26 USC 9602 – Management of Trust Funds
(a) Report
It shall be the duty of the Secretary of the Treasury to hold each Trust Fund established by subchapter A, and (after consultation with any other trustees of the Trust Fund) to report to the Congress each year on the financial condition and the results of the operations of each such Trust Fund during the preceding fiscal year and on its expected condition and operations during the next 5 fiscal years. Such report shall be printed as a House document of the session of the Congress to which the report is made.
(b) Investment
(1) In general
It shall be the duty of the Secretary of the Treasury to invest such portion of any Trust Fund established by subchapter A as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States. For such purpose, such obligations may be acquired—
(A) on original issue at the issue price, or
(B) by purchase of outstanding obligations at the market price.
(2) Sale of obligations
Any obligation acquired by a Trust Fund established by subchapter A may be sold by the Secretary of the Treasury at the market price.
(3) Interest on certain proceeds
The interest on, and the proceeds from the sale or redemption of, any obligations held in a Trust Fund established by subchapter A shall be credited to and form a part of the Trust Fund.
Terms Used In 26 USC 9602
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Secretary: means the Secretary of the Treasury or his delegate. See 26 USC 7701
- Secretary of the Treasury: means the Secretary of the Treasury, personally, and shall not include any delegate of his. See 26 USC 7701
- United States: when used in a geographical sense includes only the States and the District of Columbia. See 26 USC 7701