Title 42 — The Public Health and WelfareRelease 119-102not101

§7404 Duties of Secretary of the Treasury.

Title 42 › Chapter 95— UNITED STATES SYNTHETIC FUELS CORPORATION › Subchapter X— TERMINATION OF CORPORATION › § 7404

Last updated Jul 16, 2026|Official source

Summary

The Secretary of the Treasury must take over the job of Chairman of the Board of Directors of the Corporation within 60 days after April 7, 1986 (or sooner if there is no Chairman). The Secretary can change an existing contract for making synthetic crude oil from oil shale (a contract made under the 1980 Defense Production Act and transferred to the Treasury) only if the changes do not cost the government more money, save money for the government, and do not raise the government's financial risk. The Secretary cannot increase the total funds originally authorized for that contract, and cannot raise or speed up any per-unit financial support for the fuel. The Secretary’s duties under the named parts of the Energy Security Act cannot be moved to another federal department or agency. The Advisory Committee created under section 123 of that Act must keep advising the Secretary about managing any related contracts or obligations. Any action the Secretary must take under section 131(q) related to financial assistance must be finished within 30 days of April 7, 1986.

Full Legal Text

Title 42, §7404

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

“(a)Within 60 days of the date of enactment of this Act [Apr. 7, 1986] (or earlier, in the event of absence of a Chairman of the Board of Directors of the Corporation), the Secretary of the Treasury shall assume the duties of the Chairman of the Board of Directors of the Corporation. The Secretary of the Treasury shall have the authority to negotiate and execute agreements modifying an existing contract relating to the production of synthetic crude oil from oil shale, entered into under the Defense Production Act Amendments of 1980 [Pub. L. 96–294, title I, part A, see Short Title of 1980 Amendment note set out under section 4501 of Title 50, War and National Defense] and subsequently transferred to the Secretary of the Treasury for administration, provided the terms and conditions of any modification(s) are revenue neutral or result in a fiscal savings to the United States Government, and in no event would increase the financial exposure of the United States Government under the contract: Provided, however, That the Secretary of the Treasury shall have no authority to increase the total amount of funds originally authorized for the existing contract: And provided further, That the Secretary shall have no authority to negotiate and execute any agreement modifying the existing contract if such modification(s) would increase or accelerate the financial support per unit for the synthetic fuel to be produced under the contract.

“(b)Notwithstanding any other provision of law, the duties and responsibilities of the Secretary of the Treasury under subtitle J of part B of title I of the Energy Security Act [42 U.S.C. 8791 to 8793] or this Act [see Tables for classification] may not be transferred to any other Federal department or agency.

“(c)Notwithstanding such termination of the Corporation, the Advisory Committee established under section 123 of the Energy Security Act (42 U.S.C 8719) shall remain in effect to advise the Secretary of the Treasury regarding the administration of any contract or obligation of the Corporation pursuant to subtitle D of part B of title I of such Act [42 U.S.C. 8731 to 8740].

“(d)To the extent that the Secretary of the Treasury may be required to take an action under section 131(q) of the Energy Security Act [42 U.S.C. 8731(q)] in connection with an award or commitment of financial assistance under such Act [Pub. L. 96–294; see Short Title note set out under section 8801 of this title], the Secretary shall complete such action within 30 days of the date of enactment of this Act [Apr. 7, 1986].

Reference

Citations & Metadata

Citation

42 U.S.C. § 7404

Title 42 — The Public Health and Welfare

Last Updated

Jul 16, 2026

Release point: 119-102not101