Title 42 — The Public Health and WelfareRelease 119-84

§7404 DUTIES OF SECRETARY OF THE TREASURY.

Title 42 › Chapter CHAPTER 95— - UNITED STATES SYNTHETIC FUELS CORPORATION › Subchapter SUBCHAPTER X— - TERMINATION OF CORPORATION › § 7404

Last updated Apr 22, 2026|Official source

Summary

The Secretary of the Treasury must become the acting Chairman of the Corporation’s board within 60 days after April 7, 1986, or sooner if there is no chairman. The Secretary can renegotiate contracts about producing synthetic crude oil from oil shale that were made under the 1980 Defense Production Act and later given to the Treasury. Any changes must not cost the United States more money, must either save money or be revenue neutral, must not increase the government’s financial risk, must not raise the total funds originally authorized, and must not increase or speed up per-unit financial support for the fuel. The Secretary cannot transfer these duties to another federal department or agency. The Advisory Committee created under section 123 will continue to advise the Secretary about managing those contracts and obligations. If the Secretary must act under section 131(q) related to financial awards or commitments, that action must be finished within 30 days after April 7, 1986.

Full Legal Text

Title 42, §7404

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

“(a)Within 60 days of the date of enactment of this Act [Apr. 7, 1986] (or earlier, in the event of absence of a Chairman of the Board of Directors of the Corporation), the Secretary of the Treasury shall assume the duties of the Chairman of the Board of Directors of the Corporation. The Secretary of the Treasury shall have the authority to negotiate and execute agreements modifying an existing contract relating to the production of synthetic crude oil from oil shale, entered into under the Defense Production Act Amendments of 1980 [Pub. L. 96–294, title I, part A, see Short Title of 1980 Amendment note set out under section 4501 of Title 50, War and National Defense] and subsequently transferred to the Secretary of the Treasury for administration, provided the terms and conditions of any modification(s) are revenue neutral or result in a fiscal savings to the United States Government, and in no event would increase the financial exposure of the United States Government under the contract: Provided, however, That the Secretary of the Treasury shall have no authority to increase the total amount of funds originally authorized for the existing contract: And provided further, That the Secretary shall have no authority to negotiate and execute any agreement modifying the existing contract if such modification(s) would increase or accelerate the financial support per unit for the synthetic fuel to be produced under the contract.

“(b)Notwithstanding any other provision of law, the duties and responsibilities of the Secretary of the Treasury under subtitle J of part B of title I of the Energy Security Act [42 U.S.C. 8791 to 8793] or this Act [see Tables for classification] may not be transferred to any other Federal department or agency.

“(c)Notwithstanding such termination of the Corporation, the Advisory Committee established under section 123 of the Energy Security Act (42 U.S.C 8719) shall remain in effect to advise the Secretary of the Treasury regarding the administration of any contract or obligation of the Corporation pursuant to subtitle D of part B of title I of such Act [42 U.S.C. 8731 to 8740].

“(d)To the extent that the Secretary of the Treasury may be required to take an action under section 131(q) of the Energy Security Act [42 U.S.C. 8731(q)] in connection with an award or commitment of financial assistance under such Act [Pub. L. 96–294; see Short Title note set out under section 8801 of this title], the Secretary shall complete such action within 30 days of the date of enactment of this Act [Apr. 7, 1986].

Reference

Citations & Metadata

Citation

42 U.S.C. § 7404

Title 42 — The Public Health and Welfare

Last Updated

Apr 22, 2026

Release point: 119-84