Source: http://www.lawserver.com/law/country/us/code/12_usc_5017
Timestamp: 2013-06-19 20:24:20
Document Index: 676786215

Matched Legal Cases: ['§ 5017', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5']

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12 USC 5017 - Evaluation and report by the Comptroller General U.S. Code > Title 12 > Chapter 50 > § 5017 - Evaluation and report by the Comptroller GeneralCurrent as of: February 2010Check for updates
financial agency services provided for or on behalf of the United
States by -
"compensating balances", on deposit at such institutions; and
(B) using imputed interest on such funds to offset charges
for the various depositary and financial agency services
provided to or on behalf of the Government.
the Secretary of the Treasury and for the management by financial
(4) It is imperative that the process for providing financial
services to the Government be transparent, and provide the
information necessary for the Congress to effectively exercise
its appropriation and oversight responsibilities.
balances when interest rates fluctuate sharply or when the public
debt outstanding reaches the statutory debt limit.
(6) An alternative to the use of compensating balances, such as
direct payments to financial institutions, would ensure that
(7) Limiting the use of compensating balances could result in a
more direct and cost-efficient method of obtaining those services
currently provided under compensating balance arrangements.
higher-than-necessary transitional costs and enable participating
financial institutions to modify their planned investment of cash
depositaries and financial agencies of the United States
beginning after fiscal year 2003 to the Secretary of the Treasury
such sums as may be necessary for reimbursing financial
institutions in their capacity as depositaries and financial agents
of the United States for all services required or directed by the
Secretary of the Treasury, or a designee of the Secretary, to be
performed by such financial institutions on behalf of the Secretary
of the Treasury or another Federal agency, including services
rendered before fiscal year 2004.
As appropriations authorized in subsection (b) become
available, the Secretary of the Treasury shall promptly begin the
process of phasing in the use of the appropriations to pay
financial institutions serving as depositaries and financial
agents of the United States, and transitioning from the use of
compensating balances to fund these services.
Following the transition to the use of the appropriations
authorized in subsection (b), the Secretary of the Treasury may
use the compensating balances to pay financial institutions
serving as depositaries and financial agents of the United
States only in extraordinary situations where the Secretary
determines that they are needed to ensure the fiscal operations
of the Government continue to function in an efficient and
Any use of compensating balances pursuant to subparagraph (A)
shall promptly be reported by the Secretary of the Treasury to
In transitioning to the use of the appropriations authorized in
subsection (b), the Secretary of the Treasury shall take such
steps as may be appropriate to -
(A) prevent abrupt financial disruption to the functions of
the Department of the Treasury or to the participating
(B) maintain adequate accounting and management controls to
ensure that payments to financial institutions for their
banking services provided to the Government as depositaries and
financial agents are accurate and that the arrangements last no
For each fiscal year, the Secretary of the Treasury shall
submit a report to the Congress on the use of compensating
balances and on the use of appropriations authorized in
subsection (b) during that fiscal year.
The report required under clause (i) may be submitted as
part of the budget submitted by the President under section
1105 of title 31 for the following fiscal year and if so, the
report shall be submitted concurrently to the Committee on
Following completion of the transition from the use of
compensating balances to the use of the appropriations
authorized in subsection (b) to pay financial institutions
for their services as depositaries and financial agents of
the United States, the Secretary of the Treasury shall submit
a report on the transition to the Committee on Financial
The report submitted under clause (i) shall include a
detailed analysis of -
(II) the direct costs of the services being paid from the
appropriations authorized in subsection (b); and
(III) the benefits realized from the use of direct
payment for such services, rather than the use of
Notwithstanding section 20,(!1) this section shall take effect on
Legislative History Previous sectionChapter 50 Table of ContentsNext section ________________________________________________________________________
U.S. Code Provisions: Bank Deposits and Collections (UCC Article 4)U.S. Code > Title 12 > Chapter 41 - Expedited Funds AvailabilityU.S. Code > Title 12 > Chapter 50 - Check TruncationState Laws: Bank Deposits and Collections (UCC Article 4)AlabamaAlabama Code > Title 7 > Article 4 - Bank Deposits And CollectionsAlaskaAlaska Statutes Chapter 45.04 - Bank Deposits And CollectionsArizonaArizona Laws > Title 47 > Chapter 4 - Bank Deposits And CollectionsCaliforniaCalifornia Commercial Code > Division 4 - Bank Deposits And CollectionsConnecticutConnecticut General Statutes > Title 42a > Article 4 - Bank Deposits and CollectionsDelawareDelaware Code Title 6 > Article 4 - Bank Deposits And CollectionsFloridaFlorida Statutes > Chapter 674 - Uniform Commercial Code: Bank Deposits and CollectionsHawaiiHawaii Revised Statutes Chapter 490 > Article 4 - Bank Deposits and CollectionsHawaii Revised Statutes Chapter 490 > Article 4 > Part 1 - General Provisions and DefinitionsHawaii Revised Statutes Chapter 490 > Article 4 > Part 2 - Collection of Items: Depositary and Collecting BanksHawaii Revised Statutes Chapter 490 > Article 4 > Part 3 - Collection of Items; Payor BanksHawaii Revised Statutes Chapter 490 > Article 4 > Part 4 - Relationship Between Payor Bank and its CustomerHawaii Revised Statutes Chapter 490 > Article 4 > Part 5 - Collection of Documentary DraftsIdahoIdaho Code Title 28 > Chapter 4 - Uniform Commercial Code -- Bank Deposits And CollectionsKansasKansas Statutes > Chapter 84 > Article 4 - Bank Deposits And CollectionsMaineMaine Revised Statutes > Title 11 > Article 4 - Bank Deposits And CollectionsMontanaMontana Code Title 30 > Chapter 4 - Uniform Commercial Code Bank Deposits And CollectionsNew MexicoNew Mexico Statutes Chapter 55 > Article 4 - Bank Deposits and CollectionsNew YorkNew York Laws - Uniform Commercial Code > Article 4 - Bank Deposits and CollectionsNew YorkNew York Laws > Uniform Commercial Code > Article 4 - Bank Deposits And CollectionsNorth CarolinaNorth Carolina General Statutes Chapter 25 > Article 4 - Bank Deposits and CollectionsNorth DakotaNorth Dakota Code > Chapter 41-04 - Bank Deposits and CollectionsOhioOhio Code > Title 13 > Chapter 1304 - Bank Deposits And CollectionsOregonOregon Statutes > Chapter 74 - Bank Deposits and CollectionsRhode IslandRhode Island General Laws > Chapter 6A-4. Bank Deposits And CollectionsSouth CarolinaSouth Carolina Code > Title 36 > Chapter 4 - Bank Deposits And CollectionsSouth DakotaSouth Dakota Laws > Title 57A > Chapter 4 - Bank Deposits And CollectionsTennesseeTennessee Code > Title 47 > Chapter 4 - Bank Deposits and CollectionsTexasTexas Business And Commerce Code > Title 1 > Chapter 4 - Bank Deposits And CollectionsUtahUtah Code > Title 70A > Chapter 4 - Uniform Commercial Code - Bank Deposits and CollectionsVermontVermont Statutes > Title 9A > Article 4 - Bank Deposits and CollectionsVirginiaVirginia Code Title 8.4 - Commercial Code - Bank Deposits and CollectionsWest VirginiaWest Virginia Code > Chapter 46 > Article 4 - Bank Deposits And CollectionsWisconsinWisconsin Statutes Chapter 404 - Uniform commercial code--bank deposits and collections