§1437h — Title 42 The Public Health and Welfare | U.S. Code

Summary

Require the Secretary to prepare and send a yearly budget the same way wholly owned government corporations do under chapter 91 of title 31, and to keep complete accounts that the Government Accountability Office may audit under that chapter. All receipts and assets the Secretary has under this chapter are available for the chapter’s purposes until spent. Federal Reserve banks must act as the Secretary’s depositories, custodians, and fiscal agents, and the Secretary may reimburse them for those services by agreement.

Title 42, §1437h

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

(a)In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter, the Secretary, notwithstanding the provisions of any other law, shall—

(1)prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31; and

(2)maintain an integral set of accounts which may be audited by the Government Accountability Office as provided by chapter 91 of title 31.

(b)All receipts and assets of the Secretary under this chapter shall be available for the purposes of this chapter until expended.

(c)The Federal Reserve banks are authorized and directed to act as depositories, custodians, and fiscal agents for the Secretary in the general exercise of his powers under this chapter, and the Secretary may reimburse any such bank for its services in such manner as may be agreed upon.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 10 of act Sept. 1, 1937, ch. 896, 50 Stat. 891, as amended, authorized annual contributions in assistance of low rentals for housing projects and was classified to section 1410 of this title, prior to the general revision of this chapter by Pub. L. 93–383. Similar provisions are contained in section 1437c of this title.

Amendments

2004—Subsec. (a)(2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”. 1996—Subsec. (a)(2). Pub. L. 104–316 substituted “maintain an integral set of accounts which may be audited by the General Accounting Office as provided by chapter 91 of title 31.” for “maintain an integral set of accounts which shall be audited annually by the General Accounting Office in accordance with the principles and procedures applicable to commercial transactions as provided by chapter 91 of title 31, and no other audit shall be required.” 1984—Subsec. (a)(1), (2). Pub. L. 98–479 substituted “chapter 91 of title 31” for “the Government Corporations Control Act, as amended”.

§1437h Implementation of provisions by Secretary