§1110 Borrowing between Federal accounts

Summary

The Treasury Secretary, after talking with the Labor Secretary, can move money between certain unemployment trust accounts (the employment security administration account, the Federal unemployment account, and the extended unemployment compensation account) when one account won’t have enough to pay what’s expected, that shortage might force borrowing from the Treasury’s general fund, and another account has more than it needs. Any money moved is treated as a loan that must be paid back and does not earn interest. It also is not counted when calculating amounts under sections 1101(f)(2), 1102(b), and 1105(b). When the account that got the loan later has extra money, the Treasury Secretary, after talking with the Labor Secretary, must move back the smaller of the original loan or that extra amount.