US Code

Public Law 119-73 (01/23/2026)

42 U.S.C. § 1437h

Implementation of provisions by Secretary

(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.

Sept. 1, 1937, ch. 896Pub. L. 93–383, title II, § 201(a)88 Stat. 666Pub. L. 98–479, title II, § 203(b)(2)98 Stat. 2229Pub. L. 100–358, § 5102 Stat. 681Pub. L. 104–316, title I, § 122(k)110 Stat. 3837Pub. L. 108–271, § 8(b)118 Stat. 814(, title I, § 10, as added , , ; amended , , ; renumbered title I, , , ; , , ; , , .)

Editorial Notes

Prior Provisions

act Sept. 1, 1937, ch. 89650 Stat. 891section 1410 of this titlePub. L. 93–383section 1437c of this titleA prior section 10 of , , as amended, authorized annual contributions in assistance of low rentals for housing projects and was classified to , prior to the general revision of this chapter by . Similar provisions are contained in .

Amendments

Pub. L. 108–2712004—Subsec. (a)(2). substituted “Government Accountability Office” for “General Accounting Office”.

Pub. L. 104–3161996—Subsec. (a)(2). 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.”

Pub. L. 98–4791984—Subsec. (a)(1), (2). substituted “chapter 91 of title 31” for “the Government Corporations Control Act, as amended”.