2 U.S.C. § 154 — Library of Congress Trust Fund Board;

Page 74 TITLE 2—THE CONGRESS § 151 section (a) [amending this section] shall take effect on October 1, 1977.’’ § 151. Smithsonian Library The library collected by the Smithsonian In- stitution under the provisions of the Act of Au- gust 10, 1846, chapter 25, and removed from the building of that institution, with the consent of the Regents thereof, to the Library of Congress, shall, while there deposited, be subject to the same regulations as the Library of Congress, ex- cept as hereinafter provided. (R.S. § 99.) Editorial Notes REFERENCES IN TEXT Act of August 10, 1846, chapter 25, referred to in text, probably should be act Aug. 10, 1846, ch. 178, 9 Stat. 102, which was entitled ‘‘An Act to establish the ‘Smithso- nian Institution’, for the increase and diffusion of knowledge among men’’. CODIFICATION R.S. § 99 derived from act Apr. 5, 1866, ch. 25, § 1, 14 Stat. 13. § 152. Care and use of Smithsonian Library The Smithsonian Institution shall have the use of the library referred to in section 151 of this title in like manner as before its removal. All the books, maps, and charts of the Smithso- nian Library shall be properly cared for and pre- served in like manner as are those of the Con- gressional Library; from which the Smithsonian Library shall not be removed except on reim- bursement by the Smithsonian Institution to the Treasury of the United States of expenses incurred in binding and in taking care of the same, or upon such terms and conditions as shall be mutually agreed upon by Congress and the Regents of the Institution. (R.S. § 100.) Editorial Notes CODIFICATION R.S. § 100 derived from act Apr. 5, 1866, ch. 25, § 2, 14 Stat. 13. § 153. Control of library of House of Representa- tives The library of the House of Representatives shall be under the control and direction of the Librarian of Congress, who shall provide all needful books of reference therefor. The librar- ian, two assistant librarians, and assistant in the library, shall be appointed by the Clerk of the House, with the approval of the Speaker of the House of Representatives. No removals shall be made from the said positions except for cause reported to and approved by the Committee on Rules. (Mar. 3, 1901, ch. 830, § 1, 31 Stat. 964.) § 154. Library of Congress Trust Fund Board; members; quorum; seal; rules and regula- tions A board is created and established, to be known as the ‘‘Library of Congress Trust Fund Board’’ (hereinafter referred to as the board), which shall consist of the Secretary of the Treasury (or an Assistant Secretary designated in writing by the Secretary of the Treasury), the chairman and the vice chair of the Joint Com- mittee on the Library, the Librarian of Con- gress, two persons appointed by the President for a term of five years each (the first appoint- ments being for three and five years, respec- tively), four persons appointed by the Speaker of the House of Representatives (in consultation with the minority leader of the House of Rep- resentatives) for a term of five years each (the first appointments being for two, three, four, and five years, respectively), and four persons appointed by the majority leader of the Senate (in consultation with the minority leader of the Senate) for a term of five years each (the first appointments being for two, three, four, and five years, respectively). Upon request of the chair of the Board, any member whose term has expired may continue to serve on the Trust Fund Board until the earlier of the date on which such mem- ber’s successor is appointed or the expiration of the 1-year period which begins on the date such member’s term expires. Seven members of the board shall constitute a quorum for the trans- action of business, and the board shall have an official seal, which shall be judicially noticed. The board may adopt rules and regulations in regard to its procedure and the conduct of its business. (Mar. 3, 1925, ch. 423, § 1, 43 Stat. 1107; Pub. L. 95–277, May 12, 1978, 92 Stat. 236; Pub. L. 102–246, §§ 1, 2, Feb. 18, 1992, 106 Stat. 31; Pub. L. 106–481, title II, § 201, Nov. 9, 2000, 114 Stat. 2190.) Editorial Notes CODIFICATION Section is comprised of first par. of section 1 of act Mar. 3, 1925. Second par. of section 1 is classified to sec- tion 155 of this title. AMENDMENTS 2000—Pub. L. 106–481 inserted ‘‘and the vice chair’’ after ‘‘the chairman’’ and ‘‘Upon request of the chair of the Board, any member whose term has expired may continue to serve on the Trust Fund Board until the earlier of the date on which such member’s successor is appointed or the expiration of the 1-year period which begins on the date such member’s term expires.’’ after first sentence and substituted ‘‘Seven members of the board’’ for ‘‘Nine members of the board’’. 1992—Pub. L. 102–246 struck out ‘‘and’’ after ‘‘Librar- ian of Congress,’’ inserted ‘‘, four persons appointed by the Speaker of the House of Representatives (in con- sultation with the minority leader of the House of Rep- resentatives) for a term of five years each (the first ap- pointments being for two, three, four, and five years, respectively), and four persons appointed by the major- ity leader of the Senate (in consultation with the mi- nority leader of the Senate) for a term of five years each (the first appointments being for two, three, four, and five years, respectively)’’ after ‘‘respectively)’’, and substituted ‘‘Nine’’ for ‘‘Three’’. 1978—Pub. L. 95–277 inserted ‘‘(or an Assistant Sec- retary designated in writing by the Secretary of the Treasury)’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2000 AMENDMENT Pub. L. 106–481, title II, § 202, Nov. 9, 2000, 114 Stat. 2191, provided that: ‘‘The amendments made by this Page 75 TITLE 2—THE CONGRESS § 158 title [amending this section] shall take effect on the date of the enactment of this Act [Nov. 9, 2000].’’ SHORT TITLE Act Mar. 3, 1925, enacting sections 154 to 162 and 163 of this title, is popularly known as the ‘‘Library of Con- gress Trust Fund Board Act’’. § 155. Compensation and expenses of Library of Congress Trust Fund Board No compensation shall be paid to the members of the board for their services as such members, but they shall be reimbursed for the expenses necessarily incurred by them, out of the income from the fund or funds in connection with which such expenses are incurred. The voucher of the chairman of the board shall be sufficient evi- dence that the expenses are properly allowable. Any expenses of the board, including the cost of its seal, not properly chargeable to the income of any trust fund held by it, shall be estimated for in the annual estimates of the librarian for the maintenance of the Library of Congress. (Mar. 3, 1925, ch. 423, § 1, 43 Stat. 1107.) Editorial Notes CODIFICATION Section is comprised of second par. of section 1 of act Mar. 3, 1925. First par. of section 1 is classified to sec- tion 154 of this title. § 156. Gifts, etc., to Library of Congress Trust Fund Board The Board is authorized to accept, receive, hold, and administer such gifts, bequests, or de- vises of property for the benefit of, or in connec- tion with, the Library, its collections, or its service, as may be approved by the Board and by the Joint Committee on the Library. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.) Editorial Notes CODIFICATION Section is comprised of first par. of section 2 of act Mar. 3, 1925. Second, third, and fourth pars. of section 2 are classified to sections 157, 158, and 158a of this title, respectively. § 157. Funds of Library of Congress Trust Fund Board; management of The moneys or securities composing the trust funds given or bequeathed to the board shall be receipted for by the Secretary of the Treasury, who shall invest, reinvest, or retain investments as the board may from time to time determine. The income as and when collected shall be de- posited with the Treasurer of the United States, who shall enter it in a special account to the credit of the Library of Congress and subject to disbursement by the librarian for the purposes in each case specified; and the Treasurer of the United States is authorized to honor the req- uisitions of the librarian made in such manner and in accordance with such regulations as the Treasurer may from time to time prescribe: Pro- vided, however, That the board is not authorized to engage in any business nor to exercise any voting privilege which may be incidental to se- curities in its hands, nor shall the board make any investments that could not lawfully be made by a trust company in the District of Co- lumbia, except that it may make any invest- ments directly authorized by the instrument of gift, and may retain any investments accepted by it. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107, renumbered Apr. 13, 1936, ch. 213, 49 Stat. 1205.) Editorial Notes CODIFICATION Section is comprised of second par. of section 2 of act Mar. 3, 1925. First, third, and fourth pars. of section 2 are classified to sections 156, 158, and 158a of this title, respectively. § 158. Deposits by Library of Congress Trust Fund Board with Treasurer of United States In the absence of any specification to the con- trary, the board may deposit the principal sum, in cash, with the Treasurer of the United States as a permanent loan to the United States Treas- ury, and the Treasurer shall thereafter credit such deposit with interest at a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate determined by the Secretary of the Treas- ury, taking into consideration the current aver- age market yield on outstanding long-term mar- ketable obligations of the United States, ad- justed to the nearest one-eighth of 1 per centum, payable semi-annually, such interest, as income, being subject to disbursement by the Librarian of Congress for the purposes specified: Provided, however, That the total of such principal sums at any time so held by the Treasurer under this authorization shall not exceed the sum of $10,000,000. (Mar. 3, 1925, ch. 423, § 2, formerly § 1, 43 Stat. 1107; renumbered § 2, Apr. 13, 1936, ch. 213, 49 Stat. 1205; amended June 23, 1936, ch. 734, 49 Stat. 1894; Pub. L. 87–522, July 3, 1962, 76 Stat. 135; Pub. L. 94–289, May 22, 1976, 90 Stat. 521.) Editorial Notes CODIFICATION Section is comprised of third par. of section 2 of act Mar. 3, 1925. First, second, and fourth pars. of section 2 are classified to sections 156, 157, and 158a of this title, respectively. AMENDMENTS 1976—Pub. L. 94–289 substituted ‘‘a rate which is the higher of the rate of 4 per centum per annum or a rate which is 0.25 percentage points less than a rate deter- mined by the Secretary of the Treasury, taking into consideration the current average market yield on out- standing long-term marketable obligations of the United States, adjusted to the nearest one-eighth of 1 per centum’’ for ‘‘the rate of 4 per centum per annum’’. 1962—Pub. L. 87–522 increased the total amount of de- posits which can be held by the Treasurer from $5,000,000 to $10,000,000. 1936—Act June 23, 1936, substituted ‘‘in the absence of any specification to the contrary’’ for ‘‘Should any gift or bequest so provide’’.