12 U.S.C. § 2286 : US Code - Section 2286: Approval of financing plans by Secretary of the Treasury

Search 12 U.S.C. § 2286 : US Code - Section 2286: Approval of financing plans by Secretary of the Treasury

(a) Method, source, timing, terms, and conditions of sale of
obligations issued or sold by Federal agencies
To insure the orderly and coordinated marketing of Treasury and
Federal agency obligations and appropriate financing planning with
respect thereto, and to facilitate the effective financing of
programs authorized by law subject to the applicable provisions of
such law, the prior approval of the Secretary of the Treasury shall
be required with respect to -
(1) the method of financing,
(2) the source of financing,
(3) the timing of financing in relation to market conditions
and financing by other Federal agencies, and
(4) the financing terms and conditions, including rates of
interest and maturities,
of obligations issued or sold by any Federal agency; except that
the approval of the Secretary of the Treasury shall not be required
with respect to (A) obligations issued or sold pursuant to an Act
of Congress which expressly prohibits any guarantee of such
obligations by the United States, and (B) obligations issued or
sold by the Farmers Home Administration.
(b) Grant or denial of approval by Secretary
Upon receipt of a request from a Federal agency for his approval
under subsection (a) of this section, the Secretary of the Treasury
shall act promptly either to grant his approval or to advise the
agency of the reasons for withholding his approval. In no case
shall the Secretary of the Treasury withhold such approval for a
period longer than sixty days unless, prior to the end of such
period, he submits to the Congress a detailed explanation of his
reasons for so doing. In no case shall the Secretary withhold such
approval for a period longer than one hundred and twenty days. To
the maximum extent practicable, withholdings of approval shall be
made in a manner which is not disproportionately detrimental to the
functioning of any particular type of Federal program. Expedited
treatment shall be accorded in any case in which the Federal agency
advises the Secretary of the Treasury that unusual circumstances
require such treatment.
(c) Time and form for submission of financing plans
Federal agencies subject to this section shall submit financing
plans to the Secretary of the Treasury at such times and in such
forms as he shall prescribe.