§635 Deposit of Moneys; Depositaries, Custodians, and Fiscal Agents; Contributions to Employees’ Compensation Funds

Summary

Allow the Administration to deposit unused money in the U.S. Treasury and take it out by its own checks. Federal Reserve banks must serve as its depositaries, custodians, and fiscal agents, and FDIC‑insured banks can do so if the Secretary of the Treasury picks them. A Federal Reserve bank named as fiscal agent must be paid back for its expenses. The Administrator must pay into the employees’ compensation fund based on yearly bills from the Secretary of Labor for benefits paid to workers doing work paid for by the revolving fund in section 633(c). Those yearly bills must also include the Administration’s share of the fund’s administrative costs, which the Administrator must pay into the Treasury as miscellaneous receipts.