§9634 Corporate Funds

Summary

Creates a Corporate Capital Account in the U.S. Treasury to pay for the Corporation’s work. Money put into the account comes from fees the Corporation charges, amounts it receives under its borrowing authority, returns on investments, leftover balances moved in from predecessor programs, insurance settlement payments, and other collections — but not the “cost” of loans and loan guarantees as defined in section 661a of title 2. The Corporation can set and collect fees for services. Money in the account, subject to Congress approving spending, may pay loan and loan-guarantee costs, the Corporation’s administrative costs, the costs of certain authorized support programs, and project-specific transaction costs. The United States’ full faith and credit covers prior related obligations, and the Corporation may borrow from the Treasury as needed on terms set by the Secretary of the Treasury. The Board, with the OMB Director, will assess an annual dividend to the Treasury if the insurance portfolio is more than 100 percent reserved. The Corporation can ask the Treasury to invest idle funds in U.S. public debt. Interest and certain earnings cannot be spent in a fiscal year unless Congress approves. Unspent balances and responsibilities from named predecessor agencies must be transferred to the Corporation by the end of the transition period. Project-specific transaction costs mean travel, legal, and claims-related direct and indirect costs and do not include information technology.