Page:United States Statutes at Large Volume 91.djvu/1261

 PUBLIC LAW 95-147—OCT. 28, 1977

91 STAT. 1227

Public Law 95-147 95th Congress An Act To authorize the Secretary of the Treasury to invest public moneys, and for other purposes. Be it enacted by the /Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury is authorized, for cash management purposes, to invest any portion of the Treasury's operating cash for periods of up to ninety days in (1) obligations of depositaries maintaining Treasury tax and loan accounts secured by a pledge of collateral acceptable to the Secretary of the Treasury as security for tax and loan accounts, and (2) obligations of the United States and of agencies of the United States: Provided, That the authority granted under this section shall not be construed as requiring the Secretary of the Treasury to invest any or all of the cash balance held in any particular account: Provided further, That the authority granted under this section shall not be construed as permitting the Secretary of the Treasury to require the sale of such obligations by any particular person, dealer, or financial institution. Investments in obligations of depositaries maintaining such accounts shall be made at rates of interest prescribed by the Secretary of the Treasury, after taking into consideration prevailing market rates of interest. SEC. 2. (a) Section 5(k) of the Home Owners' Loan Act of 1933 (12 U.S.C. 1464(k)) is amended by adding after " B a n k " in the first sentence thereof the following: "shall be a depositary of public money and " and by striking the period at the end thereof and inserting the following: ", including services in connection with the collection of taxes and other obligations owed the United States, and the Secretary of the Treasury is hereby authorized to deposit public money in any such Federal savings and loan association or member of a Federal home loan bank, and shall prescribe such regulations as may be necessary to carry out the purposes of this subsection.". (b) Section 402(d) of the National Housing Act (12 U.S.C. 1725 (d)) is amended by adding the following at the end thereof: "Insured institutions shall be depositaries of public money and may be employed as fiscal agents of the United States. The Secretary of the Treasury is authorized to deposit public money in such insured institutions, and shall prescribe such regulations as may be necessary to enable such institutions to become depositaries of public money and fiscal agents of the United States. Each insured institution shall perform all such reasonable duties as depositary of public money and fiscal agent of the United States as may be required of it including services in connection with the collection of taxes and other obligations owed the United States.". (c) The Federal Credit Union Act (12 U.S.C. 17.51-1790) is amended— (1) by inserting after section 209 the following new section: " SEC. 210. Any credit union the accounts of which are insured under this title shall be a depositary of public money and may be employed as fiscal agent of the United States. The Secretary of the Treasury is authorized to deposit public money in any such insured

Oct. 28, 1977 [H.R. 5675]

Secretary of the Treasury. Public moneys, investment authority.

31 USC 1038.

Interest rates.

Federal Home Loan Banks, public money depositaries.

Insured institutions, public money depositaries.

Credit unions, public money depositaries. 12 USC 1789a.

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