42 U.S.C. § 1437h: Implementation of…

Summary

The Secretary must prepare and send an annual budget program like those used by wholly owned Government corporations under chapter 91 of title 31. The Secretary must also keep a full set of accounts that the Government Accountability Office can audit under chapter 91 of title 31. All money and property the Secretary holds under this chapter are available to be used for chapter purposes until spent. Federal Reserve banks are to act as the Secretary’s depositories, custodians, and fiscal agents. The Secretary may repay those banks for their services in whatever way is agreed.

Title 42, §1437h

The Public Health and Welfare, Source: USLM XML via OLRC

(a)Preparation and submission of annual budget program; maintenance of accounts; audit by Government Accountability Office

In the performance of, and with respect to, the functions, powers, and duties vested in him by this chapter, the Secretary, notwithstanding the provisions of any other law, shall—

(1)prepare annually and submit a budget program as provided for wholly owned Government corporations by chapter 91 of title 31; and

(2)maintain an integral set of accounts which may be audited by the Government Accountability Office as provided by chapter 91 of title 31.

(b)Availability of receipts and assets

All receipts and assets of the Secretary under this chapter shall be available for the purposes of this chapter until expended.

(c)Federal Reserve banks to act as depositories, custodians and fiscal agents; reimbursement for services

The Federal Reserve banks are authorized and directed to act as depositories, custodians, and fiscal agents for the Secretary in the general exercise of his powers under this chapter, and the Secretary may reimburse any such bank for its services in such manner as may be agreed upon.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 10 of act Sept. 1, 1937, ch. 896, 50 Stat. 891, as amended, authorized annual contributions in assistance of low rentals for housing projects and was classified to section 1410 of this title, prior to the general revision of this chapter by Pub. L. 93–383. Similar provisions are contained in section 1437c of this title.

Amendments

2004—Subsec. (a)(2). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office”. 1996—Subsec. (a)(2). Pub. L. 104–316 substituted “maintain an integral set of accounts which may be audited by the General Accounting Office as provided by chapter 91 of title 31.” for “maintain an integral set of accounts which shall be audited annually by the General Accounting Office in accordance with the principles and procedures applicable to commercial transactions as provided by chapter 91 of title 31, and no other audit shall be required.” 1984—Subsec. (a)(1), (2). Pub. L. 98–479 substituted “chapter 91 of title 31” for “the Government Corporations Control Act, as amended”.

§1437h Implementation of Provisions by Secretary