§1110 Borrowing Between Federal Accounts

Summary

The Treasury Secretary, after consulting the Secretary of Labor, can move money between federal unemployment trust accounts when one account does not have enough to pay expected benefits and might have to borrow from the Treasury, while another account has more than it needs. Money moved this way is a loan that does not earn interest and must be repaid. Those transfers do not count when calculating account amounts for sections 1101(f)(2), 1102(b), and 1105(b). If the account that received the money later has more than it needs, the Treasury Secretary, after consulting the Labor Secretary, must return an amount equal to the smaller of the advance or the excess.