§2286 Approval of Financing Plans by Secretary of the Treasury

Summary

Federal agencies must get the Treasury Secretary's OK before they arrange financing. The approval covers how they will finance, where the money will come from, when they will borrow (including market timing and other federal borrowing), and the borrowing terms like interest rates and loan lengths. When an agency asks, the Treasury Secretary must quickly approve or explain why he won’t. He cannot delay his decision more than 60 days without sending Congress a detailed reason, and he cannot delay more than 120 days in any case. He should avoid decisions that unfairly hurt one type of program, speed up requests in unusual or urgent situations, and agencies must send financing plans to the Secretary in the form and at the times he requires.