receipt is for the Secretary and the duplicate is for the custodian.
(2) The Secretary of the Treasury may by regulation prescribe that a person having custody or possession of money required by this subsection to be deposited shall deposit such money during a period of time that is greater or lesser than the period of time specified by the second sentence of paragraph (1).
(d) An official or agent not complying with subsection (b) of this section may be removed from office. The official or agent may be required to forfeit to the Government any part of the money held by the official or agent and to which the official or agent may be entitled.
(e) An official or agent of the Government having custody or possession of public money shall keep an accurate entry of each amount of public money received, transferred, and paid.
(f) When authorized by the Secretary, an official or agent of the Government having custody or possession of public money, or performing other fiscal agent services, may be allowed necessary expenses to collect, keep, transfer, and pay out public money and to perform those services. However, money appropriated for those expenses may not be used to employ or pay officers and employees of the Government.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3302(a) | 31:521. | R.S. §3639; June 6, 1972, |
| 3302(b) | 31:484. | R.S. §3617. |
| 3302(c) | 31:495. | R.S. §3621; restated May 28, 1896, ch. 252, §5, |
| 3302(d) | 31:490. | R.S. §3619. |
| 3302(e) | 31:525. | R.S. §3643. |
| 3302(f) | 31:545. | R.S. §3653; Aug. 7, 1882, ch. 433, §1(2d complete par. on p. 312), |
| 31:1023(b). | June 1, 1955, ch. 119, §1(b), |
In subsection (a), before clause (1), the words "Except as provided by another law" are substituted for "than as specially allowed by law" in 31:521 for clarity and consistency. The words "an official or agent of the United States Government having custody or possession of public money" are substituted for "The Treasurer of the United States, all assistant treasurers [subsequently changed to 'all depositaries designated in accordance with
In subsection (b), the words "any abatement or" are omitted as surplus. The words "for any charge or claim" are substituted for "on account of salary, fees, costs, charges, expenses, or claim of any description whatever", and the words "shall deposit the money in the Treasury" are substituted for "The gross amount of all moneys received from whatever source for the use of the United States, . . . shall be paid . . . into the Treasury", to eliminate unnecessary words. The words "except as otherwise provided in
In subsection (c), the word "Secretary" is substituted for "Treasurer" because of the source provisions restated in section 321(c) of the revised title. The balance of subsection (c) is substituted for 31:495(words before proviso) for clarity and consistency. The text of 31:495(proviso) is omitted as superseded by title 39.
Subsection (d) is substituted for 31:490 for clarity and consistency.
In subsection (e), the words "official or agent having custody or possession of public money" are substituted for "persons charged by law with the safekeeping, transfer, and disbursements of the public moneys" for consistency and to eliminate unnecessary words. The words "other than those connected with the United States Postal Service" are omitted as superseded by title 39.
In subsection (f), the word "expressly" is omitted as surplus. The words "official or agent having custody or possession" are substituted for 31:545(words before 21st comma) for consistency and to eliminate unnecessary words. The words "additional . . . fireproof of chests or vaults or other necessary expenses of" are omitted as surplus. The words "employ or pay officers and employees of the Government" are substituted for "clerical services or payment of employees of any nature or grade" for consistency in the revised title and with other titles of the United States Code.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3302(b) | 31 App.:484. | Oct. 25, 1982, |
The reference to "952(g)(2)" in 31 App.:484 is incorrect and should be "952(f)(2)".
1984 Act (Pub. L. 98–216 )
Section 3618 (1st sentence related to non-military deposits) of the Revised Statutes inadvertently was omitted as a source credit for 31:3302. Table 2A of H. Rep. 97–651 (p. 298) states that the sentence was omitted as superseded by various sections of title 10. Title 10 supersedes the sentence only as it applies to military deposits. However, the language of section 3618 (1st sentence related to non-military deposits) is subsumed in the broader language of section 3617 of the Revised Statutes, the source credit for 31:3302(b). Therefore, while section 3618 (1st sentence related to non-military deposits) should be a source credit for 31:3302(b), it is not necessary that the language of the sentence be restated.
Editorial Notes
References in Text
Amendments
1994—Subsec. (c)(1).
1984—Subsec. (c).
1983—Subsec. (b).
Statutory Notes and Related Subsidiaries
Effective Date of 1994 Amendment
Effective Date of 1984 Amendment
1 See References in Text note below.
§3303. Designation of depositaries
(a) The Secretary of the Treasury designates depositaries of money as provided in this section and under other law.
(b) When necessary to carry out the business of the United States Government and under conditions the Secretary decides are necessary, the Secretary may designate depositaries in foreign countries and in territories and possessions of the United States to receive deposits of public money. The Secretary shall give preference to United States financial institutions the Secretary decides are safe and able to give the service required.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3303(a) | (no source). | |
| 3303(b) | 31:473. | June 19, 1922, ch. 228, |
Subsection (a) is added to inform the reader that there are numerous other laws providing for the designation of depositaries. These other laws are scattered throughout the titles of the United States Code.
In subsection (b), the words "carry out" are substituted for "transaction" for consistency. The words "terms and . . . as to security and otherwise" and "of public moneys" are omitted as surplus. The words "territories and possessions of the United States" are substituted for "Territories and insular possessions of the United States" for consistency. The words "to receive deposits of public money" are added for clarity.
§3304. Transfers of public money from depositaries
The Secretary of the Treasury may transfer public money in the possession of a depositary—
(1) to the Treasury; and
(2) if the Secretary believes the safety of the public money and convenience require it, to another depositary.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3304 | 31:522. | R.S. §3640. |
In the section, before clause (1), the words "except as provided in
§3305. Audits of depositaries
The Secretary of the Treasury, or an officer, employee, or agent designated by the Secretary, may audit a depositary of public money. For uniformity and accuracy in accounts and safety of public money, an individual conducting an audit shall audit a depositary's—
(1) books;
(2) accounts;
(3) returns; and
(4) public money on hand and the way the money is kept.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3305 | 31:548. | R.S. §3649. |
In the section, before clause (1), the words "or an officer, employee, or agent designated by the Secretary" are substituted for "and for that purpose to appoint special agents, as occasion may require" for clarity and consistency. The words "may audit a depositary of public money" are substituted for "is authorized to cause examinations to be made of the books, accounts and money on hand, of the several depositaries" to eliminate unnecessary words and for consistency. The words "with such compensation, not exceeding $6 per day and traveling expenses, as he may think reasonable, to be fixed and declared at the time of each appointment" are omitted as superseded by 5:3109 and ch. 57. The words "be instructed to" and "as well" are omitted as surplus.
SUBCHAPTER II—PAYMENTS
§3321. Disbursing authority in the executive branch
(a) Except as provided in this section or another law, only officers and employees of the Department of the Treasury designated by the Secretary of the Treasury as disbursing officials may disburse public money available for expenditure by an executive agency.
(b) For economy and efficiency, the Secretary may delegate the authority to disburse public money to officers and employees of other executive agencies.
(c) The head of each of the following executive agencies shall designate personnel of the agency as disbursing officials to disburse public money available for expenditure by the agency:
(1) United States Marshal's Office.
(2) The Department of Defense.
(3) The Department of Homeland Security.1 (with respect to public money available for expenditure by the Coast Guard when it is not operating as a service in the Navy).
(d) On request of the Secretary and with the approval of the head of an executive agency referred to in subsection (c) of this section, facilities of the agency may be used to assist in disbursing public money available for expenditure by another executive agency.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3321(a), (b) | 5:901(note). | Exec. Order No. 6166, June 10, 1933, §4. |
| 3321(c), (d) | 31:492–1. | R.S. §176; Sept. 6, 1966, |
| 5 App. | Reorg. Plan No. 4 of 1940, eff. June 30, 1940, §§3, 4, |
|
| Exec. Order No. 6728, May 29, 1934. |
The section uses the defined term "executive agency" in section 102 of the revised title because the source provisions of this section are from a reorganization plan and executive orders that apply only to departments, agencies, and instrumentalities of the executive branch of the United States Government.
In subsections (a) and (b), the words "Secretary of the Treasury" and "Secretary" are substituted for references to the Division of Disbursement and a Chief Disbursing Officer because of the source provisions restated in section 321(c) of the revised title. The words "public money" are substituted for "moneys of the United States" for consistency with the other source provisions restated in the section and for consistency in the chapter.
Subsection (a) is substituted for section 4(1st paragraph) of Executive Order No. 6166 to omit executed words.
In subsection (b), the words "may require" and "as the interests of" are omitted as unnecessary. The words "to establish local offices" are omitted because of the authority of the Secretary of the Treasury as the head of the Department of the Treasury and the authority of the Secretary under section 321 of the revised title. The text of section 4(last paragraph) is omitted as superseded by section 3325 of the revised title.
In subsection (c), the text of 31:492–1(1st sentence) is applied only to the listed agencies because of subsection (a) and Executive Order 6728. The text of 31:492–1(last sentence) is omitted as superseded by section 2 of Reorganization Plan No. 18 of 1950 (eff. July 1, 1950,
Editorial Notes
Amendments
2006—Subsec. (c)(3).
1996—Subsec. (c)(2).
Subsec. (c)(3).
1994—Subsec. (c)(2).
Statutory Notes and Related Subsidiaries
Saving Federal Dollars Through Better Use of Government Purchase and Travel Cards
"SEC. 1801. SHORT TITLE.
"This title may be cited as the 'Saving Federal Dollars Through Better Use of Government Purchase and Travel Cards Act of 2017'.
"SEC. 1802. DEFINITIONS.
"In this title:
"(1)
"(2)
"(3)
"SEC. 1803. EXPANDED USE OF DATA ANALYTICS.
"(a)
"(1) identifying examples or patterns of questionable transactions and developing enhanced tools and methods for agency use in—
"(A) identifying questionable purchase and travel card transactions; and
"(B) recovering improper payments made with purchase and travel cards;
"(2) identifying potential opportunities for agencies to further leverage administrative process streamlining and cost reduction from purchase and travel card use, including additional agency opportunities for card-based strategic sourcing;
"(3) developing a set of purchase and travel card metrics and benchmarks for high-risk activities, which shall assist agencies in identifying potential emphasis areas for their purchase and travel card management and oversight activities, including those required by the Government Charge Card Abuse Prevention Act of 2012 (
"(4) developing a plan, which may be based on existing capabilities, to create a library of analytics tools and data sources for use by Federal agencies (including inspectors general of those agencies).
"SEC. 1804. GUIDANCE ON IMPROVING INFORMATION SHARING TO CURB IMPROPER PAYMENTS.
"(a)
"(b)
"(1) require relevant officials at Federal agencies to identify high-risk activities and communicate that information to the appropriate management levels within the agencies;
"(2) require that appropriate officials at Federal agencies review the reports issued by charge card-issuing banks on questionable transaction activity (such as purchase and travel card pre-suspension and suspension reports, delinquency reports, and exception reports), including transactions that occur with high-risk activities, and suspicious timing or amounts of cash withdrawals or advances;
"(3) provide for the appropriate sharing of information related to potential questionable transactions, fraud schemes, and high-risk activities with the General Services Administration and the appropriate officials in Federal agencies;
"(4) consider the recommendations made by Inspectors General or the best practices Inspectors General have identified; and
"(5) include other requirements determined appropriate by the Director for the purposes of carrying out this title.
"SEC. 1805. INTERAGENCY CHARGE CARD DATA MANAGEMENT GROUP.
"(a)
"(b)
"(1) cover rules, edits, and task order or contract modifications related to charge card-issuing banks;
"(2) include the review of accounts payable information and purchase and travel card transaction data of agencies for the purpose of identifying potential strategic sourcing and other additional opportunities (such as recurring payments, utility payments, and grant payments) for which the charge cards or related payment products could be used as a payment method; and
"(3) include other best practices as determined by the Administrator and Director.
"(c)
"SEC. 1806. REPORTING REQUIREMENTS.
"(a)
"(b)
"(c)
"(d)
Fraud Reduction and Data Analytics
Improper Payments Elimination and Recovery Improvement
Determinations of Agency Readiness for Opinion on Internal Control
Recovery Audits
Compliance
Improper Payments
Executive Documents
Ex. Ord. No. 13681. Improving the Security of Consumer Financial Transactions
Ex. Ord. No. 13681, Oct. 17, 2014, 79 F.R. 63491, provided:
Given that identity crimes, including credit, debit, and other payment card fraud, continue to be a risk to U.S. economic activity, and given the economic consequences of data breaches, the United States must take further action to enhance the security of data in the financial marketplace. While the U.S. Government's credit, debit, and other payment card programs already include protections against fraud, the Government must further strengthen the security of consumer data and encourage the adoption of enhanced safeguards nationwide in a manner that protects privacy and confidentiality while maintaining an efficient and innovative financial system.
By the authority vested in me as President by the Constitution and the laws of the United States of America, and in order to improve the security of consumer financial transactions in both the private and public sectors, it is hereby ordered as follows:
(a) The Secretary of the Treasury shall take necessary steps to ensure that payment processing terminals acquired by agencies through the Department of the Treasury or through alternative means authorized by the Department of the Treasury have enhanced security features. No later than January 1, 2015, all new payment processing terminals acquired in these ways shall include hardware necessary to support such enhanced security features. By January 1, 2015, the Department of the Treasury shall develop a plan for agencies to install enabling software that supports enhanced security features.
(b) The Administrator of General Services shall take necessary steps to ensure that credit, debit, and other payment cards provided through General Services Administration (GSA) contracts have enhanced security features, and shall begin replacing credit, debit, and other payment cards without enhanced security features no later than January 1, 2015.
(c) The Secretary of the Treasury shall take necessary steps to ensure that Direct Express prepaid debit cards for administering Government benefits have enhanced security features, and by January 1, 2015, the Department of the Treasury shall develop a plan for the replacement of Direct Express prepaid debit cards without enhanced security features.
(d) By January 1, 2015, other agencies with credit, debit, and other payment card programs shall provide to the Office of Management and Budget (OMB) plans for ensuring that their credit, debit, and other payment cards have enhanced security features.
(e) Nothing in this order shall be construed to preclude agencies from adopting additional standards or upgrading to more effective technology and standards to improve the security of consumer financial transactions as technologies and threats evolve.
(a) by February 15, 2015, the Attorney General, in coordination with the Secretary of Homeland Security, shall issue guidance to promote regular submissions, as appropriate and permitted by law, by Federal law enforcement agencies of compromised credentials to the National Cyber-Forensics and Training Alliance's Internet Fraud Alert System;
(b) the Department of Justice, the Department of Commerce, and the Social Security Administration shall identify all publicly available agency resources for victims of identity theft, and shall provide to the Federal Trade Commission (FTC) information about such resources no later than March 15, 2015, with updates thereafter as necessary. These agencies shall work in consultation with the FTC to streamline these resources and consolidate them wherever possible at the FTC's public Web site, IdentityTheft.gov; and
(c) OMB and GSA shall assist the FTC in enhancing the functionality of IdentityTheft.gov, including by coordinating with the credit bureaus to streamline the reporting and remediation process with credit bureaus' systems to the extent feasible, and in making the enhanced site available to the public by May 15, 2015.
(b) Nothing in this order shall be construed to impair or otherwise affect:
(i) the authority granted by law to an executive department, agency, or the head thereof; or
(ii) the functions of the Director of OMB relating to budgetary, administrative, or legislative proposals.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
Barack Obama.
1 So in original. The period probably should not appear.
§3322. Disbursing officials
(a) The Secretary of the Treasury shall transfer public money to a disbursing official only by draft or warrant written on the Treasury. Except as provided in section 3716 and
(1) deposit public money as required by
(2) draw public money from the Treasury or a depositary only—
(A) as necessary to make payments; and
(B) payable to persons to whom payment is to be made.
(b) In a place without a depositary, the Secretary, on deciding it is essential to the public interest, may authorize specially in writing that public money be—
(1) deposited in any other public depositary; or
(2) kept in another manner under regulations the Secretary decides are the safest and most effective in making a payment to a public creditor easier.
(c) A disbursing official is not liable for an overpayment provided under a United States Government bill of lading or transportation request when the overpayment is caused by the—
(1) use of improper transportation rates or classifications if the Administrator of General Services has determined that verification by a prepayment audit conducted pursuant to
(2) failure to deduct the proper amount under—
(A) a land grant law; or
(B) an equalization or other agreement.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3322(a) | 31:492(a). | R.S. §3620(a); Feb. 27, 1877, ch. 69(7th complete par. on p. 249), |
| 3322(b) | 31:82g(related to disbursing officers). | June 1, 1942, ch. 320(related to disbursing officers), |
In the section, the words "disbursing official" are substituted for "disbursing officer" for consistency in the revised title.
In subsection (a), before clause (1), 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 "or an assistant treasurer of the United States" in section 3620(a) of the Revised Statutes are omitted as obsolete because of the 1st–4th pars. under the heading "Independent Treasury" in the Act of May 29, 1920 (ch. 214,
In subsection (b), before clause (1), the words "On and after June 1, 1942" are omitted as executed. The words "of the United States" are omitted as unnecessary. The words "for transportation" are omitted as surplus.
1984 Act
This is necessary because section 3620(a) (last sentence) of the Revised Statutes inadvertently was omitted from the codification of title 31 by section 1 of the Act of September 13, 1982 (
In subsection (a), before clause (1), the words "Except as provided in subsection (b) of this section" are added because of the restatement.
In subsection (b), before clause (1), the word "however" is omitted as surplus. The words "treasurer or" are omitted as obsolete because of the 1st–4th pars. under the heading "Independent Treasury" in the Act of May 29, 1920 (ch. 214,
Editorial Notes
Amendments
1998—Subsec. (c)(1).
1996—Subsec. (a).
1984—Subsec. (a).
Subsecs. (b), (c).
Statutory Notes and Related Subsidiaries
Effective Date of 1998 Amendment
Effective Date of 1996 Amendment
Effective Date of 1984 Amendment
Amendment by
§3323. Warrants
(a) Except as provided in
(1) authorized by law;
(2) signed by the Secretary; and
(3) countersigned by the Comptroller General.
(b)(1) A disbursing official shall send to the Secretary with a warrant a certificate under
(2) The Secretary shall return the certificate or requisition to the Comptroller General with the date and amount endorsed on the certificate or requisition.
(c) A requisition for the payment of money on an audited account or for depositing money in the Treasury is not required.
(d) The Secretary and the Comptroller General shall charge to the appropriate appropriation in their books any money paid by a warrant.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3323(a) | 31:44(1st sentence). | June 10, 1921, ch. 18, §304(1st par. 1st sentence), |
| 31:76(2d sentence words before 3d comma). | July 31, 1894, ch. 174, §11(2d, 3d sentences), |
|
| 31:147(related to disbursement). | R.S. §305(related to disbursement); July 31, 1894, ch. 174, §11(last sentence related to §305), |
|
| 3323(b) | 31:76(2d sentence words after 3d comma). | |
| 3323(c) | 31:76(3d sentence). | |
| 3323(d) | 31:44(1st sentence). | |
| 31:77. | R.S. §3675. |
In the section, the words "Comptroller General" are substituted for "General Accounting Office" for consistency.
Subsection (a) is substituted for 31:76(2d sentence words before 3d comma) and 147(related to disbursement) to eliminate unnecessary words and for clarity and consistency.
In subsection (b), the word "Secretary" is substituted for "Treasurer" because of the source provisions restated in section 321 of the revised title.
In subsection (b)(1), the words "instead of being specified on the warrant" are omitted as surplus. The reference to "
In subsection (c), the word "depositing" is substituted for "covering" for clarity and consistency.
§3324. Advances
(a) Except as provided in this section, a payment under a contract to provide a service or deliver an article for the United States Government may not be more than the value of the service already provided or the article already delivered.
(b) An advance of public money may be made only if it is authorized by—
(1) a specific appropriation or other law; or
(2) the President to be made to—
(A) a disbursing official if the President decides the advance is necessary to carry out—
(i) the duties of the official promptly and faithfully; and
(ii) an obligation of the Government; or
(B) an individual serving in the armed forces at a distant station if the President decides the advance is necessary to disburse regularly pay and allowances.
(c) Before the Secretary of the Treasury acts on a requisition for an advance, the Comptroller General shall act on the requisition under
(d) The head of an agency may pay in advance from appropriations available for the purpose—
(1) to the Secretary of the Army, charges for messages sent by the Secretary of the Army for the head of the agency, including charges for—
(A) payment of tolls of commercial carriers;
(B) leasing facilities for sending messages; and
(C) installing and maintaining facilities for sending messages; and
(2) charges for a publication printed or recorded in any way for the auditory or visual use of the agency.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3324(a) | 31:529(2d sentence). | R.S. §3648; Aug. 2, 1946, ch. 744, §11, |
| 3324(b) | 31:529(1st, 3d, last sentences). | |
| 3324(c) | 31:44(1st sentence). | June 10, 1921, ch. 18, §304(1st par. 1st sentence), |
| 31:76(1st, last sentences). | July 31, 1894, ch. 174, §11(1st, 4th sentences), |
|
| 3324(d) | 31:530a. | June 12, 1930, ch. 470, §1, |
| 31:530b. | June 12, 1930, ch. 470, |
|
| 31:686–2. | Apr. 15, 1926, ch. 146, §101(proviso on p. 267), |
In subsection (a), the words "Except as provided in this section" are added for clarity. The words "already provided" and "already delivered" are substituted for "rendered . . . delivered previously to such payment" for clarity and consistency.
In subsection (b), before clause (1), the words "in any case" and "It shall, however, be lawful under the special direction of" are omitted as surplus. In clause (2)(A)(i), the word "official" is substituted for "officer" for consistency in the revised title. The words "of the Government" are omitted as surplus. Clause (2)(A)(ii) is substituted for "the public engagements" for clarity. In clause (2)(B), the word "individual" is substituted for "persons" for consistency. The words "armed forces" are substituted for "military and naval service" for consistency with title 10. The words "and proper" are omitted as unnecessary. The words "disburse regularly pay and allowances" are substituted for "discharge of the pay and emoluments to which they may be entitled cannot be regularly effected" to eliminate unnecessary words, for clarity, and for consistency with title 37.
In subsection (c), the words "Comptroller General" are substituted for "General Accounting Office" for consistency.
In subsection (d), before clause (1), the words "On and after April 15, 1926" in 31:686–2 are omitted as executed. The word "agency" is substituted for "department or establishment" because of section 101 of the revised title and for consistency. The words "may pay in advance from appropriations available for the purpose" are substituted for "may transfer in advance . . . such amounts as may be necessary to defray the expense of" for clarity and consistency. In clause (1), the words "Secretary of the Army" are substituted for "Signal Corps of the Army" because of 10:3012. The title of Secretary of War was changed to Secretary of the Army, and the Department of War was designated the Department of the Army by section 205(a) of the Act of July 26, 1947 (ch. 343,
Statutory Notes and Related Subsidiaries
International Refugee Organization
Funds available for expenditure without regard to this section, see
Executive Documents
Exemption of Functions
Functions authorized by Foreign Assistance Act of 1961, as amended, as exempt, see Ex. Ord. No. 11223, May 12, 1965, 30 F.R. 6635, set out as a note under
§3325. Vouchers
(a) A disbursing official in the executive branch of the United States Government shall—
(1) disburse money only as provided by a voucher certified by—
(A) the head of the executive agency concerned; or
(B) an officer or employee of the executive agency having written authorization from the head of the agency to certify vouchers;
(2) examine a voucher if necessary to decide if it is—
(A) in proper form;
(B) certified and approved; and
(C) computed correctly on the facts certified; and
(3) except for the correctness of computations on a voucher or pursuant to payment intercepts or offsets pursuant to
(b) In addition to officers and employees referred to in subsection (a)(1)(B) of this section as having authorization to certify vouchers, members of the armed forces may certify vouchers when authorized, in writing, by the Secretary of Defense or, in the case of the Coast Guard when it is not operating as a service in the Navy, by the Secretary of Homeland Security.
(c) On request, the Secretary of the Treasury may provide to the appropriate officer or employee of the United States Government a list of persons receiving periodic payments from the Government. When certified and in proper form, the list may be used as a voucher on which the Secretary may disburse money.
(d) The head of an executive agency or an officer or employee of an executive agency referred to in subsection (a)(1)(B), as applicable, shall include with each certified voucher submitted to a disbursing official pursuant to this section the taxpayer identifying number of each person to whom payment may be made under the voucher.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3325(a) | 31:82b. | Dec. 29, 1941, ch. 641, §§1, 4(related to §1), |
| 31:82f(related to disbursing officers). | Apr. 28, 1942, ch. 247, §301(1st par. proviso under heading "Bureau of Accounts" related to disbursing officers), |
|
| 3325(b) | 31:82e(related to 31:82b). | |
| 3325(c) | 31:82a. | May 14, 1937, ch. 180, §1(2d par. last proviso on p. 140), |
In subsection (a), before clause (1), the words "Notwithstanding the provisions of
In subsection (b), the words "under the jurisdiction" are omitted as surplus. The words "a military department of the Department of Defense" are substituted for "the Department of the Army, the Navy Department (including the Marine Corps)" for consistency with title 10. The words "and the Panama Canal" (subsequently changed to "the Canal Zone Government" by section 2(a)(1) of the Act of September 26, 1950 (ch. 1049,
In subsection (c), the words "On and after May 14, 1937" are omitted as executed. The words "Secretary of the Treasury" are substituted for "Division of Disbursement, Treasury Department" in section 1(last proviso of 2d par. on p. 140) of the Act of May 14, 1937, because of section 1(a) of Reorganization Plan No. III of 1940 (eff. June 30, 1940,
Editorial Notes
Amendments
2006—Subsec. (b).
1996—Subsec. (a)(3).
Subsec. (b).
Subsec. (d).
§3326. Waiver of requirements for warrants and advances
(a) When the Secretary of the Treasury and the Comptroller General decide that, with sufficient safeguards, existing procedures may be changed to simplify, improve, and economize the control and accounting of public money, they may prescribe joint regulations for waiving any part of the requirements in effect on September 12, 1950, that—
(1) warrants be issued and countersigned for the receipt, retention, and disbursement of public money and trust funds; and
(2) amounts be requisitioned and advanced to accountable officials.
(b) Regulations of the Secretary and the Comptroller General may provide for the payment of vouchers by authorized disbursing officials by checks drawn on the general fund of the Treasury. However, the regulations shall provide for appropriate action (including suspension or withdrawal of authority to make payments) against a delinquent disbursing official for any reason related to the official's accounts.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3326(a) | 31:66c(a). | Sept. 12, 1950, ch. 946, §115, |
| 3326(b) | 31:66c(b). |
In subsection (a), before clause (1), the words "in effect on September 12, 1950" are substituted for "existing" for clarity. In clause (2), the words "under each separate appropriation head or otherwise" are omitted as surplus.
In subsection (b), the word "official" is substituted for "officers" for consistency. The word "Treasury" is substituted for "Treasurer of the United States" because of the source provisions restated in section 321 of the revised title and Department of the Treasury Order 229 of January 14, 1974 (39 F.R. 2280). The words "in the rendition of their accounts or for other" and "under necessary circumstances" are omitted as surplus.
§3327. General authority to issue checks and other drafts
(a) The Secretary of the Treasury may issue a check or other draft on public money in the Treasury to pay an obligation of the United States Government. When the Secretary decides it is convenient to a public creditor and in the public interest, the Secretary may designate a depositary to issue a check or other draft on public money held by the depositary to pay an obligation of the Government. As directed by the Secretary, each depositary shall report to the Secretary on public money paid and received by the depositary.
(b) The Secretary of the Treasury shall take such actions as are necessary to ensure that Social Security account numbers (including derivatives of such numbers) are not visible on or through unopened mailings of checks or other drafts described in subsection (a) of this section.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3327 | 31:526. | R.S. §3644. |
The words "Secretary of the Treasury" are substituted for "Treasurer" because of the source provisions restated in section 321(c) of the revised title. The words "may issue a check or other draft" are substituted for "shall be subject to the draft of" for consistency in the revised title. The words "public money" are substituted for "moneys" because section 10 of the Act of August 6, 1846 (ch. 90,
Editorial Notes
Amendments
2000—
Statutory Notes and Related Subsidiaries
Effective Date of 2000 Amendment and Transitional Rule
"(a)
"(b)
§3328. Paying checks and drafts
(a)
(1)
(A) the Secretary shall not be required to pay a Treasury check issued on or after the effective date of this section unless it is negotiated to a financial institution within 12 months after the date on which the check was issued; and
(B) the Secretary shall not be required to pay a Treasury check issued before the effective date of this section unless it is negotiated to a financial institution within 12 months after such effective date.
(2)
(3) Nothing in this subsection shall be construed to affect the underlying obligation of the United States, or any agency thereof, for which a Treasury check was issued.
(b)(1) If a check issued by a disbursing official and drawn on a designated depositary is not paid by the last day of the fiscal year after the fiscal year in which the check was issued, the amount of the check is—
(A) withdrawn from the account with the depositary; and
(B) deposited in the Treasury for credit to a consolidated account of the Treasury.
(2) A claim for the proceeds of an unpaid check under this subsection may be paid from a consolidated account by a check drawn on the Treasury.
(c) A limitation imposed on a claim against the United States Government under
(d) The Secretary may prescribe regulations the Secretary decides are necessary to carry out subsections (a)–(c) of this section.
(e)(1) The Secretary shall prescribe regulations on—
(A) enforcing the speedy presentation of Government drafts;
(B) paying drafts, including the place of payment; and
(C) paying drafts if presentment is not made as required.
(2) Regulations prescribed under paragraph (1) of this subsection shall prevent, as far as may be practicable, Government drafts from being used or placed in circulation as paper currency or a medium of exchange.
(f)
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3328(a)(1) | 31:132(a). | July 11, 1947, ch. 222, §1, |
| 3328(a)(2) | 31:134(less last 30 words before 1st proviso). | July 11, 1947, ch. 222, §3, |
| 3328(b) | 31:132(b). | |
| 3328(c) | 31:132(c). | |
| 3328(d) | 31:134(last 30 words before 1st proviso). | |
| 3328(e) | 31:527 | R.S. §3645. |
In the section, the word "Treasury" is substituted for "Treasurer of the United States" because of the source provisions restated in section 321 of the revised title and Department of the Treasury Order 229 of January 14, 1974 (39 F.R. 2280).
In subsections (a)(1) and (b), the words "Comptroller General" are substituted for "General Accounting Office" for consistency.
In subsections (a)(1) and (c), the words "heretofore or hereafter" are omitted as surplus.
In subsection (a)(1), the words "Except as provided in
In subsection (a)(2), before clause (A), the words "When the Secretary decides it is appropriate" are substituted for "at appropriate intervals" for clarity. In clauses (A) and (B), the words "on the books" are omitted as surplus. In clause (A), the words "drawn on the Treasury" are added for clarity and consistency. In clause (B), the words "from the accounts . . . for the payment of unpaid checks . . . of the Treasury" are omitted as surplus. The words "and to transfer to such consolidated account or accounts the balance of the special deposit account established pursuant to
In subsection (b)(1), before clause (A), the words "issued by a disbursing official" are substituted for "drawn by authorized officers of the United States" for consistency. In clause (B), the words "or accounts on the books" are omitted as surplus.
Subsection (c) is substituted for 31:132(c) for consistency and to eliminate unnecessary words.
In subsection (d), the words "rules and" and "or proper" are omitted as surplus.
In subsection (e)(1), before clause (A), the word "prescribe" is substituted for "issue and publish" for consistency in the revised title and with other titles of the United States Code. In clause (B), the words "and to prescribe the time, according to the different distances of the depositaries from the seat of Government, within which all drafts upon them, respectively, shall be presented for payment" are omitted as superseded by subsection (a) of the revised section. Clause (C) is substituted for 31:527(words between semicolons) to eliminate unnecessary words.
In subsection (e)(2), the words "and directions" are omitted as surplus.
Editorial Notes
References in Text
The effective date of this section, referred to in subsec. (a)(1), probably means the effective date of subsec. (a) of this section as amended by section 1002 of
Amendments
1996—Subsec. (a)(2).
Subsec. (b)(2).
Subsec. (d).
1987—Subsec. (a).
"(1) Except as provided in
"(2) When the Secretary decides it is appropriate, the Secretary may transfer—
"(A) the amount of an unpaid check drawn on the Treasury from the account on which it was drawn to a consolidated account of the Treasury available for paying checks; and
"(B) an amount available, but not required, for paying checks drawn on the Treasury to the appropriate receipt account."
Subsec. (f).
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Regulations
§3329. Withholding checks to be sent to foreign countries
(a) The Secretary of the Treasury shall prohibit a check or warrant drawn on public money from being sent to a foreign country from the United States or from a territory or possession of the United States when the Secretary decides that postal, transportation, or banking facilities generally, or local conditions in the foreign country, do not reasonably ensure that the payee—
(1) will receive the check or warrant; and
(2) will be able to negotiate it for full value.
(b)(1) If a check or warrant is prohibited from being sent to a foreign country under subsection (a) of this section, the drawer shall hold the check or warrant until the end of the calendar quarter after the date of the check or warrant.
(2) The Secretary may release the check or warrant for delivery during the calendar quarter after the date of the check or warrant if the Secretary decides that conditions have changed to ensure reasonably that the payee—
(A) will receive the check or warrant; and
(B) will be able to negotiate it for full value.
(3) Unless the Secretary otherwise directs, the drawer shall send at the end of the calendar quarter after the date of the check or warrant the—
(A) withheld check or warrant to the drawee; and
(B) report to the Secretary on—
(i) the name and address of the payee;
(ii) the date, number, and amount of the check or warrant; and
(iii) the account on which the check or warrant was drawn.
(4) The drawee shall transfer the amount of a withheld check or warrant from the account of the drawer to the special deposit account "Secretary of the Treasury, Proceeds of Withheld Foreign Checks". The check or warrant shall be marked "Paid into Withheld Foreign Check Account". The Secretary shall credit the accounts of the drawer and drawee.
(c) The Secretary may pay an amount deposited in the special account under subsection (b)(4) of this section with a check drawn on the account when—
(1) a person claiming payment satisfies the Secretary of the right to the amount of the check or warrant (or satisfies the Secretary of Veterans Affairs if the claim represents a payment under laws administered by the Secretary of Veterans Affairs); and
(2) the Secretary is reasonably ensured that the person—
(A) will receive the check or warrant; and
(B) will be able to negotiate it for full value.
(d) This section and
(1) apply to a check or warrant whose delivery may be withheld under Executive Order 8389;
(2) do not affect a requirement for a license for delivering and paying a check in payment of a claim under subsection (c) of this section when a license is required by law to authorize delivery and payment; and
(3) do not affect a check or warrant issued for the payment of pay or goods bought by the United States Government in a foreign country.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 3329(a) | 31:123(words before 1st proviso). |