42-U.S.C.-1110

§1110 – Borrowing Between Federal Accounts

Pathway

Title 42 > Chapter 7 > Subchapter IX > Section 1110

Details

• Reference: Section 1110
• Legend: §1110 – Borrowing Between Federal Accounts
• USCode Year: 2011

Provision Content

(a) In general

Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that—

(1) the amount in the employment security administration account, Federal unemployment account, or extended unemployment compensation account, is insufficient to meet the anticipated payments from the account,

(2) such insufficiency may cause such account to borrow from the general fund of the Treasury, and

(3) the amount in any other such account exceeds the amount necessary to meet the anticipated payments from such other account,

the Secretary shall transfer to the account referred to in paragraph (1) from the account referred to  paragraph (3) an amount equal to the insufficiency determined under paragraph (1) (or, if less, the excess determined under paragraph (3)).

(b) Treatment of advance

Any amount transferred under subsection (a) of this section—

(1) shall be treated as a noninterest-bearing repayable advance, and

(2) shall not be considered in computing the amount in any account for purposes of the application of sections 1101(f)(2), 1102(b), and 1105(b) of this title.

(c) Repayment

Whenever the Secretary of the Treasury (after consultation with the Secretary of Labor) determines that the amount in the account to which an advance is made under subsection (a) of this section exceeds the amount necessary to meet the anticipated payments from the account, the Secretary shall transfer from the account to the account from which the advance was made an amount equal to the lesser of the amount so advanced or such excess.

(Aug. 14, 1935, ch. 531, title IX, §910, as added Pub. L. 102–318, title V, §531(c), July 3, 1992, 106 Stat. 316.)

U.S. Encyclopedia of Law Coverage

42-U.S.C.-679C in the Legal Encyclopedia: Social Security

In this entry about 42-U.S.C.-679C, find legal reference material, bibliographies and premiere content related to social security in the American Encyclopedia of Law, presenting a comprehensive view of the United States social security-specific issues, written by authorities in the field.

38-U.S.C.-4333 in the Legal Encyclopedia: Employment

In this entry about 38-U.S.C.-4333, find legal reference material, bibliographies and premiere content related to employment in the American Encyclopedia of Law, presenting a comprehensive view of the United States employment-specific issues, written by authorities in the field.

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