31 U.S.C. § 3130 — Annual public debt report

Page 231 TITLE 31—MONEY AND FINANCE § 3130 HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3127 ......... 31:740. R.S. § 3707. The word ‘‘employee’’ is added for consistency with other titles of the United States Code. The words ‘‘of the United States Government’’ are added for clarity and consistency. The word ‘‘duly’’ is omitted as sur- plus. The words ‘‘issued by authority of law’’ are omit- ted as unnecessary. The words ‘‘which has subsequently thereto’’ are omitted as unnecessary. The words ‘‘is satisfied’’ are substituted for ‘‘upon full and satisfac- tory proof’’ to eliminate unnecessary words. § 3128. Proof of death to support payment A finding of death made by an officer or em- ployee of the United States Government author- ized by law to make the finding is sufficient proof of death to allow credit in the accounts of a Federal reserve bank or accountable official of the Department of the Treasury in a case in- volving the transfer, exchange, reissue, redemp- tion, or payment of obligations of the Govern- ment, including obligations guaranteed by the Government for which the Secretary of the Treasury acts as transfer agent. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 947.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3128 ......... 31:757d. Sept. 24, 1917, ch. 56, 40 Stat. 288, § 23; added Apr. 3, 1945, ch. 51, § 4, 59 Stat. 48. The words ‘‘officer or employee’’ are substituted for ‘‘official or agency’’ for clarity and consistency with other titles of the United States Code. The word ‘‘Gov- ernment’’ is added for consistency. The words ‘‘section 1005 of Appendix to title 50’’ are omitted because the section was repealed by section 8(a) of the Act of Sept. 6, 1966 (Pub. L. 89–554, 80 Stat. 651). The words ‘‘or by any other’’ are omitted as surplus. The words ‘‘or by the Secretary of the Army or the Secretary of the Navy’’ are omitted because of 10:ch. 75. The word ‘‘offi- cial’’ is substituted for ‘‘officer’’ for consistency. The words ‘‘bonds and other’’ are omitted as surplus. The words ‘‘Secretary of the Treasury’’ are substituted for ‘‘Treasury Department’’ for accuracy and consistency. § 3129. Appropriation to pay expenses (a) Amounts to pay necessary expenses (in- cluding rent) for an issue of obligations author- ized under this chapter are appropriated to the Secretary of the Treasury. However, the amount appropriated under this section may not be more than— (1) .2 percent of the amount of bonds and notes authorized under this chapter; (2) .1 percent of the amount of certificates of indebtedness authorized under section 3104 of this title; and (3) .1 percent of the amount of certificates of indebtedness authorized under the First Lib- erty Bond Act. (b) An appropriation under this section is available for obligation only through the end of the fiscal year after the fiscal year in which the issue was made. During a period for which an ap- propriation for a specified amount is made for expenses for which this section makes an appro- priation for an unspecified amount, only the ap- propriation for the specified amount is available for obligation. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 947.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 3129 ......... 31:753(d)(last sen- tence less related to 31:771). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 18(d)(last sentence less related to § 8); added Mar. 3, 1919, ch. 100, § 1, 40 Stat. 1310. 31:757c(e). Sept. 24, 1917, ch. 56, 40 Stat. 288, § 22(e); added Feb. 4, 1935, ch. 5, § 6, 49 Stat. 21; re- stated Feb. 19, 1941, ch. 7, § 3, 55 Stat. 8. 31:759. Apr. 24, 1917, ch. 4, § 8, 40 Stat. 37; May 29, 1928, ch. 901, § 1(20)(related to 40 Stat. 37), 45 Stat. 987. 31:760. Sept. 24, 1917, ch. 56, § 10, 40 Stat. 292; May 29, 1928, ch. 901, § 1(20)(related to 40 Stat. 292), 45 Stat. 987; June 1, 1955, ch. 119, § 3, 69 Stat. 82. 31:761. June 16, 1921, ch. 23, § 1(last par. last sentence under heading ‘‘Office of the Sec- retary’’), 42 Stat. 36. In subsection (a), before clause (1), the words ‘‘an issue of obligations authorized under this chapter’’ are substituted for 31:761(less proviso) to reflect consolida- tion of the authority for issues of obligations in the re- vised chapter and for consistency. The text of 31:757c(e) is omitted as unnecessary and superseded by 39:410. The words ‘‘out of any money in the Treasury not otherwise appropriated’’ in 31:760 are omitted as unnecessary and for consistency. The words ‘‘to be expended as the Sec- retary of the Treasury may direct’’ in 31:760 are omit- ted as surplus. In clause (1), the .2 percent limitation on expenses of bonds referred to in 31:760 is made appli- cable to a ‘‘note’’ because of the definition of bond in 31:753(d)(last sentence). The words ‘‘sections 735 to 738, . . . 765, . . . 773 of this title and section 84 of title 12’’ in 31:753(d)(last sentence) are omitted because they refer to sections previously repealed (31:735–738, 765) or obsolete (31:773, which was superseded by 39:410) and be- cause 12:84 was amended to express the result required by the source provisions by section 10 of the Act of Feb- ruary 25, 1927 (ch. 191, 44 Stat. 1229). In subsection (b), the words ‘‘appropriation for the specified amount’’ are substituted for ‘‘definite appro- priation’’, and the words ‘‘appropriation for an unspec- ified amount’’ are substituted for ‘‘indefinite appro- priation’’, as being more precise. The word ‘‘only’’ is substituted for ‘‘and the indefinite appropriation shall not be available for obligation’’ to eliminate unneces- sary words. Editorial Notes REFERENCES IN TEXT The First Liberty Bond Act, referred to in subsec. (a)(3), is act Apr. 24, 1917, ch. 4, 40 Stat. 35, which en- acted sections 746, 755, 755a, 759, 764, 774, and 804 of former Title 31 and section 462a of Title 12, Banks and Banking, and amended sections 745 and 768 of former Title 31, and was repealed by Pub. L. 97–258, § 5(b), Sept. 13, 1982, 96 Stat. 1072. § 3130. Annual public debt report (a) GENERAL RULE.—On or before June 1 of each calendar year after 1993, the Secretary of the Treasury shall submit a report to the Com- mittee on Ways and Means of the House of Rep- resentatives and the Committee on Finance of the Senate on— (1) the Treasury’s public debt activities, and (2) the operations of the Federal Financing Bank. Page 232 TITLE 31—MONEY AND FINANCE § 3130 (b) REQUIRED INFORMATION ON PUBLIC DEBT AC- TIVITIES.—Each report submitted under sub- section (a) shall include the following informa- tion: (1) A table showing the following informa- tion with respect to the total public debt: (A) The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most re- cent current services baseline projection of the executive branch. (B) The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most re- cent current services baseline projection. (2) A table showing the following informa- tion with respect to the net public debt: (A) The past levels of such debt and the projected levels of such debt as of the close of the current fiscal year and as of the close of the next 5 fiscal years under the most re- cent current services baseline projection of the executive branch. (B) The past debt to GDP ratios and the projected debt to GDP ratios as of the close of the current fiscal year and as of the close of the next 5 fiscal years under such most re- cent current services baseline projection. (C) The interest cost on such debt for prior fiscal years and the projected interest cost on such debt for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection. (D) The interest cost to outlay ratios for prior fiscal years and the projected interest cost to outlay ratios for the current fiscal year and for the next 5 fiscal years under such most recent current services baseline projection. (3) A table showing the maturity distribu- tion of the net public debt as of the time the report is submitted and for prior years, and an explanation of the overall financing strategy used in determining the distribution of matu- rities when issuing public debt obligations, in- cluding a discussion of the projections and as- sumptions with respect to the structure of in- terest rates for the current fiscal year and for the succeeding 5 fiscal years. (4) A table showing the following informa- tion as of the time the report is submitted and for prior years: (A) A description of the various categories of the holders of public debt obligations. (B) The portions of the total public debt held by each of such categories. (5) A table showing the relationship of feder- ally assisted borrowing to total Federal bor- rowing as of the time the report is submitted and for prior years. (6) A table showing the annual principal and interest payments which would be required to amortize in equal annual payments the level (as of the time the report is submitted) of the net public debt over the longest remaining term to maturity of any obligation which is a part of such debt. (c) REQUIRED INFORMATION ON FEDERAL FI- NANCING BANK.—Each report submitted under subsection (a) shall include (but not be limited to) information on the financial operations of the Federal Financing Bank, including loan pay- ments and prepayments, and on the levels and categories of the lending activities of the Fed- eral Financing Bank, for the current fiscal year and for prior fiscal years. (d) RECOMMENDATIONS.—The Secretary of the Treasury may include in any report submitted under subsection (a) such recommendations to improve the issuance and sale of public debt ob- ligations (and with respect to other matters) as he may deem advisable. (e) DEFINITIONS.—For purposes of this sec- tion— (1) CURRENT FISCAL YEAR.—The term ‘‘cur- rent fiscal year’’ means the fiscal year ending in the calendar year in which the report is submitted. (2) TOTAL PUBLIC DEBT.—The term ‘‘total public debt’’ means the total amount of the obligations subject to the public debt limit es- tablished in section 3101 of this title. (3) NET PUBLIC DEBT.—The term ‘‘net public debt’’ means the portion of the total public debt which is held by the public. (4) DEBT TO GDP RATIO.—The term ‘‘debt to GDP ratio’’ means the percentage obtained by dividing the level of the total public debt or net public debt, as the case may be, by the gross domestic product. (5) INTEREST COST TO OUTLAY RATIO.—The term ‘‘interest cost to outlay ratio’’ means, with respect to any fiscal year, the percentage obtained by dividing the interest cost for such fiscal year on the net public debt by the total amount of Federal outlays for such fiscal year. (Added Pub. L. 103–202, title II, § 201(a), Dec. 17, 1993, 107 Stat. 2355.) CHAPTER 33—DEPOSITING, KEEPING, AND PAYING MONEY SUBCHAPTER I—DEPOSITS AND DEPOSITARIES Sec. 3301. General duties of the Secretary of the Treas- ury. 3302. Custodians of money. 3303. Designation of depositaries. 3304. Transfers of public money from depositaries. 3305. Audits of depositaries. SUBCHAPTER II—PAYMENTS 3321. Disbursing authority in the executive branch. 3322. Disbursing officials. 3323. Warrants. 3324. Advances. 3325. Vouchers. 3326. Waiver of requirements for warrants and ad- vances. 3327. General authority to issue checks and other drafts. 3328. Paying checks and drafts. 3329. Withholding checks to be sent to foreign countries. 3330. Payment of Department of Veterans Affairs checks for the benefit of individuals in for- eign countries. 3331. Substitute checks. 3332. Required direct deposit. 3333. Relief for payments made without negligence. 3334. Cancellation and proceeds distribution of Treasury checks.