An Act to authorize the Secretary of the Treasury to invest public moneys, and for other purposes.
Key claim: This law lets the Treasury invest idle operating cash for up to 90 days in secured bank and U.S. obligations, allows public money to be held in a wider set of insured banks, thrifts, and credit unions, and blocks U.S. approval of large IMF gold sales or special single-country trust funds without tighter limits and congressional information access.
Abstract
(HR5675 · 95th Congress) (Measure passed Senate, amended) Authorizes the Secretary of the Treasury to invest, for cash management purposes, any portion of the operating cash of the Treasury for periods of up to 90 days in (1) obligations of depositories maintaining Treasury tax and loan accounts secured by a pledge of collateral acceptable to the Secretary as security for tax and loan accounts, and (2) obligations of the United States and agencies of the United States. Amends the Home Owners’ Loan Act to authorize the Secretary of the Treasury to deposit public money in any Federal savings and loan association or any member of a Federal home loan bank. Amends the National Housing Act to make insured institutions insured by the Federal Savings and Loan Insurance Corporation depositories of public money. Amends the Federal Credit Union Act to authorize the Secretary to deposit public money in any insured credit union. Authorizes the Secretary to deposit public money in any bank, savings bank, savings and loan, building and loan, homestead association, or credit union created under the law of any State and insured by the State or any agency thereof. Amends the Internal Revenue Code to include domestic building and loan associations and credit unions as institutions which may receive tax payments. Amends the Bretton Woods Agreements to prohibit the President or any U.S. agency from (1) approving the disposition of more than 25,000,000 ounces of gold from the International Monetary Fund (IMF) for the benefit of the Trust Fund established May 6, 1976, or (2) establishing any additional trust fund whereby resources of the IMF would be used for the special benefit of a single member, or a particular segment of the membership, of the fund. Requires the President to, upon the request of any committee of the Congress with legislative or oversight jurisdiction over monetary policy or the International Monetary Fund, provide to such committee any appropriate information relevant to that committee’s juri Latest action (1977-10-28): Public Law 95-147.
Why this matters
Public Law 95-147 authorizes the Secretary of the Treasury to invest operating cash in short-term obligations and expands eligible depositories for public money to include savings and loan associations, credit unions, and state-insured institutions.