Title 2, The CongressRelease 119-102
§157 Funds of Library of Congress Trust Fund Board; Management Of
Title 2 › CHAPTER 5 — LIBRARY OF CONGRESS › § 157
Summary
Treasury Secretary must receive and manage money or securities given to the board and invest or hold them as the board directs. Income goes to the Treasurer, who credits a special Library account and pays it when the librarian requests under the Treasurer’s rules. The board cannot run a business, vote securities, or make investments a D.C. trust company could not, except if a gift allows it or for investments it already accepted.
Full Legal Text
Title 2, §157
The Congress, Source: USLM XML via OLRC
The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the board may from time to time determine. The income as and when collected shall be deposited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treasurer of the United States is authorized to honor the requisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Provided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to securities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Columbia, except that it may make any investments directly authorized by the instrument of gift, and may retain any investments accepted by it.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification Section is comprised of second par. of section 2 of act Mar. 3, 1925. First, third, and fourth pars. of section 2 are classified to section 156, 158, and 158a of this title, respectively.
Reference
Citations & Metadata
Citation
2 U.S.C. § 157
Title 2, The Congress
Last Updated
Aug 21, 2026
Release point: 119-102