31 U.S.C. § 323 — Investment of operating cash
submitted 44 years ago by Pub. L. 97-258 to r/title-31-MONEY-AND-FINANCE · 198 words · no verdicts yet
The Treasury Secretary may invest the government's operating cash for up to 90 days. Each year, the Secretary must report these investments and their risks to Congress.
(a) The Secretary of the Treasury manages the government's operating cash. The Secretary may invest part of that cash for no more than 90 days. The Secretary may put this money into: (1) obligations of banks that hold Treasury tax and loan accounts, if backed by collateral the Secretary accepts; (2) obligations of the United States Government; and (3) repurchase agreements with parties the Secretary accepts.
(b) Subsection (a) does not force the Secretary to invest every cash balance in every account.
(c) When the Secretary sets interest rates for investments under (a)(1), the Secretary must look at current market rates.
(d)(1) Each fiscal year, the Secretary must send the "appropriate committees" a report on the past year's investments under (a). The report must describe the risks of those investments and what the Secretary did to manage those risks.
(d)(2) "Appropriate committees" means the House Committee on Ways and Means and the Senate Committee on Finance.
To manage United States cash, the Secretary of the Treasury may invest any part of the operating cash of the Treasury for not more than 90 days. The Secretary may invest the operating cash of the Treasury in—
obligations of depositories maintaining Treasury tax and loan accounts secured by pledged collateral acceptable to the Secretary;
obligations of the United States Government; and
repurchase agreements with parties acceptable to the Secretary.
Subsection (a) of this section does not require the Secretary to invest a cash balance held in a particular account.
The Secretary shall consider the prevailing market in prescribing rates of interest for investments under subsection (a)(1) of this section.
The Secretary of the Treasury shall submit each fiscal year to the appropriate committees a report detailing the investment of operating cash under subsection (a) for the preceding fiscal year. The report shall describe the Secretary’s consideration of risks associated with investments and the actions taken to manage such risks.
For purposes of paragraph (1), the term “appropriate committees” means the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.
Source credit: (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 882; Pub. L. 110–351, title V, § 502, Oct. 7, 2008, 122 Stat. 3980.)
- 1982Enacted · Pub. L. 97-258 · 96 Stat. 882
- 2008Amended · Pub. L. 110-351 · 122 Stat. 3980
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-258 on 1982-09-13.
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