42 U.S.C. § 1320b–15 — Protection of social security and medicare trust funds
submitted 91 years ago by Pub. L. 104-121 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 174 words · no verdicts yet
Federal officers and employees may not delay or alter normal deposits or credits to certain Federal funds, leave fund money uninvested in public debt, or redeem those investments early except to pay benefits or administrative expenses. The section defines the covered terms.
No officer or employee of the United States* shall—
delay the deposit of any amount into (or delay the credit of any amount to) any Federal fund or otherwise vary from the normal terms, procedures, or timing for making such deposits or credits,
refrain from the investment in public debt obligations of amounts in any Federal fund, or
redeem prior to maturity amounts in any Federal fund which are invested in public debt obligations for any purpose other than the payment of benefits or administrative expenses from such Federal fund.
For purposes of this section, the term “public debt obligation” means any obligation subject to the public debt limit established under section 3101 of title 31.
For purposes of this section, the term “Federal fund” means—
the Federal Old-Age and Survivors Insurance Trust Fund;
the Federal Disability Insurance Trust Fund;
the Federal Hospital Insurance Trust Fund; and
the Federal Supplementary Medical Insurance Trust Fund.
Source credit: (Aug. 14, 1935, ch. 531, title XI, § 1145, as added Pub. L. 104–121, title I, § 107(a), Mar. 29, 1996, 110 Stat. 856.)
- 1935Enacted · Pub. L. 104-121 · 110 Stat. 856
A history note hasn’t been published yet. The record shows enactment by Pub. L. 104-121 on 1935-08-14.
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