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2 U.S.C. § 158 — Deposits by Library of Congress Trust Fund Board with Treasurer of United States

submitted 101 years ago by ch. 423 to r/title-2-THE-CONGRESS · 152 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Library of Congress Trust Fund Board can deposit money with the U.S. Treasury as a loan. The Treasury pays interest, which the Librarian of Congress can then spend for approved purposes. The Board can't deposit more than $10,000,000 total this way.

If a gift or fund doesn't say otherwise, the Library of Congress Trust Fund Board may deposit its principal money, in cash, with the Treasurer of the United States. This deposit works as a permanent loan to the U.S. Treasury. The Treasurer must pay interest on this deposit. The rate is whichever is higher: 4 percent per year, or a rate that is 0.25 percentage points below a rate the Secretary of the Treasury sets. The Secretary bases that rate on the current average market yield on long-term U.S. government bonds, rounded to the nearest one-eighth of 1 percent. The Treasurer pays this interest twice a year. This interest counts as income. The Librarian of Congress may spend it for the purposes the gift or fund specifies. There is a cap: the total amount of principal the Treasurer can hold under this arrangement, at any one time, cannot exceed $10,000,000.
the actual law source: uscode.house.gov ↗public domain

In the absence of any specification to the contrary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treasury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000.

Source credit: (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107; renumbered § 2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.)

history & why it existsrecord from the source credit
  • 1925Enacted · Act of Mar. 3, 1925, ch. 423 · 43 Stat. 1107
  • 1936Amended · Act of Apr. 13, 1936, ch. 213 · 49 Stat. 1205
  • 1936Amended · Act of June 23, 1936, ch. 734 · 49 Stat. 1894
  • 1962Amended · Pub. L. 87-522 · 76 Stat. 135
  • 1976Amended · Pub. L. 94-289 · 90 Stat. 521

A history note hasn’t been published yet. The record shows enactment by ch. 423 on 1925-03-03.

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