Source: http://www.gpo.gov/fdsys/pkg/USCODE-2010-title31/html/USCODE-2010-title31-subtitleIII.htm
Timestamp: 2015-08-01 22:38:33
Document Index: 427824223

Matched Legal Cases: ['§6103', '§1', '§1', '§1', '§1', '§1', '§2', '§1', '§11901', '§13411', '§301', '§5701', '§1', '§1', '§3083', '§122', '§1604', '§1', '§3102', '§1', '§2', '§2', '§13212', '§9403', '§6301', '§1', '§1', '§1', '§1', '§1', '§1', '§1', '§3', '§2', '§3', '§2', '§3', '§3', '§3', '§102', '§2', '§1', '§1', '§1', '§14', '§289', '§3103', '§18', '§1', '§1401', '§14', '§4', '§4', '§3', '§18', '§1', '§3104', '§5', '§4', '§3', '§2', '§3105', '§1', '§2', '§745', '§22', '§6', '§3', '§1', '§1', '§101', '§1', '§3', '§4', '§4', '§1', '§22', '§3', '§3', '§1', '§22', '§3', '§289', '§289', '§1', '§1', '§289', '§3106', '§1', '§2', '§22', '§5', '§289', '§3107', '§491', '§1', '§2', '§491', '§3108', '§18', '§1', '§22', '§6', '§3', '§22', '§5', '§7', '§3109', '§2', '§26', '§5', '§3110', '§3', '§7', '§3', '§5', '§5', '§5', '§3111', '§19', '§14', '§4', '§3112', '§6', '§1', '§14', '§1', '§1', '§5', '§5', '§5', '§5', '§5', '§24', '§4', '§3121', '§1', '§201', '§502', '§502', '§1', '§1', '§18', '§1', '§4', '§5', '§20', '§14', '§3', '§1', '§27', '§4', '§3706', '§2', '§28', '§310', '§301', '§407', '§3101', '§4', '§2', '§202', '§203', '§3122', '§18', '§8', '§1', '§8', '§5', '§14', '§7', '§2', '§4', '§3123', '§3693', '§18', '§1', '§1', '§3698', '§3699', '§9', '§16', '§6', '§401', '§3124', '§2', '§3701', '§105', '§4', '§6', '§202', '§3125', '§8', '§4', '§153', '§3126', '§3', '§22', '§3', '§3', '§103', '§2', '§3', '§3', '§3127', '§3707', '§23', '§4', '§3129', '§18', '§8', '§1', '§22', '§6', '§3', '§8', '§1', '§10', '§1', '§3', '§1', '§5', '§3130', '§201', '§402', '§4', '§13', '§4', '§305', '§1', '§1', '§1', '§401', '§3639', '§231', '§3617', '§3621', '§5', '§3619', '§3643', '§3653', '§1', '§1', '§13', '§3640', '§3649']

31.Public Debt3101
33.Depositing, Keeping, and Paying Money3301
35.Accounting and Collection3501
37.Claims3701
38.Administrative Remedies for False Claims and Statements3801
39.Prompt Payment3901
1986—Pub. L. 99–509, title VI, §6103(b), Oct. 21, 1986, 100 Stat. 1948, added item for chapter 38.
1983—Pub. L. 97–452, §1(18)(B), Jan. 12, 1983, 96 Stat. 2477, added item for chapter 39.
(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 otherwise.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 98–34, §1(a), May 26, 1983, 97 Stat. 196; Pub. L. 98–161, Nov. 21, 1983, 97 Stat. 1012; Pub. L. 98–342, §1(a), July 6, 1984, 98 Stat. 313; Pub. L. 98–475, Oct. 13, 1984, 98 Stat. 2206; Pub. L. 99–177, §1, Dec. 12, 1985, 99 Stat. 1037; Pub. L. 99–384, Aug. 21, 1986, 100 Stat. 818; Pub. L. 100–119, §1, Sept. 29, 1987, 101 Stat. 754; Pub. L. 101–72, §2, Aug. 7, 1989, 103 Stat. 182; Pub. L. 101–140, §1, Nov. 8, 1989, 103 Stat. 830; Pub. L. 101–508, title XI, §11901[(a)], Nov. 5, 1990, 104 Stat. 1388–560; Pub. L. 103–66, title XIII, §13411(a), Aug. 10, 1993, 107 Stat. 565; Pub. L. 104–121, title III, §301, Mar. 29, 1996, 110 Stat. 875; Pub. L. 105–33, title V, §5701, Aug. 5, 1997, 111 Stat. 648; Pub. L. 107–199, §1, June 28, 2002, 116 Stat. 734; Pub. L. 108–24, May 27, 2003, 117 Stat. 710; Pub. L. 108–415, §1, Nov. 19, 2004, 118 Stat. 2337; Pub. L. 109–182, Mar. 20, 2006, 120 Stat. 289; Pub. L. 110–91, Sept. 29, 2007, 121 Stat. 988; Pub. L. 110–289, div. C, title III, §3083, July 30, 2008, 122 Stat. 2908; Pub. L. 110–343, div. A, title I, §122, Oct. 3, 2008, 122 Stat. 3790; Pub. L. 111–5, div. B, title I, §1604, Feb. 17, 2009, 123 Stat. 366; Pub. L. 111–123, §1, Dec. 28, 2009, 123 Stat. 3483; Pub. L. 111–139, Feb. 12, 2010, 124 Stat. 8.)
§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 section 3111 of this title. The Secretary may issue bonds authorized by this section to the public and to Government accounts at any annual interest rate and prescribe conditions under section 3121 of this title.
(b) The Secretary shall offer the bonds authorized under this section first as a popular loan under regulations of the Secretary that allow the people of the United States as nearly as possible an equal opportunity to participate in subscribing to the offered bonds. However, the bonds may be offered in a way other than as a popular loan when the Secretary decides the other way is in the public interest.
(c)(1) When the Secretary decides it is in the public interest in making a bond offering under this section, the Secretary may—
(A) make full allotments on receiving applications for smaller amounts of bonds to subscribers applying before the closing date the Secretary sets for filing applications;
(B) reject or reduce allotments on receiving applications filed after the closing date or for larger amounts;
(C) reject or reduce allotments on receiving applications from incorporated banks and trust companies for their own account and make full allotments or increase allotments to other subscribers; and
(D) prescribe a graduated scale of allotments.
(2) The Secretary shall prescribe regulations applying to all popular loan subscribers similarly situated governing a reduction or increase of an allotment under paragraph (1) of this subsection.
(d) The Secretary may make special arrangements for subscriptions from members of the armed forces. However, bonds issued to those members must be the same as other bonds of the same issue.
(e) The Secretary may dispose of any part of a bond offering not taken and may prescribe the price and way of disposition.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 938; Pub. L. 97–452, §1(5), Jan. 12, 1983, 96 Stat. 2467; Pub. L. 98–34, §2, May 26, 1983, 97 Stat. 196; Pub. L. 98–302, §2, May 25, 1984, 98 Stat. 217; Pub. L. 99–272, title XIII, §13212, Apr. 7, 1986, 100 Stat. 325; Pub. L. 100–203, title IX, §9403, Dec. 22, 1987, 101 Stat. 1330–377; Pub. L. 100–647, title VI, §6301, Nov. 10, 1988, 102 Stat. 3755.)
Sept. 24, 1917, ch. 56, §1(1st par.), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, §1, 40 Stat. 502; July 9, 1918, ch. 142, §1, 40 Stat. 844; Mar. 3, 1931, ch. 433, 46 Stat. 1506; Feb. 4, 1935, ch. 5, §1, 49 Stat. 20; May 26, 1938, ch. 285, §1, 52 Stat. 447.
Sept. 24, 1917, ch. 56, §1(2d par. less form of bonds), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, §1, 40 Stat. 502; Mar. 17, 1971, Pub. L. 92–5, §3, 85 Stat. 5; July 1, 1973, Pub. L. 93–53, §2, 87 Stat. 135; Mar. 15, 1976, Pub. L. 94–232, §3(a), 90 Stat. 217; June 30, 1976, Pub. L. 94–334, §2, 90 Stat. 793; Oct. 4, 1977, Pub. L. 95–120, §3, 91 Stat. 1090; Aug. 3, 1978, Pub. L. 95–333, §3, 92 Stat. 419; Apr. 2, 1979, Pub. L. 96–5, §3, 93 Stat. 8; Sept. 29, 1979, Pub. L. 96–78, §102, 93 Stat. 589; Oct. 3, 1980, Pub. L. 96–377, §2, 94 Stat. 1512.
Sept. 24, 1917, ch. 56, §1(3d par.), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, §1, 40 Stat. 502.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §1(4th par.); added Jan. 30, 1934, ch. 6, §14(a)(1), 48 Stat. 343.
In subsection (a), the word “amounts” is substituted for “sum or sums” for consistency. The words “as in his judgment may be” are omitted as surplus. The words “for expenditures authorized by law” are substituted for “for the purposes of this Act . . . and to meet expenditures authorized for the national security and defense and other public purposes authorized by law” because they are inclusive and for consistency. The words “under section 3111 of this title” are substituted for “at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States” because of the restatement. The words “prescribe conditions under section 3121 of this title” are substituted for the text of 31:752(2d par. 1st sentence less form of bonds, 2d sentence) because of the restatement. The words “at any annual interest rate” are added for clarity and to more precisely define the 4.25 percent limitation. The words “bonds may not be issued under this section to the public, or sold by a Government account to the public, with a rate of interest exceeding 4¼ per centum per annum in an amount which would cause” are omitted as surplus.
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.
Sept. 3, 1982, Pub. L. 97–248, §289(c), 96 Stat. 572.
1988—Subsec. (a). Pub. L. 100–647 struck out at end: “However, the face amount of bonds issued under this section and held by the public with interest rates of more than 4.25 percent a year may not be more than $270,000,000,000.”
1987—Subsec. (a). Pub. L. 100–203 substituted “$270,000,000,000” for “$250,000,000,000”.
1986—Subsec. (a). Pub. L. 99–272 substituted “$250,000,000,000” for “$200,000,000,000”.
1984—Subsec. (a). Pub. L. 98–302 substituted “$200,000,000,000” for “$150,000,000,000”.
1983—Subsec. (a). Pub. L. 98–34 substituted “$150,000,000,000” for “$110,000,000,000”.
Pub. L. 97–452 substituted “$110,000,000,000” for “$70,000,000,000”.
§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 section 3111 of this title. The Secretary may prescribe conditions under section 3121 of this title. Notwithstanding section 3121(a)(5) of this title, the payment date of each series of notes issued shall be at least one year but not more than 10 years from the date of issue.
(b) The Government may redeem any part of a series of notes before maturity by giving at least 4 months’ notice but not more than one year's notice.
(c) The holder of a note of one series issued under this section with the same issue date as another series of notes issued under this section may convert, at par value, a note of the holder for a note of the other series.
3103(a), (b)
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(a)(less form of notes, certificates of indebtedness, and Treasury bills); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1309; Nov. 23, 1921, ch. 136, §1401, 42 Stat. 321; Jan. 30, 1934, ch. 6, §14(a)(3), 48 Stat. 343; restated Feb. 4, 1935, ch. 5, §4, 49 Stat. 20; June 30, 1967, Pub. L. 90–39, §4, 81 Stat. 99; Mar. 15, 1976, Pub. L. 94–232, §3(b), 90 Stat. 217.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(c); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310.
In subsection (a), the words “In addition to the bonds and certificates of indebtedness and war-savings certificates authorized by this Act, and amendments thereto” are omitted as unnecessary. The words “subject to the limitation imposed by section 757b of this title” are omitted as surplus. The word “Government” is added for consistency. The words “for expenditures authorized by law” are substituted for “for the purposes of this Act . . . and to meet public expenditures authorized by law” for clarity and because they are inclusive. The words “under section 3111 of this title” are substituted for “at or before maturity, of any outstanding bonds, notes, certificates of indebtedness, or Treasury bills of the United States” because of the restatement. The words “denomination or denominations” are omitted because section 3121(a) of the revised title consolidates this authority in one section for the various types of debt instruments. The words “under section 3121 of this title” are substituted for “containing such terms and conditions, and at such rate or rates of interest” because of the restatement. The words “at not less than par (except as provided in section 754b of this title)” are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. The words “Notwithstanding section 3121(a)(5) of this title” are added for clarity because the section cited contains the general authority to which subsection (a)(last sentence) of this section is an exception.
§3104. Certificates of indebtedness and Treasury bills
(b) The Secretary may prescribe conditions for issuing certificates of indebtedness and Treasury bills under section 3121 of this title and conditions under which the certificates and bills may be redeemed before maturity. Notwithstanding section 3121(a)(5) of this title, the payment date of certificates of indebtedness and Treasury bills may not be more than one year after the date of issue.
(c) Treasury bills issued under this section may not be accepted before maturity to pay principal or interest on obligations of governments of foreign countries that are held by the United States Government.
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), 40 Stat. 290; Apr. 4, 1918, ch. 44, §4, 40 Stat. 504; Mar. 3, 1919, ch. 100, §3, 40 Stat. 1311; restated June 17, 1929, ch. 26, 46 Stat. 19; Feb. 4, 1935, ch. 5, §§2, 3, 49 Stat. 20.
3104(b)
31:754(a)(3d sentence)(less form of certificates of indebtedness and Treasury bills, finality).
3104(c)
31:754(a)(last sentence).
In subsection (a), before clause (1), the words “In addition to the bonds and notes authorized by sections 752, 753, and 757c of this title” are omitted as unnecessary. The words “subject to the limitation imposed by section 757b of this title” are omitted as surplus. The words “for expenditures authorized by law” are substituted for “for the purposes of this Act . . . and to meet public expenditures authorized by law” for clarity and because they are inclusive. The words “under section 3111 of this title” are substituted for “at or before maturity, of any outstanding bonds, notes, certificates of indebtedness or Treasury bills of the United States” because of the restatement. The words “at not less than par” are omitted as superseded by section 3 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), restated in section 3121 of the revised title. The text of 31:754(a)(2d sentence) is omitted as superseded by section 3121(a) of the revised title. In clause (1), the words “and at such rate or rates of interest, payable at such time or times as he may prescribe” are omitted because they are superseded by section 3121(a), (b)(1), and (c) of the revised title. In clause (2), the words “on a discount basis and payable at maturity without interest” are omitted because they are superseded by section 3121(a) of the revised title. The words “of the Government” are added for consistency.
In subsection (b), the words “terms and” after “upon such” are omitted as surplus. The words “for issuing . . . under section 3121 of this title” are substituted for “subject to such terms and conditions” because of the restatement. The words “Notwithstanding section 3121(a)(5) of this title” are substituted for “shall be payable at such time” for clarity because the section cited contains the general authority to which subsection (c)(last sentence) of this section is an exception.
In subsection (c), the words “account of” are omitted as surplus.
§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 section 3111 of this title. Proceeds from the bonds and certificates shall be used for expenditures authorized by law. Savings bonds and certificates may be issued on an interest-bearing basis, on a discount basis, or on an interest-bearing and discount basis. Savings bonds shall mature not more than 20 years from the date of issue. Savings certificates shall mature not more than 10 years from the date of issue. The difference between the price paid and the amount received on redeeming a savings bond or certificate is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.).
(A) fix the investment yield for savings bonds; and
(B) change the investment yield on an outstanding savings bond, except that the yield on a bond for the period held may not be decreased below the minimum yield for the period guaranteed on the date of issue.
(2) The Secretary may prescribe regulations providing that—
(A) owners of savings bonds may keep the bonds after maturity or after a period beyond maturity during which the bonds have earned interest and continue to earn interest at rates consistent with paragraph (1) of this subsection; and
(B) savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with paragraph (1).
(c) The Secretary may prescribe for savings bonds and savings certificates issued under this section—
(1) the form and amount of an issue and series;
(2) the way in which they will be issued;
(3) the conditions, including restrictions on transfer, to which they will be subject;
(4) conditions governing their redemption;
(5) their sales price and denominations;
(6) a way to evidence payments for or on account of them and to provide for the exchange of savings certificates for savings bonds; and
(7) the maximum amount issued in a year that may be held by one person.
(d) The Secretary may authorize financial institutions to make payments to redeem savings bonds and savings notes. A financial institution may be a paying agent only if the institution—
(1) is incorporated under the laws of the United States, a State, the District of Columbia, or a territory or possession of the United States;
(2) in the usual course of business accepts, subject to withdrawal, money for deposit or the purchase of shares;
(3) is under the supervision of a banking authority of the jurisdiction in which it is incorporated;
(4) has a regular office to do business; and
(5) is qualified under regulations prescribed by the Secretary in carrying out this subsection.
(e)(1) The Secretary may prescribe a way in which a check issued to an individual (except a trust or estate) as a refund for taxes imposed under subtitle A of the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.) may become a series E savings bond. However, a check may become a bond only if the claim for a refund is filed by the last day prescribed by law for filing the return (determined without any extensions) for the taxable year for which the refund is made. The Secretary may prescribe the time and way in which the check becomes a bond.
(2) A bond issued under this subsection is deemed to be a series E bond issued under this section, except that the bond shall bear an issue date of the first day of the first month beginning after the close of the taxable year for which the bond is issued. The Secretary also may provide that a bond issued to joint payees may be redeemed by either payee alone.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 940; Pub. L. 97–452, §1(6), (7), Jan. 12, 1983, 96 Stat. 2467, 2468; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 103–465, title VII, §745(a), Dec. 8, 1994, 108 Stat. 5011.)
3105(a)
31:757c(a)(1st sentence), (b)(1)(1st sentence), (d)(1st sentence).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(a)–(d)(1st sentence); added Feb. 4, 1935, ch. 5, §6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, §3, 55 Stat. 7; Mar. 26, 1951, ch. 19, §1, 65 Stat. 26; Apr. 20, 1957, Pub. L. 85–17, §1, 71 Stat. 15; Sept. 22, 1959, Pub. L. 86–346, §101(b), 73 Stat. 621; Dec. 1, 1969, Pub. L. 91–130, §§1, 2(b), 83 Stat. 272; Aug. 24, 1970, Pub. L. 91–388, §3, 84 Stat. 830; Mar. 15, 1976, Pub. L. 94–232, §4, 90 Stat. 217; Apr. 2, 1979, Pub. L. 96–5, §4, 93 Stat. 8; Oct. 3, 1980, Pub. L. 96–377, §1, 94 Stat. 1512.
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).
31:757c(a)(last sentence), (b)(1)(2d sentence less proviso, 3d, 4th sentences), (c).
31:757c(h).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(h); added Apr. 11, 1943, ch. 52, §3, 57 Stat. 63; restated Apr. 3, 1945, ch. 51, §3, 59 Stat. 47; Oct. 17, 1968, Pub. L. 90–595, §1, 82 Stat. 1155.
31:757c(j).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(j); added July 1, 1973, Pub. L. 93–53, §3(a), 87 Stat. 135.
In subsection (a), the words “through the United States Postal Service or otherwise” and “Treasury” before “savings” are omitted as surplus. The words “and may buy, redeem, and make refunds under section 3111 of this title” are added because of the restatement. The words “for expenditures authorized by law” are substituted for “to meet any public expenditures authorized by law, and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis” for clarity and because they are inclusive. The word “combination” is omitted as surplus.
In subsection (b)(1), the words “Except as provided in paragraph (2) of this subsection” are added for clarity. The word “conditions” is substituted for “terms” for consistency in the revised title and with other titles of the United States Code. The word “calendar” is omitted as surplus. The words “(or, beginning on October 1, 1976, if later)” are omitted as executed.
In subsection (b)(3), the words “at their option” and “upon them” are omitted as surplus. The last sentence is substituted for 31:757c(b)(2)(B) for clarity.
In subsection (c), before clause (1), the words “subject to the limitation imposed by section 757b of this title” are omitted as surplus. The words “issued under this section” are added for clarity. In clause (3), the words “terms and” are omitted as surplus. The words “consistent with subsections (b) to (d) of this section” are omitted as unnecessary because of the restatement. In clause (4), the words “before maturity” are omitted as surplus. In clause (6), the words “a way to evidence payments for” are substituted for “issue, or cause to be issued, stamps, or may provide any other means to evidence payments for” because they are inclusive. The text of 31:757c(c)(last sentence) is omitted because section 5 of the Public Debt Act of 1942 (ch. 205, 56 Stat. 189), ended the authority of the Postmaster General to issue stamps. In clause (7), the word “maximum” is added for clarity. The words “at any one time” are omitted as surplus.
In subsection (d), before clause (1), the words “under such regulations as he may prescribe”, “or permit”, and “commercial banks, trust companies, savings banks, savings and loan associations, building and loan associations (including cooperative banks), credit unions, cash depositories, industrial banks, and similar” are omitted as surplus. In clause (1), the words “Commonwealth of the Philippine Islands” in section 22(h) of the Second Liberty Bond Act (ch. 56, 40 Stat. 288) are omitted because of Proclamation No. 2695 (July 24, 1946, 60 Stat. 1352) proclaiming the independence of the Philippines. In clause (3), the words “department or equivalent” are omitted as surplus. In clause (5), the word “duly” is omitted as surplus.
In subsection (e)(1), the words “by regulations” are omitted as unnecessary. The words “a way” are added, and the words “However, a check may become a bond” are substituted for “This subsection shall apply”, for clarity.
In subsection (e)(2), the words “Except as provided in paragraph (2)” are omitted as unnecessary. The words “is deemed to be” are substituted for “shall be treated for all purposes of law as” because a legal fiction is intended. The words “calendar” and “In the case of . . . under this subsection” are omitted as surplus.
31 App.:757c(b)(1) (2d sentence).
Sept. 3, 1982, Pub. L. 97–248, §289(a)(1)(A), (B), (D), 96 Stat. 571.
31 App.:757c(b)(3)
31 App.:757c(b)(2).
31 App.:757c(b)(1) (3d sentence).
Sept. 3, 1982, Pub. L. 97–248, §289(a)(1)(C), 96 Stat. 571.
In subsection (b)(1), before clause (A), the words “and except as provided in paragraph (2) of this subsection” are added for clarity. In clause (B), the word “change‘’ is substituted for “provide for increases and decreases in” to eliminate unnecessary words. The word “investment” is omitted the 2d time it appears as surplus.
1994—Subsec. (b). Pub. L. 103–465 amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows:
“(b)(1) With the approval of the President and except as provided in paragraph (2) of this subsection, the Secretary may—
“(A) fix the investment yield for savings bonds; and
“(B) change the investment yield on an outstanding savings bond, except that the yield on a bond for the period held may not be decreased below the minimum yield for the period guaranteed on the date of issue.
“(2) The investment yield on a series E savings bond shall be at least 4 percent a year compounded semiannually beginning on the first day of the month beginning after the date of issue of the bond and ending on the last day of the month before the date of redemption.
“(3) With the approval of the President, the Secretary may prescribe regulations providing that—
“(A) owners of series E and H savings bonds may keep the bonds after maturity or after a period beyond maturity during which the bonds have earned interest and continue to earn interest at rates consistent with paragraph (1) of this subsection; and
“(B) series E and H savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with paragraph (1).”
1986—Subsecs. (a), (e)(1). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”.
1983—Subsec. (b). Pub. L. 97–452, §1(6), added par. (1) and redesignated former par. (1) as (2), in par. (2) as so redesignated, struck out provision that except as provided in former par. (2), the interest rate on, and the issue price of, savings bonds and savings certificates and the conditions under which they might be redeemed might not yield more than 5.5 percent a year compounded semiannually, struck out former par. (2) which provided that the Secretary with the President's approval might fix the yield on savings bonds at any percent per year compounded semiannually, but that total increases in a six-month period might not exceed one percent a year compounded semiannually, redesignated provisions of par. (3) as subpars. (A) and (B), and, in subpar. (B), as so redesignated, substituted provisions that series E and H savings bonds earning a different rate of interest before the regulations are prescribed shall earn a rate of interest consistent with par. (1) for provision that series E and H savings bonds earning a higher rate of interest before the regulations were prescribed would continue to earn a higher rate of interest consistent with par. (1).
Subsec. (c)(5). Pub. L. 97–452, §1(7), struck out “(expressed in terms of the maturity value)” after “denominations”.
Section 745(b) of Pub. L. 103–465 provided that: “The amendment made by this section [amending this section] shall apply to bonds issued after October 31, 1994.”
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:
Section 1. (a) There is hereby established the Interagency Committee for the Purchase of United States Savings Bonds (hereinafter referred to as the Committee). The Committee shall consist of a Chairman, who is to be appointed by the President for a term of two years, and the heads of Federal agencies. Each member of the Committee is responsible for the success of the Payroll Savings Program in his agency.
(b) Members of the Committee may designate an alternate, who shall serve as a member of the Committee whenever the regular member is unable to attend any meeting of the Committee. The alternate member may be authorized to act for the regular member in all appropriate matters relating to the Committee. In the case of an executive or military department, a Deputy Secretary or an Under Secretary may be designated as an alternate member. In the case of any other Federal agency, the alternate member shall be designated from among the officials thereof of appropriate rank.
(c) The Chairman will designate the Federal Payroll Savings Officer of the Savings Bonds Division, Department of the Treasury, to act as his liaison officer with members of the Committee.
Sec. 2. The Committee shall perform the following functions and duties:
(a) Formulating and presenting to the Federal agencies a plan of organization and sales promotion whereby the Payroll Savings Plan and Military Bond Allotment Plan, hereinafter referred to as the Plans, will be made available to all uniformed and civilian personnel of the government for the purchase of Savings Bonds, and whereby all such personnel will be urged to participate.
(b) Assisting the Federal agencies in installing the Plans and in solving any special problems that may develop in connection therewith.
(c) Acting as a clearinghouse for Federal agencies in compiling and disseminating such statistics and information with respect to the implementation and sales promotion of the Plans as may be appropriate.
(d) Recommending to the Federal agencies any methods for improvements in the program adopted pursuant to the Plans.
(e) The Committee will meet, and will be available to meet with the President, at least once each calendar year and at such other times as may be necessary to carry out its responsibilities.
Sec. 3. Each Federal agency shall institute and put into operation, as soon as practicable, a plan of organization and sales promotion recommended by the Committee, with such modifications as particular circumstances may render advisable.
Sec. 4. As used in this Order, the term “Federal agencies” means departments, agencies, and establishments of the Executive branch of the Government.
Sec. 5. This Order supersedes Executive Order No. 11532 of June 2, 1970.
Jimmy Carter. Transitional Rule
Pub. L. 97–248, title II, §289(b), Sept. 3, 1982, 96 Stat. 57, provided that for a savings bond issued before the 30th day after Sept. 3, 1982, for purposes of sections 757c and 757c–2 of former Title 31, the minimum yield for the period held is the scheduled investment yield for the period in effect on the 30th day.
§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 section 3111 of this title. The proceeds from the bonds shall be used for expenditures authorized by law. Retirement and savings bonds may be issued only on a discount basis. The maturity period of the bonds shall be at least 10 years from the date of issue but not more than 30 years from the date of issue. The difference between the price paid and the amount received on redeeming a bond is interest under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.).
(b) With the approval of the President, the Secretary may allow owners of retirement and savings bonds to keep the bonds after maturity and continue to earn interest on them at rates that are consistent with the rate of investment yield provided by retirement and savings bonds.
(c) Section 3105(c)(1)–(5) of this title applies to this section. Sections 3105(c)(6) and (d) and 3126 of this title apply to this section to the extent consistent with this section. The Secretary may prescribe the maximum amount of retirement and savings bonds issued under this section in a year that may be held by one person. However, the maximum amount shall be at least $3,000.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 97–452, §1(8), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095.)
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22A(a)–(c)(1st sentence), (d); added Nov. 8, 1966, Pub. L. 89–800, §5, 80 Stat. 1514.
Sept. 3, 1982, Pub. L. 97–248, §289(a)(2), 96 Stat. 571.
§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 (26 U.S.C. 405(b), 409(a)), as in effect before the enactment of the Tax Reform Act of 1984. The increased yield shall be for interest accrual periods specified in the regulations so that the interest rate or investment yield on the bonds for those periods is consistent with the interest rate or investment yield on a new offering of those bonds.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 941; Pub. L. 98–369, div. A, title IV, §491(d)(59), July 18, 1984, 98 Stat. 852.)
Sept. 24, 1917, ch. 56, 40 Stat. 288, §1(last par.); added Dec. 24, 1980, Pub. L. 96–595, §2(a), 94 Stat. 3465.
Sections 405(b) and 409(a) of the Internal Revenue Code of 1954 (26 U.S.C. 405(b), 409(a)), referred to in text, were repealed by Pub. L. 98–369, div. A, title IV, §491(a), (b), July 18, 1984, 98 Stat. 848.
1984—Pub. L. 98–369 inserted “, as in effect before the enactment of the Tax Reform Act of 1984” after “(26 U.S.C. 405(b), 409(a))”.
Amendment by Pub. L. 98–369 applicable to obligations issued after Dec. 31, 1983, see section 491(f)(1) of Pub. L. 98–369, set out as a note under section 62 of Title 26, Internal Revenue Code.
§3108. Prohibition against circulation privilege
An obligation issued under sections 3102–3104(a)(1) and 3105–3107 of this title may not bear the circulation privilege.
31:753(d)(1st sentence).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(1st sentence); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310.
31:757c(d)(last sentence).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(d)(last sentence); added Feb. 4, 1935, ch. 5, §6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, §3, 55 Stat. 8.
31:757c–2(c)(last sentence).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22A(c)(last sentence); added Nov. 8, 1966, Pub. L. 89–800, §5, 80 Stat. 1515.
31:758.
Sept. 24, 1917, ch. 56, §7(1st sentence), 40 Stat. 291.
The reference in 31:758 to certificates authorized under 31:757 is omitted because the authority under 31:757 was ended by section 2(b)(3) of the Public Debt Act of 1941 (ch. 7, 55 Stat. 7).
§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 section 3111 of this title. The proceeds of the tax and loss bonds shall be used for expenditures authorized by law. Tax and loss bonds are nontransferrable except as provided by the Secretary, bear no interest, and shall be issued in amounts needed to allow persons to comply with section 832(e) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)). The Secretary may prescribe the amount of tax and loss bonds and the conditions under which the bonds will be issued as required by section 832(e).
(b) For a taxable year in which amounts are deducted from the mortgage guaranty account referred to in section 832(e)(3) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)(3)), an amount of tax and loss bonds bought under section 832(e)(2) of the Internal Revenue Code of 1986 (26 U.S.C. 832(e)(2)) shall be redeemed for the amount deducted from the account. The amount redeemed shall be applied as necessary to pay taxes due because of the inclusion under section 832(b)(1)(E) of the Internal Revenue Code of 1986 (26 U.S.C. 832(b)(1)(E)) of amounts in gross income. The Secretary also may prescribe additional ways to redeem the bonds.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 942; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095.)
3109(a)
31:757c–3(1st–3d sentences).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §26; added Jan. 2, 1968, Pub. L. 90–240, §5(f), 81 Stat. 778.
3109(b)
31:757c–3(4th, last sentences).
In subsection (a), the words “and may buy, redeem, and make refunds under section 3111 of this title” are substituted for “and to retire any outstanding obligations of the United States issued under this Act” for consistency. The words “subject to the limitations imposed by section 757b of this title” are omitted as surplus. The word “conditions” is substituted for “terms and conditions” because it is inclusive.
1986—Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954” wherever appearing.
§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.
31:801.
Sept. 24, 1917, ch. 56, §3, 40 Stat. 289.
31:802, 803.
Mar. 3, 1919, ch. 100, §§7(b), 8, 40 Stat. 1312, 1313.
31:804.
Apr. 24, 1917, ch. 4, §3, 40 Stat. 35.
In the section, the words “government of a foreign country” are substituted for “foreign governments” for consistency in the revised title and with other titles of the United States Code.
In subsection (a), the text of 31:801 and 802 (related to converting certain obligations of foreign governments into obligations bearing a higher rate of interest or with a longer term to maturity) is omitted as executed.
In subsection (b), the text of 31:804 is omitted as unnecessary. The word “conditions” is substituted for “terms and conditions” because it is inclusive. The words “unless otherwise hereafter provided by law” are omitted as surplus.
The First Liberty Bond Act, referred to in subsec. (a)(1), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
The Second Liberty Bond Act, referred to in subsec. (a)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
Section 7(a) of the Victory Liberty Loan Act, referred to in subsec. (a)(3), is section 7(a) of act Mar. 3, 1919, ch. 100, 40 Stat. 1309, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
§3111. New issue used to buy, redeem, or refund outstanding obligations
Sept. 24, 1917, ch. 56, 40 Stat. 288, §19; added Jan. 30, 1934, ch. 6, §14(a)(4), 48 Stat. 343; restated Mar. 28, 1942, ch. 205, §4, 56 Stat. 189.
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.
3112(a)
31:767(less 2d sentence related to price, terms, and conditions, 3d, 4th sentences).
Mar. 3, 1919, ch. 100, §6, 40 Stat. 1311; Mar. 2, 1923, ch. 179, 42 Stat. 1427; May 29, 1928, ch. 901, §1(21), 45 Stat. 987; Jan. 30, 1934, ch. 6, §14(b), 48 Stat. 344.
3112(b)
31:767(last sentence).
31:767b.
Mar. 3, 1933, ch. 212, §1(last par. on p. 1492), 47 Stat. 1492; Mar. 15, 1934, ch. 70, §1(2d complete par. on p. 428), 48 Stat. 428.
3112(c)
31:767(2d sentence related to price, terms, and conditions, 3d, 4th sentences).
In subsection (a), the word “cumulative” is omitted as surplus. The words “under this chapter” are substituted for “under the First Liberty Bond Act, the Second Liberty Bond Act, the Third Liberty Bond Act, the Fourth Liberty Bond Act, or under this Act, and outstanding on July 1, 1920, and of bonds and notes thereafter issued, under any of such Acts or under any of such Acts as amended” to eliminate unnecessary words, reference to laws that have been executed, and to reflect consolidation of the public debt authority in the revised chapter. The words “and all additions thereto” are omitted as surplus.
Subsection (b)(1) and (2) is substituted for 31:767(last sentence) to eliminate unnecessary words.
In subsection (b)(3), the text of 31:767b(related to 31:767a) is omitted as obsolete.
In subsection (c), the word “conditions” is substituted for “terms and conditions” because it is inclusive.
The First Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
The Second Liberty Bond Act, referred to in subsec. (b)(2), is act Sept. 24, 1917, ch. 56, 40 Stat. 288, as amended, which enacted sections 747, 752 to 754b, 757, 757b, 757c to 757e, 758, 760, 765, 766, 771, 773, and 801 and amended sections 745, 764, 769, and 774 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
The Third Liberty Bond Act, referred to in subsec. (b)(2), is act Apr. 4, 1918, ch. 44, 40 Stat. 502, which enacted sections 765, 766, and 774 and amended sections 752, 752a, 754, and 771 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
The Fourth Liberty Bond Act, referred to in subsec. (b)(2), is act July 9, 1918, ch. 142, 40 Stat. 844, which enacted sections 750 and 772 and amended sections 752 and 774 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
The Victory Liberty Loan Act, referred to in subsec. (b)(2), is act Mar. 3, 1919, ch. 100, 40 Stat. 1309, which enacted sections 749, 753, 763, 767, 802, and 803 and amended sections 750, 754, and 774 of former Title 31 and section 343 of Title 15, Commerce and Trade, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
Sections 301 and 302 of the Emergency Relief and Construction Act of 1932, referred to in subsec. (b)(3), are sections 301 and 302 of act July 21, 1932, ch. 520, 47 Stat. 709, which are not classified to the Code.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §24; added Apr. 3, 1945, ch. 51, §4, 59 Stat. 48.
§3121. Procedure
(b)(1) Under conditions prescribed by the Secretary, an obligation issued under this chapter and redeemable on demand of the owner or holder may be used to pay the United States Government for taxes imposed by it.
(2) An obligation of the Government issued after March 3, 1971, under law may not be redeemed before its maturity to pay a tax imposed by the Government in an amount more than the fair market value of the obligation at the time of its redemption. This paragraph does not apply to a Treasury bill issued under section 3104 of this title.
(c) Under conditions prescribed by the Secretary, an obligation authorized by this chapter may be issued in exchange for an obligation of an agency whose principal and interest are unconditionally guaranteed by the Government at or before maturity.
(d) Under conditions prescribed by the Secretary, the Secretary may issue registered bonds in exchange for and instead of coupon bonds that have been or may be issued. The registered bonds shall be similar in all respects to the registered bonds issued under a law authorizing the issue of coupon bonds offered for exchange.
(e) A decision of the Secretary about an issue of obligations under sections 3102–3104 of this title is final.
(f) The Secretary may accept voluntary services in carrying out the sale of public debt obligations.
(g)(1) In this subsection, “registration-required obligation” means an obligation except an obligation—
(A) not of a type offered to the public;
(B) having a maturity (at issue) of not more than one year; or
(C) described in paragraph (2) of this subsection.
(2) An obligation is not a registration-required obligation if—
(A) there are arrangements reasonably designed to ensure that the obligation will be sold (or resold in connection with the original issue) only to a person that is not a United States person; and
(B) for an obligation not in registered form—
(i) interest on the obligation is payable only outside the United States and its territories and possessions; and
(ii) a statement is on the face of the obligation that a United States person holding the obligation is subject to limitations under the United States income tax laws.
(3) Every registration-required obligation of the Government shall be in registered form. A book entry obligation is deemed to be in registered form if the right to principal and stated interest on the obligation may be transferred only through a book entry consistent with regulations of the Secretary.
(4) The Secretary shall prescribe regulations necessary to carry out this subsection when there is a nominee.
(h)(1) The Secretary shall prescribe by regulation standards for the safeguarding and use of obligations issued under this chapter, and obligations otherwise issued or guaranteed as to principal or interest by the United States. Such regulations shall apply only to a depository institution that is not a government securities broker or a government securities dealer and that holds such obligations as fiduciary, custodian, or otherwise for the account of a customer and not for its own account. Such regulations shall provide for the adequate segregation of obligations so held, including obligations which are purchased or sold subject to resale or repurchase.
(2) Violation of a regulation prescribed under paragraph (1) shall constitute adequate basis for the issuance of an order under section 5239(a) or (b) of the Revised Statutes (12 U.S.C. 93(a) or (b)), section 8(b) or 8(c) of the Federal Deposit Insurance Act, section 5(d)(2) or 5(d)(3) 1 of the Home Owners’ Loan Act of 1933, section 407(e) or 407(f) 1 of the National Housing Act, or section 206(e) or 206(f) of the Federal Credit Union Act. Such an order may be issued with respect to a depository institution by its appropriate regulatory agency and with respect to a federally insured credit union by the National Credit Union Administration Board.
(3) Nothing in this subsection shall be construed to affect in any way the powers of such agencies under any other provision of law.
(4) The Secretary shall, prior to adopting regulations under this subsection, determine with respect to each appropriate regulatory agency and the National Credit Union Administration Board, whether its rules and standards adequately meet the purposes of regulations to be promulgated under this subsection, and if the Secretary so determines, shall exempt any depository institution subject to such rules or standards from the regulations promulgated under this subsection.
(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.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 944; Pub. L. 97–452, §1(9), Jan. 12, 1983, 96 Stat. 2468; Pub. L. 99–571, title II, §201(a), Oct. 28, 1986, 100 Stat. 3222; Pub. L. 111–147, title V, §502(d), Mar. 18, 2010, 124 Stat. 108.)
Amendment of Subsection (g)
Pub. L. 111–147, title V, §502(d), (f), Mar. 18, 2010, 124 Stat. 108, provided that, applicable to obligations issued after the date which is 2 years after Mar. 18, 2010, subsection (g) of this section is amended as follows:
(1) in paragraph (1), by adding “or” at the end of subparagraph (A), by striking “; or” at the end of subparagraph (B) and inserting a period, and by striking subparagraph (C); and
(2) by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.
Sept. 24, 1917, ch. 56, §1(2d par. related to form of bonds), 40 Stat. 288; restated Apr. 4, 1918, ch. 44, §1, 40 Stat. 503.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(a)(related to form of notes, certificates of indebtedness, and Treasury bills); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310; restated Feb. 4, 1935, ch. 5, §4, 49 Stat. 20.
Sept. 24, 1917, ch. 56, §5(a)(related to form of certificates of indebtedness and Treasury bills, finality), 40 Stat. 290; restated June 17, 1929, ch. 26, 46 Stat. 20.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §20; added Jan. 30, 1934, ch. 6, §14(a)(4), 48 Stat 343; restated Mar. 28, 1942, ch. 205, §3, 56 Stat. 189.
Feb. 4, 1910, ch. 25, §1(words after semicolon), 36 Stat. 192.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §27; added Mar. 17, 1971, Pub. L. 92–5, §4(b), 85 Stat. 5.
R.S. §3706.
June 1, 1955, ch. 119, §2, 69 Stat. 82.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §28; added Sept. 3, 1982, Pub. L. 97–248, §310(a), 96 Stat. 595.
Section 5(d)(2) or 5(d)(3) of the Home Owners’ Loan Act of 1933, referred to in subsec. (h)(2), is classified to section 1464(d)(2), (3) of Title 12, but was amended generally by Pub. L. 101–73, title III, §301, Aug. 9, 1989, 103 Stat. 282, and no longer relates to issuance of orders. See section 1464(d)(1) of Title 12.
Section 407 of the National Housing Act, referred to in subsec. (h)(2), which was classified to section 1730 of Title 12, was repealed by Pub. L. 101–73, title IV, §407, Aug. 9, 1989, 103 Stat. 363.
The International Banking Act of 1978, referred to in subsec. (h)(5)(A), is Pub. L. 95–369, Sept. 17, 1978, 92 Stat. 607, which enacted chapter 32 (§3101 et seq.) and sections 347d and 611a of Title 12, Banks and Banking, amended sections 72, 378, 614, 615, 618, 619, 1813, 1815, 1817, 1818, 1820, 1821, 1822, 1823, 1828, 1829b, 1831b, and 1841 of Title 12, and enacted provisions set out as notes under sections 36, 247, 601, 611a, and 3101 of Title 12. For complete classification of this Act to the Code, see Short Title note set out under section 3101 of Title 12 and Tables.
Pub. L. 98–216, §4(a), (b), Feb. 14, 1984, 98 Stat. 6, 7, as amended by Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(a)(1) Except as provided in paragraph (2) of this subsection, the amendment made by section 1(9) of the Act of January 12, 1983 (Public Law 97–452, 96 Stat. 2468) [amending this section], applies to an obligation issued under section 3102(a) of title 31, United States Code, after September 3, 1982.
“(b) The amendment made by section 1(9) of the Act of January 12, 1983 (Public Law 97–452, 96 Stat. 2468) [amending this section], applies to an obligation issued under section 3103(a) of title 31, United States Code, after December 31, 1982.”
Pub. L. 103–329, title I, Sept. 30, 1994, 108 Stat. 2386, provided in part: “That in fiscal year 1995 and thereafter, the Secretary is authorized to collect fees of not less than $46 for each definitive security issue provided to customers, and an annual maintenance fee of not less than $25 for each Treasury Direct Investor Account exceeding $100,000 in par value: Provided further, That in fiscal year 1995 and thereafter, of the definitive security fees collected, not to exceed $600,000, and of the annual maintenance fees for Treasury Direct Investor Account collected, not to exceed $2,500,000, shall be retained and used in the current fiscal year for the specific purpose of offsetting costs of Bureau of the Public Debt's marketable security activities, and any fees collected in excess of said amounts shall be deposited as miscellaneous receipts in the Treasury”.
Pub. L. 103–202, title II, §202, Dec. 17, 1993, 107 Stat. 2356, provided that:
Pub. L. 103–202, title II, §203, Dec. 17, 1993, 107 Stat. 2359, provided that: “The Secretary of the Treasury shall notify the Congress of any significant modifications to the auction process for issuing United States Treasury obligations at the time such modifications are implemented.”
§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.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(last sentence related to §8); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1309.
Sept. 24, 1917, ch. 56, §8, 40 Stat. 291; restated Apr. 4, 1918, ch. 44, §5, 40 Stat. 504; Jan. 30, 1934, ch. 6, §14(a)(2), 48 Stat. 343; Aug. 27, 1949, ch. 517, §7(b), 63 Stat. 668; Sept. 21, 1966, Pub. L. 89–597, §2(d), 80 Stat. 824.
July 9, 1918, ch. 142, §4, 40 Stat. 845.
§3123. Payment of obligations and interest on the public debt
(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 section 5151 of this title.
(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.
3123(a)
R.S. §3693.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(2d sentence); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310.
Feb. 4, 1910, ch. 25, §1(words before semicolon), 36 Stat. 192.
R.S. §3698.
R.S. §3699(words before semicolon); restated Jan. 30, 1934, ch. 6, §9, 48 Stat. 341.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §16; added Apr. 4, 1918, ch. 44, §6, 40 Stat. 505; Nov. 13, 1966, Pub. L. 89–809, §401, 80 Stat. 1590.
In subsection (c), the word “currency” is substituted for “money or . . . moneys” for clarity and because of 1:1.
§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—
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 945; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095.)
3124(a)
31:742.
R.S. §3701; Sept. 22, 1959, Pub. L. 86–346, §105(a), 73 Stat. 622.
3124(b)
31:742a.
Feb. 19, 1941, ch. 7, §4, 55 Stat. 9; Mar. 28, 1942, ch. 205, §6, 56 Stat. 190; restated June 25, 1947, ch. 147, 61 Stat. 180; Sept. 22, 1959, Pub. L. 86–346, §202, 73 Stat. 624.
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 (26 U.S.C. 1 et seq.)” are substituted for “shall not have any exemption, as such . . . shall not have any special treatment, as such, except as provided under the Internal Revenue Code of 1954” for clarity. The words “on or after March 28, 1942” and 31:742a(a)(1st sentence words after semicolon related to the United States Maritime Commission) are omitted as executed. The last sentence is substituted for 31:742a(a)(last sentence) for clarity. The words “any political subdivision thereof” are omitted as included in “agency or instrumentality”. The text of 31:742a(b) and (c) is omitted as unnecessary.
§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.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 946.)
3125(a)
31:738a(d).
July 8, 1937, ch. 444, §8(a)–(d), 50 Stat. 481; Aug. 10, 1939, ch. 665, §4, 53 Stat. 1359; Nov. 8, 1945, ch. 453, §153, 59 Stat. 574; restated May 27, 1971, Pub. L. 92–19, 85 Stat. 74.
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 section 17303(a) of title 40. A Federal reserve bank, a paying agent allowed to make payments in redeeming a bond or note, or an officer or employee of the Department of the Treasury is relieved from liability to the United States Government for the loss when the Secretary decides that the loss did not result from the fault or negligence of the bank, paying agent, officer, or employee. The Secretary shall relieve the bank, agent, officer, or employee from liability when the Secretary decides that written notice of liability or potential liability has not been given to the bank, agent, officer, or employee by the Government within 10 years from the date of the erroneous payment. However, the Secretary may not relieve a paying agent of an assumed unconditional liability to the Government.
(b) Section 17304(c) of title 40 applies to a decision of the Secretary made under this section. A recovery or repayment of a loss for which replacement is made out of the fund shall be credited to the fund and is available for the purposes for which the fund was established.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 946; Pub. L. 107–217, §3(h)(4), Aug. 21, 2002, 116 Stat. 1299.)
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(i)(1st–6th sentences); added Apr. 11, 1943, ch. 52, §3, 57 Stat. 63; restated Apr. 3, 1945, ch. 51, §3, 59 Stat. 47; Sept. 22, 1959, Pub. L. 86–346, §103, 31 Stat. 622; Oct. 17, 1968, Pub. L. 90–595, §2, 82 Stat. 1155.
2002—Subsec. (a). Pub. L. 107–217, §3(h)(4)(A), substituted “section 17303(a) of title 40” for “section 2 of the Government Losses in Shipment Act (40 U.S.C. 722)”.
Subsec. (b). Pub. L. 107–217, §3(h)(4)(B), substituted “Section 17304(c) of title 40” for “Section 3 of the Government Losses in Shipment Act (40 U.S.C. 723) (related to finality of decisions of the Secretary)”.
§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.
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.
Sept. 24, 1917, ch. 56, 40 Stat. 288, §23; added Apr. 3, 1945, ch. 51, §4, 59 Stat. 48.
§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 section 3104 of this title; and
(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.
31:753(d)(last sentence less related to 31:771).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §18(d)(last sentence less related to §8); added Mar. 3, 1919, ch. 100, §1, 40 Stat. 1310.
31:757c(e).
Sept. 24, 1917, ch. 56, 40 Stat. 288, §22(e); added Feb. 4, 1935, ch. 5, §6, 49 Stat. 21; restated Feb. 19, 1941, ch. 7, §3, 55 Stat. 8.
31:759.
Apr. 24, 1917, ch. 4, §8, 40 Stat. 37; May 29, 1928, ch. 901, §1(20)(related to 40 Stat. 37), 45 Stat. 987.
31:760.
Sept. 24, 1917, ch. 56, §10, 40 Stat. 292; May 29, 1928, ch. 901, §1(20)(related to 40 Stat. 292), 45 Stat. 987; June 1, 1955, ch. 119, §3, 69 Stat. 82.
31:761.
June 16, 1921, ch. 23, §1(last par. last sentence under heading “Office of the Secretary”), 42 Stat. 36.
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 section 84 of title 12” in 31:753(d)(last sentence) are omitted because they refer to sections previously repealed (31:735–738, 765) or obsolete (31:773, which was superseded by 39:410) and because 12:84 was amended to express the result required by the source provisions by section 10 of the Act of February 25, 1927 (ch. 191, 44 Stat. 1229).
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.
The First Liberty Bond Act, referred to in subsec. (a)(3), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which enacted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1072.
§3130. Annual public debt report
(a) General Rule.—On or before June 1 of each calendar year after 1993, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate on—
(1) the Treasury's public debt activities, and
(2) the operations of the Federal Financing Bank.
(b) Required Information on Public Debt Activities.—Each report submitted under subsection (a) shall include the following information:
(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.
(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) Required Information on Federal Financing Bank.—Each report submitted under subsection (a) shall include (but not be limited to) information on the financial operations of the Federal Financing Bank, including loan payments and prepayments, and on the levels and categories of the lending activities of the Federal Financing Bank, for the current fiscal year and for prior fiscal years.
(d) Recommendations.—The Secretary of the Treasury may include in any report submitted under subsection (a) such recommendations to improve the issuance and sale of public debt obligations (and with respect to other matters) as he may deem advisable.
(1) Current fiscal year.—The term “current fiscal year” means the fiscal year ending in the calendar year in which the report is submitted.
(2) Total public debt.—The term “total public debt” means the total amount of the obligations subject to the public debt limit established in section 3101 of this title.
(3) Net public debt.—The term “net public debt” means the portion of the total public debt which is held by the public.
(4) Debt to gdp ratio.—The term “debt to GDP ratio” means the percentage obtained by dividing the level of the total public debt or net public debt, as the case may be, by the gross domestic product.
(5) Interest cost to outlay ratio.—The term “interest cost to outlay ratio” means, with respect to any fiscal year, the percentage obtained by dividing the interest cost for such fiscal year on the net public debt by the total amount of Federal outlays for such fiscal year.
(Added Pub. L. 103–202, title II, §201(a), Dec. 17, 1993, 107 Stat. 2355.)
CHAPTER 33—DEPOSITING, KEEPING, AND PAYING MONEY
3301.General duties of the Secretary of the Treasury.
3302.Custodians of money.
3303.Designation of depositaries.
3304.Transfers of public money from depositaries.
3305.Audits of depositaries.
3321.Disbursing authority in the executive branch.
3322.Disbursing officials.
3323.Warrants.
3324.Advances.
3325.Vouchers.
3326.Waiver of requirements for warrants and advances.
3327.General authority to issue checks and other drafts.
3328.Paying checks and drafts.
3329.Withholding checks to be sent to foreign countries.
3330.Payment of Department of Veterans Affairs checks for the benefit of individuals in foreign countries.
3331.Substitute checks.
3332.Required direct deposit.
3333.Relief for payments made without negligence.
3334.Cancellation and proceeds distribution of Treasury checks.
3335.Timely disbursement of Federal funds.
3336.Electronic benefit transfer pilot.1
3341.Sale of Government warrants, checks, drafts, and obligations.
3342.Check cashing and exchange transactions.
3343.Check forgery insurance fund.
1994—Pub. L. 103–356, title IV, §402(b), Oct. 13, 1994, 108 Stat. 3413, substituted “Required direct deposit” for “Checks payable to financial organizations designated by Government officers and employees” in item 3332.
Pub. L. 103–272, §4(f)(1)(G), July 5, 1994, 108 Stat. 1362, added item 3334.
1991—Pub. L. 102–54, §13(l)(4)(B), June 13, 1991, 105 Stat. 277, substituted “Department of Veterans Affairs” for “Veterans’ Administration” in item 3330.
1990—Pub. L. 101–453, §4(b), Oct. 24, 1990, 104 Stat. 1059, added item 3335.
1 Editorially supplied. Section 3336 added by Pub. L. 104–208 without corresponding amendment of chapter analysis.
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 section 3326 of this title” are added for clarity. The words “endorse . . . as required by subsection (a)(4) of this section” are substituted for “so signed” for clarity and consistency.
Pub. L. 111–204, §1, July 22, 2010, 124 Stat. 2224, provided that: “This Act [amending sections 3501 and 3562 of this title and section 612 of Title 6, Domestic Security, repealing sections 3561 and 3563 to 3567 of this title, enacting provisions set out as notes under section 3321 of this title, and amending provisions set out as a note under section 3321 of this title] may be cited as the ‘Improper Payments Elimination and Recovery Act of 2010’.”
Pub. L. 106–433, §1, Nov. 6, 2000, 114 Stat. 1910, provided that: “This Act [amending section 3327 of this title and enacting provisions set out as a note under section 3327 of this title] may be cited as the ‘Social Security Number Confidentiality Act of 2000’.”
Pub. L. 103–356, §1(a), Oct. 13, 1994, 108 Stat. 3410, provided that: “This Act [amending sections 331, 3332, 3515, and 3521 of this title, section 31 of Title 2, The Congress, section 104 of Title 3, The President, sections 5318 and 6304 of Title 5, Government Organization and Employees, and section 461 of Title 28, Judiciary and Judicial Procedure, and enacting provisions set out as notes under this section, sections 501 and 1113 of this title, section 31 of Title 2, and section 6304 of Title 5] may be cited as the ‘Government Management Reform Act of 1994’.”
Pub. L. 103–356, title IV, §401, Oct. 13, 1994, 108 Stat. 3412, provided that: “This title [amending sections 331, 3332, 3515, and 3521 of this title and enacting provisions set out as notes under section 501 of this title] may be cited as the ‘Federal Financial Management Act of 1994’.”
3302(a)
R.S. §3639; June 6, 1972, Pub. L. 92–310, §231(r), 86 Stat. 210.
R.S. §3617.
R.S. §3621; restated May 28, 1896, ch. 252, §5, 29 Stat. 179.
R.S. §3619.
R.S. §3643.
R.S. §3653; Aug. 7, 1882, ch. 433, §1(2d complete par. on p. 312), 22 Stat. 312; Jan. 22, 1925, ch. 87(2d par. under heading “Division of Bookkeeping and Warrants”), 43 Stat. 767.
June 1, 1955, ch. 119, §1(b), 69 Stat. 82.
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 section 476 of this title’ because of 31:476], and those performing the duties of assistant treasurer, all collectors of the customs, all surveyors of the customs, acting also as collectors, all receivers of public moneys at the several land offices, all postmasters, and all public officers of whatsoever character . . . all the public money collected by them, or otherwise at any time placed in their possession and custody” to eliminate unnecessary words and for consistency in the revised title. The words “till the same is ordered, by the proper department or officer of the Government, to be transferred or paid out” are omitted as superseded by source provisions restated in the chapter. The text of 31:521(words after semicolon) is omitted as unnecessary because of the restatement.
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 section 487 of this title” are omitted because 31:487 is obsolete. The text of 31:484(last sentence) is 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.
Oct. 25, 1982, Pub. L. 97–365, §13(a), 96 Stat. 1757.
1984—Subsec. (c). Pub. L. 98–369 designated existing provisions as par. (1), struck out “, but not later than the 30th day after the custodian receives the money,” after “without delay” in first sentence, inserted after first sentence “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,”, and added par. (2).
Section 2652(b)(2) of Pub. L. 98–369 provided that: “The amendments made by this subsection [amending this section] shall become effective January 1, 1985.”
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.
31:522.
R.S. §3640.
In the section, before clause (1), the words “except as provided in section 523 of this title” are omitted as superseded by title 39. The words “of the United States, to the credit of the Treasurer” are omitted as unnecessary. In clause (2), the words “if the Secretary believes the safety of the public money and convenience require it” are substituted for “as the safety of the public moneys and the convenience of the public service shall seem to him to require” for clarity and to eliminate unnecessary words.
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.
“(i) shall give priority to the most recent payments and to