An Act to authorize the Secretary of the Treasury to invest public moneys, and for other purposes.
PL 95-147 (H.R.5675), enacted 10/28/1977

PUBLIC LAW 95-147—OCT. 28, 1977 
91 STAT. 1227 
Public Law 95-147 
95th Congress 
An Act 
To authorize the Secretary of the Treasury to invest public moneys, and for 
other purposes. 
Be it enacted by the /Senate and House of Representatives 
of the 
United States of America 
in Congress assembled, That the Secretary 
of the Treasury is authorized, for cash management purposes, to 
invest any portion of the Treasury's operating cash for periods of up 
to ninety days in (1) obligations of depositaries maintaining Treas-
ury tax and loan accounts secured by a pledge of collateral acceptable 
to the Secretary of the Treasury as security for tax and loan accounts, 
and (2) obligations of the United States and of agencies of the United 
States: Provided, 
That the authority granted under this section shall 
not be construed as requiring the Secretary of the Treasury to invest 
any or all of the cash balance held in any particular account: Provided 
further, 
That the authority granted under this section shall not be 
construed as permitting the Secretary of the Treasury to require the 
sale of such obligations by any particular person, dealer, or financial 
institution. Investments in obligations of depositaries maintaining 
such accounts shall be made at rates of interest prescribed by the Sec-
retary of the Treasury, after taking into consideration prevailing 
market rates of interest. 
SEC. 2. (a) Section 5(k) of the Home Owners' Loan Act of 1933 
(12 U.S.C. 1464(k)) is amended by adding after "Bank" in the first 
sentence thereof the following: "shall be a depositary of public money 
and" and by striking the period at the end thereof and inserting the 
following: ", including services in connection with the collection of 
taxes and other obligations owed the United States, and the Secre-
tary of the Treasury is hereby authorized to deposit public money in 
any such Federal savings and loan association or member of a Fed-
eral home loan bank, and shall prescribe such regulations as may be 
necessary to carry out the purposes of this subsection.". 
(b) Section 402(d) of the National Housing Act (12 U.S.C. 1725 
(d)) is amended by adding the following at the end thereof: "Insured 
institutions shall be depositaries of public money and may be 
employed as fiscal agents of the United States. The Secretary of the 
Treasury is authorized to deposit public money in such insured insti-
tutions, and shall prescribe such regulations as may be necessary to 
enable such institutions to become depositaries of public money and 
fiscal agents of the United States. Each insured institution shall per-
form all such reasonable duties as depositary of public money and 
fiscal agent of the United States as may be required of it including 
services in connection with the collection of taxes and other obliga-
tions owed the United States.". 
(c) The Federal Credit Union Act (12 U.S.C. 17.51-1790) is 
amended— 
(1) by inserting after section 209 the following new section: 
"SEC. 210. Any credit union the accounts of which are insured 
under this title shall be a depositary of public money and may be 
employed as fiscal agent of the United States. The Secretary of the 
Treasury is authorized to deposit public money in any such insured 
Oct. 28, 1977 
[H.R. 5675] 
Secretary of the 
Treasury. 
Pubhc moneys, 
investment 
authority. 
31 use 1038. 
Interest rates. 
Federal Home 
Loan Banks, 
pubUc money 
depositaries. 
Insured 
institutions, 
pubhc money 
depositaries. 
Credit unions, 
public money 
depositaries. 
12 u s e 1789a. 
91 STAT. 1228 
PUBLIC LAW 95-147—OCT. 28, 1977 
State-chartered 
banks and other 
institutions, 
public money 
depositaries. 
12 use 266. 
26 
use 
6302. 
26 
use 
7502. 
Effective date. 
26 u s e 6302 
note. 
eertain 
International 
Monetary Fund 
deposits, 
limitation. 
Additional trust 
funds, 
establishment 
limitation. 
22 u s e 286c. 
Information, 
transmittal to 
congressional 
committees. 
22 u s e 286k. 
credit union, and shall prescribe such regulations as may be necessary 
to enable such credit unions to become depositaries of public money 
and fiscal agents of the United States. Each credit union shall perform 
all such reasonable duties as depositaries of public money and fiscal 
agent of the United States as may be required of it including services 
in connection with the collection of taxes and other obligations owed 
the United States."; and 
(2) by redesignating section 210 of the Federal Credit Union 
Act (12 U.S.C. 1790) as section 211. 
(d) Banks, savings banks, and savings and loan, building and loan, 
homestead associations (including cooperative banks), and credit 
unions created under the laws of any State and the deposits or accounts 
of which are insured by a State or agencj' thereof or corporation 
chartered pursuant to the laws of any State may be depositaries of 
public money and may be employed as fiscal agents of the United 
States. The Secretary of the Treasury is authorized to deposit public 
money in any such institution, and shall prescribe such regulations 
as may be necessary to enable such institutions to become depositaries 
of public money and fiscal agents of the United States. Each such 
institution shall perform all such reasonable duties as depositary of 
public money and fiscal agent of the United States as may be required 
of it including services in connection with the collection of taxes and 
other obligations owed the United States. 
SEC. 3. (a) Subsection (c) of section 6302 of the Internal Revenue 
Code of 1954 (relating to use of Government depositaries) is 
amended— 
(1) by striking out "or trust companies" and inserting in lieu 
thereof ", trust companies, domestic building and loan associa-
tions, or credit unions"; and 
(2) by striking out "and trust companies" and inserting in lieu 
thereof ", trust companies, domestic building and loan associa-
tions, and credit unions". 
(b) Subsection (e) of section 7502 of the Internal Revenue Code 
of 1954 (relating to mailing of deposits) is amended by striking out 
"or trust company" each time it appears and inserting in lieu thereof 
", trust company, domestic building and loan association, or credit 
union". 
(c) The amendments made by this section shall apply to amounts 
deposited after the date of the enactment of this Act. 
SEC. 4. (a) The Bretton Woods Agreements Act (22 U.S.C. 286— 
286k-2) is amended— 
(1) by striking out clause (g) of the first sentence of section 5, 
and by inserting immediately after clause (f) the following: "or 
(g) approve either the disposition of more than 25 million ounces 
of Fund gold for the benefit of the Trust Fund established by 
the Fund on May 6, 1976, or the establishment of any additional 
trust fund wherebj'^ resources of the International Monetary 
Fund would be used for the special benefit of a single member, 
or of a particular segment of the membership, of the fund."; 
(2) (A) by inserting "(a)" immediately after "SEC. 14."; and 
(B) by inserting at the end of section 14 the following new 
subsection: 
"(b) The President shall, upon the request of any committee of 
the Congress with legislative or oversight jurisdiction over monetary 
policy or the International Monetary Fund, provide to such commit-
tee any appropriate information relevant to that committee's juris-
diction which is furnished to any department or agency of the United 
Loans to foreign 
governments, 
extension 
limitation. 
Presidential 
determination, 
submittal to 
Congress. 
PUBLIC LAW 95-147—OCT. 28, 1977 
91 STAT. 1229 
States by the International Monetary P'und. The President shall com-
ply with this provision consistent with United States membership 
obligations in the International Monetary Fund and subject to such 
limitations as are appropriate to the sensitive nature of the 
information.". 
(b)(1) Section 10(a) of the Gold Reserve Act of 1934 (31 U.S.C. 
822a(a)) is amended— 
(A) by striking out "to and" immediately following "necessary" 
and inserting in lieu thereof a comma; and 
(B) by inserting immediately after "International Monetary 
Fund" the following: "regarding orderly exchange arrangements 
and a stable system of exchange rates: Provided, howerer., That 
no loan or credit to a foreign government or entity shall be 
extended by or through such Fund for more than six months in 
any twelve-month period unless the President provides a writ-
ten determination to the Congress that unique or exigent cir-
cumstances make such loan or credit necessary for a term greater 
than six months". 
(2) Section 10(b) of the Gold Reserve Act of 1934 (31 U.S.C. 
822a (b)) is amended by striking out the phrase "stabilizing the 
exchange value of the dollar" in the fourth sentence thereof and 
' ^ 
inserting in lieu thereof the phrase "the purposes prescribed by this 
section". 
(c) The joint resolution entitled "Joint resolution to assure uniform 31USC463 note, 
value to the coins and currencies of the United States", approved 
June 5, 1933 (31 U.S.C. 463), shall not apply to obligations issued 
on or after the date of enactment of this section. 
<
; 
Approved October 28, 1977. 
LEGISLATIVE HISTORY: 
HOUSE REPORTS: No. 95-159, Pt. 1 (Comm. on Banking, Finance and Urban Affairs) 
and No. 95-159, Pt. 2 (Comm. on Ways and Means). 
SENATE REPORT No. 95-450 (Comm. on Banking, Housing, and Urban Affairs). 
CONGRESSIONAL RECORD, Vol. 123 (1977): 
Apr. 25, considered and passed House. 
Oct. 11, considered and passed Senate, amended. 
Oct. 14, House concurred in Senate amendment.