§4534 Defense Production Act Fund

Summary

Creates a separate account in the U.S. Treasury called the Defense Production Act Fund. Money goes into the Fund from congressional appropriations authorized by section 4561 and from payments the Fund receives from agreements made under section 4533. The Fund pays for actions allowed by this part of the law, but must follow limits set elsewhere in the law and in Congress’s spending bills. Money in the Fund stays available until it is spent. At the end of each fiscal year the balance cannot exceed $750,000,000, not counting money newly appropriated that year or funds already obligated; any excess must be returned to the Treasury’s general fund. The President appoints a Fund manager. The manager must figure the Fund’s liabilities, make sure Fund transactions are visible and accountable, and report each year to Congress about the Fund’s activities for the previous fiscal year. Any agreement made after December 31, 1991 that creates a possible liability for the United States is treated as an obligation against the Fund.