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42 U.S.C. § 1320b–15 — Protection of social security and medicare trust funds
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** No officer or employee of the United States shall—
(1) delay the deposit of any amount into (or delay the credit of any amount to) any Federal fund or otherwise vary from the normal terms, procedures, or timing for making such deposits or credits,
(2) refrain from the investment in public debt obligations of amounts in any Federal fund, or
(3) redeem prior to maturity amounts in any Federal fund which are invested in public debt obligations for any purpose other than the payment of benefits or administrative expenses from such Federal fund.
**(b) “Public debt obligation” defined** For purposes of this section, the term “public debt obligation” means any obligation subject to the public debt limit established under [section 3101 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3101&num=0&edition=prelim).
**(c) “Federal fund” defined** For purposes of this section, the term “Federal fund” means—
(1) the Federal Old-Age and Survivors Insurance Trust Fund;
(2) the Federal Disability Insurance Trust Fund;
(3) the Federal Hospital Insurance Trust Fund; and
(4) the Federal Supplementary Medical Insurance Trust Fund.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1320b–15
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Stable record: federal_law:legal_authorities:record_usc_0de369a43c254ca682a9cd13
Source file: Laws/federal/codes/united-states-code/title-42/section-1320b15-protection-of-social-security-and-medicare-trust-funds--d2a820a2fc.md
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Source location: Title 42, Chapter 7, § 1320b–15; chapter-007-social-security.md
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**(a) In general** No officer or employee of the United States shall—
(1) delay the deposit of any amount into (or delay the credit of any amount to) any Federal fund or otherwise vary from the normal terms, procedures, or timing for making such deposits or credits,
(2) refrain from the investment in public debt obligations of amounts in any Federal fund, or
(3) redeem prior to maturity amounts in any Federal fund which are invested in public debt obligations for any purpose other than the payment of benefits or administrative expenses from such Federal fund.
**(b) “Public debt obligation” defined** For purposes of this section, the term “public debt obligation” means any obligation subject to the public debt limit established under [section 3101 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3101&num=0&edition=prelim).
**(c) “Federal fund” defined** For purposes of this section, the term “Federal fund” means—
(1) the Federal Old-Age and Survivors Insurance Trust Fund;
(2) the Federal Disability Insurance Trust Fund;
(3) the Federal Hospital Insurance Trust Fund; and
(4) the Federal Supplementary Medical Insurance Trust Fund.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** In this section, the current redemption value of an obligation issued on a discount basis and redeemable before maturity at the option of its holder is deemed to be the face amount of the obligation.
**(b)** The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $14,294,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX 11 See References in Text note below. of the Rules of the House of Representatives or as provided by section 3101A or otherwise.
**(c)** For purposes of this section, the face amount, for any month, of any obligation issued on a discount basis that is not redeemable before maturity at the option of the holder of the obligation is an amount equal to the sum of—
(1) the original issue price of the obligation, plus
(2) the portion of the discount on the obligation attributable to periods before the beginning of such month (as determined under the principles of section 1272(a) of the Internal Revenue Code of 1986 without regard to any exceptions contained in paragraph (2) of such section).
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 3101
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