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22 U.S.C. § 9633 — Maximum contingent liability
Federal law — U.S. Code and appendices · legal_authorities
Page 2281
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 9634
1 So in original. Probably should be followed by ‘‘and’’.
principally to this chapter. For complete classification
of division F to the Code, see Short Title note set out
under section 9601 of this title and Tables.
§ 9633. Maximum contingent liability
The maximum contingent liability of the Cor-
poration outstanding at any one time shall not
exceed in the aggregate $60,000,000,000.
(Pub. L. 115–254, div. F, title III, § 1433, Oct. 5,
2018, 132 Stat. 3501.)
§ 9634. Corporate funds
(a) Corporate Capital Account
There is established in the Treasury of the
United States a fund to be known as the ‘‘Cor-
porate Capital Account’’ to carry out the pur-
poses of the Corporation.
(b) Funding
The Corporate Capital Account shall consist
of—
(1) fees charged and collected pursuant to
subsection (c);
(2) any amounts received pursuant to sub-
section (e);
(3) investments and returns on such invest-
ments pursuant to subsection (g);
(4) unexpended balances transferred to the
Corporation pursuant to subsection (i);
(5) payments received in connection with
settlements of all insurance and reinsurance
claims of the Corporation; and
(6) all other collections transferred to or
earned by the Corporation, excluding the cost,
as defined in section 661a of title 2, of loans
and loan guaranties.
(c) Fee authority
Fees may be charged and collected for pro-
viding services in amounts to be determined by
the Corporation.
(d) Uses
(1) In general
Subject to Acts making appropriations, the
Corporation is authorized to pay—
(A) the cost, as defined in section 661a of
title 2, of loans and loan guaranties;
(B) administrative expenses of the Cor-
poration;
(C) for the cost of providing support au-
thorized b
Source: Supplied 2024 U.S. Code historical extraction · 22 U.S.C. § 9633
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Source file: Laws/federal/codes/united-states-code-2024/title-22/section-9633-maximum-contingent-liability--b72f15259b.md
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Source location: USCODE-2024-title22-chap103-subchapIII-sec9633.pdf
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Page 2281
TITLE 22—FOREIGN RELATIONS AND INTERCOURSE
§ 9634
1 So in original. Probably should be followed by ‘‘and’’.
principally to this chapter. For complete classification
of division F to the Code, see Short Title note set out
under section 9601 of this title and Tables.
§ 9633. Maximum contingent liability
The maximum contingent liability of the Cor-
poration outstanding at any one time shall not
exceed in the aggregate $60,000,000,000.
(Pub. L. 115–254, div. F, title III, § 1433, Oct. 5,
2018, 132 Stat. 3501.)
§ 9634. Corporate funds
(a) Corporate Capital Account
There is established in the Treasury of the
United States a fund to be known as the ‘‘Cor-
porate Capital Account’’ to carry out the pur-
poses of the Corporation.
(b) Funding
The Corporate Capital Account shall consist
of—
(1) fees charged and collected pursuant to
subsection (c);
(2) any amounts received pursuant to sub-
section (e);
(3) investments and returns on such invest-
ments pursuant to subsection (g);
(4) unexpended balances transferred to the
Corporation pursuant to subsection (i);
(5) payments received in connection with
settlements of all insurance and reinsurance
claims of the Corporation; and
(6) all other collections transferred to or
earned by the Corporation, excluding the cost,
as defined in section 661a of title 2, of loans
and loan guaranties.
(c) Fee authority
Fees may be charged and collected for pro-
viding services in amounts to be determined by
the Corporation.
(d) Uses
(1) In general
Subject to Acts making appropriations, the
Corporation is authorized to pay—
(A) the cost, as defined in section 661a of
title 2, of loans and loan guaranties;
(B) administrative expenses of the Cor-
poration;
(C) for the cost of providing support au-
thorized by subsections (c), (e), (f), and (g) of
section 9621 of this title; 1
(D) project-specific transaction costs.
(2) Income and revenue
In order to carry out the purposes of the
Corporation, all collections transferred to or
earned by the Corporation, excluding the cost,
as defined in section 661a of title 2, of loans
and loan guaranties, shall be deposited into
the Corporate Capital Account and shall be
available to carry out its purpose, including
without limitation—
(A) payment of all insurance and reinsur-
ance claims of the Corporation;
(B)
repayments
to
the
Treasury
of
amounts borrowed under subsection (e); and
(C) dividend payments to the Treasury
under subsection (f).
(e) Full faith and credit
(1) In general
All support provided pursuant to predecessor
authorities or subchapter II of this chapter
shall continue to constitute obligations of the
United States, and the full faith and credit of
the United States is hereby pledged for the
full payment and performance of such obliga-
tions.
(2) Authority to borrow
The Corporation is authorized to borrow
from the Treasury such sums as may be nec-
essary to fulfill such obligations of the United
States and any such borrowing shall be at a
rate determined by the Secretary of the Treas-
ury, taking into consideration the current av-
erage market yields on outstanding market-
able obligations of the United States of com-
parable maturities, for a period jointly deter-
mined by the Corporation and the Secretary,
and subject to such terms and conditions as
the Secretary may require.
(f) Dividends
The Board, in consultation with the Director
of the Office of Management and Budget, shall
annually assess a dividend payment to the
Treasury if the Corporation’s insurance port-
folio is more than 100 percent reserved.
(g) Investment authority
(1) In general
The Corporation may request the Secretary
of the Treasury to invest such portion of the
Corporate Capital Account as is not, in the
Corporation’s judgment, required to meet the
current needs of the Corporate Capital Ac-
count.
(2) Form of investments
Such investments shall be made by the Sec-
retary of the Treasury in public debt obliga-
tions, with maturities suitable to the needs of
the Corporate Capital Account, as determined
by the Corporation, and bearing interest at
rates determined by the Secretary, taking
into consideration current market yields on
outstanding marketable obligations of the
United States of comparable maturities.
(h) Collections
Interest earnings made pursuant to subsection
(g), earnings collected related to equity invest-
ments, and amounts, excluding fees related to
insurance or reinsurance, collected pursuant to
subsection (c), shall not be collected for any fis-
cal year except to the extent provided in ad-
vance in appropriations Acts.
(i) Transfer from predecessor agencies and pro-
grams
By the end of the transition period described
in subchapter VI of this chapter, the unexpended
balances, assets, and responsibilities of any
agency specified in the plan required by section
9682 of this title shall be transferred to the Cor-
poration.
(j) Transfer of funds
In order to carry out this chapter, funds au-
thorized to be appropriated to carry out the For-
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Corporation—
(1) may adopt, alter, and use a seal, to include an identifiable symbol of the United States;
(2) may make and perform such contracts, including no-cost contracts (as defined by the Corporation), grants, and other agreements notwithstanding division C of subtitle I of title 41, with any person or government however designated and wherever situated, as may be necessary for carrying out the functions of the Corporation;
(3) may lease, purchase, or otherwise acquire, improve, and use such real property wherever situated, as may be necessary for carrying out the functions of the Corporation, except that, if the real property is for the Corporation’s own occupancy, the lease, purchase, acquisition, improvement, or use of the real property shall be entered into or conducted in consultation with the Administrator of General Services;
(4) may accept cash gifts or donations of services or of property (real, personal, or mixed), tangible or intangible, for the purpose of carrying out the functions of the Corporation;
(5) may use the United States mails in the same manner and on the same conditions as the Executive departments (as defined in [section 101 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section101&num=0&edition=prelim));
(6) may contract with individuals for personal services, who shall not be considered Federal employees for any provision of law administered by the Director of the Office of Personnel Management;
(7) may hire or obtain passenger motor vehicles;
(8) may sue and be sued in its corporate name;
(9) may acquire, hold, or dispose of, upon such terms and conditions as the Corporation may determine, any property, real, personal, or mixed, tangible or intangible, or any interest in
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 9633
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.