Page:United States Statutes at Large Volume 117.djvu/1212

 PUBLIC LAW 108–100—OCT. 28, 2003

117 STAT. 1193

the Secretary of the Treasury to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. FOR ORDERLY TRANSITION.—In (3) REQUIREMENTS transitioning to the use of the appropriations authorized in subsection (b), the Secretary of the Treasury shall take such steps as may be appropriate to— (A) prevent abrupt financial disruption to the functions of the Department of the Treasury or to the participating financial institutions; and (B) maintain adequate accounting and management controls to ensure that payments to financial institutions for their banking services provided to the Government as depositaries and financial agents are accurate and that the arrangements last no longer than is necessary. (4) REPORTS REQUIRED.— (A) ANNUAL REPORT.— (i) IN GENERAL.—For each fiscal year, the Secretary of the Treasury shall submit a report to the Congress on the use of compensating balances and on the use of appropriations authorized in subsection (b) during that fiscal year. (ii) INCLUSION IN BUDGET.—The report required under clause (i) may be submitted as part of the budget submitted by the President under section 1105 of title 31, United States Code, for the following fiscal year and if so, the report shall be submitted concurrently to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (B) FINAL REPORT FOLLOWING TRANSITION.— (i) IN GENERAL.—Following completion of the transition from the use of compensating balances to the use of the appropriations authorized in subsection (b) to pay financial institutions for their services as depositaries and financial agents of the United States, the Secretary of the Treasury shall submit a report on the transition to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (ii) CONTENTS OF REPORT.—The report submitted under clause (i) shall include a detailed analysis of— (I) the cost of transition; (II) the direct costs of the services being paid from the appropriations authorized in subsection (b); and (III) the benefits realized from the use of direct payment for such services, rather than the use of compensating balance arrangements. (d) TECHNICAL AMENDMENT.—The second undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 412) is amended— (1) in the third sentence, by inserting ‘‘or any other asset of a Federal reserve bank’’ before the period at the end; and (2) in the last sentence, by inserting ‘‘, or are otherwise held by or on behalf of,’’ after ‘‘in the vaults of ’’.

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