50 USC 4534 - Defense Production Act Fund

United States Code

USC most recently checked for updates: Dec 11, 2024

§ 4533. Other presidential action authorized

§ 4535. Reports on exercise of authorities

U.S. Code
Notes

§ 4534.

Defense Production Act Fund

(a)

Establishment of Fund

There is established in the Treasury of the United States a separate fund to be known as the “Defense Production Act Fund” (in this section referred to as the “Fund”).

(b)

Moneys in Fund

There shall be credited to the Fund—

(1)

all moneys appropriated for the Fund, as authorized by section 4561 of this title; and

(2)

all moneys received by the Fund on transactions entered into pursuant to section 4533 of this title.

(c)

Use of Fund

The Fund shall be available to carry out the provisions and purposes of this subchapter, subject to the limitations set forth in this chapter and in appropriations Acts.

(d)

Duration of Fund

Moneys in the Fund shall remain available until expended.

(e)

Fund balance

The Fund balance at the close of each fiscal year shall not exceed $750,000,000, excluding any moneys appropriated to the Fund during that fiscal year or obligated funds. If, at the close of any fiscal year, the Fund balance exceeds $750,000,000, the amount in excess of $750,000,000 shall be paid into the general fund of the Treasury.

(f)

Fund manager

The President shall designate a Fund manager. The duties of the Fund manager shall include—

(1)

determining the liability of the Fund in accordance with subsection (g);

(2)

ensuring the visibility and accountability of transactions engaged in through the Fund; and

(3)

reporting to the Congress each year regarding activities of the Fund during the previous fiscal year.

(g)

Liabilities against Fund

When any agreement entered into pursuant to this subchapter after December 31, 1991, imposes any contingent liability upon the United States, such liability shall be considered an obligation against the Fund.

(Sept. 8, 1950, ch. 932, title III, § 304, as added Pub. L. 111–67, § 7, Sept. 30, 2009, 123 Stat. 2017.)

cite as: 50 USC 4534