§286m Amount of Loan; Public-debt Transaction; Disposition of Interest Payments

Summary

The Secretary of the Treasury can use up to $3,750,000,000 from the proceeds of any securities issued after July 15, 1946 under chapter 31 of title 31 as a public-debt transaction to carry out the December 6, 1945 agreement with the United Kingdom. The allowed purposes for issuing securities under that chapter are expanded to include this use. Payments to the United Kingdom under this rule, under section 286l, and under the agreement, and any repayments, must be treated as public-debt transactions of the United States. Interest paid to the United States under the agreement must be paid into the Treasury as miscellaneous receipts.