31 U.S.C. § 9107 : US Code - Section 9107: Accounts

Search 31 U.S.C. § 9107 : US Code - Section 9107: Accounts

(a) With the approval of the Comptroller General, a Government
corporation may consolidate its cash into an account if the cash
will be expended as provided by law.
(b) The Secretary of the Treasury shall keep the accounts of a
Government corporation. If the Secretary approves, a Federal
reserve bank or a bank designated as a depositary or fiscal agent
of the United States Government may keep the accounts. The
Secretary may waive the requirements of this subsection.
(c)(1) Subsection (b) of this section does not apply to
maintaining a temporary account of not more than $50,000 in one
bank.
(2) Subsection (b) of this section does not apply to a mixed-
ownership Government corporation when the corporation has no
capital of the Government.
(3) Subsection (b) of this section does not apply to the Federal
Intermediate Credit Banks, the Central Bank for Cooperatives, the
Regional Banks for Cooperatives, or the Federal Land Banks.
However, the head of each of those banks shall report each year to
the Secretary the names of depositaries where accounts are kept. If
the Secretary considers it advisable when an annual report is
received, the Secretary may make a written report to the
corporation, the President, and Congress.