§635 — Title 15 Commerce and Trade | U.S. Code

Summary

Keep unused Administration money deposited in the U.S. Treasury. Federal Reserve banks act as its depositaries, custodians, and fiscal agents and are reimbursed for fiscal‑agent expenses; the Treasury Secretary may also name FDIC‑insured banks as custodians or financial agents. Each year the Administrator must pay bills from the Secretary of Labor into the employees’ compensation fund for benefits tied to work paid from the revolving fund in section 633(c), and must pay the fund’s administrative share into the Treasury as miscellaneous receipts.

Title 15, §635

Commerce and Trade — Source: USLM XML via OLRC

(a)All moneys of the Administration not otherwise employed may be deposited with the Treasury of the United States subject to check by authority of the Administration. The Federal Reserve banks are authorized and directed to act as depositaries, custodians, and fiscal agents for the Administration in the general performance of its powers conferred by this chapter. Any banks insured by the Federal Deposit Insurance Corporation, when designated by the Secretary of the Treasury, shall act as custodians and financial agents for the Administration. Each Federal Reserve bank, when designated by the Administrator as fiscal agent for the Administration, shall be entitled to be reimbursed for all expenses incurred as such fiscal agent.

(b)The Administrator shall contribute to the employees’ compensation fund, on the basis of annual billings as determined by the Secretary of Labor, for the benefit payments made from such fund on account of employees engaged in carrying out functions financed by the revolving fund established by section 633(c) of this title. The annual billings shall also include a statement of the fair portion of the cost of the administration of such fund, which shall be paid by the Administrator into the Treasury as miscellaneous receipts.

Editorial Notes

Prior Provisions

Prior similar provisions were contained in section 206 of act July 30, 1953, ch. 282, title II, 67 Stat. 235, which was previously classified to this section. See Codification note set out under section 631 of this title.

§635 Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees’ compensation funds

Summary

Title 15, §635

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Citations & Metadata