§1320b–15 — Title 42 The Public Health and Welfare | U.S. Code

Summary

No U.S. officer or employee may delay or change the normal way or timing for putting money into any Federal trust fund. They must not refuse to invest that money in public debt obligations. They also must not cash in those investments early unless it is to pay benefits or administrative expenses from the same fund. "Public debt obligation" means any obligation covered by the public debt limit in section 3101 of title 31. "Federal fund" means one of these trust funds: Federal Old-Age and Survivors Insurance Trust Fund; Federal Disability Insurance Trust Fund; Federal Hospital Insurance Trust Fund; and Federal Supplementary Medical Insurance Trust Fund.

Title 42, §1320b–15

The Public Health and Welfare — Source: USLM XML via OLRC

(a)No officer or employee of the United States shall—

(1)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,

(2)refrain from the investment in public debt obligations of amounts in any Federal fund, or

(3)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.

(b)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.

(c)For purposes of this section, the term “Federal fund” means—

(1)the Federal Old-Age and Survivors Insurance Trust Fund;

(2)the Federal Disability Insurance Trust Fund;

(3)the Federal Hospital Insurance Trust Fund; and

(4)the Federal Supplementary Medical Insurance Trust Fund.

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 104–121, title I, § 107(b), Mar. 29, 1996, 110 Stat. 857, provided that: “The amendment made by this section [enacting this section] shall take effect on the date of the enactment of this Act [Mar. 29, 1996].”

§1320b–15 Protection of social security and medicare trust funds

Summary

Title 42, §1320b–15

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata