2 U.S.C. § 158a — Temporary possession of gifts of money or securities to Library of Congress; investment

Sometimes someone offers a gift of money or securities to the Library of Congress, but conditions the donor set — or similar reasons — mean the Library needs to act fast. In that situation, the Librarian of Congress may take temporary possession of the gift, even before the gift gets its formal approval under section 156. While the Librarian holds the gift, it must be receipted for and invested, reinvested, or kept the same way section 157 requires — with two exceptions: (1) a gift of securities cannot be invested or reinvested; and (2) any money gift that is invested or reinvested must go into an interest-bearing U.S. government obligation, or one the government guarantees. If the gift is not formally approved within 12 months after the Librarian takes possession, the Library must return the principal to the donor. But any income the gift earned during that 12-month period stays with the Library, to be used as the law allows.