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

Summary

Money the Administration does not need right away can be put in the U.S. Treasury and checked out by the Administration. Federal Reserve banks will serve as depositaries, custodians, and fiscal agents for the Administration. FDIC‑insured banks that the Treasury names can act as custodians and financial agents. A Federal Reserve bank the Administrator names 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 employees working on activities funded by the revolving fund under section 633(c). The yearly bill will also list the Administrator’s share of the fund’s administrative costs, which the Administrator must pay into the Treasury as miscellaneous receipts.