§157 Funds of Library of Congress Trust Fund Board; Management Of

Summary

Money or securities given to the board must be recorded by the Secretary of the Treasury, who will hold and invest them when the board asks. Any income from those investments must go to the Treasurer of the United States, who will put it in a special account for the Library of Congress and pay it out when the librarian requests it under the Treasurer’s rules. The board may not run a business or vote stocks it holds. It cannot make investments that a trust company in the District of Columbia could not make, except it may follow whatever investments the gift that created the trust specifically allows, and it may keep investments it already accepted.